Degree takes shape

Details are becoming clearer on a proposed financial advice degree, but there is concern that not all aspects of the industry will be covered.

Friday, June 28th 2019, 6:00AM

Massey’s proposed financial planning and advice major in its Bachelor of Business is still subject to approval from the Committee on University Academic Programmes.

As it currently stands, it will have a foundational core of eight course that have to be completed, covering things such as communication, accounting for business, finance fundamentals, marketing and business law.

The financial advice major would require students to sit a financial planning process paper, financial institutions and markets, introduction to investments, applied personal finance management, personal risk management, financial advice implementation and estate and tax planning.

They can then choose investment analysis, bank financial management, introduction to property finance and investment, property economy, taxation, and two internship papers.

The remainder of the degree is electives, which could include more of the courses from the final list.

Within the electives, students could choose to include a minor comprising four specified courses in a particular subject.

“The structure of the proposed major is strongly linked to the existing Graduate Diploma in Business Studies, endorsed in personal financial planning. We will provide details later in the year on how holders of this diploma will be able to transfer into the degree,” said Claire Matthews, director of academic quality at Massey University.

“In addition, we are having continuing discussions on how best to accommodate the progression of existing holders of the Level 5 Certificate into the proposed new degree with the maximum possible credit – again, details of what credit will be provided and what would be required to complete the degree will be available in due course.”

Andrew Gunn, learning and development manager at Financial Advice New Zealand said the degree was a positive move.

“It’s fit for purpose right across the spectrum.”

He said the business internship courses would be particularly useful to provide people with on-the-job experience.

The property papers would be helpful for mortgage advisers who wanted to achieve the pinnacle standard.

But he said the association had hoped to see advanced insurance papers among their number.

“There’s no pathway to a higher pinnacle designation in insurance.”

Mattews said they had not been included because there was limited interest in studying them. “If this changed it would be possible to add them at a later date.”

But Gunn said it was like the degree – “you build it and people will come. It’s ironic, given the recent consumer report on insurance. The industry does need to upskill people and there isn’t that academic pathway for insurance advisers. The pathway to CLU is a dead end.”

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