FPA accused of not consulting educators

The Financial Planning Association (FPA) has been criticised for not consulting with the wider tertiary education sector before going ahead with the release of its education consultation paper.

Dr Rakesh Gupta and Associate Professor Ken Bruce of CQUniversity have levelled a number of criticisms against the FPA. They have objected to the FPA advocating a common curriculum modelled on the standards set out in the international Financial Planning Standards Board.

Gupta and Bruce believe that not only is the FPA undermining the role universities play “in the creation and dissemination of knowledge”, its adoption of the Financial Planning Standards Board’s curriculum is in their view evidence the FPA has not consulted with the Australian higher education sector.

“The FPA should not attempt to prescribe what universities teach as they suggest in their white paper by referring to ‘Australian Financial Planning Degrees’ as if there would be one common degree offered by all universities,” said Bruce, a former FPA education manager.

FPA chief executive Jo-Anne Bloch said the paper was based on many years of consultation with the tertiary sector.

“But we have also stated very clearly that the formal consultation begins in 2010,” she said.

“We are suggesting a common curriculum framework, which addresses the topics that deliver good financial planning graduates. Every profession has an identified ‘body of knowledge’ that forms the basis of university academic programs. We are offering our global curriculum standards and an opportunity to discuss the way it might be applied in an Australian financial planning profession to all universities.”

John Teale of the University of the Sunshine Coast’s Faculty of Business said he is excited at the prospect of open dialogue about the FPA’s proposals and said universities that are critical of a common curriculum framework perhaps don’t want to “lose their freedom and right to determine what should be in a course”.

“And that’s normal,” he said. “However, looking at the accounting professional bodies, if you want to have accreditation with the professional bodies, you have to meet their standards. The CPA standards are quite arduous.”

Sharon Taylor, University of Western Sydney’s head of program for the Bachelor of Financial Advising, said the university has always worked fairly closely with the FPA and is keen sit on its proposed Education Council.

“I certainly think that open discussion among all the interested parties is a good thing, and I don’t think anything should be set in concrete until those sorts of discussions have taken place. As educators, we may have a very different opinion in some ways to what a professional body may have.”

Taylor approved of the FPA’s call for a common curriculum framework, although this is unlikely to change the university’s approach to course development.

“A lot of the universities feel that they have the academic integrity to make those decisions without having discussions [with the industry], but we have never felt that way — we see it as collaboration and partnership in order to get the best outcome for the industry and for us.”