Massey University has hooked-up with Australian specialist education group, Kaplan Professional, to offer a new online financial advice diploma designed for the full-licensing regime.
In a release last week, the joint-venture partners said the Diploma in Business Studies (Financial Advice) is open to anyone “who has completed an eligible and equivalent level 5 qualification from any institution in New Zealand”.
The new diploma will offer an entry card (with credits) into the Massey Bachelor of Business (Financial Planning and Advice), the sole tertiary qualification of its type in NZ.
Jeff Stangl, Massey Business School international and strategic partnerships director, said the diploma would future-proof advisers ahead of “any required regulatory changes”.
Australian financial advisers now require degree-grade qualifications to enter the profession: the educational bar in the NZ industry remains at Level 5 standard but may rise over time.
“The Diploma provides entry into Massey University’s Bachelor of Business (Financial Planning and Advice), which is unique to the New Zealand market,” Stangl said in the statement. “By completing both the Certificate and Diploma and earning credits, advisers can take incremental steps towards achieving a full bachelors degree.”
Kaplan partnered with Massey last year to offer an online CPD program for financial advisers bringing new competition to the market currently dominated by Strategi.
Candidates can choose two of six subjects covering insurance, real estate and investment topics as well as ethics and “client engagement skills”.
Brian Knight, Kaplan chief, said the diploma is a “step up from the current standard”.
“We think the Diploma sets a new industry benchmark, offering a cutting-edge and innovative learning experience like no other for those who are eager to stand out from their peers in a competitive environment,” Knight said.
Students must complete the two elective subjects within a year while registrations for the three-month courses will be open every other month starting from June 5.
Almost 21,000 individuals will fall under the just-started full-licensing financial advice regime including more than 8,800 advisers and 12,000 ‘nominated representatives’ – all of whom must meet the new educational standards.