2020 New Finance Qualifications
Key Proposed Changes to Finance Qualifications
It is important that the curriculum that covers the qualifications we deliver is updated regularly to reflect changing times, technology and needs.
is the Skills Service Organisation (Skills Council) responsible for co-ordinating the changes to the Finance Services Training package and its related qualifications.
Their recommendations have been recently approved with updated 2020 qualifications in these Finance Industry areas:
Financial Services
FNS30120 鈥� Certificate III in Financial Services
FNS41820 鈥� Certificate IV in Financial Services
FNS51820 鈥� Diploma of Financial Services
Banking Services
FNS42020 鈥� Certificate IV in Banking Services
FNS50920 鈥� Diploma of Banking Services Management
FNS60620 鈥� Adv Diploma Banking Services Management
Credit Management
FNS40120 - Certificate IV in Credit Management
FNS51520 - Diploma of Credit Management
ACCM has reviewed the new qualifications and has been (and still is) undertaking Industry Engagement with our valued clients for their inputs/feedback.
We believe it is important for stakeholders (like employers and impacted learners) to have their say and work with us to ensure that your future qualifications are as flexible and suitable as possible.
The Results (so far):
The overall consensus is that many of these qualifications, in their current form:
Require Core units that are not fully relevant across the full range of Finance industries and roles that rely on these qualifications.
Elective unit options are too restrictive and will limit your ability to tailor qualifications to the very real needs of your staff.
What鈥檚 Next:
Collectively, we have identified some issues (explained and downloadable below) and are sharing our thoughts.
We encourage you to take 5 minutes to review and if you agree that further changes are needed 鈥� you give this feedback directly to PWC Skills Australia.
If you disagree with our recommendations, we truly want to hear from you here: ceo@accm.edu.au
To ensure you are heard by PWC鈥ll you need to do is this:
- Write to PWC at info@skillsforaustralia.com>
- Explain your concerns, and/or
- Download our list of concerns/recommendations from below and forward to PWC with your agreement.
The Details:
Certificate III, IV and Diploma in Financial Services
The Financial Services qualifications need to have the flexibility to address the vocational needs of a wide range of sectors within the industry and job roles where a specialist qualification is not suited.
The current packaging rules at all three Financial Services levels offer limited elective choices, making these qualifications unnecessarily restrictive.
This is even more of a factor now that the FNSASIC301 and FNSASIC302 units are no longer listed electives
Additionally, future changes to the Finance Services qualifications will be triggered by ongoing changes in current FNS and BSB projects currently underway
The current BSB and FNS Training Package projects and updates make this a very good opportunity to address this issue.
For those of you who like more detail, we have consolidated our findings and suggestions in the following document.
ACCM Suggestion 鈥� Cert III, IV and Dip of Financial Services
Certificate IV, Diploma and Advanced Diploma of Banking Services
Updated Banking Services qualifications are currently offering Core units that are not fully aligned with the needs of industry and the specific roles these qualifications apply to. Further, the range of allowable electives is not broad enough to support the range of skills needed in these roles.
Certificate IV in Banking Services
ACCM recommends:
Replacing BSBCUS403 with FNSCUS403, as the FNS unit is more suited to a Finance qualification and the personal service offered in these roles
Deleting FNSRSK411 Apply risk management strategies to own work as Core, as this Risk Management unit does not suit most vocational needs in this qualification at this level.
We believe If an additional Core is needed, FNSORG411 is a better fit for the Industry. Adding this unit to Core will require one less elective to be chosen for Packaging Rule purposes.
Finally, we鈥檝e suggested adding a number of Electives to the 3 main Elective Groups to ensure a range of choices are available to help tailor qualifications to the role and allowing additional FNS units from the Training Package.
Diploma of Banking Services
ACCM recommends:
Deleting both BSBINM401 Implement workplace information system and BSBSMB420 Evaluate and develop small business operations as they are not suitable Core units for a banking qualification.
We believe that if more Core units are required, they should look at adding more relevant Units such as:
FNSORG401 Conduct individual work within a compliance framework, or
FNSFMK515 Comply with financial services legislation and industry codes of practice, or
FNSINC503 Identify situations requiring complex ethical decision making
Additionally, to simplify the packaging rules and allow greater flexibility while maintaining the integrity, elective options should allow all FNS Units at the Diploma level to be used, versus restricting Unit from the previous set list
Advanced Diploma of Banking Services
ACCM recommends:
Adding Entry Level Requirements of a Diploma level qualification from the FNS Training Package or 4 years relevant leadership experience in a banking sector.
Deleting BSBSMB409 Build and maintain relationships with small business stakeholders from Core requirements as it is not suited to this qualification
Deleting FNSINC411 Conduct work according to professional practices in the financial services industry as a Core and requiring this unit as a prerequisite to the Qualification
Deleting FNSSAM601 Monitor performance in sales of financial products or services and FNSSAM602 Identify and evaluate marketing opportunities in the financial services industry as Core units, and offering them as elective options
Adding FNSINC504 Apply ethical frameworks and principles to make and act upon decisions as Core to address Leadership with ethical practices
Additionally, the current packaging rules and limited listed electives make these qualifications unnecessarily restrictive, opening the elective options to units at the appropriate AQF level will increase available or relevant options.
The current BSB and FNS Training Package projects and updates make this a very good opportunity to address this issue.
For those of you who like more detail, we have consolidated our findings and suggestions in the following document.
ACCM Suggestion 鈥� Cert IV, Dip and Adv Dip of Banking Services
Certificate IV and Diploma of Credit Management
Credit Management qualifications are currently offering Core units that are not fully aligned with the needs of industry and the specific roles these qualifications apply to.
Certificate IV in Credit Management
ACCM recommends:
Deleting FNSCRD401 and FNSCRD402 as Core units as not all Credit Officers at the Certificate IV level approve credit. These units can be completed as an Elective option if needed.
Deleting FNSCUS402 Resolve Disputes as a Core requirements. This unit applies to formal EDR processes and so has limited vocational application for this qualification across the range of the industry.
Deleting FNSRSK411 Apply risk management strategies to own work as Core. At this qualification level most credit officers would be applying set policies and have limited scope to amend the organisational risk assessment and agreed strategies.
Adding FNSCRD503 Promote understanding of the role and effective use of consumer credit as a Core unit as this supports the ethical approach to help clients to manage their debts effectively
Diploma of Credit Management
ACCM recommends:
Deleting FNSORG512 Develop, implement and monitor policy and procedures as Core as at this level there is no scope to develop policies; rather staff may only recommend changes and improvements, which is not what this unit requires.
Deleting BSBRSK501 Manage risk as core. replace with FNSRSK411 Apply risk management strategies to own work (if needed) as the lower unit is more suited to the types of activities and roles matched to this qualification.
To improve the flexibility of electives units we recommend deleting the set list of electives in favour of allowing the full range of choices from the FNS Training Package at the Diploma level.
For those of you who like more detail, we have consolidated our findings and suggestions in the following document.