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Staff Reporter
Intellitrain has sought to clear up broker confusion around the pending finance qualifications for the diploma upgrade.
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As part of an ongoing upgrade to MFAA membership education standards, the industry body is requiring its members to complete their Diploma of Financial Services by 30 June 2012, which marks an upgrade from the previous Certificate IV minimum.
However, in recent weeks confusion around whether or not brokers will be able to gain Recognition of Prior Learning after November has gained momentum.
Intellitrain’s chief executive officer Paul Eldridge said brokers would be able to gain RPL after November 24, it would simply mean the RPL process that Registered Training Organisations (RTOs) are currently using will have to be updated to match the new units that are being introduced.
Intellitrain is currently finalising its new RPL process for this and brokers who are eligible for RPL will be able to apply for this as per usual.
“There will be more work involved but they can still attain RPL. It should be noted that RPL is only for those brokers who are currently doing complex lending or commercial loans,” Mr Eldrigde said.
In addition, Mr Eldrige said it was pertinent to mention that brokers do not actually have to complete the Diploma by November 24, they simply have to enrol by that date to ensure they are able to continue with the Diploma in its current form.
“If they want to enrol in the Diploma after that date, they can do so but will not be able to use the same amount of units towards the Diploma (from their Cert IV) as they can now,” Mr Eldridge said.
“How many units will depend on where the student attained their original Cert IV from and what elective units the RTO has chosen for their new Diploma. At this stage it is likely that there will be only 2 units that will carry over which is well short of the 11 they can use now.”
Mr Eldridge said a majority of brokers are not doing RPL to get the diploma, they are doing a bridging course.
In the current format, students are able to use 11 of their Cert IV units towards the Diploma as they are identical to the units in the full Diploma. This only leaves 5 units to complete. Students complete those 5 units in class, via face to face or online. Post November 24, they will need to complete more bridging units. This will mean more face to face days or more study online/distance.
