Australian banks require financial planners a degree in ADFP

By @mik_mapa on
job hunt
A man reads job adverts in a newspaper at a cafe in Sydney, Australia, May 9, 2016. Reuters/David Gray/File Photo

Financial planners are in-demand now in Australia as a result of the growing number of remediation projects in the country. However, qualified applicants must have a degree in Advanced Diploma of Financial Planning (ADFP) or Certified Financial Planner (CFP). Although there is a high demand for the position, banks felt the shortage of financial planners due to the new qualifications.

Director of Hays Banking Carl Piesse told the Business Insider that many organisations have changed the requirement of their qualification for Financial Planner applicants. The changes were in line with the proposed legislation to raise professional standards and education requirements.  

The current minimum requirement in hiring a financial planner is the Diploma of Financial Planning. However, some organisations require an applicant to have a tertiary degree, CFP or ADFP qualified. Based on Hays quarterly report, candidates with the mentioned certifications are much preferred than those who only have relevant experience to the position. 

Hays managing director in Australia and New Zealand Nick Deligiannis said that employers prefer applicants who could give an extra value to the bank. The extra value consists of process improvements or efficiency gains skills, previous experience in a related discipline or advanced digital or system skills.

Meanwhile, applicants for risk and compliance position must have an overseas experience. They must have worked in UK, Europe or Asia. The qualification was raised to a higher standard due to the number of regulatory reforms rolling out.

Based on the Hays Quarterly Report, there are a number of in-demand jobs in 2017 including professional practice accountants, architects, paraplanner, early childhood teachers, IT Integrators/Coordinators and renewable experience. Civil and structural engineers,  residential building managers, case managers, Senior HR advisors and HR business partners. 

Deliginnnis said that IT industry and infrastructure projects are among the industry sectors to watch for in terms of growth in job opportunities. He said that robotics and automation related job opportunities would increase.

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