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Diploma of Financial Services (RG146/PS146)

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Re: Diploma of Financial Services (PS146)

Young Gun said:
- At the end of the day this qualification will not get you over the line when comparing you to someone else.

- having said that the grad dip of applied finance is regarded very highly and having the course would give you a edge over your competitors. It is alot more work the dip of financial services and if you plan to do 2 subjects at a time for the course of your exam then you will probably have to put alot of time into this, especially if you are already working.
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Thanks for your experiences Young Gun,

Curious about a couple things though.

Why do you think this for your first point? I would have thought that if someone has the same degree as me with the same grades, i would have an edge due to the fact i am already compliant. This is also mainly when it comes to the pre interview assesment. IE - they would take me for an interview before the other guy...

Your second point, as i understand it (at my uni anyway) you need a bachelors degree in order to undertake a grad dip.
I am already doing a bachelor of finance, so wouldnt a grad dip be pretty similar? I would have thought a masters in finance would be more appropriate.
 
Re: Diploma of Financial Services (PS146)

Only good thing about Kaplan taking over from FINSIA and Tribeca is that it's international (eg. UK and Asia). So if you decide to work overseas in finance and slap that on the table, they should know what it is, especially if you completed some of the modules under the Tribeca brand as I did.

Similar to prawn_86's view, I personally believe that post-education qualifications assists in getting you through to the interview stage for jobs. However, the actual thing that gets you over that line is your experience in answering those interview questions through use of previous examples and how well you fit into the business' culture.

But yeah, DFPs 1-7 are pretty straight forward with not much thinking involved (i.e. copy/paste from module folder, or from someone else who has completed it). DFP 8's a little more 'real-life' but with the use of financial planning software at work, it's still quite straight-forward, just time consuming.
 
Re: Diploma of Financial Services (PS146)

prawn_86 said:
Thanks for your experiences Young Gun,

Curious about a couple things though.

Why do you think this for your first point? I would have thought that if someone has the same degree as me with the same grades, i would have an edge due to the fact i am already compliant. This is also mainly when it comes to the pre interview assesment. IE - they would take me for an interview before the other guy...

Your second point, as i understand it (at my uni anyway) you need a bachelors degree in order to undertake a grad dip.
I am already doing a bachelor of finance, so wouldnt a grad dip be pretty similar? I would have thought a masters in finance would be more appropriate.
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No worries I am happy to answer in more detail why this is my opinion.

From my expirience, most companies looking to hire graduates will care and require you to have qualifications, this is a given. However that being said, all managers know that what you have learnt at uni is generally not going to result in you being able to do your job any better or worse (this is a generlisation and i am mainly talking in relation to finance, buisness degrees).

So taking this into consideration , yes extra qualifications may look good on your cv however when you are first joining the workforce from university it is a big step, for most it is the first time they have worked full time in a team environment. It has been my expirience that most bosses look for people that are good communicators, express themselves well but most important people that are a good fit for the team in which they will be joining. This is the most critical thing people dont realise. Yes, you can have 6 post grad qualifications but if the hiring manager things the next person with just a bachlors degree is a better fit, then they will most likely hire this person.

So in summary yes a a post grad (or a number) of post grad qualifications will look good for you straight out of uni getting a job, however the effect this will have on beating your fellow competitor i think is miminal, because you need to understand hiring is alot more than is just on paper. Your qualifications are only enough to get you an interview, once you have had your interview whats on your cv means sweet fck all. . . So should you spend $4,000 on doing a Diploma of Financial Services which means nothing compared to your bachelors degree you already have, just on the whim that it may mean you get that job ? I would answer no. You have just finished uni, wait and get a job and when your working for a company they generaly pay for you to study.

Hope this is a little clearer for you.
 
Re: Diploma of Financial Services (PS146)

Great post, Young Gun. Companies will always go for a person whom they can see will adapt to their corporate environment. They will train you "to fit". Often this means they prefer someone with less experience so they don't have to retrain bad habits.
 
Re: Diploma of Financial Services (PS146)

Prawn,
I've been doing the Dip of FS (Fin Planning) thruogh Tribeca/Kaplan.
Pretty easy but my only hard point was being offshore and having no one to talk to about certain questions I had. Since becoming Kaplan the service isn't as good as it was when it was Tribeca. i'll probably start the advanced dip when I get back to Oz and when my employer will pay for it!
 
Re: Diploma of Financial Services (PS146)

Prawn, you won't pass this course if you're on ASF during all the lectures!!! LOL :)
 
Re: Diploma of Financial Services (PS146)

kennas said:
Prawn, you won't pass this course if you're on ASF during all the lectures!!! LOL :)
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I actually had a good informative lecture today.

Shock, horror! :eek: Not many of them occur.

Im on a break in between classes thanks mum :p: :cool:
 
Re: Diploma of Financial Services (PS146)

i think so ... to a certain extend? please see:

"13. Can I receive recognition of prior learning (RPL) for courses I have already done?

PS146 Training Australia recognises all previously attained qualifications and/or statements of attainment completed with other universities, TAFE or registered training organisations from courses or subjects listed on the ASIC training register."

http://www.ps146.com.au/content/generic/faq.php#13
 
Re: Diploma of Financial Services (PS146)

One problem with Kaplan now is that they change the assignments too often now making it harder to "reference" from. :p:

Also, I had DFP7 booked in at Kaplan one day and rocked up, only to be told it wasn't booked in correctly. Frustrating.
 
Re: Diploma of Financial Services (PS146)

Well i just ordered my first module, DFS1.

The co i am doing it through allows 4 months to complete the 4 modules so in a few months time i will be legally qualified :)

Now to see how boring the reading actually is...
 
Re: Diploma of Financial Services (PS146)

Recieved the package in the post yesterday and there sure is a lot of reading.

Seems fairly straightforward an i am about 1/4 of the way through it within a few hours.

I guess the defining moment will be if i pass the assesments or not...
 
Re: Diploma of Financial Services (PS146)

Is this through Kaplan prawn? If so, you'l breeze through them. Assignment you can take relevant sections from the modules, and the exam is open-book with answers word-for-word. So as long as you know where to look, the answer's right in front of you.
 
Re: Diploma of Financial Services (PS146)

Dezza said:
Is this through Kaplan prawn? If so, you'l breeze through them. Assignment you can take relevant sections from the modules, and the exam is open-book with answers word-for-word. So as long as you know where to look, the answer's right in front of you.
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Not Kaplan.

The company i am doing it through is called "PS146 Training"

Link:
http://www.ps146.com.au/

All of their assesment is just Q & A while reading through the documentation. No exam, and the ability to re-submit anything you get wrong. Sounds easy enough to me...
 
Re: Diploma of Financial Services (PS146)

prawn does this qualify you to manage other people's money or just give advice ?
 
Re: Diploma of Financial Services (PS146)

julius said:
prawn does this qualify you to manage other people's money or just give advice ?
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Just to legally give advice. Although you couldnt really manage money without giving them some form of advice.

As far as im aware, there are no legal requirements in order to manage other peoples money. If they choose to invest it inot you or your business/company that is their perogative.

Could be wrong on that one though...
 
Re: Diploma of Financial Services (PS146)

I think you still might need an Australian Financial Service License (AFSL) or be an AUthorised Representative of an entity that holds an AFSL in order to be giving advice legally. But the PS146 / Dip FS (FP) qualification provides the basis of being qualified to provide advice.

Most people in bank branches are tier 2 (I think, or is it Tier 1), PS146 compliant in order to provide general banking / financial services advice (e.g. recommending TDs), whereas Tier 1 (or tier 2 if other way around) allows you to provide specific/in depth advice to the client's need (e.g. super/managed funds).
 

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