| Training for financial planners has additional | | | | ordinarily would give full ASIC RG146 / PS146 |
| requirements not expected of accountants in the | | | | compliance. Typically the various ASIC compliance |
| form of ASIC RG146/ PS146 compliance. Both | | | | requirements are contained in these courses |
| accountants and financial planners are expected | | | | including, securities, managed investments, |
| by their respective industries, professional bodies | | | | derivatives, insurance advice and insurance |
| and clients to have underlying educational | | | | broking. The Advanced Diploma contains a greater |
| requirements however this is only a legal | | | | focus on taxation, estate planning and financial plan |
| necessity for financial planners and not | | | | constructions. |
| accountants in the majority of their work | | | | Accounting courses are broken into areas such as |
| environment. Financial planners are regulated by | | | | financial accounting, management accounting, |
| ASIC in their requirement for them to undertake | | | | auditing and taxation. Whilst as mentioned an |
| RG146 or PS146 courses if they want to operate | | | | accountant in charge of a large organisation can |
| as authorised representatives for licence holders. | | | | legally have no accounting training, the industry is |
| Accountants excluding auditors and taxation | | | | mature enough that this would be unlikely to |
| agents are not legally required to be educated as | | | | happen. Often professional qualifications are a |
| regulation comes through the Corporations law | | | | requirement to gain senior accounting roles. |
| which requires any accountant dealing with | | | | As the financial planning industry matures it should |
| companies to use the Australian Accounting | | | | be expected that the Advance Diploma of |
| Standard Board's accounting standards which are | | | | Financial Services (Financial Planning) will become |
| in fact the international accounting standards. | | | | the industry requirement for financial planners |
| The difference comes in the way regulation | | | | wishing to progress in their career. Industry |
| occurs, financial planners' education is regulated | | | | providers now have Recognition of Prior Learning |
| while the compliance requirement of following | | | | options available which reduces the need for |
| legally enforced standards is the regulation tool | | | | traditional study methods. Accountants typically |
| used by ASIC to control accountants. It is legally | | | | need a degree or even a Masters to be |
| possible for an accountant to have never | | | | recognised as educational sufficient to apply their |
| undertaken an accounting course and still be in | | | | craft even though as mentioned this is not |
| charge of accounting at a large corporation. | | | | actually a legal requirement. There are many |
| A financial adviser alternatively needs to be ASIC | | | | educational opportunities for financial planners after |
| compliant and as a minimum must do RG146 / | | | | they finish their RG146/RG146 complaint courses. |
| PS146 courses. The majority of providers offer | | | | They can also focus on specialist areas such as |
| this qualification in the form of the Diploma of | | | | taxation, self managed superannuation funds and |
| Financial Services (Financial Planning) which | | | | foreign exchange. |