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CPA Australia - education program has lost direction

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JWheldon
Posts: 367
Joined: Wed May 24, 2017 6:43 pm

CPA Australia - education program has lost direction

Post by JWheldon » Wed Nov 07, 2018 12:25 pm

It is interesting that CPA Australia, that has millions of dollars of membership funds, appears to have decided to subcontract out the CPA program out to Pearson VUE. https://home.pearsonvue.com/ . Pearson is used with regards to the online examination program. They are seeking your feedback for Pearson in the development of the program.

Doesn't CPA Australia pay many so called experts many thousands of dollars to develop the CPA Program and its education programs?

One can only wonder, whether Andrew Hunter, after undertaking the CPA Program, arrived at the same conclusion that many other members had about the CPA program?

How much is this going to cost CPA Australia?

Maybe now Andrew Hunter is in the drivers seat, you may find a lot more of the operations of CPA Australia, will be subcontracted out, possibly performed in overseas locations.

It would be great to hear the feedback from the younger members, who are currently undertaking the program.

Have you received an email from CPA Australia seeking your input?

" Use your expertise to help develop CPA Australia exams
CPA Australia is seeking to increase its pool of subject matter experts who write and review questions for the CPA Program and foundation exams. CPAs and FCPAs are encouraged to register their interest. "

CPA Australia Subject Matter Expert Recruitment Survey 2019
CPA Australia and Pearson VUE are seeking Item Writers and Item and Exam Reviewers who will partner effectively with other accounting and finance professionals, the content development team at Pearson VUE and the education team at CPA Australia to deliver exam questions that are relevant, valid, and meet quality expectations.

If you are interested in using your expertise to help develop CPA Australia exams, please complete the following survey.

If you meet the requirements for one of the contributor roles, a Pearson VUE representative will contact you with more details about content development projects for the 2019 exams."

What do the younger members of CPA Australia think?

What do the senior members of CPA Australia think?

Nate1
Posts: 20
Joined: Mon May 15, 2017 4:57 pm

Re: CPA Australia - education program has lost direction

Post by Nate1 » Thu Nov 08, 2018 12:26 pm

I am one of the younger members having completed in 2015

after finishing both an undergrad and postgrad uni qualification i can honestly say the CPA program is perhaps the worst and most flawed education program i have ever been involved in. From the moment you get the folder to the final exam the lack of transparency..the entire program is designed to keep fail rates exactly the way they are to keep a healthy churn rate...

The only reason i was successfully able to complete the program was through an external tutoring program which my company sponsored at the cost of $800-900 per subject which actually did the job which the CPA was unable to provide...actual mentoring...and a direction as to the exam and the focus on learning the relevant points to successfully complete.

I will say once again...

as a young CPA member recruitment see us as B grade...

WHY DON'T THE CPA's so-called leaders introduce training programs aimed at filling these holes in our employability

1. BASICS OF ASX REPORTING AND REQUIREMENTS - Leading to an EXAM/Certificate
2. ADVANCED ASX - A Manager Level Program (Disclosure/IPO Basics/Dos and Don'ts) Pathway program to be taken seriously as an ASX Professional

there is a reason the CPA has so few if any members working in the top companies in Australia.

Are we forever destined to be pigeonholed in SMEs only?

Seriously....

its a two horse race for the worst run organisation the Cricket Australia and the CPA...any ones guess who will win...

ConfusedAlice
Posts: 1
Joined: Fri Nov 09, 2018 9:24 am

Re: CPA Australia - education program has lost direction

Post by ConfusedAlice » Fri Nov 09, 2018 9:34 am

Hi,

Slightly off topic but we were looking at the SMSF specialisation. The CPA website states:
Currently the only recognised education program is the SMSF Specialist Workshop offered by the Australian School of Business at UNSW.

UNSW will not be offering the course in 2018. Pending the introduction of new education requirements as part of the professional standards regime for financial advisers commencing on 1 January 2019, CPA Australia is currently assessing the potential impact on the eligibility requirements of the specialisation. A decision will be made regarding the future direction and requirements of the specialisation, including recognised SMSF education, once the professional standards requirements have been finalised.


Why is CPA still deciding what the education standards are when CA can clearly state what is required?

You also need to have successfully completed three mandatory subjects as part of an award program through UNSW:

Taxation of Superannuation
Self Managed Superannuation Funds Law; and
Taxation Strategies in Financial Planning.
These subjects must have been completed within the five years prior to your application.


Does anyone know which way CPA is heading on this?

Oh-totally agree with the previous poster. CPA designation is seen as "B" grade compared to the CA program. Why CPA won't ensure that its program is to comparable standard is beyond me.

JWheldon
Posts: 367
Joined: Wed May 24, 2017 6:43 pm

Re: CPA Australia - education program has lost direction

Post by JWheldon » Sat Nov 10, 2018 11:25 am

Great post Alice, and thanks for your input. Why do you want to undertake the SMSF Specialist course?

CPA Australia appeared to indicated that it was awaiting clear guidance as to the new education requirements relating to this area from the relevant government authority, before deciding how they will move forward in this area with regards to its programs.

One can only assume that they believe it would be better to refer members to external bodies or universities which offer the relevant courses or pathways at this current time. They may well have decided to engage another external organisation to assist with the development of the relevant course or possibility not offer it via CPA Australia at all. We will just have to wait, given the courses and guidance and approval of those courses is still to be undertaken.

Here is information from Kaplan, which may be of some assistance. Unfortunately ASIC is not very helpful.
https://www.kaplanprofessional.edu.au/e ... -advisers/

What are the new professional standards?

The introduction of a range of education and ethical standards will require new and existing advisers giving financial advice on Tier 1 financial products (excludes general insurance, deposit products and personal sickness and accident) to retail clients to meet new requirements, including:

Compulsory education requirements for both new and existing advisers;
Supervision requirements for new advisers;
A code of ethics for the industry;
An exam that will represent a common benchmark across the industry; and
An ongoing professional development component.

Importantly, the standards relate to Tier 1 financial product personal advice. Tier 2 financial products and those giving general advice only on Tier 1 products are not covered by the new standards.


Who is FASEA?

The Financial Adviser Standards and Ethics Authority (FASEA) has been tasked with governing the conduct of professionals in the financial advice sector by establishing mandatory educational and training requirements, developing and setting an industry exam, as well as the formation of a code of ethics that all advisers will be required to adhere to.



One can suggest that you contact Financial Adviser Standards and Ethics Authority (FASEA) for further guidance.

https://www.fasea.gov.au/guidance-note- ... fications/

"Guidance Note: Graduate Diploma Qualifications



The Financial Adviser Standards and Ethics Authority (FASEA)confirms there are NO APPROVED AQF 8 graduate diplomas available for the purposes of 921B(2)(a) of the Corporations Act.

FASEA will consider such programs for accreditation in the second half of 2018 after further consultation with industry and other stakeholders.



Background:

FASEA was established in 2017 to implement reforms set out in the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 – raising the professional, education and ethical standards of Australian financial advisers.

One element of this framework is determined in section 921U (2)(a)(i) where:

FASEA will approve bachelor or higher degrees, or equivalent qualifications.

In March 2018, FASEA released, for consultation, guidance regarding education pathways for degrees and equivalent qualifications. The March 2018 DRAFT consultation framework acknowledged existing approved degrees at AQF 7 (bachelor) and AQF 9 (masters) levels.

The March 2018 guidance proposed a graduate diploma pathway for Existing Advisers. This proposal currently remains the subject of consultation. The standard will be finalised later in 2018.

FASEA reaffirms there are currently no approved AQF 8 graduate diplomas available for the purposes of 921B(2)(a) of the Corporations Act. Submissions are invited from stakeholders regarding the education pathways guidance."

" Guidance Note – Approved Courses and Programs

Following a number of queries from market participants, FASEA has obtained confirmation from several education providers that they recently released materials that incorrectly indicated they had FASEA approved courses and programs. This documentation has been recalled and those in direct receipt of this information have been advised that this was in breach of our previous advice on the matter.



Any further such concerns can be raised with FASEA via our Contact Us page and or the education regulators – the Tertiary Education Standards and Ethics Authority (for higher education providers) and/or the Australian Skills Quality Authority for vocational training and education providers. "

https://www.smsfadviser.com/news/17093- ... strictions

Chartered Accountants Australia and New Zealand has criticised the current regulatory and licensing regime as unworkable and has urged the government to consider reducing some of the restrictions facing accountants in a response to the royal commission.

by Miranda Brownlee 8 November 2018

In its submission to the interim report of the royal commission, Chartered Accountants Australia and New Zealand (CA ANZ) stated that it is in the public interest to attract and retain more accountants in the financial advice industry.

The submission said that many accountants are frustrated that professional accountants have been discouraged from providing financial advice to their clients due to regulatory and licensing restrictions.

“While this may sound counter-intuitive, consideration should be given to reducing or at least streamlining unnecessary regulatory and licensing restrictions and recognising the hard work that is required to gain and maintain membership of Chartered Accountants, including degree and post graduate studies, three years of mentoring, strict adherence to our Code of Ethics and ongoing CPD,” CA ANZ said in the submission.

“There is widespread agreement amongst Chartered Accountants that the current regulatory and licensing regime is not working, and there is concern that more regulation will hinder their ongoing ability to be the community's foundation stone for sound advice.”

The submission also noted that 66 per cent of accountants in practice (in a survey conducted by CA ANZ in May this year) said they would likely stop providing advice if FASEA’s proposed education reforms were passed in their current form.

“It is in the public interest to attract and retain more accountants in the financial advice industry by reducing unnecessary regulatory barriers,” it stated.

JWheldon
Posts: 367
Joined: Wed May 24, 2017 6:43 pm

Re: CPA Australia - education program has lost direction

Post by JWheldon » Wed Dec 05, 2018 9:26 pm

This sounds a bit old. The accounting profession has been saying this for years. CPA Australia had so many past presidents from academia who missed the opportunity to work with the Universities to implement change. Yet the Universities are following the almighty dollar and the pull of the full paying foreign students.

Change is required, but will CPA Australia, IPA , CAANZ and others work to improve the quality of the courses for those future students or just continue with the same? Many students continue to complain about not only about the quality of the accounting courses, but also about the quality of the CPA Program. So the challenge is, will a positive change be made or will we all still be complaining about this in ten years time?


Uni fights back as accounting degrees cop heat


https://www.accountantsdaily.com.au/pro ... s-cop-heat

Accounting degrees are still relevant and vital in preparing graduates for the workplace, despite ever changing professional work, argues one university vice-chancellor.
Speaking to Accountants Daily, Deakin University Pro Vice-Chancellor, Professor Dineli Mather said that despite a rapidly evolving workplace meaning that subjects learned during an undergraduate course could be rendered obsolete by the time a graduate entered the workplace, other skills learned along the way were crucial to maintaining employability.

“Professional work is evolving very rapidly and professionals have to have a mindset and the ability to evolve. What that means is when you do a university degree, it is still fine to study a discipline but what you take away are things like critical thinking, ability to make evidence-based decisions, ability to problem solve, and those skills are developed in a discipline context,” said Professor Mather.

“The most important skill that you take into the workplace is the ability to learn new things.

“[For example], if you study IT and want to work in IT, the programming language you learn would be obsolete or would be fading out by the time you get out so the most important thing is you got those first principles and apply that to build new knowledge,” she added.

“The longevity of those sorts of transferable skills is what holds a university degree apart.”

Professor Mather’s comments come as businesses are losing faith in Australian universities to produce graduates who are “job ready”.

The accounting industry has been calling for a change in approach to accounting degrees, as major universities – including Macquarie University and UNSW – are finding that typical undergraduate courses are not preparing students for the realities of the accounting profession.

While Professor Mather conceded that universities cannot cater to every demand from the workplace, she said education providers regularly consult with the industry to ensure critical skills are not left out.

“We have an annual review of every course and part of that process is looking at graduate outcomes from that course, the intake into the course, the marks. We also have advisory boards for every study area consisting of employers who actually look at the curriculum and confirm that it is relevant and not missing anything critical,” said Professor Mather.

“Obviously, you can’t have everything out there but it is around making sure that the current core set of skills that an accountant needs are incorporated into the degree.

“We also have a major course review every five years where there’s an expectation that we will take it apart and build it up again with some major changes whereas the annual review is around continuous quality improvement.”

The right intake

Professor Mather also hit back at suggestions that universities were simply catering to international students, while neglecting the needs of the local market.

“The higher education market will crash without international students and that’s globally, not just here in Australia,” she said.

“At the end of the day we can’t have universities funded 100 per cent from the government and ultimately in a country like Australia, we have our Year 12 school leaver cohort flat lining and there is no growth there.”

She believes critics should consider the benefits of a diversified student population and the merits it will bring in the long run.

“There are also a proportion of those graduates who then either work in Australia because they have a skill in a skill-shortage area such as accounting but also if they go back home, they could be your supplier or they could be your client. It is a globalised world and I think the best thing we can do to make Australia competitive globally is to have international graduates coming in and going back home so they have some sort of loyalty to Australia, and they know how to do business here,” she added.

“I think it is very short-sighted and very old fashioned to feel the need to protect jobs here. You want diversity in your workplace because your markets are diverse, your markets are global and your workforce needs to represent that.

“For our domestic students, the best thing we can do to prepare them for a globally connected world is to put them in a classroom with students from all kinds of different countries.”

jotham.lian@momentummedia.com.au

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