With so much time and focus on the FASEA exam requirements, it has been challenging to also consider the requirements for the FASEA Professional Year.
Joel Ronchi, Principal Consultant @ myIntegrity in Practice & Head of Business Development (Fourth Line), will canvas key questions a licensee and supervisor needs to be able to answer when managing the FASEA Professional Year.
He will step you through requirements, supported with ideas for practical plans and procedures.
Some interesting facts – if not structured carefully, the PY can become an 18 MONTH + program … as a LICENSEE, did you know…
- a NEW ENTRANT (NE) in the PY can be enrolled to sit the exam as soon as they have a NERN (New Entrant Registration Number)
- a person can COMMENCE the PY BEFORE completing a FASEA Approved Qualification (the “final stages” rule)… but must complete qualification to be register for Exam
- the NE must PASS the EXAM before being registered as PROVISION FINANCIAL Adviser
- the NE CANNOT commence Qtr 3 UNTIL the exam has been PASSED
- Licensees need to factor in Exam SCHEDULES, MARKING TIME, & possible FAILS … this may blow the PY out to 18 mths +
- New Entrants have SAT & FAILED the exam without the licensee being aware .. the YOUNG GUN paradox – fresh from completing FASEA Approved Degree, used to sitting exams, and then they come up against the FASEA Exam
- Licensee must make @ least 2 ETHICAL DILEMMA scenarios available to the NE in EACH of QTR 3 & QTR 4.
If you would like to have a chat about how to build an effective Professional Year Program, please feel free to reach out.