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MFAA Prosper : Mortgage and Finance Brief 13
8 Mortgage & Finance brief When the MFAA reinvented its accreditation system in 2010, commencing a transition from the Accredited Mortgage Consultant (AMC) regime to the MFAA Credit Adviser (MFAA CA) accreditation, it was a stepping stone to MFAA Approved Broker (Credit Adviser) being established and accepted as a legitimate profession. While the characteristics of a profession, according to the Australian Council of Professions (Professions Australia) include ‘high ethical standards’ and ‘special knowledge and skills in a widely recognised, organised body of learning derived from education and training at a high level’, the MFAA recognised from the example of other related professions, eg financial planners and CPAs, that the profession also needed to own its accreditation and the components leading to that. For example, while the upcoming requirements for the Financial Planning Association require a university degree, they also require a separate assessment for the member to be accredited as a Certified Financial Planner. In a similar way, the Certified Practicing Accountants Association requires new members to complete its CPA Program. In considering what accreditation criteria would be established for the new MFAA Credit Adviser, which the profession would own as unique to the MFAA, the first consideration was to establish a diploma level accreditation specific to MFAA members. However, this task would have been very lengthy to develop and implement, so it was decided that the accreditation criteria for MFAA Credit Adviser would be twofold: • A diploma in Financial Services (Finance and Mortgage Broking Management) and • An MFAA assessment of practical knowledge via case studies. The diploma, by itself, does not satisfy the accreditation requirement. This is a very important point to understand, as most of the discussion I hear in the industry about the requirements, is solely focused on the diploma. This may be because, in the case of most members who have opted to complete their diploma through one of the MFAA preferred providers, the process is seamless. The MFAA case studies for assessment are included with the delivery of the diploma. However, members who opt to complete their diploma through another provider must be assessed separately by the MFAA by completing the case study component of their accreditation via MFAA Pathways, on the MFAA website. Members will be aware that there is an option provided by the MFAA for members (subject to individual aggregator/broker group requirements) with at least five years’ experience to go down the Fast Track path to achieve Credit Adviser accreditation. This recognises the years of experience but still requires an MFAA assessment via the case study component to achieve Credit Adviser status. As the transition progresses with the upcoming introduction of the optional MFAA Certified Credit Adviser accreditation, the additional MFAA assessment requirements will be further enhanced, owned by and unique to, the profession. Phil Naylor, Chief Executive Officer, MFAA chief executive officer Mortgage & Finance BrieF is the official magazine for members of the Mortgage & Finance Association of Australia. Chief Executive Officer: Phil Naylor Executive Director Marketing & Membership: Kriti Colless Marketing & Communications Manager: Marisa Ashworth Post: Po Box 604 Neutral Bay NSW 2089 T: (02) 8905 1300 F: (02) 9967 2896 E: email@example.com W: www.mfaa.com.au Published by: Mahlab Media Managing Director: Bobbi Mahlab Editor: Martin Wanless Deputy Editor: Michael Mills Art Director and Designer: Kate Oliver Sales Director: Nicole Dixon Advertising Sales Manager: Sarah Lander Post: 369a Darling Street, Balmain NSW 2041 T: (02) 9556 9100 F: (02) 9818 6080 E: firstname.lastname@example.org W: www.mahlabmedia.com.au Printed by: Webstar Mailed by: D&D Mailing Services Cover photography: Studio Commercial All material copyright MFAA. All rights reserved. MFAA does not expect or invite any person to act or rely on any statement, opinion or advice contained in this publication and readers must rely on their own enquiries in making any decisions or giving any advice. Neither MFAA nor any employee or agent of MFAA nor any contributor to this publication will be liable for any loss or damage caused by any inaccurate statement, opinion, advice or information contained in this publication. Circulation: 12,727 (Average net distribution, September 2011) ceo’s messAge Finalist in the Association of Publishing agencies’ 2011 International content Marketing Awards
Mortgage and Finance Brief 12
Mortgage and Finance Brief 14