It depends on your previous qualifications and experience etc. Let me be very clear, I do believe the current requirements (RG146) is extremely low. Its a one year course that I knocked off in 3 months (only working part time and I just spent the rest of my time getting it done) however IMO that should be accompanied with some mentoring and supervised work for maybe a year or two. Then extra studies in fields of choice should be called for like specific SMSF, Insurance, Aged Pension, Aged Care etc etc
We already have to do 30-40 hours of Continual Development each year to help keep up to date etc.
But here is an example in the office I am in on how CRAZY these new requirements are.
I have the bare minimum, so for me it was always going to be 4 years (actually lets call it 8 units). The past what...lets say 5 years I have been working in various offices under supervision...yeh that counted for nothing.
My boss has been doing this for 20+ years, holds the CFP and sooo many other titles as well as courses etc. Honestly I would be VERY surprised if she wasn't probably one of the most knowledgeable planners around. 6 units although she is fighting this and hoping for some RPL's.
The other director has done a degree in Business or Economics, I can't remember which....so is excluded..0 units. To be fair though he is also pretty highly qualified etc.
The other planner has less experience than me, about the same credentials. But he has a degree in an unrelated topic (Phycology I think, don't quote me)…..6 units....yep.
Add to this we all have to take time out of study and work to prepare for a 3 hour exam to be done next year so we can continue.....no idea about contents etc. I have been told this will need to be done each year...I find that a bit hard to believe and haven't confirmed it (not my biggest priority).
Now on top of this we have to maintain our 40 hours of CPD points. I have not received a firm answer as to how many points the study will cover but the "going average" seems to be another 20 hours.
My biggest gripe about all this is this will not stop the people doing the wrong thing, from continuing to do the wrong thing. So to combat that we have to do "ethics training"...and that is riveting stuff.
So apparently I am a cheating, lying thief who needs to study more.....
Shit...they nailed it