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Professional Banking Fundamentals qualification launches

by Alexandra Cain | 24 May 2018

Australia’s first-ever professional banking qualification is in the market and FINSIA is now accepting applications. Young practitioners and people who are new to the banking and finance sector are encouraged to complete the Professional Banking Fundamentals qualification.

Commenting on this landmark initiative, Chris Whitehead, FINSIA’s Chief Executive Officer, noted that developing an understanding of ethics and integrity is the first step in every professional career.

“FINSIA’s Professional Banking Fundamentals qualification is a great qualification for anyone working across banking. It gives students a thorough understanding of how the industry is structured and the regulatory environment,” said Whitehead.

“Importantly, establishing a professional pathway will demonstrate the industry’s commitment to educating new practitioners about their responsibilities. Additionally, people who have completed the qualification will have an advantage with employers and will be able to demonstrate their commitment to ethics and professionalism,” he adds.

Whitehead says so far there has been an extremely positive response from banks, and it is expected there will be widespread industry adoption of the course. Pilot programs currently underway with regional banks have been well received.

“For smaller organisations, it’s a great qualification to use as an induction for new starters,” he adds.

Securing your future career

The Professional Banking Fundamentals program is especially suited to people who are new to banking who have come straight out of school or university.

“The qualification provides foundation knowledge of financial services for people in banking,” explains Kylie Blundell, FINSIA’s Head of Standards and Education.

New graduates often have a good understanding of theory and business. But not having had substantial work experience, they do not necessarily have deep knowledge of banking and where it fits within financial services.

People working in banks across areas such as HR, Marketing or IT will also benefit from completing the qualification.

“It builds on your academic qualifications and gives you more specific banking and financial services knowledge,” Blundell explains.

“There are many people, in entry-level and support roles in a bank such as IT and HR that will benefit from a good understanding of how the industry is structured and what the roles and responsibilities are in banking,” Whitehead adds.

The qualification is also suited to people who don't have academic qualifications who are working in entry-level banking roles looking for foundation knowledge.

Delivered online, the qualification has seven modules and a multiple-choice assessment. The syllabus covers the regulatory and legal environment, customer service and products, and ethics in professionalism.

On enrolment, students get access to a digital textbook and an online learning program to support the coursework.

Professional Banking Fundamentals is also designed to set up students who have successfully completed it to take further steps down the professional pathway.

Students who complete the Professional Banking Fundamentals qualification will be able to undertake the Certified Professional Banker qualification, followed by the Chartered Banker program.

There are no prerequisites for taking the fundamental Professional Banking Fundamentals qualification, which costs $500, including a year's membership with FINSIA.

Once someone has enrolled in the Professional Banking Fundamentals qualification they have a year to complete it, although it’s certainly possible to complete the course in a shorter time frame.

The program has been designed so that someone who is working full time, or who has other commitments, can complete it at a time and pace that suits their lifestyle. 

“It’s a great qualification to do if you are studying for an undergraduate degree and you want to differentiate yourself from the market. Having a professional qualification when you apply for your first job demonstrates your commitment to the industry and to your professional development,” says Blundell.

To sign up for the Professional Banking Fundamentals, please visit our page here.

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