Walker & Miller | August 31, 2011
The Mortgage and Finance Association of Australia (MFAA) has made several announcements over the past year regarding changes to minimum education standards. The decision has been made to increase the educational requirements in an effort to raise the level of professionalism within the mortgage and finance industry.
While the announcement has left plenty of industry veterans exasperated over the ever growing compliance burdens being placed on the industry, the good news is that experienced brokers who can demonstrate commercial lending experience within the last two year will be able to obtain this qualification through a recognition process.
Recognition of Prior Learning (RPL) is a way to use your existing skills and knowledge to get a formal qualification. It involves getting your current experience assessed and taking into account other qualifications you may already have. Through the recognition process, you may be able to gain a complete qualification, or if you have gaps in your learning and knowledge you can complete the rest of the qualification through training.
Recognition is generally faster and cheaper than completing a qualification from scratch and provides you with the opportunity to get:
- maintain member ship with the professional body
- possible transfer into a different career or job
- entry to or credit in another course or qualification
- satisfaction from having your skills formally recognised
The qualification you get is the same that you would get if you completed a full training qualification but with the added bonus that you won’t spend time in the classroom going over things that you already know, making it faster.