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Home > News and events > News > School to launch groundbreaking degree in financial planning
Members of the Yorkshire Independent Financial Advisors Forum and School of Management staff.
Front Row (l to r): members of the Yorkshire Independent Financial Advisors Forum - Dr Peter Williams, head of industry development AEGON UK; David Cubbit, managing director, Beaumont-Robinson Ltd and chairman of YIFA; David Dixon, senior partner EBOR Asset Management; Tim Johnson, managing director Pearson Jones
Back Row: (l to r) Bradford University School of Management - Dr Musa Mangena; Professor Richard Pike; Professor Mark Freeman; Professor Arthur Francis (Dean); Dr Peter Prowse
Bradford University School of Management's four-year BSc in Financial Planning will set a new standard when it commences in September 2010. With many British consumers struggling with debt and insufficient savings, the Independent Financial Advisory (IFA) profession has never been more important and the degree will provide the highly-qualified graduates it needs.
The BSc has been developed in partnership with the Yorkshire Independent Financial Advisor Forum, which has more than 200 IFA members. Students will gain immeasurable experience with a one-year work placement during the course.
They will graduate not only with a BSc degree but with the Chartered Insurance Institute (CII)'s Certificate in Financial Planning as well as substantial credits towards the CII's Diploma in Financial Planning. Graduates will therefore be placed on a fast-track towards Chartered Financial Planning Status, the pinnacle of achievement in the profession.
Financial planning is a rapidly-evolving sector which will require more graduates as it seeks parity with more established professions like accountancy and law. Professor Arthur Francis, Dean of the School of Management, said they had worked closely with the forum and others in the industry to ensure that the school's financial planning graduates will be much sought-after by future employers.
"This is an opportunity for increased engagement with employers in Bradford, Yorkshire and nationally to develop the expertise in our graduates and contribute to both students' employability and business expertise in financial planning," said Prof Francis.
"We are dedicated to working with employers to provide expertise the economy needs in the future."
Chairman of the Yorkshire Independent Financial Advisor Forum David Cubitt said: "We're delighted that the School of Management has committed to this groundbreaking project which will have a significant impact on our profession and for jobs in the region. This is a proud day for Bradford and the region."
The BSc is crucial to the forum's plan to develop a national centre of excellence for financial planning, Mr Cubitt said. This will create new jobs at a time when many businesses in the financial services sector are downsizing to cut costs.
Others backing the new qualification include prestigious financial services group AEGON UK. Its Head of Industry Development Dr Peter Williams who assisted with the development, said: "Bradford University School of Management is one of the UK's leading business schools and their commitment to the future of IFAs and advice is testimony to how quickly the current financial services industry is becoming a profession.
"The Financial Service Authority's Retail Distribution Review will accelerate this change and Bradford University School of Management graduates will be well placed to enter the profession."
Fay Goddard, Chief Executive of the Personal Finance Society, also praised the initiative. "As the UK's largest professional body for advisers and planners, the PFS and CII are delighted to see the introduction of this degree and the university's commitment to the profession. Both the Yorkshire IFA Forum and the university deserve praise for this initiative and we have been pleased to add our support."
Bradford University School of Management is one of Europe's leading business schools. Its post-graduate programmes are ranked by the Financial Times in the UK's top 10, top 20 in Europe and top 55 globally. The Economist Intelligence Unit ranks its distance learning MBA in the top 10 worldwide.
It is one of the UK's longest established university-based management schools and was one of the first in the UK to achieve EQUIS accreditation, the 'gold standard' for business schools, achieved by around 100 schools worldwide. The school is truly international - running management programmes across half the globe, and with academics and students on its Bradford site from over 40 nations.
In 2008 Bradford was ranked the sixth best small city for inward investment in Europe and 40th in the top 50 'European cities of the future'.
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For further information contact Ruth Lewis, Northern Lights PR 01423 562 400 email: Ruthl@northernlightspr.com
Notes for editors
1. It is widely recognised that the UK has too few advisers and that we have become a nation of debtors instead of savers. Government initiatives such as 'Money Guidance' and 'Financial Capability' are to be welcomed but many consumers will still need the services of high quality advisers and initiatives such as this are vital if we are to attract sufficient talent into the market.
2. The Chartered Insurance Institute is the world's largest professional body for Insurance & Financial Services. Chartered since 1911, the CII is also the industry's principal examination body. Over 90% of all current advisers are qualified via the CII
3. The Personal Finance Society is part of the CII family. It provides membership
benefits to over 24,500 Financial Advisers, Planners and those in supporting
functions. It offers 4 levels of membership
* CertPFS (awarded on completion of the CII's QCA Level 3 Certificate in Financial
Planning). This is the current minimum qualification for IFAs
*DipPFS (awarded on completion of the CII's Level 4 Diploma). This will be
the new minimum qualification for IFAs post 2012 *APFS & Chartered Financial
Planner (awarded on completion of the Level 6 Advanced Diploma) *FPFS (post
graduate level).
4. Retail Distribution Review (RDR). From 2012 the industry's regulator, the FSA, will require advisers to hold a QCA Level 4 qualification such as the CII's Diploma (DipPFS). However advisers and planners are also encouraged to progress beyond this to Chartered Financial Planner (this is a Level 6 qualification on par with a bachelor honours degree). Therefore post 2012 'advice' will predominately become a graduate career.
5. To assist current advisers to move up from a Level 3 qualification (CertPFS) to Level 4 (DipPFS) and for high qualified advisers to reach Chartered Financial Planner and beyond, BUSM also intends to consider offering residential and post graduate courses for existing advisers.
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