FASEA has announced that financial planning students interning or working during the final stages of their degree will now be able to begin logging hours towards Q1 and Q2 of their Professional Year (PY).

The great news means students completing a FASEA-approved degree can begin a Professional Year supervisory relationship whilst studying. Once a PY plan is in place, they will be able to count Workplace Integrated Learning or paid work hours towards the first half of the mandatory 1,600 hour supervision requirement (which includes 100 hours of structured training).

It’s important to note that before hours can be logged toward the PY, a written PY plan must be in place with a licensee and a New Entrant Registration Number (NERN) must be applied for. Internship or paid work hours prior to beginning the PY are not able to be counted (although in some cases these quarters can be accelerated due to extensive previous experience – refer to the FASEA FAQs).

The FPA welcomes these changes, as previously a PY could not be started until after the full completion of the degree. Students will still need to have finished their degree to progress past quarter two and sit the FASEA Entrance Exam, however.

To find out more about the Professional Year requirements, read through the FASEA requirements.

Professional Year information, resources and logbook templates

The FPA has a developed a range of PY resources, including a PY Plan and logbook templates for members. CLICK HERE to view the FPA member resources.

FASEA also provide templates, explanatory statements, further information and FAQs for new entrants and supervisors. If you haven’t already, we highly recommend reading through their New Entrant requirements. CLICK HERE to visit the FASEA website for more information. 

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