The What, Why and How of Generic Skills: A Financial Planning Case Study

Abstract

Financial planning in Australia is moving away from its traditional characterisation as an "industry" and towards a "profession". A key feature of any profession is an educational framework that facilitates the development of technical knowledge and generic skills by students so that they can successfully transition into the workplace. The Australian Securities and Investments Commission (ASIC) is currently reviewing changes to that educational framework (ASIC 2011; ASIC 2013), while the Financial Planning Association (FPA) has recently introduced revised and enhanced educational requirements through the Financial Planning Education Council (FPEC) (FPA 2010; FPEC 2012). Stakeholder input will be critical for the development of financial planning education programs that meet the higher standards of a profession. In particular, what are the generic skills needed by financial planners; and which are currently seen to be most deficient? This paper is an instrumental case study involving interviews with 24 financial planning firms which explore the what, why and how of generic skills. This qualitative study provides a greater insight into generic skills by identifying skill importance and deficiency, as well as possible solutions to assist with the financial planning industry moving to a profession.

Occupational boundaries: Gender capital and career progression in the financial planning industry

“…The literature has presented that the acquisition and development of skills to be a financial planner is genderneutral. To acquire these skills, a prospective financial planner would require a learning strategy that draws on formal education combined with work-related learning and experience (Cameron et al, 2014). However, we contend that these skills are associated with being either masculine or feminine, and this association can inhibit women from obtaining or demonstrating these skills.…”

“…Cull and Sloan (2016) found that prioritizing a client's interest is a vital aspect of trust in financial planning. Other research highlights the gaps between the skills required by financial planning graduates and industry requirements (Cameron et al, 2014;Jackling & Sullivan, 2007;West et al, 2019). These gaps are in client-centered financial planning skills, where graduates must develop interpersonal skills, listening skills, communication skills, and questioning skills.…”

“…Our research involves feminine and masculine capital, not male and female capital, because our subject is the financial planning occupation. As financial planning is a relationship-based service sector (Cameron et al, 2014), expertise is derived from the perceived competence in skills and fit with the personality of the financial planner and is more related to feminine and masculine capital than to the male and female body.…”

Teacher Candidate’s Generic Science Skills on Organic Chemistry Reactions Through Problem-Based Learning Model

“…It is also can be used as skills and attribute in daily life as well as work-life since it covers basic competence and core competence including cognitive, personal, and interpersonal skills related to the carrier. Generic skill is highly needed to pursue higher education and a successful carrier ( (Cameron et al, 2014), generic science is a skill to support every discipline of studies and is potentially transferred to every context of higher education and the workplace. Not only transferring generic skills but also is important to enable students to apply their knowledge or disciplinary in every context (Jackson, 2013).…”

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“…By referring to recent high profile collapses, the authors suggest factors that can be considered by individuals when assessing the quality of any advice or service offered. In this theme of change and Professionalisation, Cameron, Brimble, Knutsen and Freudenberg (2014) examine the generic skills needed by financial planners; and which are currently seen to be most deficient. These authors recommendations aim to assist the financial planning industry moving further towards professional status and conduct.…”