INSETA, UWC and the FPI succeed with articulation initiative

Sandra Dunn CEO of INSETA

In a first for South Africa’s financial planning field, the 2011 FETI/HETI pilot class has graduated, with several using the qualification to enter university and organisers promising to expand the programme in 2013.

The FETI/HETI initiative – a collaboration between the Further Education and Training Institute (FETI), the Financial Planning Institute (FPI), the Insurance Sector Education and Training Authority (INSETA) and the University of the Western Cape (UWC) – aimed to offer “seamless articulation” between Further Education and Training (FET) and Higher Education and Training (HET) institutes, increasing the number of qualified professional financial planners working in South Africa.

Supported by the Department of Higher Education and Training, the initiative’s goal was to make it easier and more affordable for students to gain accreditation and qualifications for a career in financial planning. It allowed FETs to offer the equivalent of a first-year university course, as UWC provides access to an Advanced Diploma in Management Studies for those with the NQF Level 5 Certificate in Wealth Management.

Once students have completed the Advanced Diploma in Management Studies, they can then progress to a Postgraduate Certificate in Financial Planning at the University of the Western Cape (UWC) – FETI/HETI effectively builds a bridge to a higher qualification.

Speaking at the graduation of the 2011 FETI/HETI pilot class, CEO of INSETA, Sandra Dunn, said that the event was a celebration of both the students and the triumph of the programme.

“The programme is making it possible for learners to access universities and go through to complete their NQF level 6 qualification, in a manner that is completely unprecedented. To have the pilot achieve this level of success is amazing,” she said.

“Part of the legacy of Apartheid is the fact that education has not always been offered equally. As such, there exists a large portion of the population who have not been able to gain access to a higher education. This initiative is changing that – it is offering students the opportunity to develop themselves in ways they could never have before.”

A total of 77 out of 105 students passed the year gaining a level 5 qualification , and 23 of those have enrolled to study the Advanced Diploma in Management through UWC.

The success of the programme means that its second year, running in 2013, will also now be available to learners in the Eastern Cape, to be run through the Nelson Mandela Metropolitan University.

Seamus Needham, Project Manager of the UWC FET Institute, explains that the unique three-way partnership allows workers in the industry, who have until now been at a disadvantage due to the limitations of their qualifications and financial backgrounds, to gain equal access to tertiary education at no personal expense - and at no expense to the companies for which they work in this pilot project.

“Companies directly benefit from this initiative, as there is no charge for this training. INSETA used discretionary funds to sponsor the 105 learners on this articulation pilot programme. Furthermore companies can claim back portions of their skills levy for placing employees on accredited training,” he says.

Sandra Dunn believes it is through partnerships such as these that the SETAs can really prove most beneficial.

“FETI/HETI is in line with INSETA’s Sector Skills Plan, which in turn is aligned to the National Growth Path. Further – it is in keeping with INSETA’s goal to form partnerships which will grow scarce and critical skills in the insurance and broader financial industry,” she said in her address. “It is truly a first for the country, and its success is an indication of the opportunities that partnerships in education can offer.

INSETA is very excited about this initiative. We feel it has the potential to revolutionise the financial planning sector by broadening access and accelerating skills development – something that is much needed. It is also part of a bigger drive to professionalize the sector so that financial advisors are equipped to render a service rather than just selling a product.

This will benefit not just the sector and those working in it – but the millions of South Africans who use their services every day. It is setting up job and wealth creation, and allowing for further education.”