Super fund planners have lowest education standards

Planners employed by superannuation funds are less likely to have a third-level education than their peers in other areas, a survey by Super Review, reveals.

Data collected in the Super Review Salary Survey found that almost 60 per cent of planners working for super funds did not have a Bachelor's qualification or higher, while retail bank-employed planners were the most likely to hold a Post Grad or Masters qualification (48 per cent).

The survey found that 29 per cent of super fund planners level a Diploma in Financial Planning (DFP), while a further 14 per cent held an Advanced DFP, and 15 per cent reported that their highest academic qualification was from high school.

While 58 per cent of planners employed by a financial advisory said they had a BA or higher, with 27 per cent holding either a Post Grad or Masters, with 57 per cent of those working for accounting practices holding a BA or higher.

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Planners working for advisory and accounting practices were the most likely to report that an Advanced DFP was their highest academic achievement (28 and 29 per cent respectively).

The survey also found that fewer planners working for super funds reporting holding a "RG 146 only" (27 per cent) than those working in retail banks (38 per cent), however, a significantly higher proportion of super fund planners reported holding a CFP than those in the banks.

Despite having the lowest levels of academic achievement, planners working for superannuation funds were the second most likely to be study - or planning to - for a professional qualification (43 per cent), behind retail bank planners (52 per cent), with 38 per cent of advisory-based planners reporting they were looking to bolster their professional qualifications.

The survey found that just 14 per cent of accounting firm-base planners were studying for a professional qualification.