New skills course open to all brokers
In a major boost to the FBAA’s mission to upskill brokers, the peak industry body has now launched a new education pathway for commercial and asset finance brokers.
Known as the Certified Finance Broker (CFB) program, the new FBAA initiative is aimed at providing finance brokers with a robust, comprehensive education that sets them apart as professionals in their field.
Upon completion, brokers will be awarded the ACCC-ratified CFB higher designation, which can be used to showcase their expertise.
Offered exclusively by the FBAA, the CFB is a collaboration between three leading education providers – CFMIA, Accendo and AAMC. It will be open to all brokers regardless of membership.
The designation, announced at the FBAA 2024 national conference on the Gold Coast on November 1, is a timely initiative as mortgage brokers look to diversify into other areas of lending due to the fierce competition for home loans, with almost 74% of all new home loans written by brokers.
Joanna James (pictured above left) is the chief development officer at the FBAA. She is responsible for the growth and development of the association, including “providing enhanced value through our education and other support services we offer to our members.”
Commercial Finance Broker program
James said the FBAA was thrilled to offer the prestigious designation of CFB.
The CFB program includes:
- foundational workshops covering commercial lending skills, mastering cash flow and business credit writing
- advanced certification covering six key topics – business finance, personal finance, international finance, SMSF and reverse mortgages, obligations, and mentoring
- formal assessment and application to obtain your CFB designation
James said CFB would be delivered through an innovative online learning platform that combined audio books and explainer videos.
“The program is entirely self-paced, allowing flexibility to manage studies around professional and personal commitments.”
Brokers will also be invited to join the 24-month Broker Advantage Program with monthly workshops, live deal workshops, Q&A sessions, an online community and more.
“We feel this education is so important that the FBAA will be offering this course to everyone across the industry, regardless of membership.”
FBAA’s Diploma with a Difference
James said this year the FBAA had enhanced its education offerings, starting with the new Diploma with a Difference.
“Whilst we do not mandate the diploma as a minimum standard, recent research shows that over 70% of our members have completed a diploma qualification.”
The diploma is designed with an additional eight business modules covering vital skills that brokers need to be successful, says James.
“It is our vision that when members are ready to complete this qualification they are able to elevate their learning beyond current industry standards, giving them an edge in areas such as strategy, AI in business and much more.”
Filling broker skills gaps
FBAA national commercial and asset manager Steven Ragany (pictured above right) said there was a significant opportunity for brokers to expand their business offerings in other areas of lending, however the training and guidance was not readily available.
“Overwhelmingly, the feedback is that brokers are left to their own devices to obtain education and professional development when it comes to diversification, specifically within the commercial and asset finance sectors,” Ragany said.
“This is why we have developed our commercial education pathway that offers a targeted approach to support their needs as they look to invest in both themselves and their businesses.”
Importance of life-long training
James said like all professions, education in the finance sector was not just an important benchmark for entry, but a life-long journey over one's career or business ownership.
“Broking is based on changing markets so all brokers need to develop their skills and knowledge as conditions vary,” said James. “It is this spirit of resilience that forms the backbone of why being a broker is considered such a great career.”
The FBAA would continue to advocate – where there were skill gaps – that its members need to be successful in business.
“We are committed to offering practical and applied hands-on learning through our comprehensive PD education offerings.”
Are higher entry standards needed?
James acknowledged that some in the industry would like to see a higher bar, such as a degree, for entry into mortgage broking.
However, she said while there was a lot to learn in the first few years of becoming a broker, most of it was “applied learning not theoretical based knowledge”.
“We feel that the certificate is an appropriate level of education to start, coupled with the current standard of two years on the job mentoring,” she said.
The FBAA supported members completing the diploma and further study such as the CPA, as and when appropriate in their business journey.
James said it was far better to complete further learning when one had the context and overview to integrate fully into a daily practice, than a fast-tracked theory-only approach.
“The focus of the first two years is to establish a reliable and consistent income stream, and from this secure base brokers can continue to develop their skill set,” she said.
“If the standard were raised to a degree level there would simply be a lower number of entrants to the industry as only those who are able to afford such studies both in time and cost of the tertiary qualification, would undertake it.”
James said like other industries with forced learning qualifications, there would be a stream of graduates still requiring the necessary practical experience and training to act appropriately in the client’s best interests.
Broker feedback
James said the FBAA consistently heard from members that they needed support with core business skills, growing and managing teams, marketing and lead generation, as well as adapting to the current wave of AI and tech available for use.
“We believe there are also opportunities for brokers to diversify their skills in niche lending areas such as SMSF, commercial and asset lending and other specialty products,” she said.
Educating brokers on AI
The FBA recently completed its Elevate tour nationally, taking brokers through a hands-on application of integrating AI into their business from the Diploma with a Difference.
James said brokers also learnt how to use chat GPT effectively to create marketing tools.
“The year 2025 will continue to deliver new advances in technology and our members will be seeking further support and learning in these areas, as well as guidance on how to stay cyber safe.”
Commitment to professional development
James said the FBAA was dedicated to bridging gaps in industry education and supporting each member's unique journey through a comprehensive, responsive, and forward-thinking education strategy.
“At the heart of our association is a dedication to innovation and member-centric development, through partnerships with leading educational and tech companies.
“We leverage deep data insights to ensure we deliver the most innovative and relevant educational experiences, fostering professional growth and individuality.
“In essence, from foundational technical knowledge for newcomers to advanced experiential learning for seasoned professionals, we ensure that every member has access to the education they need to succeed.”
What do you think of FBAA’s new Certified Finance Broker program? Share your thoughts in the comments section below.
