In a typical year Strategi has over 1000 registrations and very high completion rates with most people only having one or a maximum of two resubmits on assignments. However, recently compiled data has thrown up some startling figures which radically depart from our normal expectations.

Our assumptions

• September 2022 would be the last date someone needing to complete the Level 5 qualification to remain as an adviser post 16 March 2023 would likely enrol as it would take from then until 16 March 2023 to complete the qualification. 

• Those who enrol would be highly motivated to complete the course as quickly as possible so they would produce high quality assignments and submit these quickly.

• Those who had been in the industry for years and had operated during the two-year transition period would have a good understanding of the regulatory environment and what was expected.

What do the figures show?

• During the period 1 September 2022-17 April 2023, we had 1098 enrolments – the bulk being individuals wanting to get the Level 5 qualification as opposed to obtaining an additional specialist strand.

• Of the 1098 enrolments, 409 have not yet submitted any assignment. This means 37% have either not got around to doing the assignments or have changed their mind about study and may be looking for a new career.

• Of the 1098 enrolments, only 249 (22%) have completed. Those who enrolled in September-January are taking longer to submit assignments than those who enrolled in February-March.  

• The quality of assignment submissions has significantly deteriorated. A vast number of assignments now take three resubmits and this creates an exponential increase in our assessor workload. 

• Strategi Institute completed 1804 assessments in March and the assessing team remained within the required assessment turnaround time. 

Our estimate (no hard data) is at least 70% of those who have enrolled since 1 September 2022 are practising advisers who needed the qualification to continue providing regulated financial advice.

Questions to ponder

• What has happened to the 37% who enrolled and have not submitted any assignments?

• What sort of service are the 849 who have not yet completed their study providing to clients?

• Is the deterioration in quality of assignments being submitted a reflection of students panicking and submitting work thinking it will pass or is it a reflection of how they are operating in the industry?

A ray of sunshine

The good news is so far in April, there have been over 100 course enrolments most of whom are individuals new to the industry. This hopefully indicates there are plenty of New Zealanders wanting a career in providing financial advice.

Changes Strategi Institute is making to support people new to industry:

• Building enhanced support systems for those who are coming into the industry and are not yet working for a financial advice provider.

• Roll out of the fast track intern programme for larger FAPs who need a faster and more integrated way of getting new staff qualified and generating revenue.

• Building new training material with exciting new delivery methods to cater to the learning expectations of the younger individuals who are new to the industry.

Get in touch with our team if you have any queries regarding Level 5 or Continuing Professional Development (CPD) and we can get you on the right track.