Projects of EFPA

Projects

Competence-based qualifications for the European financial sector

EFA (European Financial Advisor)

The mission of the European Financial Planning Association is to continue to set high quality and relevant standards for educational programs, examinations and ethics in the financial consultancy sector throughout Europe.
The aim of the project was to introduce competence-based qualifications to the European financial sector, improving harmonising the training and qualifications for financial advisors across Europe, by establishing a Core Competence Framework and Educational Competence Assessments for the ‘European Financial Advisor’ qualification as an exemplar.
The partners of the project were, for the most part, new to the concept of defining competences and qualifications based on competences. The project has led to an understanding of the learning outcomes approach, the use and specification of competences, and the assessment implications of a competence-based qualification. It is the first European qualification in the financial sector to be competence-based and has generated significant interest and support. It will act as the base for creating additional qualifications at higher and lower levels, so that in the future there will be progression pathways available. The competences incorporate a statement of the required ethics of the European Financial Advisor. Not only are these ethical principles and emphasis on occupational competence recognised as significant developments, but their importance has been emphasised by the unfolding international Financial collapse and scandals. The project has been a helpful ‘good news story’ for the sector.
The self-diagnostic assessment tool, available on the internet, is a powerful practical application of the new competence specification. It enables and encourages individuals to assess their own competence, to identify areas requiring professional self-development, and to encourage course providers and examination bodies to consider how far their students will be fully competent. The specification of competence will also be of great value for employers when recruiting and appraising staff, and for identifying learning needs and planning training. Individuals will find it useful for identifying their own learning needs and managing their continuing professional development.

Co-ordinator/contact:
Stichting European Financial Planning Association
Mr. M. Fawcett
Hoflaan 121
NL-3062 JE ROTTERDAM
Tel.: +31 (0)102400225
E-mail: fawcett@efpa-europe.org

PARTNERS:
DE - Frankfurt School of Finance and Management
DK - Finansraadet (Danish Bankers Association)
ES - AEAPFP
IT - Associazione nazionale promotori finanziari ANASF
PL - WIB, sector training provider
UK - Financial Sector Skills Council and CamProf
CZ - Navreme Boheme

Starting date: 1 October 2006
End date: 31 December 2008

Products:	Language	Target Groups / Beneficiaries	General comments
Competence framework for European financial advisors	EN, FR, DK, GR, IT, ES, PL	employers / individuals to become financial advisor public administration and defence; compulsory social security financial intermediation, except insurance and pension funding education	Prepared as a qualification with guidance on assessment.
Self-diagnostic assessment tool	EN, FR, DK, GR, IT, ES, PL		to facilitate comparisons by individuals or those wishing to compare a qualification or curriculum with the competence framework.
Glossary			Content with concepts and terms
website	EN, ES, CZ, DE, NL, IT, PL, GR, FR, DK		www.eu-efa.eu project information: offers the core competence framework and Educational Competence Diagnostic tool.

EQUALIFISE (European Qualification Assurance League In Financial Services)concluded in June of 2009. EQUALIFISE was an 18 month project jointly promoted by the European Financial Planning Association (acting as contractor) and the European Banking & Financial Services Training Association Asbl. The project was funded under the EU Lifelong Learning Programme and had 14 partners from 12 countries plus 8 relay partners from 8 more countries. €QUALIFISE established the European Financial Services Qualifications League to promote the creation of a single European market for vocational education & training (the ‘Copenhagen process’) and to ensure that the EQF (European Qualification Framework) levels assigned to financial qualifications by national organisations are reliable and consistent throughout Europe.

The EQUALIFISE project:

Identified financial services (FS) qualifications and their characteristics in the partner countries;
Developed a methodology for assigning EQF levels (recognising the distinction between knowledge-based qualifications and professional competence qualifications);
Assigned EQF levels to FS qualifications in the 12 partner countries, and shared the mapping and leveling experiences;
Developed and piloted an assurance methodology and system for monitoring, reviewing and endorsing the EQF levels that are assigned;
Set up the League as a forum promoting the Copenhagen process in the European FS Sector and providing overview and assurance of EQF levels;
Preparing case studies of good practice in assigning EQF levels;
Holding a conference in May 2009.

Project EQUALIFISE Final Documentation