AFMA’s Responsible Managers Program is the first qualification of its kind to equip individuals who have been nominated as responsible managers (RMs) on their organisation’s Australian financial services (AFS) licence with the knowledge and skills they need to:
The Program comprises two modules, which are completed via a combination of workshop attendance, self-study and assessment.
The Role and Obligations module is compulsory. You can find more information about it here:
The assessment for this module comprises an online quiz, a set of ‘in practice’ exercises based on an analysis of your workplace, and an interview based on your responses to these exercises.
From there, you can choose a pathway through the rest of the Program to suit your job and your organisation’s licensing requirements: the Risk Management pathway, the Advising pathway or the Dealing pathway. Your assessment will be customised to reflect the specific focus of your chosen pathway.
This pathway focuses on the risk management knowledge and structures required under the AFS licensing regime. It is appropriate for those requiring a working knowledge of risk management to manage their responsibilities as an RM. To complete this pathway, you will need to enrol in:
Your assessment will consist of one online quiz, a set of ‘in practice’ exercises, and an interview based on your responses to these exercises.
This pathway is for individuals who work in client advisory roles and require specific compliance with ASIC RG 146 Licensing: Training of financial product advisers (in addition to RG 105). To complete this pathway, you will need to enrol in one specialist product module from AFMA’s Financial Markets Program. You can choose from:
Your assessment will consist of one multiple-choice exam and one skills assessment.
This pathway is for individuals who work in non-client-facing dealing room roles. To complete this pathway, you will need to enrol in one specialist product module (listed above). Your assessment will consist of one multiple-choice exam and one skills assessment.
The Program has been designed so that new and existing RMs can maintain an agreed level of competence and AFS licensees comply with their obligations under the Corporations Act 2001. It is of real benefit to individuals who:
If you have relevant experience or previous training, there are a number of alternatives to completing the full Program. See the Alternative Completion Information Kit for further details, and then contact the AFMA Education team if you would like to pursue this option.
The Program will provide you with the knowledge, skills and ethical frameworks to:
- Option 4 (if you can demonstrate 3 years relevant experience over the past 5 years)
- Option 2 (if you can demonstrate 5 years relevant experience over the past 8 years), or
- Option 3—if you have a university degree in a relevant discipline (e.g. economics, commerce, business, accounting or equivalent) and you can demonstrate 3 years relevant experience over the past 5 years