I though it might be useful for some on the forum to hear about the process from a Trainers perspective.

The Certificate IV is the first step in joining the MFAA as well as the FBAA. In order to deal with the big 4 banks and most of the other lenders you will be required to be a member of one of these associations. The Certificate IV is often the best place to start because your course provider should be able to give you direction in regards to the other accreditation requirements.

(You may also benefit from learning about how the industry works before making career decisions such as: if you should quit your current job; whether or not to purchase a franchise; which aggregation group to join etc…)

In addition to a Certificate IV your MFAA Application you will also require:
– Police and Credit check
– Professional Indemnity Insurance
– External Dispute Resolution
– Initial Compliance Pack (Through the MFAA)

It has been my experience that students who take the time to attend the face to face training sessions obtain a much greater knowledge of the Industry which they are joining and the value that their role is supposed to add to it. The formal classroom seems to be the best way for people who wish to enter the industry to gain their initial knowledge.

The face-to-face training option is obviously the more expensive than the distance options for the student. The associated costs to the training organisation for facilitating face-to-face education are also much higher. From a purely business point of view I can see why the majority of educational providers are now pushing online training, because the associated costs are so much lower and the margins are significantly higher.

While both the distance education and face-to-face course contain the same modules with the same information and eventually the same qualification (Certificate IV), the information does not have the same context as when it is presented in a classroom environment. Form our correspondence with these students we find that a majority of distance learners are learning the information to satisfy the Assessments and Exam, while our face-to-face learners have a more holistic knowledge of the topic and then have no problem satisfying the Assessments and Exam. Education for Knowledge (Understanding) or Qualification (Certificates)?

Once you are accredited you will need to build up a through knowledge of loan products and lending institutions, which can take a variable amount of time depending on a brokers individual  competence, motivation and industry contacts. In joining the MFAA you will be required to have a mentor for your first 2 years of operation who will be there to assist you in placing loan and operating as a broker.

In regards to obtaining this relationship, many brokers obtain a mentor by working for someone else, this is however not the only way of sourcing a mentor. Industry relationships can be built up through aggregation groups, partnering or joint ventures with existing brokers or buying up franchises.

But I have already gone on for long enough; you can email me if you have more questions.

 Lloyd HopkinTraining ManagerWalker & Miller Financial Services[email protected]http://www.walkerandmiller.com.au