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03. What is Recognition of Prior Learning (RPL)?

Recognition of Prior Learning (RPL) simply involves an individual assessment of your KNOWLEDGE and SKILLS based on your previous qualifications/courses and knowledge and experience. Knowledge and skills can be demonstrated (and assessed) by THREE main methods: RPL by Recognition of Qualification / Statement of Attainment .This method is to be used if you have completed a similar course to those offered by IIT and also meet the required competencies of our courses. In some cases this is deemed as a credit transfer, if the units of competency you have achieved previously via a different course, are exactly the same as the units of competency required for the qualification or course you are applying for.

  • If you have completed a course that has similar content and leaning outcomes to those offered by IIT
  • If you have completed a course that covers the same competencies (under the Australian Training Framework, AQTF) to those offered by IIT; and
  • The course is listed on the ASIC training register for the RG146 qualifications, such as FNS50615 Diploma of Financial Planning, SMSF, Margin Lending and Foreign Exchange units of competency

This method requires you to supply certified copies of academic transcripts and if a non AQTF course, learning outcomes and outline of the course need to be supplied. If your course is not listed on the ASIC Register you maybe eligible to apply for RPL by Assessment instead. *Please note to apply for RPL by assessment or portfolio of evidence, further costs will be incurred. RPL by credit transfer with statements of attainment is free. Key evidence required for RPL assessment:

  • Copy of Statement of Attainment and/or relevant Qualification
  • Certificate of Completion for non-award training courses
  •  Print out relating to the training undertaken from the ASIC training register showing full details of course as it appears on the register (www.asic.gov.au)

In terms of the FNS50615 Diploma of Financial Planning or any other RG146 course, where the training being submitted as evidence was completed before 1995, we require evidence that ongoing continuing professional development and training has been undertaken to maintain the currency of knowledge and skills. Depending on the year training was completed, further assessments will usually be required if the previous qualification was deemed too outdated, due to legislative and training package updates. Full RPL outcomes are emailed to students, once an RPL assessment has been performed by IITs compliance assessors. Total fees and course information are included in the RPL outcome.