CIB - 706 Financial Services - traineeships

Date of effect
28 September 2012

Updated
22 July 2022

Qualifications

FNS20120 Certificate II in Financial Services

FNS30122 Certificate III in Financial Services

FNS41820 Certificate IV in Financial Services

Terms of traineeships

Full-time:

FNS20120 Certificate II in Financial Services

• 12 months or until the relevant competencies

FNS30122 Certificate III in Financial Services

• 24 months or until the relevant competencies are achieved 
• 18 months or until the relevant competencies are achieved where the trainee holds FNS20120 Certificate II in Financial Services

FNS40120 Certificate IV in Financial Services

• 24 months or until relevant competencies are achieved
• 18 months or until the relevant competencies are achieved where the trainee holds FNS30122 Certificate III in Financial Services

Part-time:

See part-time apprenticeships and traineeships

School based

• FNS20120 Certificate II in Financial Services
• FNS30122 Certificate III in Financial Services

School based part-time trainees will undertake a minimum of 100 days on-the-job training across a 24 month period within which trainees shall be required to demonstrate competencies relevant to the Vocational Training Order.

Probationary periods

Where the nominal term is:

• up to and including 24 months - 2 months
• greater than 24 months - 3 months

Date of effect
11 May 2012

Updated
22 July 2022

Qualification

FNS30322 Certificate III in Accounts Administration

Terms of traineeship

Full-time:

• 24 months or until the relevant competencies are achieved

Part-time:

See part-time apprenticeships and traineeships

School based

FNS30322 Certificate III in Accounts Administration

School based trainees will undertake a minimum of 100 days on-the-job training across a 24 month period within which trainees shall be required to demonstrate competencies relevant to the Vocational Training Order.

Probationary period

2 months

Date of effect
2 November 2018

Updated

22 July 2022

Qualification

FNS40222 Certificate IV in Accounting and Bookkeeping

Terms of traineeship

Full-time:

• 24 months or until the relevant competencies are achieved

Part-time:

See part-time apprenticeships and traineeships

Probationary period

2 months

Date of effect
11 May 2012

Updated
22 July 2022

Qualification

FNS42022 Certificate IV in Banking Services

Terms of traineeship

Full-time:

• 24 months or until the relevant competencies are achieved

Part-time:

See part-time apprenticeships and traineeships

Probationary periods

2 months

Date of effect
28 September 2012

Updated
22 July 2022

Qualification

FNS40122 Certificate IV in Credit Management

Terms of traineeship

Full-time:

• 24 months or until relevant competencies are achieved

Part-time:

See part-time apprenticeships and traineeships

Probationary periods

2 months

Date of effect
11 May 2012

Updated
22 July 2022

Qualification

FNS40821 Certificate IV in Finance and Mortgage Broking

Terms of traineeship

Full-time:

• 24 months or until the relevant competencies are achieved

Part-time:

See part-time apprenticeships and traineeships

Probationary periods

2 months

Date of effect
11 May 2012

Updated
22 July 2022

Qualification

FNS41422 Certificate IV in General Insurance

Terms of traineeship

Full-time:

• 24 months or until relevant competencies are achieved

Part-time:

See part-time apprenticeships and traineeships

Probationary periods

2 months

Date of effect
24 December 2010

Updated
4 June 2021

Qualification

FNS30420 Certificate III in Mercantile Agents

Terms of traineeship

Full-time:

• 24 months or until relevant competencies are achieved

Part-time:

See part-time apprenticeships and traineeships

Probationary period

2 months

Date of effect
11 May 2012

Updated
4 June 2021

Qualification

FNS40920 Certificate IV in Superannuation

Terms of traineeship

Full-time:

• 24 months or until the relevant competencies are achieved

Part-time:

See part-time apprenticeships and traineeships

Probationary period

2 months

Certificate II level trainees will learn to meet the financial literacy and basic financial skill needs of remote and indigenous communities or new entrants wishing to build potential pathways into the industry, particularly through VET in Schools programs.

Certificate III level trainees will learn the job role of entry level employees working across the entire financial services industry and perform duties relating to administrative, clerical and customer service roles in banking, credit management, insurance and retail financial services. Individuals at this level will learn to apply knowledge and skills to demonstrate autonomy and judgement and to take limited responsibility in known situations under general supervision.

Certificate IV level trainees will be provided with a flexible general purpose pathway into the financial services industry. It is intended to meet the training needs of employees with roles that involve working across a range of duties in the financial services sector where a specialist qualification is not the most suitable qualification to meet their training needs. Individuals in these roles apply theoretical and technical knowledge and skills to work autonomously and exercise judgement in completing routine and non-routine activities.

Certificate III level trainees will learn the job role of entry level employees while working across the entire financial services industry and perform duties relating to administrative, clerical and customer service roles in banking, credit management, insurance and retail financial services. Individuals at this level apply knowledge and skills to demonstrate autonomy and judgement and to take limited responsibility in known situations under general supervision.

Certificate IV level trainees will learn job roles of workers in the accounting industry, including BAS agents and contract bookkeepers; and of those employees performing bookkeeping tasks for organisations in a range of industries. It includes preparing and lodging business and instalment activity statements and providing advice or dealing with the Commissioner on behalf of a taxpayer in relation to activity statements. Individuals in these roles apply theoretical and specialist knowledge and skills to work autonomously, and exercise judgement in completing routine and non-routine activities.

Certificate IV level trainees will learn job roles requiring specialist understanding of financial products and services working in banking, customer contact centre or retail financial services environments. Individuals in these roles apply specialist knowledge and skills to work autonomously and exercise judgement in completing routine and non-routine activities. The qualification allows for specialisation in sales and marketing, lending and mobile banking.

Certificate IV level trainees will learn job roles of workers in credit management functions. Individuals in these roles apply theoretical and technical knowledge and skills to work autonomously and exercise judgement in completing routine and non-routine activities relating to credit, reconciliation and customer service.

Certificate IV level trainees will learn the job roles of individuals working in finance broking (including mortgage broking). They will learn to apply solutions to a defined range of unpredictable problems, and analyse and evaluate information from a variety of sources. They may provide guidance to others and have limited responsibility for the output of others.

Certificate IV level trainees will learn to work in general insurance in a range of organisations. They will be part of a team and then may apply specialist skills and knowledge to work autonomously. Trainees will exercise judgement in completing routine and non-routine activities relating to claims handling, determining risk exposure, dispute resolution, providing customer service and underwriting. They apply solutions to a defined range of general insurance problems and analyse and evaluate information from a variety of relevant sources.

Certificate III level trainees will learn job roles in the mercantile agents sector and will learn to apply a broad range of competencies using limited discretion and judgement while undertaking operations that may include debt collection, process serving and repossessions. Individuals at this level apply knowledge and skills to demonstrate autonomy and judgement and to take limited responsibility in known situations under general supervision.

Certificate IV level trainees will learn job roles of workers requiring specialist understanding of financial products and services in superannuation environments. Individuals in these roles apply specialist knowledge and skills to work autonomously and exercise judgement in completing routine and non-routine activities relating to administering income streams, assisting with meeting industry compliance requirements, establishing and maintaining employer accounts and processing benefits, claims and payments. They apply solutions to a defined range of superannuation problems and analyse and evaluate information from a variety of relevant sources.

FNSr8.0 Financial Services Training Package includes 11 qualifications that support financial services traineeship pathways:

• FNS20120 Certificate II in Financial Services
• FNS30122 Certificate III in Financial Services
• FNS30322 Certificate III in Accounts Administration
• FNS30420 Certificate III in Mercantile Agents
• FNS40122 Certificate IV in Credit Management
• FNS40222 Certificate IV in Accounting and Bookkeeping
• FNS40821 Certificate IV in Finance and Mortgage Broking
• FNS40920 Certificate IV in Superannuation
• FNS41422 Certificate IV in General Insurance
• FNS41820 Certificate IV in Financial Services
• FNS42022 Certificate IV in Banking Services

On successful completion of the relevant qualification

• parties may apply to the Commissioner for Vocational Training for completion of the apprenticeship/traineeship prior to the nominal completion date of the training contract or;
• Training Services NSW may issue letters from the Commissioner to both parties inviting them to consider competency based completion if it has received advice from the Training Organisation that the apprentice or trainee is eligible to receive their qualification.

Download a Request for Competency Based Completion form.

Applications to establish traineeships whether full-time, part-time or school based will not be approved unless the Commissioner for Vocational Training is satisfied that appropriate industrial arrangements are in place.

Trainees may be employed under the following awards:

• Banking, Finance and Insurance Award 2020
• Clerks - Private Sector Award 2020
• Social, Community, Home Care and Disability Services Award 2010

All private sector employers and employees in New South Wales are now covered by the Fair Work national workplace relations system. The industrial instrument that applies will be a national (modern) award or a current enterprise agreement registered with Fair Work Australia. Further information is available from the Fair Work Ombudsman by telephoning 13 13 94.

The following qualifications are suitable for delivery in schools:

• FNS20120 Certificate II in Financial Services
• FNS30122 Certificate III in Financial Services
• FNS30322 Certificate III in Accounts Administration

For all school based part-time apprenticeship and traineeships currently being delivered in New South Wales, refer to School Based Traineeships. For further information on the delivery of training for school based apprenticeships and traineeships refer to Training Arrangements.

The Australian Security and Investments Commission (ASIC) requires that organisations wishing to use the FNS10 Financial Services Training Package for ASIC compliance should ensure that the units chosen cover the knowledge and skills required by ASIC. For further information go to ASIC.

As FNS30420 Certificate III in Mercantile Agents covers the functions of process serving, repossessions and debt collection. On 1 July 2022, the Commercial Agents and Private Inquiry Agents Act 2004 (CAPI) licences was repealed. NSW Fair Trading became responsible for the licensing of commercial agents. Transitional licensing arrangements can be found on the NSW Fair Trading website or by contacting NSW Fair Trading.

Note: From 1 July 2022, only field agents and employers of field agents are required to hold a license to carry out commercial agent activity under section 60C of the Act. Commercial or Mercantile Agents not engaged in face to face contact with consumers do not require a license.

License applications are now made through the Services NSW website. 

Security Licensing and Enforcement Directorate (SLED) remains responsible for the licensing of private inquiry agents, i.e. private investigators, (a new subclass of security licence).

Note - When a training contract for a Certificate III in Mercantile Agents traineeship is being lodged with a Training Services NSW Regional Office for approval, the contract must be accompanied by evidence of a probationary licence.

FNS40122 Certificate IV in Credit Management - The qualification includes Units of Competency designed to meet the educational requirements for obtaining an Australian Credit Licence (ACL). Anyone who engages in certain credit activities requires an ACL. Conditions relating to Australian Securities & Investments Commission (ASIC) accreditation should be obtained from ASIC.

Bookkeepers completing and signing Business Activity Statements (BAS) must meet the requirements of the Tax Agents Services Act 2009. Arts, Communications, Finance Industries and Property Services advise that FNS40222 Certificate IV in Accounting and Bookkeeping is the most appropriate qualification to meet the provisions of the Act.

For registered training providers that can deliver the traineeship qualifications go to training.gov.au.

A list of training organisations which are in contract with the NSW Department of Education to be paid for the delivery of the training is here.

When developing Training Plans, registered training providers should ensure that the training program satisfies the qualification packaging requirements and at the same time, reflects the nature of the business. Training Plans should be customised so that workplace activities support and align with the qualification units of competency.

From 1 January 2015 the NSW Government introduced new fee arrangements for government subsidised vocational education and training (VET). Under Smart and Skilled, all apprenticeship and most traineeship qualifications are subsidised. For a full list of all the qualifications refer to the current NSW Skills List. Information on the types and levels of subsidies can be found in the Smart and Skilled Fee Administration Policy. Training for existing-worker trainees is not subsidised.

Under Training Services NSW transition arrangements, a superseded qualification can be specified on apprenticeship and traineeship applications for up to six months after new or updated Vocational Training Orders come into effect. The relevant expiry dates for new apprenticeship and traineeship applications are listed below.

Registered Training Organisation's (RTOs) may commence training in either the new or superseded qualification but must meet the requirements of the Australian Skills Quality Authority (ASQA) to update the enrolment of their students to the current qualification before the qualification expiry date, generally 12 months after the current qualification has been added to the national register. For more information refer to ASQA's General Direction - Learner Transition.

Training Services NSW and Australian Skills Quality Authority (ASQA) transition arrangements are aligned and applied retrospectively from 1 September 2015.

Registered training organisations (RTOs) may commence training in either the new or superseded qualification but must meet the requirements of ASQA. For more information refer to ASQA's General Direction - Learner Transition.

A copy of each Vocational Training Order is available for inspection on this internet site below or at any Training Services NSW Regional Office of the NSW Department of Education.