What motivates already highly qualified advisers to continue their studies and embark on a masters course to gain an MSc in financial planning and business management?
Andrew Turner of Karrek Chartered Financial Planners in Newquay asked just that question in his recently submitted final dissertation. He asked the views of several fellow advisers who were engaged in the masters process and established some interesting results.
Summarising Andrew’s 15,000 word dissertation in this column would not do it justice but there are some elements I have identified which may resonate and perhaps motivate you to consider taking the next step in furthering your own education.
Credibility was a common theme among those Mr Turner interviewed. The general belief was that an adviser’s credibility would be significantly enhanced by attaining the MSc.
The reasons given for this by the interviewees ranged from; wishing to look at something from an academic perspective (from a non-university attendee), gaining more credibility from peers, attracting potential new clients, standing when writing articles, FCA respect for going further than needed and being one step ahead when teaching level 6 students.
In addition, it was commonly believed that other professions were more likely to respect a university-based masters in your chosen profession than a qualification granted directly by an industry-related organisation.
Participants were also asked: how important is the MSc to the code of ethics and how do you apply it to your professional activities?
The initial reaction from all participants was that it had not had a major influence but on “further questioning findings revealed that the MSc had influenced their cognitive process and this had enabled them to consider their ethical behaviour”.
Professional development was another prominent reason given for embarking on the masters process, along with: keeping at the forefront of the profession, not seeing chartered as a sufficient differentiator, wanting to be on the same footing as other professionals and the personal challenge - all given as reasons for doing so.
Interestingly 75 per cent of those interviewed had previously graduated through a university with 25 per cent using their Chartered and Fellowship levels to qualify.
Whether this is representative of all those embarking on their Masters would be an interesting piece of research in itself. The good news though is the recognition of the standing of our professional qualifications by the academic institutions and the fact that having a degree is not the only route to a masters or even a Doctorate in the long term should you relish an even greater challenge.
What also surprised me apart from the degree of variation in the motivations for doing the MSc was the average age of the candidates Mr Turner used. This was 50 and shows a real commitment to our profession at an age when in many other walks of life people will be winding down towards retirement with further study the last thing on their minds. Could this be because we are playing catch up in becoming an established profession or that we are so client-focussed we want to keep challenging ourselves to ensure that we are always giving of our best? There is plenty of food for thought and debate either way and at the end of the day does it really matter? The important thing is that greater numbers of financial advisers are progressing to higher qualifications and building the levels of knowledge and research available.
Of course we must not forget to congratulate Mr Turner on gaining his masters. The hard work and commitment required to achieve this is significant and no mean feat as any of you who pick up on the masters challenge or have been through the process will be able to testify.
Participants’ own words perhaps best help us understand their individual motivations:
“If you aren’t challenging yourself you are standing still or going backwards”
“I think you are always developing and this is another step on the journey”
“You are perceived as an expert now”
“The ability to engage at the highest level has definitely helped me understand and tackle problems with more confidence”
“We have developed our intellect and ability to assess, analyse and synthesise information”
“It is continuing to push my standards of advice higher because I am able to think from a wider perspective”
“It has changed the perception of what I am doing and how others perceive me”
“You need a lot of knowledge, credibility and experience. The MSc can only help and support the financial planner to develop these higher cognitive levels”
Gavin Tisshaw is chairman of Executive Advisory Services
