Commissioner's Information Bulletin 706

Financial Services - Traineeships

Finance, Insurance and Business Services

Date of effect: 4 June 2021

Bulletin Information

In this new Commissioner's Information Bulletin one financial services traineeship vocation is repealed and the associated qualification is deleted:

The following seven financial services traineeship vocations are varied:

  • Financial Services
  • Financial Services - Mercantile Agents
  • Financial Services - Credit Management
  • Financial Services - Finance and Mortgage Broking
  • Financial Services - General Insurance
  • Financial Services - Banking Services

All updated qualifications are deemed not equivalent and found in the FNSv6.1 Financial Services Training Package.

Additionally, all industrial instruments have been updated in alignment with the review of modern awards.

Commissioner's Information Bulletin

This Commissioner's Information Bulletin supersedes Bulletin 630 and 678.

Qualifications, structure and packaging

Transition Arrangements

Competency based completion

Industrial arrangements

School based traineeships

Licensing and regulatory arrangements

Registered training organisations

Funding arrangements

Inspecting Vocational Training Orders

Enquiries

To sign up an apprentice or trainee call 1300 363 831. To find a job in an apprenticeship or traineeship search here.

For implementation of new pathways in relation to this Training Package profile, please contact Max Wilson, Communications, Finance Industries and Property Services Ltd (ACFIPS) (NSW) ITAB on mobile 0407 070 840.

David Collins
The Commissioner for Vocational Training

Job descriptions

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.


Traineeships

Financial Services - Traineeship

Vocational Training Order

Date of effect 28 September 2012
Updated 4 June 2021
Qualifications
Terms of traineeships

Full-time:

  • FNS20120 Certificate II in Financial Services
    • 12 months or until the relevant competencies are achieved
  • FNS30120 Certificate III in Financial Services by direct entry
    • 24 months or until relevant competencies are achieved
  • FNS30120 Certificate III in Financial Services, where the trainee holds FNS20120 Certificate II in Financial Services
    • 18 months or until the relevant competencies are achieved
  • FNS40120 Certificate IV in Financial Services by direct entry
    • 24 months or until relevant competencies are achieved
  • FNS40120 Certificate IV in Financial Services, where the trainee holds FNS30120 Certificate III in Financial Services
    • 18 months or until the relevant competencies are achieved

Part-time:
See part-time apprenticeships and traineeships

School based

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

Financial Services - Accounts Administration - Traineeship

Vocational Training Order

Date of effect 11 May 2012
Updated 2 November 2018
Qualification FNS30317 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

FNS30317 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

Financial Services - Accounting and Bookkeeping - Traineeship

Vocational Training Order

Date of effect 2 November 2018
Qualification FNS40217 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

Financial Services - Banking Services - Traineeship

Vocational Training Order

Date of effect 11 May 2012
Updated 4 June 2021
Qualifications FNS42020 Certificate IV in Banking Services
Terms of traineeships

Full-time:

  • FNS42020 Certificate IV in Banking Services
    • 24 months or until the relevant competencies are achieved

Part-time:
See part-time apprenticeships and traineeships

Probationary periods 2 months

Financial Services - Credit Management - Traineeship

Vocational Training Order

Date of effect 28 September 2012
Updated 4 June 2021
Qualifications FNS40120 Certificate IV in Credit Management
Terms of traineeships

Full-time:

  • 24 months or until relevant competencies are achieved

Part-time:
See part-time apprenticeships and traineeships

Probationary periods 2 months

Financial Services - Finance and Mortgage Broking - Traineeship

Vocational Training Order

Date of effect 11 May 2012
Updated 4 June 2021
Qualifications FNS40820 Certificate IV in Finance and Mortgage Broking
Terms of traineeships Full-time:
  • 24 months or until the relevant competencies are achieved

Part-time:
See part-time apprenticeships and traineeships

Probationary periods 2 months

Financial Services - General Insurance - Traineeship

Vocational Training Order

Date of effect 11 May 2012
Updated 4 June 2021
Qualifications FNS41420 Certificate IV in General Insurance
Terms of traineeship

Full-time:

  • FNS41420 Certificate IV in General Insurance by direct entry
    • 24 months or until relevant competencies are achieved

Part-time:
See part-time apprenticeships and traineeships

Probationary periods 2 months

Financial Services - Mercantile Agents - Traineeship

Vocational Training Order

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

Financial Services - Superannuation - Traineeship

Vocational Training Order

Date of effect 11 May 2012
Updated 4 June 2021
Qualifications FNS40920 Certificate IV in Superannuation
Terms of traineeships

Full-time:

  • FNS40920 Certificate IV in Superannuation
    • 24 months or until the relevant competencies are achieved

Part-time:
See part-time apprenticeships and traineeships

Probationary period 2 months
Page last updated: 4 June 2021