The MFAA has announced the launch of its mortgage and finance traineeship program, aimed at fostering the next generation of brokers and supporting succession planning for existing brokers.
The program – a joint partnership between the MFAA, MEGT and ISM – offers school leavers a structured traineeship toward becoming a skilled finance broker.
According to the MFAA, the traineeship will commence with a 12-month Certificate III program, with options to continue the arrangement past the initial 12 months to a Certificate IV, delivered by ISM. It will also provide on-the-job experience and workplace mentoring.
“The MFAA has been consulting with the industry to develop a professionally constructed pathway with on-the-job experience and matching education so that young adults see the finance broker role as a genuine career choice, not just a token membership,” MFAA CEO, Siobhan Hayden said.
As the broker market share continues to grow and brokers become more sought after, Hayden says this new traineeship program will ensure the industry remains on this growth trajectory.
“Finding, attracting and retaining young enthusiastic talent to our industry has always been a challenge. The Mortgage and Finance Traineeship will produce both the quantity and quality of young people to support our strong market share growth and will create a pipeline of new talent to address our ageing industry. This program will see young adults working with the best educated finance brokers in the country which is a real benefit to all parties involved.”
The MFAA says the traineeship will also support established broker businesses which choose to take on trainees. Education, recruitment and training group MEGT will handle all administration and recruitment functions, so the MFAA member is delivered a shortlist of qualified and reference-checked candidates.
MFAA head of knowledge management and collaboration, Rod Edge says the MFAA's traineeship program will go a long way to encourage students to consider broking as a career, but it also goes well beyond awareness.
“One industry-wide concern has been how to increase awareness in school leavers of a potential career as a finance broker. Awareness is OK, however, the actual gap our industry has had and the most important element is how to provide a solution which delivers a career path, on-the-job experience, training leading to a qualification and a supportive working environment for school leavers. This solution fills that gap,” he said.
“Apart from supporting the industry need by attracting young, enthusiastic adults who are properly prepared and qualified as new brokers, the additional benefit of the solution is that the time-consuming recruitment activities are handled by a third party, and our members host school-leaver trainees in their workplace, at a reduced risk to their business.”