New qualification for equipment leasing and commercial finance launches

The qualification — which has been based on a similar designation first established in the US and has been in the works for the past five years — has been developed by CAFBA’s Education Council (a joint initiative between CAFBA and some of the leading financiers and aggregators in the Australian commercial finance market) as a means of building a better industry.

Aimed at brokers, lenders, and those working in the commercial finance credit space, the course aims to “cover the information that a professional commercial and asset finance broker needs to achieve exceptional standards of professional conduct and technical expertise”, according to the association.

The CLFP has been customised by CAFBA’s Education Council to meet Australian accounting, tax, and regulatory codes. 

It covers a range of topics in its curriculum including the following:

• Financial accounting
• Tax accounting
• Leasing law
• Equipment finance origination channels
• Overviews of the credit process, documentation, and due diligence, among other topics

CLFP designees demonstrate competency through exams, continuing education, and a commitment to their business practices and dedication to the industry.

The accreditation is internationally recognised, meaning that Australian CLFP holders will be able to work overseas.

‘Offers aspiring commercial brokers a clear pathway into the industry’

Releasing the details of the new CLFP at the CAFBA annual conference in Melbourne on Thursday (10 November), CAFBA chief executive David Gill noted that the launch comes as more brokers look to diversify into commercial lending.

As such, he said he hoped the CLFP would provide new entrants with a structured career path “into and through commercial finance” while ensuring professional standards of conduct are maintained.

“The need for an educated commercial finance sector with designated credentials has never been greater,” he said.

“The CLFP furthers CAFBA’s commitment to education as a means of maintaining our industry’s self-regulating framework and offers aspiring commercial brokers a clear pathway into the industry.” 

The CEO of the US-based CLFP Foundation, Reid Raykovich, welcomed the launch of the Australian qualification, stating: “CAFBA has been forward-thinking and led the charge to create an Australian version of the designation for their own constituents.

“It is an honour to launch the designation in Australia and this couldn’t have been done without their visionary leadership.”

The chair of CAFBA’s Education Council, Terry Moody (founder and director of Moody Kiddell & Partners), added: “Converting the CLFP to Australian law, accounting and regulations was a huge and expensive task, which took the better part of two years.

“We were fortunate to have the support of Australia’s leading commercial financiers.

“The CLFP represents the pinnacle of a commercial broker’s education pathway [and] a way that young Australian professionals could avail themselves of the qualifications to work internationally.

“A better educated, deeply engaged industry will deliver better value to borrowers, lenders and the Australian economy alike.”

The Adviser will delve into how brokers can successfully diversify into SME lending at the upcoming SME Broker Bootcamp next week, where facilitator and Accendo Financial partner Stuart Donaldson will unpack the pathway to diversification, the financial gains to be had for brokers, the risk/reward payout, and the knowledge and skills required to service SME clients.

The bootcamp will also offer practical advice from successful brokers who have ventured down this path and established a fully diversified brokerage with a holistic range of financial products and services.

It will take place in the following locations:

• Thursday, 17 November: Waters Edge, Portside Wharf, Brisbane
• Tuesday, 22 November: Parkroyal, Parramatta, Sydney
• Thursday, 24 November: Crown Promenade, Southbank, Melbourne

Places are limited for this free conference so book your place now by registering here.

For more information about the conference, including agenda and speakers, click here.

[Related: CAFBA launches commercial finance education platform]