A research perspective on “Professionalism”

The academic research literature suggests that an understanding of “profession” and “professionalism” cannot ignore a post-professionalism perspective. Professions and the notion of professionalism are undergoing rapid change in a new global information age which necessitates new theories and explanations.

Post-professionalism is characterized by loss of exclusivity, increased segmentation through specialization of knowledge and the growth of technology. As a result, the services previously delivered exclusively by members of formal professions can now be delivered by general professionals or even non-professionals. The 1980s and 1990s witnessed a proliferation of studies of professionals, professions and processes of professionalization. Professional closure is often discussed in relation to education practices and struggles between the state and professional associations about regulations over practice rights and, similarly, professional regulation is typically viewed as involving struggles over accounting and auditing laws and standards.

A recent research study offers an innovative approach to the research on “professionalism” for a specific profession, that of the Certified Financial Planner (CFP). The study uses a framework which distinguishes between the ‘what’ and ‘how’ aspects. The ‘what’ aspect of the experience is the direct object of experiencing the professionalism of financial planners; the ‘how’ aspect is the act of experiencing the phenomenon. The indirect object that is the intention behind the act is not the focus of this study (see Figure 1 below).

This study considers the CFP certification requirements in Australia, Hong Kong and the United States. These requirements establish a framework for professionalism, but they are not the only influences. CFP professionals are also influenced by their work through the behaviour and standards of their employer and by government licensing and regulation. This paper describes the variations in how CFP professionals experience professionalism in each country.

The significance of this study is that identifies the elements of professionalism that CFP’s experience as being part of the professionalism of financial planners. Much of the existing research on the professions and professionalism focuses on historical perspectives and on identifying the characteristics that distinguish a profession and a professional from a sociological viewpoint.

In summary, the purpose of this paper is to present the preliminary findings of conceptions of professionalism of CFP’s from each of the three countries independently. The major finding of the research is that CFP professionals experience professionalism in ways that reflects the factors that influence their professionalism. Professionalism is experienced as putting the client’s interest first, being knowledgeable as evidenced by professional credentials, following a planning process and being guided by regulation and standards.

For more information, see the research paper “What and how financial planners experience professionalism: a phenomenographic study (preliminary findings)” by: Associate Professor Ken Bruce (CEO/Campus Director, CQU Institute of Higher Learning); Dr Abdullahi Ahmed (Senior Lecturer in Finance, School of Commerce & Law, CQUniversity, Rockhampton, Australia); and Dr Helen Huntly (Professor, Dean, School of Education, CQUniversity, Bundaberg, Australia).