(Incorporating the Australian Society of Security Analysts)




Postal and Office Address
Level 3,
National Australia Bank House,
255 George Street,
Sydney NSW 2000

PO Box H99,
Australia Square,
Sydney NSW 1215,



Tel: 61 2 8248 6799
Fax:61 2 8248 6777


Publication Rep:
Ms Rosemary McLauchlan SIA (Aff)





President (Chairman)
Mr Ian Neal FSIA

Vice President
Mr Fred Grimwade FSIA

Honorary Treasurer
Mr Mike Willis FSIA

Ms Marianne Birch FSIA
Mr Harvey Collins FSIA
Mr Brad Holzberger FSIA
Mr Darryl Gobbett FSIA
Prof Bob Officer FSIA
Mr Michael Shepherd FSIA

Chief Executive Officer
Mr Brian Salter SIA (Aff)

Company Secretary
Ms Pamela Newling

Functional Managers
Mr Darren Davis SIA (Aff)
Membership and Public Affairs

Mr Peter Jones SIA (Aff)
General Manager
Business Services

Mr David Mitchell SIA (Aff)
Information Technology Manager

Mr Nik Radia SIA (Aff)
Financial Officer

Ms Marilyn Hill
General Manager
Knowledge and Learning Development

Mr Robert Swinton SIA (Aff)
Head of Marketing

Ms Sarah Lance SIA (Aff)
Regional Executive NSW/ACT/QLD/International

Ms Jo Wigley SIA (Aff)
Regional Executive VIC/TAS/SA/NT/WA



The Securities Institute is committed to raising standards in the securities and financial services industry by:

  • providing practical, contemporary and innovative education

  • fostering ethical and effective markets, and

  • advocating high levels of professional conduct.

  The activities of the Institute have been divided into two companies. Securities Institute of Australia focuses on member services and achieving its stated commitment. Securities Institute of Australia is a company limited by guarantee, not having share capital. Its board of directors is the National Council, with the National President being chairman of the board. The National Council determines policy.

There are ten elected members on the National Council, together with the Chief Executive Officer who is also a member. The National Council is supported by a number of committees and subcommittees.

The Institute has offices in: New South Wales, Queensland, South Australia, Victoria and Western Australia. Each region has a Regional Council, a Regional Manager and staff.

The second company, Securities Institute Education, concentrates on its role as the leading provider of practical, publicly available, up-to-date education for the finance and investment industry.


Incorporated in the state of New South Wales in 1966 and first called the Stock Exchange Institute, the organisation became the Securities Institute of Australia within the first year. Divisions were subsequently set up in the states of Queensland, Victoria, South Australia and Western Australia. In 1975, the Securities Institute of Australia merged with the Australian Society of Security Analysts.



  • The policy highlight of 2002 was the introduction of capital gains tax (CGT) rollover relief for company demergers. The Institute played a leading role in achieving this reform, which removed a substantial impediment to conglomerates wishing to restructure their businesses to focus on core competencies.

Professional Development - Australasian Investment Management Conference

  • The Institute hosted the very successful Australasian Investment Management Conference held in Sydney in September 2002.

Professional Development: ‘ASIC Speaks’ Seminar Series

  • Highest ever participation in Professional Development event with more than 3,000 people nationwide attending the ‘ASIC Speaks…on the Financial Services Reform Bill’ seminar series.

Education and training

  • Expansion of Institute’s flexible education program to include Summer School (allowing students to complete a subject between traditional semesters), and Open Study program (allowing students to enrol at any time throughout the year with a choice of exit or assessment points).

  • Launch of series of online learning modules to complement and extend delivery of education subjects in Australia and overseas.

  • Development of expanded range of education products for Masters and Diploma of Mortgage Lending courses and for Compliance solutions for clients.

Strategic alliances

  • Established strategic relationship with the Association for Investment Management and Research (AIMR), encompassing the Societies of Financial Analysts in Sydney and Melbourne. Formed international strategic alliances in Hong Kong, South Africa and Indonesia – increased overseas projects including development in China, Indonesia, East Timor and Mozambique.

Technology improvements

  • Launch of redeveloped website with fresh new look and approach, which provided interactive online enrolment and specialised areas for members and students.

  • Introduction of customised Customer Relationship Management (CRM) database to support customer, business and interactive website requirements.



The categories of Securities Institute membership are Life Members, Fellows, Associates and Affiliates. Applicants may be admitted as Associates or Affiliates depending upon their qualifications.

From May 2003, Institute students who do not currently hold a degree or other acceptable qualification and who are therefore not eligible for Affiliate or Associate membership and eligible to apply for Student membership, as long as they are enrolled in an Institute award course in any financial year.

Graduates of approved Institute Diploma Courses are eligible to apply for admission as Affiliates. In addition, candidates who hold an approved university degree (or membership of an approved professional association) are eligible to apply for Affiliate status.

Affiliates are entitled to use the letters SIA (Aff) after their name for the tenure of their Affiliate membership.


Graduates of approved Institute Graduate Diploma Courses who also hold approved tertiary qualifications are eligible to apply for admission as Associates within five (5) years of completing the Graduate Diploma.

Individuals without a university degree, but who complete both an approved Institute Diploma Course and an approved Institute Graduate Diploma, are eligible to apply for Associate status.

Associates are entitled to use the letters ASIA after their name for the tenure of their Associate membership.


Associates may be elected to Fellowship for distinguished personal contribution to the industry and/or the Institute. Fellows are entitled to use the letters FSIA after their name for the tenure of their Fellowship.


Life Membership may be bestowed on any Fellow who has made an outstanding contribution to the industry and/or the Institute. There are currently twelve Life Members. Life members continue to hold the letters FSIA.

By the end of December 2002 the total number of members was 10,138.




Securities Institute Education has five postgraduate education courses available:

  • Master of Applied Finance and Investment;

  • Graduate Diploma of Applied Finance and Investment;

  • Graduate Certificate in Applied Finance and Investment;

  • Graduate Diploma of Financial Planning; and

  • Graduate Certificate in Financial Planning.

There are six vocational awards offered:

  • Advanced Diploma of Financial Services (Financial Planning);

  • Diploma of Financial Services (Financial Planning);

  • Diploma of Financial Services for Stockbrokers;

  • Diploma of Financial Markets;

  • Diploma of Mortgage Lending; and

  • Certificate IV in Mortgage Lending.

Great emphasis is placed on practical market application. The various subjects in each course are designed, presented and assessed by industry practitioners assisted by the Institute’s professional education staff. Courses are offered by a number of modes, including Lectures, Distance Education, on-line, workshops and Open study with students enrolling from across Australia and over 50 countries worldwide.

The Master of Applied Finance and Investment equips current and future leaders in the finance and investment industry with advanced technical knowledge and practical skills. The Master of Applied Finance and Investment builds on the Securities Institute’s highly regarded Graduate Diploma of Applied Finance and Investment.

The Graduate Diploma of Applied Finance and Investment aims to provide practical knowledge of the securities and investment industry. It acts as a link between previous tertiary studies and practical market application. Students may undertake a general course of study or specialise in the areas of Treasury, Investment Management, Investment Analysis or Corporate Finance. Students must complete three compulsory subjects and five elective subjects.The Graduate Diploma must be completed within five years of initial enrolment.

The Graduate Certificate in Applied Finance and Investment is an exit point of the Graduate Diploma and Master of Applied Finance and Investment and aims to provide a working knowledge of the principles, concepts and practices applying in Australian and international securities and investment markets, as well as promote adherence to the highest ethical standards for dealings in financial and securities markets.

The Graduate Diploma of Financial Planning provides a comprehensive and practical view of the financial planning industry that is not available in academic studies. Developed around seven subjects, it assists in acquiring a broad understanding of the industry through the delivery of specific knowledge required to be an effective financial planner/adviser. Through this course, students will develop a rigorous working knowledge of the principles, concepts and practices of financial planning.

The Graduate Certificate in Financial Planning is an exit point of the Graduate Diploma of Financial Planning and aims to:

  • determine the financial objectives and expectations of clients with complex needs;

  • synthesize the concepts and practices in financial planning covering the key areas of managed investments, legislation, superannuation, insurance and ethics;

  • analyse and differentiate between complex financial product types;

  • make judgments, strategic assumptions and recommendations to clients based on the principles of sound financial planning;

  • articulate and justify a range of financial solutions to clients which demonstrate the application of the reasoned methodology of financial planning;

  • appraise alternative strategies relevant to a client's financial needs and objectives;

  • prepare, present and negotiate a compliant financial plan that meets the objectives of the client; and

  • adhere to the highest ethical standards for client dealings in financial planning.

The Financial Services Training Package (Financial Planning) is delivered through the National Finance Industry Training Advisory Body’s (NFITAB) newly endorsed Training Package, available via the Advanced Diploma of Financial Services (Financial Planning), the Diploma of Financial Services (Financial Planning) and the Diploma of Financial Services for Stockbrokers, all of which also comply with the Australian Securities & Investments Commission (ASIC) Competency Standards under PS 146.

The Advanced Diploma of Financial Services (Financial Planning) provides those who have experience in the industry with in-depth technical knowledge of complex financial services, the ability to supervise staff and the ability to evaluate decisions within a dynamic framework of strategic operations and goals.

The Diploma of Financial Services (Financial Planning) provides those who have limited industry experience with the technical knowledge and skills to provide financial planning advice to retail clients. The students will have the ability to provide clients with relevant information about financial products and services. The Advising Practice I and Developing a Financial Plan modules are compulsory and provide the opportunity to integrate the knowledge to a skills environment.

The Diploma of Financial Services for Stockbrokers provides those who have limited industry experience with the technical knowledge and skills to provide stockbroking advice to retail clients across a range of financial products.

The Diploma of Financial Markets is a nationally accredited course and provides a pathway for new entrants to the financial services industry. The course provides information on the operation of financial markets and business operations in their work context.

The Diploma of Mortgage Lending and Certificate IV in Mortgage Lending are nationally accredited courses, which provide new entrants and those who have limited or selective experience in the mortgage industry with practical knowledge and skills across the broad range of industry topics, from mortgage credit analysis to securitisation and mortgage lending law.


The Securities Institute is a key provider of short training courses to the financial services industry. A wide range of flexible training options is available including:

  • fast track workshops which can provide a credit towards a qualification

  • public training courses to meet specific on-the-job learning needs

  • in-house customised training

  • compliance solutions.

In 2003, over 40 different public training courses will be offered on a regular basis, throughout the year. Training courses will be offered in corporate finance, treasury, funds management, stockbroking and mortgage lending. Courses are run in a workshop format involving small interactive groups facilitated by industry experts. In-house customised training courses are also offered to meet clients’ specific needs. Clients include major companies, regulators and governments, both in Australia and in a number of countries in Asia.




The Institute offers a range of specialist practical programs internationally, particularly in the Asia/Pacific region. Clients include securities regulators, stock and derivatives exchanges, professional associations, government-linked fund managers and multi-lateral agencies.

During 2002, the Securities Institute expanded its enrolments internationally with more than 1,000 students enrolled in 1,800 award subjects in 50 countries, as well as having facilitated international training courses. The Institute has designed courses for elite investment advisers of Standard Chartered Bank, India. The courses are provided at the Institute's facilities in Sydney.

A number of donor funded projects were also undertaken in countries such as China, Indonesia, and Fiji. In India the Institute is developing a Diploma of Financial Planning for the Indian Institute of Bankers.

Services provided include:

  • Analysing education and training needs.

  • Specifying education and training curricula.

  • Designing securities licensing and other financial courses.

  • Developing customised courses and educational manuals.

  • Assisting in the local delivery of programs.

Advice is provided on:

  • Establishing financial education and training institutes and centres.

  • Establishing and upgrading securities licensing training and testing.

  • Establishing and managing financial education and training programs using delivery by lectures, workshops, distance education and electronic means such as the Internet.

  • Setting world-class education and training standards.

PNB Investment Institute, a joint venture between Permodalan Nasional Berhad, Malaysia and the Securities Institute completed its third year of operation. This is a practical financial education and training institute based in Kuala Lumpur to service the local financial services industry.



Each state division of the Institute provides a program of Professional Development (PD) activities for the benefit of members. PD activities include corporate briefings, luncheon meetings, seminars and workshops. Participants are awarded PD points for participation.

Luncheon meetings are attended by between 200-400 members and their guests who are addressed by a variety of speakers, including the chairmen and chief executives of major listed companies, politicians and others whose views are of particular interest to the securities industry.

Corporate briefings are forums where senior company representatives discuss their company’s financial results and prospects. These meetings are ideal for analysts, brokers and investors to learn about a wide range of companies in-depth.

Seminars are arranged to cover a wide variety of topics to meet members’ needs for short, informative forums on current issues and developments in the securities industry, changes to accounting standards, relevant legislation and other technical areas of concern to members.

The Institute has developed a range of professional development modules for online delivery in response to the continuing education requirements of regulators. These modules will be recognised through the awarding of professional development points.

Workshops are structured learning activities which can also provide assessment to participants and are presented by informative and authoritative presenters across a range of topic matters.




The Institute publishes a quarterly journal, JASSA, which is circulated on a complimentary basis to members and is available by subscription to non-members. Editorial emphasis is on original articles on matters pertaining to the finance and investment industry. Other features of the refereed journal include papers and addresses presented at Institute seminars and meetings, matters of general interest to members and editorials. Recent articles are available in PDF format to members via the website. An online index available to members will be launched during 2003.


The five regions of the Institute circulate hardcopy or e-newsletters to the members in their region advising them of forthcoming local meetings and matters of current interest, including ASAF news. The Institute is increasingly using electronic methods of communication with members.


The Institute prints and dispatches over 37,000 sets of study notes per annum as part of its open-entry and postgraduate award programs. In addition the Institute prints 12,000 Handbooks for new students as well as various course brochures and promotional material.


The Institute, through its Markets Policy Group, Company Reporting Subcommittee and Retirement Incomes Subcommittee, works with government, regulators and other associations in initiating regulatory reform in a number of areas in order to enhance the environment for our industry and the economy generally.

The Institute also responds to the initiatives of government and regulators to ensure that practitioners in the securities industry are heard by those in a position to make decisions affecting the market environment in which they work.

A key focus in recent years has been on reforms in the areas of takeovers and fundraising regulation, taxation, corporate law and accounting standards. These issues, which affect a substantial range of participants in our industry, have been an important aspect of raising the profile of the Institute and the industry. Substantial improvements to these regulations have taken place as a result of the Institute's contribution to policy debate. In 2002, a key reform was the introduction of capital gains tax (CGT) rollover relief for company demergers.


In the area of accounting standards, the Company Reporting Subcommittee has been a strong advocate for improved reporting in our capital markets. In particular, it has been a strong supporter of continuous disclosure by companies and transparency, consistency and comparability in financial statements under accounting standards.

In the capacity of Chair of the ASAF Advocacy Committee, the Institute prepared a draft policy position paper on corporate disclosure, specifically continuous disclosure practices and a company's obligation to inform the market of material, price-sensitive developments that occur outside the periodic disclosure structure.

The recommendations are designed to encourage a best practice approach in the ASAF region and to foster a strong culture of continuous disclosure that focuses on shareholders’ needs, rather than just meeting minimal regulatory requirements.

ASAF encourages all member societies to advocate and promote these disclosure practice recommendations in their country/region to the market regulators, exchanges, clearing houses and professional associations representing the securities industry and where possible, to urge listed companies to improve the timing, quality and quantity of information they disclose to the market.

Research independence and integrity has been selected as the principal issue to be addressed by the ASAF Advocacy Committee in 2003.

  In 2002 the Australian Government released the latest stage of the Corporate Law Economic Reform Program, CLERP 9, incorporating many of the recommendations in the Ramsay Report and endorsing ASIC proposals for periodic and continuous disclosure.

In a comprehensive submission prepared jointly by the Institute's policy committees, the Markets Policy Group and the Company Reporting Subcommittee, we reiterated our support for a principles-based approach to corporate governance and accountability, the auditing process, analyst independence and continuous and periodic disclosure. We also supported the Government’s proposal to address analyst independence and disclosure under the general duty on financial services licensees to provide financial services ‘efficiently, honestly and fairly’.

  The Institute’s submission to the Dawson Review of the Trade Practices Act and its administration sought a more commercially realistic approach to mergers, emphasizing the need for consistency, transparency and accountability in the pre-merger notification process. We also recommended that an independent panel should be established as a first point of review for proposals that are rejected by the ACCC on the basis that they would lessen competition.
  Following consultation over measures to improve the prudential supervision of Australia’s superannuation regime, many of our recommendations were adopted, including the establishment of a universal licensing system for trustees, no increase in minimum capital requirements for funds and all funds being required to have proper risk management and compliance processes in place.
  The primary aim of the Institute’s Code of Ethics is to promote a high degree of professionalism by members in undertaking their activities in the finance and investment industry. The Institute also promotes debate of ethical issues through its various publications.

The Institute also provides an Ethics Advisory Service for members. This free service has been developed and provided by arrangement with The St James Ethics Centre in Sydney to enable members faced with an ethical dilemma in the workplace, to discuss the issues with a trained counsellor, in confidence, before deciding on an appropriate course of action.

  The Institute's website is a resource for students, members, industry practitioners and other site visitors seeking specific information on their area of interest in financial services education or membership. The site works on a community basis whereby each visitor will be able to identify with a specific area on the site where the content will be targeted to their needs. The site has detailed information and news on all of the Institute’s education programs and membership services and benefits. The site also allows assignments to be downloaded, results to be posted and online enrolment.
  As part of its mission to raise standards in the finance industry, the Securities Institute has developed selected elements of its learning materials for students to access using the Internet or CD-Rom technology.

These online resources include the delivery and assessment of entire subjects online, the distribution of lectures and workshops using video streaming technology and the development of discrete resources that support students studying a particular subject. These resources are captured within 'Subject Rooms' and are available for each subject on offer at the Institute. The aim of a Subject Room is to provide students with a responsive and friendly environment that supports them in their studies. Resources available include self-assessment quizzes, access to content experts or practitioners through online tutorials or chat facilities, hyperlinks to other websites that contain useful information, video clips of experts speaking on a topic, and frequently asked questions and answers online.

The Institute is also developing exclusive, secure and private areas online for corporate customers through which their staff may access learning environments customised to their particular training needs. Online learning is the primary feature of the Institute's learning product offerings. Its benefits lie in the quality of service and learning experience we can offer our students, including the opportunity to provide self-paced study programs customised to their particular requirements, flexibility in start and duration of study, and our tailoring of study materials to provide up-to-date resources via online technology..