Become a financial adviser

A professional standards framework setting the minimum education and experience requirements and ethical obligations for financial advisers was introduced on 1 January 2019.

To become a financial adviser, you must complete:

• an approved Bachelor degree or higher
• a professional year of supervised experience
• a financial adviser exam, set by ASIC

Education standards

The education standards require that new entrants complete an approved qualification at a bachelor degree (AQF7 level), graduate diploma (AQF8 level), masters level (AQF 9) or an equivalent qualification before they can become a provisional financial adviser.

Before enrolling in a course, it is vital to confirm the course is approved by checking the current legislative instrument .

Prior to 31 December 2021 the Financial Adviser Standards and Ethics Authority (FASEA) was responsible for assessing courses. Degrees approved by FASEA prior to 31 December 2021 remain Approved Degrees for the purposes of the Corporations Act 2001.

Professional year of experience

The professional year of experience must be equivalent to one year of supervised full-time work (1600 hours) working within an AFS licensee, and must include 100 hours of structured training.

During the year of work and training you will be known as either a provisional financial adviser or a provisional financial planner.

A professional year plan must also be implemented to develop the following competencies:

• technical competence
• client care and practice
• regulatory compliance
• consumer protection, professionalism and ethics.

You cannot begin the third quarter of your professional year until you have successfully completed its national exam.

Financial Adviser exam

The financial adviser exam is three and a half hours long, including at least 15 minutes’ reading time.

The exam consists of multiple choice and written response questions and is open book for statutory materials.

Find out more on the Financial adviser exam

From 1 January 2022, if you are a financial adviser who provides, or intends to provide, tax (financial) advice services to retail clients for a fee, you must be:

• a ‘qualified tax relevant provider’ , and
• listed on the Financial Adviser Register as a relevant provider and registered with ASIC from 1 January 2023.

You will primarily be regulated by ASIC under the Corporations Act (with the Financial Services and Credit Panel operating as the single disciplinary body for all financial advisers who provide personal advice to retail clients on relevant products).

For more information visit the ASIC website