Education requirements for existing financial advisers

Existing financial adviser

To be recognised as an existing provider you must, among other requirements, have been authorised to provide personal advice on 'relevant financial products' between 1 January 2016 and 1 January 2019. In general, this will mean that you were listed on the Financial Advisers Register at any time between 1 January 2016 and 1 January 2019.

'Relevant financial products' are financial products other than basic banking products, general insurance products or consumer credit insurance: see section 910A of the Corporations Act 2001.

Financial advisers who are existing providers have until 1 January 2026 to meet the education standards, which requires the completion of approved bridging units, via one of the following pathways:

• Approved degree
• Relevant degree
• Non-relevant degree
• No degree

The Government released a policy paper seeking feedback on the education standards and whether they remain fit for purpose including by ensuring that they adequately recognise on-the-job experience of advisers. At this stage, no changes have been made to the existing requirements.

Education pathways and bridging courses 

Approved degree

•  Ethics and Professionalism, including the FASEA Code of Ethics.

Relevant degree

• Financial Advice Regulatory and Legal Obligations
• Ethics and Professionalism bridging course, including the FASEA Code of Ethics
• Behavioural Finance: Client and Consumer Behaviour, Engagement and Decision-Making
• Financial Advice Capstone subject.

**FASEA has defined a relevant degree as an AQF 7, 8 (Graduate Diploma) or 9 qualification in a related field of study that contains at least eight courses in one or more of the designated fields of study in any combination – financial planning (includes financial advice areas of superannuation, retirement, insurance, estate planning), investments (includes all types of investments (for example, shares, derivatives, foreign exchange, options)), accounting, taxation/tax law (as defined by the Tax Practitioners Board (TPB)), finance law, finance, business law (as defined by the TPB), estate law, banking and economics.

CPA Program RPL towards bridging pathways

• Personal Financial Planning and Superannuation
• Financial Planning Fundamentals
• Superannuation and Retirement Planning
• Investment Strategies
• Risk Advice and Insurance
• Financial Risk Management.

An existing financial adviser who has completed a FASEA relevant degree and the CPA Program, but not a financial planning elective, will be required to undertake two bridging units, being the Ethics for Professional Advisers Bodies bridging course and an additional bridging unit of their choice.

CPA Australia is not accredited by the Tertiary Education Quality and Standards Agency (TEQSA), therefore not eligible to offer bridging units to our members. However, CPA Australia members are eligible for discounts on bridging units with the following FASEA approved education providers:

Deakin University

15% course discount eligible across all Postgraduate and single unit offerings, which is applied at the time of enrolment. Deakin offer online or on campus study, as well as three-day intensive programs.