Education requirements to be a Financial Adviser

We have prepared these frequently asked questions to assist members to navigate the education requirements to be a financial adviser.

In brief

  • Anyone practising under an AFSL – limited or full – need to meet ASIC and Treasury requirements
  • Existing financial advisers had until early 2022 to pass the exam and have until 2026 to meet the education requirements
  • Guidance is provided on meeting CPD requirements set by the Minister

Upcoming consultation on financial adviser professional standards

The Hon. Stephen Jones MP has announced an upcoming consultation on financial adviser professional standards following the Albanese Government’s election commitment to remove the tertiary education requirements for financial advisers who had passed the exam , had 10 years’ experience and a clean record of financial practice.

On 21 October 2021, the Better Advice Act was passed gave effects to the following recommendations:

  • Expanding the operation of ASIC’s Financial Services and Credit Panel ( FSCP)
  • Winding up FASEA from 1 January 2022

From 1 January 2022:

  • the standard-setting function 10 of FASEA has been moved to the responsible Minister and Treasury.
  • ASIC is responsible for administering the Financial Adviser Exam

End of FASEA makes ASIC’s role in the future of financial advice vital

CP 332 Promoting access to affordable advice for consumers

This consultation paper seeks information from financial advice industry participants and other stakeholders on impediments to the delivery of good-quality affordable personal advice.

Read more

Affordable advice for consumers

In a submission to ASIC, CA ANZ has highlighted the importance of affordable financial advice to help business to reset.

Read more

Submission on Quality of Advice Review Issues Paper

CA ANZ welcomes this Quality of Advice Review, specifically in relation to the need for the regulatory framework to be simplified, and for the full scope of financial advice to be put under the microscope.

Read more

Requirements to be a Financial Adviser

The Code of Ethics commenced on 1 January 2020 was developed by FASEA as a part the professional standards for financial advisers. The responsibility for developing the Code of Ethics is now with the Minister

How does the educational requirements and professional standards apply to you

Please refer to the Financial Adviser Quick Reference Guide on ASIC website. This is a dynamic area and we will update our members when new information is available to us.

FASEA education and exam requirements deadline was extended

Following extensive advocacy from CA ANZ and other member associations, legislation was passed in June 2020 to extend FASEA's deadline to meet the education requirements by two years to 1 January 2026 and to undertake the compulsory FASEA exam by one year to 1 January 2022, the latter has now past. Minister of Financial Service foreshadowed a review in this area.

Help preparing for the exam

CA ANZ has partnered with Cram 4 Exam to assist members with preparation for the Financial Adviser exam. This quality 3-step program consists of webinars and a one-day, intensive, face-to-face workshop delivered by experienced and well-respected industry experts. It is accredited for 8.5 CPD hours set by the minister and a discount is available for members. Due to COVID-19 Cram 4 Exam has pivoted from face-to-face to online delivery.

Recognition of Prior Learning

If you have completed the CA program since 1972, take care to specify the units you completed as part of your 'relevant degree'. We have advocate for greater recognition for the CA program. View our submission here.

The minister is responsible for approving domestic and foreign qualifications. Visit Treasury website for approved courses and assessment of foreign qualifications.

Submissions

Download and view all the submissions that Chartered Accountants ANZ have lodged with FASEA during the consultation period.

View full submissions

Join the Financial Advisory group on my CA

Join the discussion and stay up to date with what you need to know and what action you need to take on the FASEA developments.

Join the group

Contact us

Members are invited to provide feedback on professionalising the financial advice industry and improving consumer outcomes.

Contact the Financial Advice team

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