Meeting FASEA’s education requirements

We have prepared these frequently asked questions to assist members to navigate the FASEA education requirements.

In brief

  • Anyone practising under an AFSL – limited or full – is required to meet FASEA's standards
  • Existing financial advisers have until 2022 to pass the exam and 2026 to meet the education requirements
  • Guidance is provided on meeting FASEA’s CPD requirements

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

The Government’s 9 December 2020 announcement that FASEA will be wound up means ASIC will be equipped with steering a path to the future of the Australian financial advice industry; have your say on this future by responding to the ASIC CP 332 survey on impediments to affordable high-quality financial advice.

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FASEA Snapshot

  • Existing advisers have until 1 January 2021 (now 2022), to pass the Financial Adviser Exam
  • Existing advisers also need to meet the FASEA education standard by 1 January 2024 (now 2026).
  • The Code of Ethics  commenced on 1 January 2020.  A Code Monitoring Body is yet to be established and is likely to be delayed to 2021.
  • New Entrants are required to hold an Approved Degree before they commence their Work and Training (Professional Year) requirement. 
  • The annual requirement for 40 hours Continuous Professional Development commenced on 1 January 2019.

FASEA education and exam requirements deadline 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.  

Help preparing for the exam

CA ANZ has partnered with Cram 4 Exam to assist members with preparation for the FASEA 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 FASEA CPD hours by the FPA and a discount is available for members. Due to COVID-19 Cram 4 Exam has pivoted from face-to-face to online delivery.

Meeting FASEA’s education requirements

We have prepared frequently asked questions to assist members to navigate the FASEA education requirements.

Education pathway Tool

FASEA has an education pathways tool on its website which can assist you to determine the credits/courses you need. If you are using this as a member who has completed the CA program since 1972, take care to specify the units you completed as part of your 'relevant degree'.

Meeting FASEA’s CPD requirements

We have prepared a handy guide of frequently asked questions to help you with your CPD requirements. 

FASEA media releases

Visit FASEA for the latest media releases

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FASEA Standards

Find out more about meeting FASEA’s requirements

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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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