The joint submission by Chartered Accountants Australia and New Zealand (CA ANZ) with other accounting bodies responds to Treasury’s consultation on proposed education reforms for financial advisers. The associations broadly support reforms that increase flexibility and accessibility to the financial advice profession while maintaining high professional standards.

The submission strongly supports recognising the completion of a Bachelor degree (AQF Level 7 or higher) in any discipline, combined with relevant financial concept subjects, as a valid pathway into financial advice. The proposed list of financial concepts is considered appropriate and sufficiently broad, with support for requiring completion of four subjects at AQF Level 7 or higher. To ensure the framework remains current, the associations recommend establishing a self‑regulating body to oversee the subject list and curricula, reducing the assessment burden on AFS licensees. Accounting degrees are noted as already aligning well with this pathway, supporting career transitions into financial advice.

The associations also support the requirement to complete four accredited financial advice subjects but recommend integrating Client and Consumer Behaviour into Financial Advice Fundamentals and replacing it with an Advanced Financial Planning Strategies subject.

While the concept of a Professional Year (PY) is supported, the submission highlights its cost and structural barriers, particularly for those transitioning from aligned professions such as accounting or paraplanning. Greater flexibility is recommended, including reduced hours, exemptions, or an alternative model similar to professional accounting mentorship programs.

The submission does not support the continuation of the financial adviser exam, as assessment at AQF Level 7 or higher, combined with the Professional Year, sufficiently tests knowledge and competence.

Finally, the associations strongly support a transition period that allows individuals already enrolled under the current education pathway to complete their studies, with both pathways operating concurrently to maintain confidence in the education framework.