What are the education requirements?
FASEA announced that from 1 January 2019, new entrants into the financial planning occupation will require an Australian Qualifications Framework (AQF) Level 7, FASEA-approved qualification, equivalent to a bachelor degree. For existing advisers, the transition arrangements are yet to be determined.
What is an AQF level?
The Australian Qualifications Framework (AQF) specifies the standards for educational qualifications in Australia. It’s administered by the government and ranges from vocational education to higher education. There are 10 levels of AQF, commonly known as degrees, diplomas and certificates.
AQF ensures national recognition and consistency as well as a common understanding of what defines each qualification.
What do the AQF levels mean?
Each of the 10 levels are defined by a set of learning outcomes that should be attained by a graduate of a qualification at that level. Similar to a university, Kaplan Professional is a registered higher education provider regulated by the Tertiary Education Quality and Standards Agency (TEQSA), and able to offer AQF qualification Level 4-10, as well as short courses addressing specific training needs that don’t result in an AQF qualification.
*Provided you complete FPE011 Debt Strategies and FPE016 Self Managed Superannuation Funds.
|AQF Level||Graduate outcomes||Qualifications||Kaplan Professional Qualifications||Applicability to the financial services industry
|Level 10||Systematic and critical understanding of a complex field of learning and specialised research skills for the advancement of learning and/or for professional practice.||Doctoral degree||
|Level 9||Specialised knowledge and skills for research, and/or professional practice.||Masters degree|
|Master of Financial Planning|
Approved higher education qualification adopted by FASEA for authorisation*
|Level 8||Advanced knowledge and skills for professional/highly skilled work.||Graduate Diploma |
Bachelor honours degree
|Graduate Diploma of Financial Planning|
Graduate Certificate of Financial Planning
|Level 7||Broad and coherent knowledge and skills for professional work.||Bachelor degree||New entrant requirement for financial advisers from 1/1/2019
|Level 6||Broad knowledge and skills for paraprofessional/highly skilled.||Advanced diploma |
|Advanced Diploma of Financial Planning – Kaplan Financial Planner Level 2|
|Level 5||Specialised knowledge and skills for skilled/paraprofessional work.||Diploma||Diploma of Financial Planning – Kaplan Financial Planner Level 1||Current minimum requirement for financial advisers
|Level 4||Theoretical and practical knowledge and skills for specialised and/or skilled work.||Certificate IV||