Our course finder tool will point you in the right direction.
Have a question or would like more information? Our dedicated team will promptly reach out to you.
Home > Education and professional standards for financial advisers
The introduction of a range of education and ethical standards will require new and existing financial advisers providing financial advice on Tier 1 financial products (excludes general insurance, deposit products, and personal sickness and accident) to retail clients to meet new requirements, including:
Importantly, the standards relate to Tier 1 financial product personal advice. Tier 2 financial products and those providing general advice only on Tier 1 products are not covered by the new standards.
Treasury has been tasked with governing the conduct of professionals in the financial advice sector by establishing mandatory educational and training requirements, developing and setting an industry exam, as well as the formation of a code of ethics that all advisers will be required to adhere to.
The standard-setting function is maintained by the responsible Minister and Treasury, and ASIC is responsible for administering the financial adviser exam.
For new entrants, the minimum requirements are:
Existing advisers who qualify for the 10-year experience pathway:
For existing advisers who do not qualify for the 10-year experience pathway and are registered as current on the FAR between 1 Jan 2007 – 1 Jan 2019, the maximum education requirements are:
The minimum education requirements are:
The three bridging courses are:
Individual who provides personal financial advice to clients:
Individual who provides personal financial advice to clients, and
Individuals who are not existing or experienced advisers.
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.
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 Institute of Higher Education regulated by the Tertiary Education Quality and Standards Agency (TEQSA), and able to offer AQF Level 7 -10 qualifications, as well as short courses addressing specific training needs that don’t result in an AQF qualification.
*Depending on version completed. May require additional FAS Code of Ethics subject.
Financial advisers are required to complete 40 hours of ‘qualifying CPD activities’ in each CPD year with a minimum requirement in the following areas:
Kaplan Professional is the leading provider in the provision of industry CPD. Our flagship online platform Ontrack provides organisations and individuals with the content, tracking, reporting and consultancy they need to manage and meet their CPD obligations.
The FAS Financial Adviser Examination is a fundamental component of the education standards all financial advisers must pass to provide personal financial advice to clients.
From 1 January 2019, new entrants to the industry must pass the exam after they’ve completed a FAS-approved degree, and before commencing quarter 3 in their professional year.
The exam will test the practical application of advisers’ knowledge in the following competency areas:
The duration of the exam is 3.5 hours (including 15 minutes’ reading time) and consists of multiple-choice and written-response questions.
We’re delighted to offer a range of online exam preparation resources to help you prepare and practice prior to sitting FAS’s Financial Adviser Examination. Gain access to an online preparation room as well as an online proctored practice exam, designed to simulate the structure, duration and exam conditions of the Financial Adviser Examination. Click here to learn more.
RG 146 may continue to apply to existing advisers. Existing advisers should confirm these requirements with their licensee.
Oops! We could not locate your form.