What are the education requirements?
FASEA announced that from 1 January 2019, new entrants into the financial adviser occupation will require an Australian Qualifications Framework (AQF) Level 7, FASEA-approved qualification, equivalent to a bachelor degree. For existing advisers, the transition arrangements have been proposed by FASEA but are yet to be confirmed. The proposed requirement for existing advisers depends on the individual’s existing qualifications; it ranges from an eight-subject FPEC/FASEA-approved Graduate Diploma that includes three core subjects: Corporations Act, The FASEA Code of Ethics and Behavioural Finance; through to completing up to three bridging courses, which cover the core areas of Corporations Act, The FASEA Code of Ethics and Behavioural Finance. FASEA have provided a summary of the proposed Education pathway here.
Who is an existing adviser?
An existing adviser is a person who provides personal advice to retail clients at any time between 1 January 2016 and 1 January 2019; and is not banned, disqualified or suspended. Generally speaking, an existing adviser will be any individual listed on ASIC’s Financial Adviser Register as ‘current’ prior to 31 December 2018.
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.
|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
|FASEA proposed existing adviser requirement by 1/1/2024
|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 – Financial Planner Level 2|
|Level 5||Specialised knowledge and skills for skilled/paraprofessional work.||Diploma||Diploma of Financial Planning – 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||