Treasury's Financial Adviser Standards website at fas.treasury.gov.au sets out detailed information on the education requirements for:
- financial advisers who are existing providers
- new financial advisers, and
- financial advisers with foreign qualifications.
The most recent list of approved degrees and equivalent qualifications is outlined in the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2021 (Determination).
Financial advisers who are existing providers
Generally, financial advisers who are existing providers have until 1 January 2026 to meet the qualifications standard in section 921B(2) of the Corporations Act 2001 (Corporations Act). For more information on the dates for existing providers to meet this requirement, see the Financial advisers quick reference guide.
The Treasury Laws Amendment (2023 Measures No. 3) Act 2023 , which commenced on 21 September 2023, introduced the experienced provider pathway as an alternative way to satisfy the education and training requirements. Generally, an existing provider who meets the criteria for an ‘experienced provider’ can rely on the experienced provider pathway to meet the qualifications standard and the professional year standard without needing to undertake further education and training. For more information on the experienced provider pathway, see Information Sheet 281 FAQs: Relevant providers – Accessing the experienced provider pathway (INFO 281).
New financial advisers or financial advisers who are not existing providers
If you are training to become a financial adviser or are a financial adviser who is not an existing provider, the minimum education requirement is an approved bachelor’s degree (AQF7 level) or qualification, see information for new financial advisers on Treasury's website.
Financial advisers with foreign qualifications
If you have completed a foreign qualification, you may apply to Treasury to have that qualification assessed against the education requirements.
If you are not an existing provider, you may apply for an assessment but it is likely that you will need to complete an approved Australian degree. You can also enrol in an approved Australian degree and have your existing foreign qualification assessed by your higher education provider for recognition of prior learning (advanced standing) as part of your enrolment process.
AFS licensees: Checking qualifications
AFS licensees should ensure that a person they intend to authorise as a financial adviser has completed a bachelor or higher degree or qualification that is approved by the Minister.
Note that existing advisers need only demonstrate that they have achieved qualifications that are equivalent to an approved degree. The requirements for an existing adviser to achieve equivalency are set out in Part 3 of the Determination.
AFS licensees can confirm that a degree or qualification is approved by assessing the final academic transcript(s) of the completed degree or qualification against the Determination.
The degree or qualification in the final academic transcript(s) must exactly match a degree or qualification listed in Schedule 1 of the Determination, including any conditions relating to that degree or qualification: see Table 1.
Table 1: What to look for on an academic transcript
|
Aspect |
Requirement |
|
Education provider |
The higher education provider must be listed in Schedule 1 of the Determination. |
|
Degree or qualification |
The name of the degree or qualification listed in the final academic transcript must exactly match the relevant degree or qualification in the Determination. The course code should also match if one is listed in the Determination for the relevant degree or qualification. |
|
Timing |
If the approval of the degree or qualification in Schedule 1 of the Determination is subject to a condition that a person commenced their studies on or after or within certain dates, the final academic transcript issued by the provider of the approved degree or qualification must show that this condition has been met. |
|
Other conditions |
If the approval of the degree or qualification in Schedule 1 of the Determination is subject to other conditions, the final academic transcript issued by the provider of the approved degree or qualification must demonstrate that those conditions have been met. For example, where the Determination specifies that a person must have completed certain units of study, the transcript must show that all the required units have been completed. The subject codes and subject names on the transcript must exactly match those listed the ‘other conditions’ column of the table in Schedule 1. |
|
Ethics for Professional Advisers bridging unit |
The final academic transcript(s) should also show that an Ethics for Professional Advisers bridging unit has been completed, unless the Determination specifies that it is not required for the relevant degree or qualification. If an Ethics for Professional Advisers bridging unit is required to be completed, the bridging unit in the transcript must exactly match the relevant bridging unit listed in Schedule 2 of the Determination, including the name of each course/unit of study and the relevant course codes. |
If a person has completed a degree or qualification listed in the Determination, there are two alternative pathways whereby a person can meet the qualifications standard:
- Where the person has received written approval from the Minister that the person’s degree or qualification is equivalent to the one listed in the Determination (where the person’s academic transcript(s)/statement(s) otherwise do not meet all of the prescribed conditions for that degree or qualification in the Determination); or
- In any case (not just where a person does not meet the prescribed conditions), where the person has one or more statements and/or transcripts issued by the provider of the approved degree or qualification which confirm that the person has met each of the approved conditions in relation to the qualification.
ASIC has provided worked examples of how an AFS licensee should assess the qualifications of their relevant providers. You can view the examples here:
- Example qualification assessment 1: Approved degree (PDF 271 KB)
- Example qualification assessment 2: Approved degree requiring a bridging unit (PDF 262 KB)
- Example qualification assessment 3: No approved degree (PDF 274 KB)
- Example qualification assessment 4: Relevant degree and advanced diploma of financial planning (PDF 306 KB)
- Example qualification assessment 5: Non-relevant degree, eight unit diploma of financial planning, and professional study (PDF 305 KB)
In November 2024, ASIC hosted a webinar to provide a practical walkthrough of how to assess a person’s qualifications against the requirements, and how to input qualifications information into the Financial Advisers Register. See the webinar and Q&A on assessing relevant provider qualifications.
AFS licensees must update the Financial Advisers Register when a financial adviser has completed any qualifications and training relevant to the provision of financial services, including any approved qualifications.
