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Timeframe for passing the financial adviser exam

information sheet – 260

This is Information Sheet 260 (INFO 260). It answers some frequently asked questions (FAQs) to help financial advisers who are existing providers understand:

  • their obligation to pass the financial adviser exam
  • the possible outcomes if they do not pass the exam within the required timeframe.

Editor’s note: This information sheet was updated on 4 April 2022 to reflect amendments made to the Corporations Act by the Better Advice Act and ASIC Instrument 2022/241. The amendments ensure that the dates by which ‘existing providers’ are required to meet the professional standards remain consistent with dates set before the commencement of the Better Advice Act on 1 January 2022.

From 1 January 2019, professional standards apply to relevant providers. For an overview of how these standards apply to relevant providers based on their personal circumstances, see Applying the professional standards.

This information sheet answers the questions:

Transitional arrangements

Relevant providers who were authorised to provide personal advice to retail clients between 1 January 2016 and 1 January 2019 and met the definition of 'existing provider' (see Question 1) may be able to take advantage of transitional arrangements that apply to them when meeting the education and training standards: see Applying the professional standards.

For example, these transitional arrangements include not being required to complete the professional year, and having until 1 January 2026 to meet the qualifications standard. 

However, as set out in Table 2 and Table 3, ‘existing providers’ who are relevant providers and did pass the exam by the exam cut-off date that applies to them (being either 1 January 2022 or 1 October 2022) lost their relevant provider status. These individuals will be required to complete the following education and training requirements before being authorised as a relevant provider to provide personal advice to retail clients:

  • pass the exam
  • complete the professional year, and
  • meet the qualifications standard.

Where can I get more information?

For an overview of how the professional standards apply to AFS licensees, existing providers, relevant providers and persons training to become a relevant provider see Professional standards.

For the relevant legislation, see:

You can also contact us.

Important notice

Please note that this information sheet is a summary giving you basic information about a particular topic. It does not cover the whole of the relevant law regarding that topic, and it is not a substitute for professional advice. We encourage you to seek your own professional advice to find out how the applicable laws apply to you, as it is your responsibility to determine your obligations.

You should also note that because this information sheet avoids legal language wherever possible, it might include some generalisations about the application of the law. Some provisions of the law referred to have exceptions or important qualifications. In most cases, your particular circumstances must be taken into account when determining how the law applies to you.

Information sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance.

This information sheet was updated in April 2025.