This quick reference guide is designed to help you as a financial adviser or a person training to become a financial adviser determine how the professional standards apply to you, including:
There are no restrictions on who is eligible to sit the financial adviser exam. The related laws changed on 19 January 2024, removing the requirement to have completed an approved degree or qualification, or be an existing provider, before sitting the exam.
More detailed information – including information for Australian financial services (AFS) licensees – can be found under ‘Background and resources’.
1. I am new to the financial advice industry and am not an existing provider
Do I need to sit the financial adviser exam?
Yes, you must sit and pass the financial adviser exam to become a financial adviser. You can sit the financial adviser exam at any time, as there are no restrictions on who is eligible to sit the financial adviser exam.
Do I need to complete an approved degree or qualification?
Yes, you must complete an approved degree or qualification to be eligible to be a financial adviser, but you do not have to complete the degree or qualification before sitting the exam.
You and your authorising AFS licensee are responsible for determining if your degree or qualification is approved.
Do I need to complete a professional year?
Yes, you must complete the professional year to be eligible to be a financial adviser.
You must pass the exam before you can commence the third quarter of the professional year.
Can I provide personal advice to retail clients on relevant financial products?
You can provide unsupervised personal advice once you:
- complete an approved degree or qualification
- pass the exam
- complete the professional year
- are authorised by an AFS licensee to provide personal advice, and
- are registered with ASIC.
2. I am an existing provider, and I passed the exam by the exam cut-off day that applies to me
Note: The exam cut-off day is either 1 January 2022 or 1 October 2022 for existing providers who qualified for the exam extension because they sat the exam at least twice before 1 January 2022.
Do I need to complete an approved degree or qualification?
Yes, you have until 1 January 2026 to meet the degree or qualification requirement.
You can meet the degree or qualification requirement by completing an approved degree or equivalent qualification by 1 January 2026, even if the degree or qualification is conferred after this date.
You and your authorising AFS licensee are responsible for determining if your degree or qualification is approved.
If you are an experienced provider, you can choose to meet the degree or qualification requirement by relying on the experienced provider pathway.
Do I need to complete a professional year?
No, unless you have not met the degree or qualification requirement by 1 January 2026, and you are a financial adviser immediately before 1 January 2026 (i.e. your authorisation to provide personal advice did not cease on or before 31 December 2025).
If you are an experienced provider, you can choose to meet the professional year requirement by relying on the experienced provider pathway.
Can I provide personal advice to retail clients on relevant financial products?
Yes, provided you are authorised by an AFS licensee to provide personal advice and registered with ASIC.
If you have not met the degree or qualification requirement by 1 January 2026, and you are a financial adviser immediately before 1 January 2026 (i.e. your authorisation to provide personal advice did not cease on or before 31 December 2025), your authorisation as a relevant provider ceases by operation of law and you cannot provide personal advice from 1 January 2026.
3. I am an existing provider but did not pass the exam by the exam cut-off day that applies to me, and I was a financial adviser immediately before that day
Note: The exam cut-off day is either 1 January 2022 or 1 October 2022 for existing providers who qualified for the exam extension because they sat the exam at least twice before 1 January 2022.
Do I need to sit the financial adviser exam?
Yes, you must sit and pass the financial adviser exam before you can become a financial adviser again. You can sit the financial adviser exam at any time, as there are no restrictions on who is eligible to sit the financial adviser exam.
Do I need to complete an approved degree or qualification?
Yes, on the exam cut-off day that applies to you, your authorisation as a relevant provider ceased by operation of law.
You cannot be re-authorised to provide personal advice until you have, among other things, completed an approved degree or qualification.
You and your authorising AFS licensee are responsible for determining if your degree or qualification is approved.
You are not eligible to rely on the experienced provider pathway as an alternative to completing an approved degree or qualification.
Do I need to complete a professional year?
Yes, on the exam cut-off day that applies to you, your authorisation as a relevant provider ceased by operation of law.
You must pass the exam before you can commence the third quarter of the professional year.
You cannot be re-authorised to provide personal advice until you have, among other things, completed the professional year.
You are not eligible to rely on the experienced provider pathway as an alternative to completing the professional year.
Can I provide personal advice to retail clients on relevant financial products?
No, you cannot be re-authorised to provide personal advice until you:
- complete an approved degree or qualification
- pass the exam
- complete the professional year
- are authorised by an AFS licensee to provide personal advice, and
- are registered with ASIC.
4. I am an existing provider who was not a financial adviser immediately before the exam cut-off day that applies to me (e.g. I was on a career break immediately before that day)
Note: The exam cut-off day is either 1 January 2022 or 1 October 2022 for existing providers who qualified for the exam extension because they sat the exam at least twice before 1 January 2022.
Do I need to sit the financial adviser exam?
Yes, you must sit and pass the financial adviser exam before you can become a financial adviser again. You can sit the financial adviser exam at any time, as there are no restrictions on who is eligible to sit the financial adviser exam.
Do I need to complete an approved degree or qualification?
Once you have passed the exam, you can be re-authorised to provide personal advice and you have until 1 January 2026 to meet the degree or qualification requirement.
You can meet the degree or qualification requirement by completing the course requirements for an approved degree or equivalent qualification by 1 January 2026, even if the degree or qualification is conferred after this date.
You and your authorising AFS licensee are responsible for determining if your degree or qualification is approved.
If you are an experienced provider, you can choose to meet the degree or qualification requirement by relying on the experienced provider pathway once you have passed the exam.
From 1 January 2026, you must meet the degree or qualification requirement to be eligible to be re-authorised to provide personal advice.
Do I need to complete a professional year?
No, unless you have not met the degree or qualification requirement by 1 January 2026, and you are a financial adviser immediately before 1 January 2026 (i.e. your authorisation to provide personal advice did not cease on or before 31 December 2025).
If you are an experienced provider, you can choose to meet the professional year requirement by relying on the experienced provider pathway.
Can I provide personal advice to retail clients on relevant financial products?
You can provide personal advice once you:
- pass the exam
- are authorised by an AFS licensee to provide personal advice, and
- are registered with ASIC.
If you have not met the degree or qualification requirement by 1 January 2026, and you are a financial adviser immediately before 1 January 2026 (i.e. your authorisation to provide personal advice did not cease on or before 31 December 2025), your authorisation as a relevant provider ceases by operation of law and you cannot provide personal advice from 1 January 2026.
5. I am an existing provider who provided financial advice in a foreign country
Do I need to sit the financial adviser exam?
Yes, you must sit and pass the financial adviser exam before you can become a financial adviser in Australia. You can sit the financial adviser exam at any time, as there are no restrictions on who is eligible to sit the financial adviser exam.
Do I need to complete an approved degree or qualification?
Once you have passed the exam, you can be authorised to provide personal advice and you have until 1 January 2026 to complete an approved degree or equivalent qualification.
From 1 January 2026, you must have completed an approved degree or equivalent qualification to continue to provide personal advice. You can apply to Treasury to have any foreign qualification you hold counted towards the degree requirement.
You are not eligible to rely on the experienced provider pathway as an alternative to completing an approved degree or qualification.
Do I need to complete a professional year?
No, unless you have not completed an approved degree or equivalent qualification by 1 January 2026, and you are a financial adviser immediately before 1 January 2026 (i.e. your authorisation to provide personal advice did not cease on or before 31 December 2025).
You are not eligible to rely on the experienced provider pathway as an alternative to completing the professional year.
Can I provide personal advice to retail clients on relevant financial products?
You can provide personal advice once you:
- pass the exam
- are authorised by an AFS licensee to provide personal advice, and
- are registered with ASIC.
If you have not completed an approved degree or equivalent qualification by 1 January 2026, and you are a financial adviser immediately before 1 January 2026 (i.e. your authorisation to provide personal advice did not cease on or before 31 December 2025), your authorisation as a relevant provider ceases by operation of law and you cannot provide personal advice from 1 January 2026.
6. I am new to the financial advice industry in Australia and have foreign qualifications
Do I need to sit the financial adviser exam?
Yes, you must sit and pass the financial adviser exam before you can become a financial adviser in Australia. You can sit the financial adviser exam at any time, as there are no restrictions on who is eligible to sit the financial adviser exam.
Do I need to complete an approved degree or qualification?
Yes, you must complete an approved degree or qualification to be eligible to be a financial adviser, but this does not have to be completed before sitting the exam.
You can apply for your qualifications to be assessed, but the assessment will not change the requirement to complete an approved Australian degree or qualification.
You can enrol in an approved Australian degree and have your qualifications assessed by your higher education provider for recognition of prior learning (advanced standing) as part of your enrolment.
Do I need to complete a professional year?
Yes, you must complete the professional year to be eligible to be a financial adviser.
You must pass the exam before you can commence the third quarter of the professional year.
Can I provide personal advice to retail clients on relevant financial products?
You can provide unsupervised personal advice once you:
- complete an approved degree or qualification
- pass the exam
- complete the professional year
- are authorised by an AFS licensee to provide personal advice, and
- are registered with ASIC.
Guidance for accessing the experienced provider pathway is available in Information Sheet 281 FAQs: Relevant providers – Accessing the experienced provider pathway (INFO 281).
The information accessed through the above links provides greater context for the information contained in this guide.
Note: This guide was first issued in November 2022 and last updated in July 2024.
