How to Become a Financial Planner After the Policy Reform Take Effect in 2019?

The financial planning market has been chaos in Australia since 2018. Let’s have a look at some latest news.

What Are the Changes in the Financial Planning Industry in Australia?

According to the Professional standards for financial advisers reforms by ASIC, a new professional framework commenced on 1 January 2019, which sets minimum education, experience and ethical obligations for financial advisers.

To become a financial planner, you MUST:

  • Hold an approved bachelor degree or higher.

FASEA has published a list of approved education providers, and you can download from their website.

  • Complete a professional year of supervised experience.

The professional year must be equivalent to one year of supervised full-time work (1,600 hours) working with an AFS licensee and include 100 hours of structured training. During the year of work and training, you will be known as either a provisional financial adviser or a provisional financial planner.

  • Pass a The Financial Adviser Standards and Ethics Authority (FASEA) exam

The exams will be computer-based and provide access to statutory materials and materials published by ASIC and other relevant regulators, as specified by FASEA. The exam will be three and a half hours, including at least 64 multiple choice questions and at least 6 writing questions.

What Should I Do if I Want to Enter the Financial Sector in Australia?

It is definitely not as easy as before to enter the financial industry in Australia. However, you still have a chance to stand out as long as you plan the career path well and take the right actions. You may have the following questions:

  • My university is not on the approved list, can I still enter the financial industry?
  • How to prepare FASEA exam?
  • What other financial related roles that I can apply for, besides financial planner?
  • Do I suit the financial industry?
  • What does my career path look like as a new entrance to the financial sector?

We understand your struggle and concerns. You are welcome to attend our FREE career consultation to start your career!

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