New Entrant and career changer pathway
The Bachelor of Commerce (Financial Planning) is ideal for new entrants or career changers keen to break into the exciting financial services industry. It provides a comprehensive educational foundation if you’re considering becoming a licensed financial adviser and can provide a stepping stone to careers such as para-planning, phone-based general advice consultant, back-office or middle-office superannuation roles, and research roles.
Licensed Financial Adviser
From 1 January 2019, only ‘relevant providers’ who meet the Financial Adviser Standards requirements can operate as licensed financial advisers or financial planners via transitional arrangements (see below).
Steps to becoming a licensed Adviser
New entrants wanting to become licensed financial advisers after 1 January 2019 must meet a number of requirements. These include:
- Successfully completing an approved education course
- Successfully completing an exam
- Become licensed under an Australian Financial Services Licensee (AFSL) as a ‘Provisional Financial Adviser’
- Successfully complete a Professional Year as a Provisional Financial Adviser of one-year full-time equivalent work which includes direct and indirect supervision by a Supervisor and your AFSL.
The transition period for existing financial advisers
‘Existing advisers’ on the ASIC Financial Adviser Register prior to 1 January 2019 have a transition period until 2024 to meet the new education standards.
*The term “existing adviser” is set out in the Corporations Act under section 1546A. It is a person who is a relevant provider between 1 January 2016 and 1 January 2019 (except a person who has ceased to be a relevant provider). In layman’s terms, a relevant provider must be listed on the ASIC Financial Adviser Register.
