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 and Education Authority (FASEA) requirements can operate as licensed financial advisers or financial planners via transitional arrangements (see below). Unless you are an ‘existing adviser’ at that date, all new entrants must hold a FASEA approved degree.
UNE’s Bachelor of Commerce (Financial Planning) has been designed to meet the FASEA requirements and has been submitted for approval. UNE’s Graduate Diploma in Financial Planning and Bridging Course are currently FASEA approved.
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 a FASEA approved education course
- Successfully completing a FASEA 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. Existing financial advisers need to complete the FASEA exam by 2021, unlike new entrants that need to complete the exam prior to becoming licensed.