OVERSEAS ADVISERS COMING TO AUSTRALIA
Understand the steps overseas advisers must take to become licensed financial advisers in Australia.
Applying the professional standards in Australia
In Australia you must be licensed by an Australian Financial Services Licensee (AFSL) and you must have met the qualification standard and passed the ASIC Financial Adviser exam and you may need to complete a professional year before you can provide financial advice.
To work as a financial planner in Australia, you need to meet the requirements set by the Australian Government.
This requires you to complete :
- an approved degree level qualification
- complete a professional year
- Pass the ASIC Financial adviser exam
Visit the Australian government resource - Becoming a financial adviser. This includes information on courses, professional year and the ASIC Financial Adviser exam.
Frequently asked questions
What course information do I need to know?
You must meet the education standard. This requires you to have an approved degree.
An example of an approved degree is an approved undergraduate degree or an approved post graduate degree.
What are approved courses?
The list of approved courses is in the Corporations (Relevant providers Degrees, Qualifications and Courses Standard) Determination 2021. This is also known as “The Determination” or “The Legislative Instrument”
The course you complete must match exactly to the Determination.
An example of an undergraduate degree is Griffith University – Bachelor of Commerce (Financial Planning) commenced after February 2019.
An example of a post graduate degree is Kaplan Higher Education Pty Ltd Graduate Diploma of Financial Planning – commenced after 1 July 2019.
Do I need additional courses to become a Qualified Tax Relevant Provider (QTRP)?
In Australia, you also need to be registered to provide tax (financial) advice services. It requires the completion of two courses:
- A course in commercial law
- A course in taxation law.
Refer to the link here for these courses.
If you complete an Australian Graduate Diploma in Financial Planning, it is likely you will complete the required QTRP courses within that. Check with the course provider if you are unsure.
What if I already have a tertiary qualification?
If you have a tertiary qualification, you can apply to Treasury for an overseas qualification assessment.
Click here for information on Foreign Qualification assessments.
How does an overseas qualification assessment work?
Your documents will be reviewed and assessed against the Australian Qualification Framework. You will receive a letter to confirm the outcome of the assessment.
Click here for more information on overseas qualifications assessments.
How do the professional standards apply in Australia?
In Australia you must be licensed by an Australian Financial Services Licensee (AFSL) to be able to provide financial advice.
Click here to find out more about professional standards for financial advisers.
Can I use my overseas CERTIFIED FINANCIAL PLANNER® certification in Australia?
In Australia, having the CFP® certification does not allow you to work as a financial adviser. You need to have completed an approved Australian degree qualification.
The FAAA is the Australian Affiliated Association and under the FPSB cross border transfer arrangements, you can apply to the FAAA to transfer your CFP designation from your home territory to Australia.
Click here for more information about the Australian CFP® Program and transferring your designation.
Financial adviser pathway
for overseas advisers
