When I first started researching what it would take to become a licensed financial adviser, I found the information either too vague or buried in regulatory documents that read like they were written for robots. So I want to do something different here: give you a clear, honest map of the pathway — exactly what I wish I had found when I was first looking.
The Three Core Requirements
To become a registered financial adviser in Australia and appear on the Financial Advisers Register (managed by ASIC), you generally need to meet three requirements:
1. An Approved Degree (or equivalent)
You need to hold an approved bachelor degree or higher in a relevant discipline (But this is constantly changing, and a review on the education standards is currently underway). Many career changers come in with existing degrees — some of which may qualify, others may not. If your degree does not meet the standard, you will typically need to complete an approved postgraduate qualification.
The good news is that several universities and registered training organisations now offer specific graduate diploma and master programmes designed for career changers. These are structured to fit around full-time work, though the workload is real and should not be underestimated.
If you are unsure whether your existing qualifications count, the first step is getting them assessed. The FAAA and individual course providers can help point you in the right direction.
2. The Financial Adviser Exam
This is the exam administered by ASIC that all new advisers must pass. It tests your knowledge across financial advice, ethics, and relevant law. It is not a walk in the park — pass rates have hovered around 60-70% for year— but with the right preparation, it is very achievable.
I found that the candidates who struggled most were the ones who underestimated the ethics and compliance components and focused only on the financial planning theory. The exam is genuinely integrated, and you need to understand how everything fits together.
3. The Professional Year
This is the one that catches most career changers by surprise. Before you can be fully registered as a financial adviser, you need to complete a supervised Professional Year — essentially 12 months of structured, documented, on-the-job learning under the supervision of an experienced adviser.
During this year, you will work towards specific competency outcomes, complete ongoing education, and be assessed at key milestones. It is a significant commitment from both you and the licensee who takes you on. And that is actually part of why it is valuable — not every licensee will invest in a career changer. The ones who do tend to be serious about the profession.
“Your Professional Year is not just a hurdle to clear. Done well, it is where you genuinely learn how to be an adviser — not just how to pass a test.”
What does the timeline look like?
Realistically, from the point of starting your studies to being fully registered, most career changers are looking at two to three years. That assumes:
- 12 to 36 months of study (sometimes concurrent with work)
- Passing the financial adviser exam (often sitting it once or twice)
- Completing the 12-18 month Professional Year
Some people move faster, particularly those with highly relevant prior qualifications or who are able to study full time. Others take longer, and that is completely fine. This is a career built for the long term, not a credential to rush.
Finding a licensee who will back a career changer
One of the most practical challenges is finding an Australian Financial Services (AFS) licensee and advice firm who is willing to hire you during or after your Professional Year. Some dealer groups actively recruit career changers. Others prefer to wait until you are fully registered.
My honest advice: start these conversations early. Attend FAAA events. Get to know people in the industry before you need something from them. The financial advice community in Australia is genuinely smaller and more connected than it looks from the outside.
In the final article of this series, I will talk about what the day-to-day reality of being a financial adviser actually looks like — and how to set yourself up for a practice you are proud of.
Curious to learn more? Explore the Become A Financial Planner Now and Roles in Financial Advice pages of this website or contact FAAA at [email protected].
