The Financial Adviser Standards and Ethics Authority has finalised its adviser education requirements, yesterday releasing FPS001 Education Pathways Policy.
Under the policy, the maximum requirement for a new entrant will be an approved bachelor degree of 24 subjects. The minimum requirement will be an approved graduate diploma of eight subjects.
For an existing adviser the maximum requirement will be a graduate diploma of eight subjects and the minimum will be one subject – FASEA’s bridging course, the FASEA Code of Ethics and Code Monitoring Bodies.
The amount of education an adviser needs to undertake depends on the amount they have already done. Recognition of prior learning will be available for an advanced diploma of financial planning, completion of approved coursework to attain a designation and completion of relevant degree subjects.
FASEA chief executive Stephen Glenfield says a number of refinements were made during the consultation process. Financial planning and investments have been added as relevant degree subjects.
Financial planning includes advice areas such as superannuation, retirement, insurance and estate planning. Investments include shares, derivatives, foreign exchange and options.
Advisers holding a non-relevant degree who have completed between four and seven of the relevant degree knowledge areas will be awarded two credits as recognition of prior learning.
“We thank stakeholders for their constructive input during the consultation period. We believe we have produced an education pathway that is consistent with the legislative requirement, achievable for financial advisers and accords with the expectations required in other professions in Australia,” Glenfield says.
FASEA says it will update its Relevant Providers Degrees, Qualifications and Courses Standard on a regular basis to add further approved historical degrees, and new programs and courses.
