What When and how

You’ll need to complete an approved graduate diploma before starting work in �nancial advice. This will consist of eight subjects:• Financial Advice Regulatory and Legal Obligations bridging course• Ethics and Professionalism (including the FASEA Code of Ethics and Code Monitoring Bodies)

bridging course• Behavioural Finance: Client and Consumer Behaviour, Engagement and Decision Making

bridging course• �ve related units – to be selected by the existing adviser from a FASEA approved list of electives.

You can see a list of approved degrees here.

1. Complete an approved graduatediploma

Your FASEA Timeline : Post-graduate career changer

2019 2020 2021 2022 2023 2024+

Complete annual CPD

Complete FASEA exam

Complete approved diploma or degree

You’re new to the industry, but you have su�cient quali�cations and/or experience to qualify as a ‘career changer’. As a result, the amount of work you need to complete to get FASEA-ready has been reduced. Let’s see what you’ll need to do.

FASEA Guidebook l Post graduate career changer Page 1

This will commence during your �rst 12 continuous months of employment with an advice �rm. During this time, you will be referred to as a provisional relevant provider, provisional �nancial adviser or provisional �nancial planner. This will involve:• Approximately 800 hours of education and training and 1000 hours of supervised experience.

Some of this education will include completing the FASEA Code of Ethics bridging course.• Engage with a supervisor who has at least 2 years’ experience as a relevant provider, who will

monitor a logbook you produce to demonstrate evidence of your training and education.

From now on, you’ll need to do 40 hours of CPD education per year. 70% of the CPD content must be approved by your licensee. There are a minimum number of hours for categories: • technical (�ve hours)• client care and practice (�ve hours)• regulatory compliance and consumer protection (�ve hours)

• professionalism and ethics (nine hours).

4. After your professional year

3. Undertake your professionalyear

You’ll need to do this by 1 January 2021. The exam will focus on the following subjects:• Corporations Act (emphasis on Chapter 7 – Financial services and markets)• Financial Advice Construction – suitability of advice aligned to di�erent consumer groups,

incorporating consumer behaviour and decision making• Applied ethical and professional reasoning and communication, incorporating Ethics and

professionalism, including the FASEA Code of Ethics and Code Monitoring Bodies.

2. Complete FASEA exam

https://bit.ly/2B92qpM

FASEA Guidebook l Post graduate career changer Page 2

Where can I go to do my FASEA approved graduate diploma?

While the courses have yet to be released, you can check if there’s an approved provider in your area here – there are currently around 30 options.1

Things to know

23

Can I do the courses online?

While this will depend on the provider in the list above, there are multiple ways to undertake study: full-time, part-time for several hours a week, a �exible arrangement where you can do some components online or on-campus, or completely online through a learning management system (you can see an example of this here).

How much will this cost me?

While the FASEA courses have yet to be released, you’re looking at around $500 - $1,000 per credit in an average graduate business course. So at eight subjects, that’s between $4,000 - $8,000. If you’re going to get the degree, it’ll cost about $12,000 - $24,000.

4 How long will it take?

FASEA states that the approximate time is around 120 hours per subject, so you’re looking at 960 hours (or 2,880 if you go for the degree). To put that in perspective, if you were to get the graduate diploma quali�cation over two years, that’d be nine hours a week of study. The degree option, though, is usually three years part time or six years full-time.

FASEA Guidebook l Post graduate career changer Page 3

How about the exam?

The exam will be open book and at least 70 questions with a mix of multiple choice and short answer. You’ll have two opportuni-ties to redo it if you fall below a passing score of 65% the first time. The exam will take around three-and-a-half hours, and can be conducted either face-to-face online. It will cost $540 to undertake. The list of providers approved to conduct the exam will be released shortly. It’s scheduled to be available from mid-2019.

For updates or queries about the information in this document contact support@nomorepractice.com.au.

The opinions expressed in this content do not necessarily represent those of No More Practice Education or its related entities. All content is intended for a professional �nancial adviser audience only and does not constitute �nancial advice. To view our full terms and conditions, click here.

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mailto:support@nomorepractice.com.au