How do I become a Financial Adviser? | Summary and Q&A

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April 22, 2021
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Investor Motivation
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How do I become a Financial Adviser?

TL;DR

Learn the steps to become a financial advisor, which includes obtaining a bachelor's degree and completing a professional year.

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Questions & Answers

Q: What is the educational requirement to become a financial advisor?

To enter the industry, individuals must have a bachelor's degree in financial planning or a related field, as per the new legal requirement.

Q: What is the purpose of the professional year?

The professional year is a legal requirement that includes 1600 hours of full-time training and supervised work activities to gain practical experience.

Q: What is the Phaser exam?

The Phaser exam, administered by the Financial Advisor Standards and Ethics Authority, is a mandatory exam that all financial advisors must pass, regardless of their experience level.

Q: Can individuals enter the industry with a three-year degree in financial planning?

Yes, a three-year degree specifically in financial planning is acceptable, but it must be on the approved list of degrees provided by ASIC.

Summary & Key Takeaways

  • To join the financial planning industry, individuals can pursue a bachelor's degree in financial planning or a related field.

  • Completing a professional year is a legal requirement, consisting of 1600 hours of full-time training and supervised work activities.

  • During the professional year, individuals must also complete 100 hours of structured training and pass the Phaser exam.

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