How to Become a Financial Advisor

In today’s complex financial landscape, the role of a financial advisor is more crucial than ever. Whether you're fresh out of school or considering a career change, becoming a financial advisor in Australia offers a rewarding and well-compensated career path. This guide outlines the education requirements, certifications, training options, and career opportunities that lead to becoming a successful financial advisor.

What Does a Financial Advisor Do?

A financial advisor helps individuals and businesses make informed financial decisions. Their tasks include:

• Creating budgets and investment strategies

• Providing retirement and superannuation planning

• Advising on insurance, estate planning, and tax strategies

• Guiding clients through financial risks and opportunities

Financial advisors may work independently, for financial institutions, or in specialised roles such as wealth managers or financial planners.

What Qualifications Do I Need to Be a Financial Advisor in Australia?

To become a financial advisor in Australia, you must meet specific education and licensing requirements set by ASIC (Australian Securities and Investments Commission) and monitored by FASEA (Financial Adviser Standards and Ethics Authority). Here’s what you’ll need:

1. Approved Bachelor’s Degree

Start with a Bachelor of Financial Planning or a related degree in finance, economics, or accounting. Some popular options include:

• Financial advisor course bachelor degree in Australia

• Bachelor of Business (Financial Planning)

• Bachelor of Commerce with a major in Finance or Economics

2. Graduate Diploma of Financial Planning

If your degree is not FASEA-approved, you may complete a Graduate Diploma of Financial Planning to meet the educational standards.

3. Professional Year

A one-year supervised work placement, also known as a Professional Year, is mandatory for new advisors.

4. Financial Adviser Exam

You must pass the FASEA Financial Adviser Exam, which tests your understanding of regulatory and ethical obligations.

5. Continuing Professional Development (CPD)

Advisors are required to complete regular CPD training to maintain their license and stay updated.

Popular Education Pathways

TAFE and Online Courses

You can begin your journey with TAFE financial advisor courses, which offer flexible learning. If you're exploring accessible entry points, consider:

• Financial advisor course bachelor degree online

• Free financial advisor course bachelor degree options (look for scholarships or government-funded training)

These can be great stepping stones to higher qualifications or roles like paraplanner or assistant advisor.

Certifications for Financial Advisors

The most respected certifications in financial advising include:

• Certified Financial Planner (CFP®) — Globally recognised and ideal for advanced professionals.

• Registered Financial Consultant (RFC®)

• Diploma or Advanced Diploma of Financial Planning

These credentials validate your expertise and can help you stand out in the industry.

Common Career Questions Answered

What major should I pursue to become a financial advisor?

Majors in finance, accounting, economics, or financial planning are ideal. They provide the analytical and communication skills required in the field.

Can you become a financial advisor without college?

It’s challenging in Australia due to the strict ASIC/FASEA requirements. However, you can begin with vocational pathways like TAFE and gradually build your qualifications.

Is it worth doing a finance course in Australia?

Yes, especially as demand for qualified financial professionals continues to grow, particularly in wealth management, retirement planning, and ethical investing.

What soft skills are essential for a financial advisor?

• Strong communication and interpersonal skills

• Empathy and active listening

• Analytical thinking and attention to detail

• Ethical judgment and client-first mindset

Career Opportunities for Financial Advisors

With the right qualifications, you can work in:

• Banks and credit unions

• Insurance companies

• Independent financial planning firms

• Corporate finance teams

• Your own advisory business

You may start as an associate or paraplanner, and grow into roles like senior advisor, investment strategist, or financial planning director.

Final Thoughts

Becoming a financial advisor in Australia is a clear, structured pathway—but it requires dedication, ongoing education, and the right certifications. Whether you're starting with a bachelor’s degree, pursuing a Graduate Diploma of Financial Planning, or taking TAFE courses, there are flexible options to suit your background and career goals.

By investing in the right training today, you can build a meaningful, future-proof career helping others manage their financial wellbeing.