How to Become a Financial Advisor: Your Step-by-Step Career Guide

Becoming a financial advisor is a smart career move if you enjoy working with numbers, solving problems, and helping people achieve their financial goals. With increasing demand for financial planning services in Australia, the role offers excellent job security, high income potential, and meaningful client relationships.

Here’s a practical, step-by-step guide to becoming a qualified financial advisor in Australia—whether you're starting from scratch or looking to upgrade your credentials.

Step 1: Understand the Role of a Financial Advisor

Before jumping in, it’s important to understand what financial advisors actually do. Their responsibilities may include:

• Helping individuals or businesses set financial goals

• Creating investment, insurance, retirement, and tax strategies

• Offering guidance on superannuation and estate planning

• Educating clients about financial risks and opportunities

Financial advisors can specialise in areas like wealth management, retirement planning, or risk protection.

Step 2: Choose the Right Degree

To become a licensed financial advisor in Australia, you need a FASEA-approved qualification, typically a:

• Bachelor of Financial Planning

• Bachelor of Business (Financial Planning)

• Bachelor of Commerce with a major in finance or economics

If you're searching for flexibility, consider a financial advisor course bachelor degree online or explore free financial advisor bachelor courses through scholarships or government programs.

Step 3: Complete a Graduate Diploma (if needed)

If your degree isn’t FASEA-approved, you’ll need to complete a Graduate Diploma of Financial Planning. This course helps bridge any gaps in compliance and prepares you for the licensing process.

Step 4: Pass the Financial Adviser Exam

The FASEA exam is mandatory for all new financial advisors. It tests your knowledge in ethics, financial advice regulation, and client care. Preparing thoroughly is essential—even experienced finance graduates may find the exam challenging.

Step 5: Undertake a Professional Year

New entrants are required to complete a Professional Year—a 12-month period of structured training and work experience under the supervision of a qualified advisor. It’s a practical step that prepares you for real-world client interactions.

Step 6: Get Registered and Stay Compliant

Once you pass the exam and complete your Professional Year, you can register as a financial advisor with ASIC and appear on the Financial Advisers Register.

Don’t forget: you must complete ongoing Continuing Professional Development (CPD) hours each year to maintain your registration.

Alternate Pathways and Training Options

You don’t always have to start with a university degree. Some people begin with a TAFE financial advisor course, or an Advanced Diploma of Financial Planning, and later transition into a bachelor or postgraduate program.

If you want to become a financial planner in a bank, most major banks offer internal training programs that align with national standards.

Certifications That Add Value

Although not mandatory, professional certifications can improve your credibility:

• Certified Financial Planner (CFP®) – the global gold standard

• Registered Financial Consultant (RFC®)

• Diploma/Advanced Diploma of Financial Planning

These certifications signal your expertise and help build trust with clients.

FAQs

What degree is best for becoming a financial advisor?
A degree in financial planning, finance, business, or economics is ideal.

Can I become a financial advisor without a degree?
In Australia, you must meet minimum education standards set by FASEA. TAFE or diploma courses can be stepping stones, but eventually, a degree is required.

Is a financial planning course worth it in Australia?
Yes. The financial services industry is well-regulated and offers strong career growth, especially with the ageing population and rising demand for retirement planning.

How hard is the Certified Financial Planner course?
It’s challenging and requires commitment, but it's one of the most respected certifications in the industry.

What soft skills are important?
Empathy, active listening, problem-solving, and ethical decision-making are all crucial for success.

Final Thoughts

If you're asking, “How do I become a financial advisor in Australia?” — the answer is clear: start with the right education, meet licensing requirements, and gain real-world experience. Whether you choose a traditional bachelor degree or start with a TAFE course, there are multiple pathways to a successful and rewarding career.