How Many Advisers Are Considered Fully Qualified Today?

Most financial advisers have begun formal study to meet professional standards, but with the deadline still years away, only a minority have completed their education requirements, our analysis shows.

As advisers juggle multiple plates, with the challenges of client support, compliance, business health and the effects of the pandemic, just 12 per cent are considered fully qualified under the Financial Adviser Standards and Ethics Authority (FASEA) mandate. The figure has risen slightly, from 10 per cent, in the past six months.

A further one-quarter of advisers (26 per cent) have just one bridging course to go before they have ticked off all their requirements.

The road to 2026

With three-and-a-half years until the deadline, Adviser Ratings analysis shows most active advisers are more than halfway through their chosen study pathway. However, 29 per cent of advisers do not have any approved, relevant or non-relevant degrees listed.

When we looked at advisers who are now ceased, we found almost one-in-five had come close to meeting the requirements (one subject required), but more than half had either not started or had more than three-quarters of the required study to go.

Figure 1 – FASEA qualification by adviser status (active vs ceased)


Source: Adviser Ratings

The experience factor

Unsurprisingly, our analysis shows less experienced advisers are disproportionately ahead when it comes to completing their education requirements.

More than a quarter of advisers with less than four years’ experience are fully qualified; this captures advisers who are only just beginning their careers.

In contrast, less than one-in-20 advisers with more than 30 years of experience meet the current ‘fully qualified’ benchmark.

Figure 2 – FASEA qualification by years of experience


Source: Adviser Ratings

However, the new government’s foreshadowed changes to recognise experience could alter that picture.

Pre-election, now-Assistant Treasurer and Financial Services Minister Stephen Jones committed to removing the university degree requirement for advisers with 10 or more years’ experience and no blemishes on their record. Adviser Ratings analysis shows this plan would mean more than 4400 active advisers and 2600 ceased advisers would be qualified under new standards.

Jones later stressed the need for a transitional arrangement to stem the bleeding of advisers from the profession.

While we’re not suggesting thousands of ceased advisers would return to the profession, it could prompt some who have left or are thinking of leaving to reconsider their decision.

Figure 3 – Potential effect of experience recognition

Source: Adviser Ratings. Shaded area denotes advisers with 10 or more years’ experience.

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