Australia's Department of Treasury overhauls financial adviser education standards to accept any bachelor’s degree with prescribed advice subjects

Australia’s Department of Treasury set out reforms to professional financial adviser education standards aimed at widening entry pathways and expanding the supply of advisers. The changes would remove the requirement to complete an “approved” qualification offered by a limited set of higher education providers and replace it with a new standard built around holding a bachelor’s degree or higher in any discipline, alongside specified finance-related study and accredited financial advice subjects. Under the proposed approach, prospective advisers would need minimum study in areas such as finance, economics or accounting, and would also complete prescribed accredited financial advice subjects covering ethics, legal and regulatory obligations, consumer behaviour and the financial advice process. The Government also confirmed that the professional year, the exam and continuing professional education remain part of the professional standards framework, and reiterated plans for a new class of financial adviser delivering “simple advice” that would require an Australian Qualifications Framework level 5 qualification from a provider accredited by the Tertiary Education Quality and Standards Agency, with views sought on the subject matter for that qualification. For transition, existing advisers are still expected to meet the 1 January 2026 deadline to hold an approved bachelor’s degree or above (or equivalent), and the Government will work with industry and higher education providers on implementation and pathway design.