With thousands of people out of work because of the pandemic, many are becoming interested in getting a diploma in financial planning in Australia.
Financial planners or financial advisors provide professional financial advice to people or businesses on how to better manage their finances. After all, professional financial planners in Australia make around 100-120k annual pay.
As many families and businesses are struggling financially, the entire world economy has been shaken in so many ways. This has led to the dramatic increase in interest among the population on how to become a professional financial planner.
Becoming a financial planner is not only an ideal career at this high time of uncertainties, but is also a very attractive and useful career in the years to come. Hence, the peak in interest in this career over the past months is very understandable.
Career Path
In Australia, the financial planning career is regulated by the Australian Securities and Investments Commission (ASIC). As such, the path to becoming a professional financial advisor is highly regulated by strict standards.
Getting a degree
Since January 1, 2019, a new resolution has been issued requiring all financial advisors to complete a bachelor’s degree or higher studies (same equivalent) to become a financial advisor.
Through Training
After completing a degree, the aspiring financial planner needs to work with a company that holds an Australian Financial Services License (AFSL) from ASIC.
By getting certified
Another alternative path to become a professional financial advisor is to be certified by the Financial Planning Association of Australia (FPAA)--a duly recognised organisation of professional advisors in Australia.
Getting a diploma
If you have finished a degree that’s totally unrelated to financial planning or finance-related programs, you have the option to enroll in a diploma for financial planning courses.
There are several Australian universities that offer such programs either in-campus or online. The program duration usually runs for a year, which can be taken full-time or based on your own pace.
After completing this program and finally getting your diploma, you can start working with ASIC-certified firms as a trainee and make your way up the rank and become a fully-certified and professional financial planner.
Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He's been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards - Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today!
