What When and how

Complete 40 hours of CPD per year.70% of which must be approved by your licensee. There are a minimum number of hours for the following categories: • technical (�ve hours)• client care and practice (�ve hours)• regulatory compliance and consumer protection (�ve hours)• professionalism and ethics (nine hours).

You’ll need to do this by 1 January 2021. The exam will focus on the following subjects:• Corporations Act (emphasis on Chapter 7 – Financial services and markets)• Financial Advice Construction – suitability of advice aligned to di�erent consumer groups, incorporating consumer behaviour and decision making • Applied ethical and professional reasoning and communication, incorporating Ethics and professionalism, including the FASEA Code of Ethics and Code Monitoring Bodies.

2. Complete the FASEA exam

1. Complete annual CPD

Your FASEA Timeline : Existing adviser with an unrelated degree

2019 2020 2021 2022 2023 2024+

Complete annual CPD

Complete FASEA exam

Complete an approved graduate diploma

You’ve got a degree but FASEA has determined it’s not relevant to �nancial advice. However, because you have 7 RPL credits, your workload has been signi�cantly reduced. Here’s what you need to do.

FASEA Guidebook l Existing adviser with an unrelated degree Page 1

You will need to complete the diploma by 1 January 2024.Complete an approved bridging course, which will consist of one subject: • Ethics and Professionalism (including the FASEA Code of Ethics and Code Monitoring Bodies)

bridging course.

You can see a list of approved quali�cations here.

3. Complete an approvedbridging course

Where can I go to do my FASEA approved graduate diploma?

While the courses have yet to be released, you can check if there’s an approved provider in your area here – there are currently around 30 options.1

2 Can I do the courses online?

While this will depend on the provider in the list above, there are multiple ways to undertake study: full-time, part-time for several hours a week, a �exible arrangement where you can do some components online or on-campus, or completely online through a learning management system (you can see an example of this here).

FASEA Guidebook l Existing adviser with an unrelated degree Page 2

3 How much will this cost me?

While the FASEA courses have yet to be released, you’re looking at around $500 - $1,000 per credit in an average graduate business course. Since you only have to do one, consider that the benchmark.

Things to know

How about the exam?

The exam will be open book and at least 70 questions with a mix of multiple choice and short answer. You’ll have two opportunities to redo it if you fall below a passing score of 65% the first time. The exam will take around three-and-a-half hours, and can be conducted either face-to-face online. It will cost $540 to undertake. The list of providers approved to conduct the exam will be released shortly. It’s scheduled to be available from mid-2019.

For updates or queries about the information in this document contact support@nomorepractice.com.au.

The opinions expressed in this content do not necessarily represent those of No More Practice Education or its related entities. All content is intended for a professional �nancial adviser audience only and does not constitute �nancial advice. To view our full terms and conditions, click here.

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How long will it take?

FASEA states that the approximate time is around 120 hours per subject, so that’s the time you’ll need to complete the Code of Ethics course. If you complete it in a year, that’s about an hour a week of study.

FASEA Guidebook l Existing adviser with an unrelated degree Page 3