FASEA lauds 300% increase in degree unit studies

While financial advisers continue to exit the industry, data collected by the Financial Adviser Standards and Ethics Authority (FASEA) is pointing to the numbers determined to remain beyond their passing of the adviser exam and to obtain the required bachelor degree by the end of 2025.  

What is more, the data points to an increasing number of people choosing to study degrees approved by FASEA and therefore viewed as probable entrants to the financial planning industry over the next half decade. 

The data, revealed during Senate Estimates, revealed that there had been a 300% increase in the number of individual units of study being pursued with respect to financial bachelor qualifications.  

FASEA revealed that it had conducted a survey of higher education providers in 2019 which had confirmed there were 11,000 individual units of study that new, existing and potential advisers were enrolled in.  

It said that 12 months later in 2020, that number had increased by close to 300% to 33,000 individual units of study.  

“Based on that survey, between 2019 and 2020 the number of undergraduate students (not existing advisers) studying FASEA approved degrees has increased over 300% between with approximately 2,800 enrolled (using TEQSA standards),” Senate Estimates was told. 

“Higher education providers have embraced financial advice as a course/degree offering with 24 higher education providers offering FASEA approved courses and a steady stream continuing to apply for accreditation,” it said. 

“The number of new entrants commencing their professional year is steadily rising from 46 in 2019 to over 400 today.”