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How to Become A Personal Financial Planner

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What is a Personal Financial Planner

A Personal Financial Planner helps Australians take control of their money. They work with clients on budgets, investments, superannuation, and retirement plans. It is a career where your advice can change people’s lives.

Every day brings a mix of tasks. You might analyse a client’s finances in the morning, then present an investment strategy in the afternoon. No two clients are the same, which keeps the work fresh and engaging.

To become a financial planner in Australia, you need an approved degree. You must also pass the ASIC financial adviser exam. After that, new advisers complete a professional year under supervision before registering on the Financial Advisers Register.

Australia has a real shortage of licensed financial planners. The Financial Advice Association Australia (FAAA) reports just one registered adviser for every 1,695 Australians. This creates exciting career opportunities for those ready to step into the profession.

Career Outlook for Personal Financial Planner

A career as a Personal Financial Planner is in high demand across Australia. Around 63,400 financial investment advisers and managers work in the field (Jobs and Skills Australia, 2025). The median age is 44. Most work full-time, doing around 45 hours per week. Women make up 40% of the workforce, and that share is growing.

The job market is healthy. The sector adds around 900 new roles each year (Jobs and Skills Australia, 2025). Australia also has a known shortage of licensed financial planners. The Financial Advice Association Australia (FAAA) reports just one registered adviser for every 1,695 Australians. This gap creates real chances for people ready to get qualified and step into the field.

Pay is strong. The median full-time weekly pay is $2,582, or around $134,000 per year (Jobs and Skills Australia, 2025). Entry-level planners start from around $90,000. Senior advisers earn up to $180,000 and beyond. Long-term paths include running your own practice or working in retirement planning or estate planning.

On this Article

Introduction

Average Salaries

Resources

Steps to Become a Personal Financial Planner

Step 1: Complete a Treasury-Approved Bachelor Degree

Enrol in a bachelor degree in financial planning, commerce, business, or economics at an Australian university. Your degree must be on Treasury’s approved list at fas.treasury.gov.au. The Bachelor of Financial Planning is the most direct path. Most degrees take 3 years full-time. Choose a program that covers investment analysis, super, tax, and estate planning. This builds the skills you need from day one.

Step 2: Gain Experience in a Paraplanning or Client Service Role

After graduation, start your career in a paraplanning or client services role. Look for work at a financial planning practice or wealth management firm. This gives you access to real client files, financial plans, and product research. Most graduates spend 12–24 months in these roles before sitting the financial adviser exam. This builds your confidence and gets you ready for the professional year.

Step 3: Pass the ASIC Financial Adviser Exam

Sit and pass the financial adviser exam run by ASIC. The exam tests your knowledge of financial planning, tax, super, investments, insurance, and the Corporations Act. It is a closed-book exam with time-pressure questions. Allow 3–6 months of focused study. Passing this exam is required before you can be authorised as a financial adviser in Australia.

Step 4: Complete the Required Professional Year

Complete a supervised professional year with a licensed Australian Financial Services (AFS) licensee. You must log 1,500 hours of work, including 100 hours of structured training. This gives you supervised experience in preparing and presenting financial advice. Your supervisor signs off on your progress. The professional year is required for all new financial advisers from 2019 onwards.

Step 5: Register on the Financial Advisers Register

Once you meet all education, exam, and professional year rules, your licensee submits your details to ASIC’s Financial Advisers Register. You must be listed on the register before you can legally give personal financial advice to retail clients. Keep your listing current by meeting annual CPD rules. You must also follow the Financial Planners and Advisers Code of Ethics 2019.

Step 6: Pursue CERTIFIED FINANCIAL PLANNER (CFP) Certification

Consider earning the CERTIFIED FINANCIAL PLANNER (CFP) certification through the Financial Advice Association Australia (FAAA). The CFP is the most widely known credential in financial planning. It requires extra study, a capstone assessment, and 3 years of relevant experience. Holding a CFP shows your commitment to the highest professional standards. It gives clients and employers trust in your skills and ethics.

What does a Personal Financial Planner do?

A Personal Financial Planner spends their day helping clients make smart money choices. They meet with clients to review goals, look at financial data, and adjust plans as life changes. They research investment products, model retirement outcomes, and prepare clear financial plans. They also keep up with tax law, super rules, and ASIC rules to stay compliant. No two days look the same, which keeps the work fresh and rewarding.

Tasks

A Personal Financial Planner helps clients take control of their financial future. They combine financial analysis with client care to deliver tailored plans that grow with their clients’ lives.

  • Client consultation – meeting with clients to talk through goals, income, and concerns
  • Financial analysis – reviewing assets, debts, and cash flow to assess where a client stands
  • Investment planning – building strategies that match a client’s risk tolerance and life stage
  • Retirement planning – setting superannuation strategies and planning for a comfortable retirement
  • Tax planning – advising on tax-smart strategies to help clients keep more of their money
  • Estate planning – helping clients plan how their wealth will be distributed after death
  • Insurance advice – recommending life and income protection cover for clients and their families
  • Ongoing support – reviewing and adjusting plans as client circumstances change
  • Regulatory compliance – meeting ASIC rules, CPD requirements, and the Code of Ethics
  • Networking – building relationships with accountants, solicitors, and other finance professionals

Skills for Success

To do well as a Personal Financial Planner, you need a mix of number skills and people skills. Strong analytical thinking helps you make sense of complex financial data. But it is your ability to connect with clients that sets you apart.

Good communication is key. You will explain super, investment options, and tax plans to people with all levels of financial knowledge. Patience and clear language make a big difference.

You also need to stay current. Financial laws and products change all the time. A focus on learning helps you give the best possible advice. Personal honesty is also vital. Every financial planner must follow the Code of Ethics set by the Australian government.

Skills & Attributes

  • Analytical thinking and financial modelling
  • Clear written and verbal communication
  • Knowledge of investment products and markets
  • Understanding of superannuation and tax law
  • Ability to build trust with clients
  • Ethical judgement and integrity
  • Attention to detail
  • Financial planning software proficiency
  • Active listening and empathy
  • Time management and organisation
  • Commitment to ongoing learning
  • Problem-solving and strategic thinking

Average Salaries

The average yearly salary for a Personal Financial Planner in Australia is around $134,000 (source: Jobs and Skills Australia, 2025). Entry-level roles start from around $90,000 per year. Senior planners can earn up to $180,000 or more. Pay varies with experience, employer type, and field of work.

min $90 K

max $180 K

av $134 K

About the author

Laura Atkinson - Course Finder Groups
Laura Atkinson

Laura Atkinson is an Account Management and SEM specialist at Course Finder Group with six years' experience in the Australian education sector. She works day to day with universities, TAFEs and independent training providers, which gives her a close view of how courses map to real career outcomes. She writes practical guidance on career pathways, choosing the right qualification and what to expect when moving into a new field.