Fazlur Rahman
Quick Answer
An ASIC approved qualification is a financial-planning education program on ASIC's Professional Registers that meets FASEA's Tier 1 or Tier 2 standard. Tier 1 (Graduate Diploma or higher, AQF 8) is required for new financial advisers providing comprehensive advice from 1 January 2019. Tier 2 (undergraduate certificate or diploma, AQF 5-7) is accepted for limited functions and existing advisers. Total 2026 cost: Tier 1 AUD $15,000-$30,000; Tier 2 AUD $3,000-$15,000 (ASIC, September 2026; FASEA, September 2026). Last verified: 12 September 2026.
What "ASIC approved" actually means
Since 1 January 2019, ASIC only recognises financial advice qualifications that are on the FASEA-approved list. Before then, advisers could qualify via many undergraduate degrees, industry body certifications, or workplace experience. The Hayne Royal Commission reforms tightened the standards so that every new adviser has the same minimum education (ASIC, September 2026). ASIC's Professional Registers list two categories of approval: Tier 1 (comprehensive advice) at Graduate Diploma (AQF Level 8) or higher, and Tier 2 (limited functions) at undergraduate certificate, diploma, or bachelor (AQF Level 5-7) with FASEA-approved units. If you provide comprehensive personal advice on superannuation, life insurance, investments, and SMSFs to retail clients, you need Tier 1. If you provide only limited advice (e.g., a single-product recommendation or general factual information), Tier 2 may be sufficient (FASEA, September 2026).
Tier 1 vs Tier 2 comparison
| Dimension | Tier 1 (AQF 8) | Tier 2 (AQF 5-7) |
|---|---|---|
| Qualification | Graduate Diploma or higher | Undergraduate cert / diploma / bachelor |
| Cost (2026) | AUD $15,000-$30,000 | AUD $3,000-$15,000 |
| Duration | 12-18 months part-time | 6-12 months part-time |
| Career scope | Comprehensive advice (all products) | Limited functions, specific products |
| Required for new advisers (post-Jan 2019) | Yes | No (Tier 1 is the standard) |
| Accepted for existing advisers | Yes | Yes (pathway) |
| Industry recognition | High | Moderate |
Most new advisers should plan for Tier 1. Tier 2 is appropriate for specific niche roles (e.g., a Tier 2 superannuation-only adviser at a super fund call centre) but limits your long-term scope of practice.
ASIC's full approved providers list (2026)
| Provider | Tier 1 qualification | Cost (AUD) | Mode |
|---|---|---|---|
| Kaplan Professional | Graduate Diploma of Financial Planning | $18,000-$25,000 | Online + workshops |
| FINSIA | Graduate Diploma in Applied Finance (Financial Planning) | $20,000-$28,000 | Online |
| AIST | Graduate Diploma of Superannuation | $15,000-$22,000 | Online + workshops |
| University of Tasmania | Graduate Diploma of Financial Planning | $22,000-$30,000 | Online |
| RMIT Online | Graduate Certificate / Diploma of Financial Planning | $15,000-$24,000 | Online |
| Deakin University | Graduate Diploma of Financial Planning | $24,000-$30,000 | Online / on-campus |
| Macquarie University | Graduate Diploma of Financial Planning | $25,000-$32,000 | Online / on-campus |
| Swinburne University | Graduate Diploma of Financial Planning | $20,000-$26,000 | Online |
This is the current approved list as of September 2026. New providers are added periodically; check ASIC's Professional Registers (professionalregisters.asic.gov.au) for the most current list (ASIC, September 2026).
Worked example: choosing between Kaplan and UTas
James is 28, working as a paraplanner in Melbourne, and needs Tier 1 to become a financial adviser. He is comparing Kaplan Professional and University of Tasmania. Kaplan ($22,000, 14 months part-time) is industry-recognised with a strong alumni network, online plus 4 weekend workshops; best for advisers who want flexibility and a practical, industry-focused qualification. UTas ($26,000, 12 months full-time or 18 months part-time) is university-issued, more academic, and FEE-HELP eligible; best for advisers who want a university-branded qualification, may use HECS-HELP, or plan to do further postgrad study. For most career-changers and new advisers, Kaplan or FINSIA offer the best value and the strongest industry recognition. University qualifications make sense if you specifically need a university brand or FEE-HELP access (Kaplan Professional, FINSIA, UTas, September 2026).
Continuing professional development (CPD) after qualification
Once qualified, you must complete 40 hours of CPD per year, with at least 1 hour in ethics and 70% in specialist knowledge areas. ASIC audits AFS licensees' CPD registers. Common CPD providers include Kaplan, FINSIA, AIST, and the Institute of Public Accountants (IPA). Annual CPD subscriptions cost AUD $400-$1,200 depending on the provider and breadth of content (ASIC, September 2026).
Next steps
To compare Tier 1 and Tier 2 in the context of the broader financial-adviser qualification stack, see our FASEA standards guide and our RG146 prerequisite guide.
FASEA Tier 1 vs Tier 2 in practice
Most Tier 2 qualifications are 6-12 month undergraduate certificates or diplomas focused on a single product area (e.g., superannuation only, or insurance only). A Tier 1 Graduate Diploma takes 12-18 months and covers the full breadth of personal advice (superannuation, insurance, investments, tax, estate planning). In practice, Tier 2 advisers are limited to specific product advice within their qualification's scope — they cannot hold themselves out as a "comprehensive financial adviser" and may need to refer clients to a Tier 1 colleague for advice outside their scope. Many mid-tier advice firms use Tier 2 staff as paraplanners or limited-advice specialists (e.g., a Tier 2 superannuation-only adviser for a SMSF-focused role). For most new advisers, the extra cost and time of Tier 1 is worth it for the long-term scope of practice (ASIC, September 2026).
