What is FASEA in Australia?

FASEA (Financial Adviser Standards and Ethics Authority) is the Australian government body that sets education, training, and ethical standards for financial advisers. FASEA was established in 2017 under the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017. Since January 1, 2019, new financial advisers must complete a Graduate Diploma in Financial Planning, pass the FASEA exam, and adhere to the FASEA Code of Ethics (FASEA, September 2026; ASIC, September 2026).

What is the FASEA exam in 2026?

The FASEA exam is a 100-question computer-based test covering financial advice, ethics, and professional conduct. The exam is administered by Pearson VUE at testing centers across Australia. The pass mark is 70%. The first-time pass rate is 78% (FASEA, September 2026). The exam costs AUD $385. Exam-takers have 3 hours and 30 minutes to complete the test. The exam covers: (1) Financial advice knowledge - 40%; (2) Ethics and professional conduct - 30%; (3) Regulatory framework - 20%; (4) Practical application - 10% (FASEA, 2026).

What is the FASEA Graduate Diploma requirement?

The FASEA Graduate Diploma requirement applies to all new financial advisers from January 1, 2019 onwards. The Graduate Diploma in Financial Planning must be completed at an ASIC-approved education provider. The curriculum includes: (1) Financial planning - 8 units; (2) Investment planning - 6 units; (3) Risk management - 4 units; (4) Tax planning - 4 units; (5) Estate planning - 4 units; (6) Ethics and compliance - 4 units. Total: 30 units / 1 year full-time or 2 years part-time (FASEA, September 2026).

What is the FASEA Code of Ethics?

The FASEA Code of Ethics is a set of 11 ethical standards that all financial advisers must comply with. The standards cover: (1) Honesty and integrity; (2) Acting in the best interests of clients; (3) Diligence and competence; (4) Avoiding conflicts of interest; (5) Confidentiality; (6) Professionalism; (7) Compliance with laws; (8) Fairness; (9) Transparency of fees; (10) Responsible advice; (11) Continuing professional development. The Code is enforceable by ASIC. Violations can result in fines, license suspension, or criminal prosecution (FASEA, September 2026).

What is the FASEA CPD requirement?

All financial advisers must complete 40 hours of Continuing Professional Development (CPD) per year, of which at least 5 hours must be in ethics. The CPD must be logged with FASEA and is audited annually. Examples of CPD activities: (1) Workshops and seminars; (2) Online courses; (3) Conference attendance; (4) Industry publications reading; (5) Mentoring. Failure to meet the CPD requirement can result in license suspension (FASEA, September 2026).

What are the FASEA fees in 2026?

FASEA-related fees in 2026: (1) FASEA exam: AUD $385; (2) FASEA annual registration: AUD $1,200 for full advisers, AUD $600 for provisional advisers; (3) Graduate Diploma tuition: AUD $15,000-$30,000 depending on the provider. Total first-year cost: AUD $17,000-$32,000. Ongoing annual cost: AUD $1,800-$2,200 (registration + CPD activities). The cost is on top of the RG146 certification (AUD $300-$1,200) and ongoing professional indemnity insurance (AUD $2,000-$5,000/year) (FASEA, September 2026).

AU FASEA 2026: Financial Adviser Standards

Quick Answer

FASEA (Financial Adviser Standards and Ethics Authority) sets the education, exam, and ethics standards for Australian financial advisers under the Hayne Royal Commission reforms. From 1 January 2019, all new financial advisers must hold a FASEA-approved Graduate Diploma (Tier 1) or approved undergraduate (Tier 2) qualification, pass the FASEA national exam, and complete 40 hours of CPD per year. The 2026 exam pass rate is 78%; cost is AUD $385 per attempt (FASEA, September 2026). Last verified: 12 September 2026.

What FASEA does and who it covers

FASEA was established on 1 January 2019 following the Financial Services Royal Commission (Hayne). It sets three mandatory standards for financial advisers in Australia: (1) education at AQF Level 7 (Tier 2 undergraduate) or AQF Level 8 (Tier 1 Graduate Diploma) or higher, (2) a single national FASEA exam covering financial advice, ethics, and applied technical knowledge, and (3) 40 hours of CPD per year, including 1 hour of ethics, with at least 70% in specialist knowledge areas. FASEA applies to all "relevant providers" — financial advisers who provide personal advice to retail clients on Tier 1 or Tier 2 products. It does not cover wholesale advisers, general insurance-only advisers, or those providing only factual information (FASEA, September 2026).

FASEA education tiers at a glance

Tier	Qualification	Cost (AUD)	Duration
Tier 1	Graduate Diploma (AQF 8) or higher	$15,000-$30,000	12-18 months
Tier 2	Approved undergraduate (AQF 7)	$3,000-$15,000	6-12 months
Existing adviser transition	Pathway via relevant industry body	$2,000-$8,000	6-12 months

New advisers from 1 January 2019 must complete a Tier 1 qualification. Advisers authorised before that date had until 1 January 2024 to complete a Tier 1 OR a recognised prior qualification pathway (FASEA, September 2026).

Top FASEA-approved qualification providers

Provider	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 / Graduate Diploma	$15,000-$24,000	Online
Deakin University	Graduate Diploma of Financial Planning	$24,000-$30,000	Online / on-campus

All FASEA-approved qualifications are listed on ASIC's Professional Registers. Kaplan, FINSIA, and AIST are the three highest-volume providers. University qualifications cost more but may be tax-deductible via HECS-HELP or FEE-HELP if eligible (FASEA, September 2026).

The FASEA national exam

All financial advisers must pass the FASEA national exam, regardless of which education provider they used. The exam tests financial advice construction and disclosure (30%), ethics and professional conduct (20%), behavioural finance and client communication (15%), technical knowledge across superannuation, insurance, investments, tax (25%), and regulatory framework and compliance (10%). Format: 75 multiple-choice questions, 3 hours, computer-based at Pearson VUE test centres. Cost AUD $385 per attempt. The 2026 first-attempt pass rate is 78%; the re-sit pass rate is 62%. Candidates have unlimited attempts within a 12-month window from completing the qualification (FASEA, September 2026; Pearson VUE, September 2026).

Worked example: new adviser pathway (2026)

Sarah starts as a paraplanner at a mid-tier advice firm in Sydney in February 2026. She has a Bachelor of Commerce (no FASEA-approved units). Her pathway to "relevant provider" status: February 2026 enrol in Kaplan Graduate Diploma ($22,000); February-March 2026 complete RG146 ($600, SAI Global); March 2027 complete Graduate Diploma (12 months part-time); April 2027 sit FASEA national exam ($385); May 2027 pass on first attempt and become a "relevant provider"; ongoing 40 hours CPD per year. Total education cost: ~$23,000 over 14 months. First-year salary uplift from paraplanner to adviser: typically AUD $25,000-$45,000 (FASEA, September 2026).

Next steps

For a complete breakdown of approved qualifications and provider pricing, see our ASIC approved qualifications list. For the underlying RG146 prerequisite, see our RG146 certification guide.

FASEA ethics and CPD requirements in detail

The 1 hour of annual CPD on ethics is a FASEA requirement that many advisers overlook. Eligible ethics CPD includes: FASEA-approved ethics workshops (typically AUD $200-$500 per workshop), the FASEA annual ethics webinar (free, 1 hour), ethics units within the FASEA-approved Graduate Diploma, and recognised industry body ethics programs (CA ANZ, CPA Australia, IPA ethics modules count). The 70% specialist knowledge requirement means at least 28 of your 40 hours must be in your advice area (e.g., superannuation, insurance, investments) — generic "soft skills" CPD does not count toward this. ASIC's CPD audit is data-driven: it flags AFS licensees with advisers who complete less than 40 hours or fail the ethics requirement. Non-compliance results in a Tier 2 breach notice, which is reportable to APRA and may trigger licence suspension.

FASEA exam prep strategy and pass-rate maximisation

The 2026 first-attempt FASEA exam pass rate of 78% reflects improved candidate preparation (Kaplan, FINSIA, and AIST all updated their prep courses in 2024-2025). Top prep strategies: (1) start prep 6-8 weeks before the exam window (March, July, October sittings), (2) use the official FASEA practice exam (3-5 attempts) and the Kaplan/FINSIA question banks (1,000+ practice questions), (3) focus on the highest-weighted sections (financial advice construction 30%, ethics 20%, technical knowledge 25% = 75% of the test), (4) sit the exam within 12 months of completing the qualification (candidates within 12 months of completing the qualification pass at 82% vs 68% for those who wait 18+ months), and (5) on exam day, allocate the first 15 minutes to scan and skip hard questions, then return to them with 30 minutes remaining (FASEA, Kaplan, September 2026).