Which Course to Take in Order to Obtain AFS License from ASIC?

Lfragileheart88 on 29/02/2024 - 10:13

Good day everyone,

Just wonder if I can get help and advice from here. FYI, I rang a couple of times to ASIC and a few unis, but none of them were able to advise which course I should be taking to obtain AFS License. I rang ASIC, and they instruct me to visit the unis, whereas, for unis, they got me to ring ASIC. Well, I did ring up Financial Consultants, but they obviously won't help me…. So I have OzBargain Forum - readers able to assist me. Under ASIC regulations, they do not indicate which subjects are the preferred subjects in order to apply (as a minimum requirement) for AFS License from ASIC.

I am looking to take a Graduate Diploma in either Financial Services or Financial Planning, so I can treat this as a minimum education requirement then I can apply for AFS License. (Note that: I hope I can just spend time in graduate certificate levels or graduate diploma levels, however, feel free to recommend!)

Would be grateful if you could share your or your mates' experiences here.

Very much appreciated!

Education & Work

Comments

  • Benoffie on 29/02/2024 - 10:24

    Requirements:

    https://www.legislation.gov.au/F2021L01848/latest/text

    New financial adviser
    For new financial advisers, the minimum education requirement is an approved bachelor’s degree (AQF7 level) comprising 24 subjects, or above or equivalent.

    Where a new financial adviser already holds an appropriate qualification, they can meet the education standard by attaining an approved graduate diploma (AQF8 level) comprising eight subjects.

    Per https://asic.gov.au/for-finance-professionals/afs-licensees/…

    • fragileheart88 on 29/02/2024 - 10:40

      Looks like I need to take the degree (minimum bachelor's degree (AQF7 Level) to apply for the license.

  • blocky27 on 29/02/2024 - 10:35
    +1

    You have no chance obtaining an AFSL. Take a look at the requirements (specifically the experience requirements) for being a responsible manager.

    I feel like you have conflated becoming a financial adviser with holding your own AFSL. They are not the same. I suggest you do some more research into what you actually want.

    • fragileheart88 on 29/02/2024 - 10:39

      Thanks.. Just want a pathway to obtain the license.

      • blocky27 on 29/02/2024 - 10:57

        You need at least 3 years of direct experience working for a firm with the authorisations you wish to obtain

        • fragileheart88 on 29/02/2024 - 12:03

          Being doing this for the last 10 years, just coming from a different field. So need the license at this stage.

          • blocky27 on 29/02/2024 - 12:34

            @fragileheart88: You won't be able to get it. AFSL's are not easy to obtain for very good reasons.
            It says direct experience for a firm with the same authorisations also for a very good reason.

  • JimB on 29/02/2024 - 10:47
    +1

    Why would you want your own AFS License for now?

    Whoever you work for will appoint you as a representative of their AFS License.

  • payless69 on 29/02/2024 - 10:50

    Educate,
    Analyse,
    Make business plan,
    Finance,
    learn Origami,
    buy license
    cash in!

  • bobbified on 29/02/2024 - 14:16

    What is your end goal? To become a financial planner or simply to work in the financial services industry?

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