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Financial Markets and Planning

Overview

This page provides information and data on the Financial Markets and Planning sector, which is one component of the Financial Services industry, and includes financial markets operations, financial planning and financial licensing management.

Financial markets provide opportunities for Australians and overseas investors to increase their wealth. Types of financial markets include over-the-counter markets, exchange traded markets, as well as debt, and currency and commodity markets. Financial planners and advisers assist Australians to manage their wealth effectively across their lifetime. This includes setting financial objectives with clients, developing strategies to achieve these objectives, and arranging for specific plans to be executed.

Nationally recognised training for Financial Markets and Planning is delivered under the FNS – Financial Services Training Package.

Information sourced from Financial Services IRC’s 2019 Skills Forecast.

For information on other financial services, see the Financial Services cluster page.

All data sources are available at the end of the page.

IRC and skills forecasts

Employment trends

Employment snapshot

Due to the absence of detailed employment trend information for this sector as a whole, two relevant occupations have been used in order to assess employment levels, Financial Brokers and Financial Investment Advisers and Managers.

The employment level for Financial Brokers grew between 2000 and 2019, peaking in 2019 with 36,900 workers. Employment is projected to decline to 35,500 by 2024. The trend for Financial Investment Advisers and Managers was variable between 2000 and 2019. Employment peaked in 2019 at 52,300, which is projected to grow to 55,500 by 2024.

Training trends

Training snapshot

Program enrolments in Financial Markets and Planning-related qualifications peaked in 2015 at 17,800, before declining in 2016, 2017 and again in 2018. 2018 had the lowest enrolments of the last four years at 7,280. Program completions were fairly stable between 2015 and 2017 before falling in 2018. In 2018, all training in this sector took place at the diploma level or higher, with the most common qualification being the Diploma of Financial Planning. The majority of students in this sector had an intended occupation of Financial Investment Adviser.

The vast majority of Financial Markets and Planning-related qualifications were delivered by private training providers (96%), and most subjects were funded through domestic fee for services arrangements in 2018 (89%). New South Wales and Victoria have the highest proportion of students enrolled in Financial Markets and Planning-related qualifications at 34% and 28% respectively. The majority of training was delivered in Victoria (52%) and New South Wales (45%).

There were insufficient enrolments in apprenticeships or traineeships to allow analysis.

For more data specific to your occupation, industry or training package, visit NCVER’s VET students by industry. If you are prompted to log in, select cancel and you will continue to be directed to the program.

For more data specific to your region visit NCVER’s Atlas of Total VET.

If you are interested in extracting NCVER data to construct tables with data relevant to you, sign up for a VOCSTATS account.

Industry insights

According to the Financial Services IRC’s 2019 Skills Forecast, financial planning and advice is expected to grow through increased demand from older Australians seeking financial advice in their retirement. Demographic changes will shape the financial planning and advice sector by:

  • Increasing demand for financial advice from superannuates, as growing post-retirement wealth creates a greater incentive to seek professional financial advice. The ability to assist clients through the potential emotional and psychological stress of retirement will be crucial.
  • Responding to advice in product growth areas such as ethical investments and property. Demand for ethical and responsible investments has more than quadrupled over the past three years, with 92% of Australians expecting their superannuation or other investments to be invested responsibly and ethically. The strong demand for property is driving demand for mortgage brokers and general insurers, in addition to financial advisers.

The above Skills Forecast also highlights the impact of increased regulation on the future of financial advice. New legislation has introduced higher minimum education requirements for new advisers effective 1 January 2019, and existing advisers effective 1 January 2024, with the Financial Adviser Standards and Ethics Authority (FASEA) appointed by the Minister to deliver the detail. These changes, now in place, are expected to have a large impact on the financial planning sub-sector in the short-medium term. As of January 2019, the FASEA Education Pathways Policy set out the following:

  • New entrants to financial advising will be required to have completed an approved at AQF level 7, or an approved Graduate Diploma (AQF8) or approved Masters Degree (AQF9) by no later than January 1 2019.
  • Existing advisers with no degree will be required to complete an approved Graduate Diploma (8 subjects at AQF8) OR another approved qualification (Bachelor Degree (AQF7) or Masters Degree (AQF9)) by no later than 1 January 2024. Recognition of Prior Learning (RPL) is available for up to 6 units and bridging course subjects are available.
  • Existing advisers with a non-relevant degree will be required to complete an approved Graduate Diploma (7 subjects at AQF8) by no later than 1 January 2024. RPL is available for up to 6 units and bridging course subjects are available.
  • Existing advisers with a relevant degree (as defined by FASEA) will be required to complete a Bridging Course of 3 subjects at AQF8 and one FASEA approved subject by no later than 1 January 2024. RPL is available for up to 6 units and bridging course subjects are available.
  • Existing advisers with an approved degree will be required to complete a Bridging Course of 1 subject (the FASEA Code of Ethics) at AQF8 by no later than 1 January 2024.

Links and resources

Below is a list of industry-relevant organisations and associations. Hyperlinks have been included where available.

Industry associations and advisory bodies

Association of Financial Advisers (AFA)

Association of Independently Owned Financial Professionals (AIOFP)

Australian Financial Markets Association (AFMA)

Financial Planning Association of Australia (FPA)

Independent Financial Advisers Australia (IFA-AUST)

Profession of Independent Financial Advisers (PIFA)

Employee associations

Finance Sector Union (FSU)

Relevant research

FPS001 Education Pathways Policy – Financial Adviser Standards and Ethics Authority (FASEA)

Data sources and notes

Department of Employment, 2018, Employment Projections, available from the Labour Market Information Portal

  • by ANZSCO, selected occupations, employment projections to May 2023
    • Financial Brokers
    • Financial Investment Advisers and Managers.

Australian Bureau of Statistics 2018, Employed persons by occupation unit group of main job (ANZSCO), Sex, State and Territory, August 1986 onwards, 6291.0.55.003 - EQ08, viewed 1 November 2018 http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/6291.0.55.003May%202018?OpenDocument

·        Employed total by ANZSCO 4 digit Financial Brokers, and Financial Investments Advisers and Managers, 2000 to 2018, May Quarter.

Training data has been extracted from the National VET Provider Collection, Total VET Students and Courses from the following training package or qualifications:

  • FNS – Financial Services Training Package
    • FNS41110 - Certificate IV in Financial Markets Operations
    • FNS41115 - Certificate IV in Financial Markets Operations
    • FNS50610 - Diploma of Financial Planning
    • FNS50611 - Diploma of Financial Planning
    • FNS50615 - Diploma of Financial Planning
    • FNS50804 - Diploma of Financial Services (Financial Planning)
    • FNS51011 - Diploma of Financial Markets
    • FNS51015 - Diploma of Financial Markets
    • FNS60404 - Advanced Diploma of Financial Services (Financial Planning)
    • FNS60410 - Advanced Diploma of Financial Planning
    • FNS60415 - Advanced Diploma of Financial Planning
    • FNS60711 - Advanced Diploma of Financial Licensing Management
    • FNS60715 - Advanced Diploma of Financial Licensing Management.

This includes superseded qualifications and training packages.

Data covers a range of selected student and training characteristics in the following categories and years:

  • 2015, 2016, 2017, 2018 program enrolments
  • 2015, 2016, 2017, 2018 program completions.

Total VET students and courses data is reported for the calendar year. Program enrolments are the qualifications, courses and skill-sets in which students are enrolled in a given period. For students enrolled in multiple programs, all programs are counted. Program completion indicates that a student has completed a structured and integrated program of education or training. Location data uses student residence. Subject enrolment is registration of a student at a training delivery location for the purpose of undertaking a module, unit of competency or subject. For more information on the terms and definitions, please refer to the Total VET students and courses: terms and definitions document.

Low counts (less than 5) are not reported to protect client confidentiality.

Percentages are rounded to one decimal place. This can lead to situations where the total sum of proportions in a chart may not add up to exactly 100%.

FNS – Financial Services Training Package apprentice and trainee data has been extracted from the National Apprentice and Trainee Collection, including:

  • 2010 to 2018 commencements
  • 2010 to 2018 completions
  • 2018 apprentices and trainees in-training October to December 2018 collection, by qualification and state and territory of data submitter.

Priority skills data have been extracted from the Financial Services IRC’s 2019 Skills Forecast.

Updated: 31 Mar 2020
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