FAQs: Professional year

1. Do I need to complete the professional year?

If you are training to become a relevant provider, you must complete a professional year (sections 921B(4) and 921BA(3) of the Corporations Act).

Generally, existing providers are not required to complete the professional year. However, the exceptions for existing providers are if you:

• did not pass the financial adviser exam by the exam cut-off day that applied to you, and
• were a relevant provider at the start of that day (i.e. your authorisation to provide personal advice was not revoked in writing before the exam cut-off day that applied to you) (section 1684C(4)).

In the above situation, you will need to complete a professional year even if you satisfy the definition of ‘experienced provider’ under section 1684(1). You cannot rely on the experienced provider pathway to meet the professional year standard: section 1684AA(1).

You also need to complete a professional year if you are an existing provider and you:

• did not, by 1 January 2026, meet the qualifications standard or attain qualifications that are equivalent to the qualifications standard as set out in one of the existing provider pathways in Part 3 of the Qualifications Determination, and
• were a relevant provider at the start of that day (i.e. your authorisation to provide personal advice was not revoked in writing on or before 31 December 2025) (section 1684C(3)).

However, if you are eligible to rely on the experienced provider pathway to meet the qualifications standard but failed to make a written declaration before 1 January 2026, you will be considered to have met the professional year standard (and the qualifications standard) once you have made a written declaration confirming that you satisfy the definition of ‘experienced provider’ under section 1684(1). You cannot provide personal advice until you:

• have made a written declaration and provided your AFS licensee with a copy of the declaration as soon as practicable
• are authorised by an AFS licensee to provide personal advice, and
• your application for registration is approved by ASIC.

For information on the experienced provider pathway, see Information Sheet 281 Accessing the experienced provider pathway (INFO 281).

For more information on who needs to complete the professional year, see Applying the professional standards.

2. When can I start the professional year?

There are no restrictions on when you can start the professional year. However, it may be preferable to begin the professional year when you have completed, or are in the final stages of completing, a bachelor or higher degree or equivalent qualification listed in Schedule 1 of the Qualifications Determination. This is because you must meet the qualifications standard, among other things, before you can progress to the third quarter of the professional year: see Question 22.

3. When is my responsible licensee required to notify ASIC that I am completing my professional year and what is the timeframe within which ASIC must be notified?

Your responsible licensee is not required to notify ASIC at the time you commence your professional year.

Your responsible licensee must notify ASIC when they authorise you as a ‘provisional relevant provider’ to provide personal advice on their behalf, which is at the time you commence the third quarter of your professional year.

Your responsible licensee notifies ASIC by appointing (adding) you as a ‘provisional relevant provider’ to the Financial Advisers Register using ASIC’s online services. Your responsible licensee must do this within 30 business days of you being authorised as a provisional relevant provider to provide personal advice on their behalf. Your responsible licensee must provide the following details to ASIC as part of the appointment process (among other details):

• the date you started your professional year, and
• whether you were accelerated during the first and/or second quarters of your professional year.

Your responsible licensee must also notify ASIC within 30 business days of when you complete your professional year: see Question 28.

4. How long is the professional year?

Your professional year must be at least one year in length (section 5 of the PY Determination). This applies even if your progression through the first and/or second quarters of the professional year is accelerated: see Questions 19 and 20.

5. Can I complete the professional year on a part-time basis?

Yes. However, the period of the professional year, and of each quarter, must be increased to the extent necessary to ensure that the work activities and structured training can be completed (section 5(2) of the PY Determination).

The minimum number of hours of work activities and structured training are the same, whether you complete the professional year on a full-time or part-time basis: see Question 15.

6. If I take a break during my professional year, do I have to start all over again?

No. There is no time limit for completing the professional year and you can take as long as you need to complete the professional year.

If you take a break during the professional year, your professional year plan may need to be amended to reflect this: see Question 14.

7. Can I sit the financial adviser exam at any time during my professional year?

Yes. There are no restrictions on when a person can sit the financial adviser exam. However, you must pass the financial adviser exam before commencing the third quarter of your professional year: see section 12(2) of the PY Determination and Question 22. For more information about the financial adviser exam, see Financial adviser exam.

8. Can I complete the professional year overseas?

Yes, provided that all the requirements relating to provisional relevant providers and the professional year under the Corporations Act and the PY Determination are met. This includes completing your professional year under an AFS licensee and being authorised by the AFS licensee as a ‘provisional relevant provider’ in the third and fourth quarters of your professional year. You also must complete the professional year under the supervision of a supervisor who meets the relevant requirements: see Question 9.

Ultimately, whether in completing your professional year overseas, all the requirements relating to provisional relevant providers and the professional year can be met will depend on the facts and circumstances of your arrangement. A proposed arrangement to complete your professional year overseas should be carefully assessed by your responsible licensee given the potentially higher risks it carries. Your AFS licensee remains responsible, including for supervision and compliance, with the professional year requirements. You and/or your responsible licensee may wish to seek independent legal advice in relation to your arrangement.

9. Who can supervise my professional year?

Your supervisor must have at least two years’ experience working as a relevant provider, excluding any period during which the supervisor was completing their own professional year (section 8(1) of the PY Determination).

In addition, if you are a provisional relevant provider, your supervisor must be an individual who is a relevant provider but not a provisional relevant provider or a limited-service time-sharing adviser (section 921F(2) of the Corporations Act).

A provisional relevant provider must not obstruct or hinder their supervisor(s) in ensuring that appropriate supervision is provided to them, (for example, by pretending to a new client that they have completed their professional year, not informing their supervisor about the new client, and secretly preparing and providing personal advice to the client without first providing it to their supervisor to review) (section 921F(7) of the Corporations Act). Civil penalties may apply for a failure to comply with this obligation (section 921F(8)). A failure to comply with this obligation may also result in a referral to the Financial Services and Credit Panel (FSCP) (Notes 1 and 2 under section 921F(8)).

10. Can I have more than one supervisor?

Yes. However, one of your supervisors should act as the ‘primary’ supervisor and should be identified as your ‘supervisor’ in your professional year plan (see section 9(2)(a) of the PY Determination). If there are other relevant providers involved in supervising you (for example, in relation to specialist areas), they should also be identified in your professional year plan (see section 9(2)(b) and Question 14).

11. Can I change my supervisor or employer during my professional year?

Yes. Your new supervisor must also meet the requirements for supervisors outlined in Question 9.

If you change supervisor and/or employer during the professional year, you should ensure that your professional year plan is amended to reflect this change: see Question 14. You should also retain access to your logbook records so that you can meet the record-keeping requirements under the PY Determination (see Question 29), as well as documentation evidencing that you have met the professional year requirements (for example, any completion certificates you have received).

12. What are a supervisor’s responsibilities?

If you are a provisional relevant provider, your supervisor(s) (that is, both your primary supervisor and any other relevant providers who are involved in supervising you) must:

• ensure that you are appropriately supervised (section 921F(3) of the Corporations Act)
• approve, in writing, any Statement of Advice that you provide to a retail client (section 921F(4)), and
• ensure that retail clients are informed:
  • of the names of each of your supervisors (even if the retail client has been informed of the name of each previous supervisor)
  • that you are completing your professional year, and
  • that each supervisor is responsible for any personal advice that you provide: section 921F(6).

Civil penalties may apply to supervisors for failing to comply with the obligations in sections 921F(3), (4), and (6) (section 921F(8)). A failure by supervisors to comply with these obligations may also result in a referral to the FSCP (see Notes 1 and 2 under section 921F(8)).

Your primary supervisor has additional responsibilities. They must:

• develop and agree on a professional year plan with you and your responsible licensee (see section 9(1) of the PY Determination and Question 14)
• cooperate with you and your responsible licensee to ensure, and take reasonable steps to facilitate, the completion of your professional year in accordance with your professional year plan (section 9(5))
• at the end of each quarter of your professional year, give you a completion certificate if they are satisfied of certain matters (see subparagraphs (3) – (6) of section 12 and Questions 23 and 26)
• sign off on your logbook if they are satisfied that it is complete and accurate by providing written confirmation of the contents of the logbook, and retain records of the written confirmation for at least seven years (see section 13(2)(a) and (4) and Question 29), and
• make and maintain complete and accurate records of the reasons for being satisfied of certain matters as required for the purposes of issuing a completion certificate at the end of a quarter of your professional year and retain these records for at least seven years (see sections 13(2)(b) and (4) and Question 29).

13. What are the responsibilities of a responsible licensee?

Your responsible licensee must:

• ensure that you are appropriately supervised (section 8(2)(a) of the PY Determination)
• make appropriate resources and opportunities available to you and your supervisor to enable you to successfully complete the professional year (section 8(2)(b))
• develop and agree on a professional year plan with you and your supervisor (see section 9(1) and Question 14)
• cooperate with you and your supervisor to ensure, and take reasonable steps to facilitate, the completion of your professional year in accordance with your professional year plan (section 9(5))
• ensure that retail clients who deal with you are informed in writing, before they have any direct or indirect interaction with you, that you are undertaking supervised work and training and of the name and contact details of your supervisor (section 10(5))
• notify ASIC of any accelerated progression in the first and/or second quarters of your professional year (see section 14 of the PY Determination and Questions 3 and 19)
• before you commence providing personal advice in the third quarter of your professional year, authorise you to provide personal advice and appoint you to the Financial Advisers Register as a ‘provisional relevant provider’ within 30 business days of you being authorised (see sections 916A, 922D and 922L of the Corporations Act and Question 3)
• after the end of the fourth quarter of your professional year, give you a final completion certificate if they are satisfied of certain matters (see sections 12(6) and (8) and Question 26)
• make and maintain complete and accurate records of the reasons for being satisfied of certain matters as required for the purposes of issuing a final completion certificate and retain these records for at least seven years (see sections 13(3) and (4) and Question 29), and
• notify ASIC when they have given you a final completion certificate (see section 14 and Question 28).

14. Do I need to develop a professional year plan? Can the plan be amended?

Yes. You, your supervisor and your responsible licensee must develop and agree on a plan for your professional year (a professional year plan) (section 9(1) of the PY Determination).

The professional plan must be in writing and must, at a minimum:

• identify you, your supervisor and your responsible licensee
• identify any other relevant provider who will be involved in supervising you, including for specialist areas
• identify the period of your professional year and each quarter
• identify the particular work and training outcomes to be achieved during the professional year and each quarter
• describe the resources and opportunities that your responsible licensee will make available to you and your supervisor to enable you to meet the professional year standard
• provide a detailed account of the work activities and the structured training you will complete in each quarter, and
• set out any other arrangements for the professional year: section 9(2).

You must complete your professional year in accordance with your professional year plan: section 9(4).

You, your supervisor and your responsible licensee must cooperate to ensure, and your supervisor and responsible licensee must each take reasonable steps to facilitate, the completion of your professional year in accordance with your professional year plan (section 9(5)).

You, your supervisor and your responsible licensee may agree to vary your professional year plan (for example, to reflect a change in supervisor, to adjust the work activities and structured training for future quarters, or where you have taken a break during your professional year). Any variation of a professional year plan must be in writing (section 9(3)).

15. What work and training do I need to complete during the professional year?

During the professional year, you must complete at least:

• 100 hours of structured training (see section 11(3) of the PY Determination and Question 16), and
• 1,500 hours of work activities (see section 10(4) and Question 17).

This applies whether you are completing the professional year on a full-time or part-time basis. This also applies even if your progression through the first and/or second quarters of the professional year is accelerated: see Question 19.

There is no minimum number of hours of work activities or structured training that must be completed in each quarter of the professional year.

You must complete and maintain a logbook recording, among other things, the number hours you have spent on work activities and structured training during your professional year, and details of the work activities and structured training you have completed, including when they were undertaken (see section 13(1) and Question 29).

16. What structured training am I required to complete?

You must complete at least one of the following kinds of structured training during the professional year:

• training provided by or facilitated by your supervisor or responsible licensee relevant to practice as a relevant provider
• a qualification, course or unit of study listed in Part 3 of the Qualifications Determination (for example, completing the Ethics for Professional Advisers bridging unit), or
• a course of study approved or provided by a professional association for the purposes of achieving a professional designation or achieving expertise or accreditation in a particular area of financial advice (for example, self-managed superannuation funds, stockbroking, or aged care) or a particular kind of financial product (see section 11(1) of the PY Determination).

You cannot count the financial adviser exam towards the minimum 100 hours of structured training. Also, you cannot count any training undertaken before you commenced your professional year towards the minimum 100 hours of structured training.

Structured training must be conducted separately from work activities (section 11(2)). You should set aside time from ordinary work activities to complete structured training. However, you can count short courses or other lectures or presentations in the workplace towards the structured training requirement.

17. What work activities do I need to complete during each quarter of the professional year?

The work activities that you must complete in each quarter of the professional year are set out in Table 1 below (see section 10(1) of the PY Determination).

The work activities are phased so that you will be increasingly exposed to direct contact with retail clients and take on an increasing share of responsibility for the work. A phased approach allows your supervisor and responsible licensee to ensure that you build on work done during the professional year in an orderly way. During the four quarters, you will transition from a directly supervised approach to an indirectly supervised approach.

Table 1: Required work activities for each quarter

The work activities must be such that, if you complete all the work activities and structured training in your professional year plan, it can reasonably be expected that you will have achieved the outcomes and acquired the key competencies in section 6 of the PY Determination (section 10(2)).

18. How can I satisfy the ethical dilemmas requirement for the third and fourth quarters of the professional year?

You can satisfy the ethical dilemmas requirement for the third and fourth quarters of your professional year by satisfactorily identifying and resolving at least four ethical dilemmas relevant to practice as a relevant provider. You must identify and resolve at least two ethical dilemmas in quarter 3 and at least two ethical dilemmas in quarter 4.

The ethical dilemmas may be real-life or fictional ethical dilemmas. In identifying and resolving the ethical dilemmas, you must demonstrate:

• a knowledge and understanding of the Code of Ethics under section 921E of the Corporations Act, and
• an ability to resolve ethical issues in an appropriate way (section 10(3) of the PY Determination).

You must complete and maintain a logbook recording, among other things, the number of hours you spent identifying and resolving ethical dilemmas during quarters 3 and 4, the details of this work activity, and when it was undertaken (see section 13(1) and Question 29).

19. Is it possible to accelerate my progression through the professional year?

Your supervisor may accelerate your progression through the first and/or second quarters of the professional year by issuing a completion certificate before the end of the relevant quarter if they are satisfied that you:

• have achieved the outcomes for that quarter as set out in your professional year plan, and
• are capable of satisfactorily completing the work activities and structured training for the next quarter (section 12(4) of the PY Determination).

A completion certificate given in relation to a quarter where your progression has been accelerated must state that it is given on the basis that your supervisor is satisfied with the above matters. Your responsible licensee must notify ASIC where you were accelerated during the first and/or second quarters of your professional year: see Question 3.

While you can accelerate your progression through the first and/or second quarters of the professional year, you must still pass the financial adviser exam, meet the qualifications standard and be authorised by your responsible licensee as a ‘provisional relevant provider’ before you can commence the third quarter of your professional year: see Question 22.

Even with an accelerated pathway, you still must complete at least 1,500 hours of work activities and at least 100 hours of structured training within a minimum one-year period. Acceleration through the first and/or second quarters of the professional year does not shorten the overall length of the professional year.

Your progression through the third and fourth quarters of the professional year cannot be accelerated.

20. Is there a minimum number of hours that must be spent completing each quarter of the professional year? For example: If you spend more time completing a particular quarter of the professional year, can you spend less time completing the next quarter?

No. However, assuming that you are planning to complete your professional year in one year, a quarter of the professional year would be a period of three months unless your progression through the first and/or second quarters is accelerated: see Question 19).

For a person who plans to complete the professional year on a part-time basis, a quarter of the professional year would be a period equal to a quarter of the period of the professional year (see section 4 of the PY Determination). For example, if you are planning to complete your professional year in two years on a part-time basis, a quarter of the professional year would be a period of six months.

It is possible to spend more time completing a particular quarter of the professional year. For example, if you accelerate your progression through the first and/or second quarters of the professional year, you may need to spend more time completing the third and fourth quarters of the professional year so that you can still meet the requirement to complete at least 1,500 hours of work activities and at least 100 hours of structured training within a minimum one-year period.

Alternatively, if you take longer than usual to complete the first and/or second quarters of the professional year, you will still need to spend three months completing each of the third and fourth quarters of the professional year (assuming that you are completing the professional year on a full-time basis). This is because your progression through the third and fourth quarters of the professional year cannot be accelerated.

21. When can I progress to the next quarter of the professional year?

You can only progress to the next quarter of the professional year and complete the work activities or structured training designated for the next quarter if:

• you have completed the work activities and structured training planned for the previous quarter, and
• your supervisor has given you a completion certificate for the previous quarter (see section12(1) of the PY Determination and Question 23).

Additional requirements apply before you can commence the third quarter of the professional year: see Question 22.

22. When can I commence the third quarter of my professional year?

You can begin the third quarter of your professional year and call yourself a ‘provisional relevant provider’ after you:

• have completed the first and second quarters of the professional year and received completion certificates from your supervisor in relation to both quarters: see Question 23
• have completed a bachelor or higher degree, or equivalent qualification, listed in Schedule 1 of the Qualifications Determination (see Qualifications standard for more information)
• have passed the Financial adviser exam: see Question 7), and
• are authorised by your responsible licensee as a ‘provisional relevant provider’ to provide personal advice on their behalf.

23. When can a completion certificate be given?

Your supervisor must give you a written completion certificate at the end of each quarter of the professional year if they are satisfied that you have:

• completed and maintained your logbook for the quarter
• satisfactorily completed all the work activities and structured training for that quarter set out in your professional year plan
• for the third and fourth quarters, satisfactorily identified and resolved ethical dilemmas: see Question 18, and
• for the fourth quarter, achieved the outcomes and acquired the key competencies set out in section 6 of the PY Determination (see section12(3) of the PY Determination).

Your supervisor must apply the criteria in Question 24 in assessing whether to give you completion certificate for a quarter. Additional requirements apply in relation to the giving of final completion certificates by your supervisor and responsible licensee at the end of the fourth quarter: see Question 26.

Your supervisor may give you a completion certificate for quarters 1 and/or 2 before the end of the relevant quarter in certain circumstances: see Question 19.

24. What general assessment criteria will my responsible licensee and supervisor apply when deciding whether a completion certificate should be given for a quarter?

Your supervisor (and responsible licensee in relation to the fourth quarter) must take the following into account when assessing whether to give you a completion certificate for a quarter:

• whether you have completed and maintained your logbook for the quarter
• the number of hours of work activities and structured training you have completed in accordance with your professional year plan, up to the end of that quarter
• the extent to which you have achieved the particular work and training outcomes for that quarter set out in your professional year plan
• the extent to which you are capable of satisfactorily completing the work and structured training for the next quarter
• for the third and fourth quarters, whether in your identification and resolution of the ethical dilemmas, you have demonstrated the ability to identify ethical issues and resolve them appropriately, and
• whether you have achieved satisfactory progress against the requirements of your professional year plan, including satisfactorily addressing areas for further development (see section 12(5) of the PY Determination).

Additional requirements apply in relation to the provision of final completion certificates by your supervisor and responsible licensee at the end of the fourth quarter: see Question 26.

25. When will I be considered to have completed the professional year?

You will be considered to have completed your professional year and met the professional year standard when you have met the requirements of the PY Determination, and both your supervisor and responsible licensee have given you a final completion certificate (see section 7(1) of the PY Determination and Question 26).

26. Who must give me a final completion certificate and when can it be given?

Both your supervisor and responsible licensee must give you a final completion certificate after the end of the fourth quarter of your professional year if they are satisfied of certain matters.

Your supervisor and responsible licensee can only give you a final completion certificate if:

• they are satisfied of the matters in section 12(3) of the PY Determination (see section 12(8)(a) and Question 23), and
• you have completed at least 1,500 hours of work activities and at least 100 hours of structured training in accordance with your professional year plan and passed the financial adviser exam (section12(6)).

In addition, your responsible licensee can only give you a final completion certificate if they have audited at least five client files you have worked on during your professional year and are satisfied, taking into consideration the work you completed on those files, that you can be relied on to comply with the applicable legal and regulatory requirements in providing personal advice (section12(8)(b)).

A final completion certificate given by your supervisor will not be valid unless your responsible licensee also provides a final completion certificate (section12(7)).

27. I have received a final completion certificate from both my supervisor and responsible licensee. When can I start providing unsupervised personal advice as a fully qualified relevant provider?

Once you have completed your professional year, before you can commence providing personal advice as a fully qualified relevant provider, you must be:

• appointed on the Financial Advisers Register as a relevant provider (once this is completed, your appointment type on the Financial Advisers Register should be ‘relevant provider’ instead of ‘provisional relevant provider’), and
• registered with ASIC as a relevant provider: see Question 28.

28. I have my final completion certificates. What is my responsible licensee required to do to enable me to provide unsupervised personal advice?

Your responsible licensee must notify ASIC within 30 business days of when final completion certificates have been issued by updating your role type on the Financial Advisers Register from ‘provisional relevant provider’ to ‘relevant provider’ and notifying ASIC of the date when you completed the professional year (that is, when both your supervisor and responsible licensee have given you a final completion certificate). This can be done using the Maintain (update) or correct a relevant provider’s details on ASIC Connect. For more information, see our user guide.

Once this update is complete, your responsible licensee must ensure that you are registered with ASIC before you can commence providing unsupervised personal advice. This can be done using the ‘Registration of relevant providers’ function on ASIC Connect. For information about the registration requirement for relevant providers, see Information sheet 276 Registration for relevant providers (INFO 276).

29. What record-keeping requirements apply in relation to the professional year?

Table 2 below sets out the record-keeping requirements that apply to persons training to become a relevant provider (including provisional relevant providers), their supervisor and their responsible licensee in relation to the professional year.

All records must be kept for at least seven years after the date the record was made (section 13(4) of the PY Determination).

The form of the records is a matter for the person, supervisor and responsible licensee to determine. Responsible licensees can develop templates if desired.

Table 2: Professional year record-keeping requirements