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Industry Demand for Financial Planning Graduates Cover
Open Access
|Mar 2024

Figures & Tables

Expected new entrant qualifications

Are there minimum qualifications you would require new entrants to have?ReceptionistPersonal / Executive AssistantClient Service Officer (CSO)ParaplannerFinancial Planner (early entrant)
#%#%#%#%#%
RG1462617.8%4026.7%7336.5%5121.7%4114.5%
Diploma of Financial Planning (or equivalent)32.1%1510.0%5125.5%7431.5%6322.3%
Advanced Diploma0021.3%105.0%5523.4%4817.0%
Bachelors (Related)10.7%53.3%94.5%208.5%4616.3%
Bachelors (Financial Planning)0010.7%63.0%2811.9%6422.7%
Postgraduate (Financial Planning)00000020.9%186.4%
Certified Financial Planner (CFP)0000000000
None11679.5%8758.0%5125.5%52.1%20.7%

Summary data for new entrants

QuestionResponseFrequency%
Do you currently, or would you like to recruit new entrants (e.g. graduates or career changers) to the industry?Yes10354.8%
No8545.2%
Do you have a standard career progression pathway for new entrants?Yes7064.8%
No3835.2%
Are new entrants provided with:
    A formal induction?Yes7578.1%
No2131.8%
    Formal training in their first two years?Yes5361.6%
No3338.4%
    Informal training in their first two years?Yes9294.9%
No55.2%
    Incentives PackagesYes5662.2%
No3437.8%
    Career PlanningYes6167.0%
No3033.0%
    Other 3-
Would you like to see a structured graduate recruitment and development process put in place at the industry level similar to that in other professions such as accounting and law e.g. long-term internships?Yes15381.8%
No3418.2%
Are you planning to grow staff numbers in the next 5 years?Yes16085.1%
No2814.9%
    For firms with gross revenue of <$500,000Yes4078.4%
No1121.6%
    For firms with gross revenue of $500,000-$1,000,000Yes5089.3%
No610.7%
    For firms with gross revenue of $1,000,001-$2,000,000Yes3780.4%
No919.6%
    For firms with gross revenue of $2,000,001-$5,000,000Yes22100%
No00
    For firms with gross revenue of >$5,000,000Yes1184.6%
No215.4%
    SME firms combined ($0-$5,000,000)Yes14985.1%
No2614.9%
Are you planning to use graduates for staff growth in the financial planning roles in your firm?Yes10064.5%
No5535.5%
    For firms with gross revenue of <$500,000Yes2255.0%
No1845.0%
    For firms with gross revenue of $500,000-$1,000,000Yes3166.0%
No1634.0%
    For firms with gross revenue of $1,000,001-$2,000,000Yes2259.5%
No1540.5%
    For firms with gross revenue of $2,000,001-$5,000,000Yes1470.0%
No630.0%
    For firms with gross revenue of >$5,000,000Yes11100.0%
No00.0%
    SME firms combined ($0-$5,000,000)Yes8961.8%
No5538.2%
Please indicate the following methods that you would most likely use to recruit for new entrants into the financial planning pathway (multiple responses allowed)
    Direct from a university program 7617.3%
    Recruitment agency 7416.9%
    Online, large job site eg seek, 7717.5%
    Online specialty job sites eg financial planning sites 276.2%
    Online networking site (eg LinkedIn) 4610.5%
    Personal networks 12929.4%
    Print ads 61.4%
    Other (please specify) 40.9%
DOI: https://doi.org/10.2478/fprj-2016-0007 | Journal eISSN: 2206-1355 | Journal ISSN: 2206-1347
Language: English
Page range: 106 - 124
Submitted on: Jun 23, 2016
|
Accepted on: Oct 10, 2016
|
Published on: Mar 17, 2024
In partnership with: Paradigm Publishing Services
Publication frequency: 2 issues per year

© 2024 Dianne Johnson, Mark Brimble, Ric Zanetti, published by Financial Advice Association of Australia
This work is licensed under the Creative Commons Attribution 4.0 License.