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Career Outcomes of Financial Planning Students Cover
By: Tracey West,  Di Johnson and  Anna Webb  
Open Access
|Mar 2024

Figures & Tables

Figure 1:

Goetz, Tombs and Hampton (2005)
Goetz, Tombs and Hampton (2005)

Chart 1:

Graduate Survey of Self-Assessed Employability Skills
Graduate Survey of Self-Assessed Employability Skills

Financial Planning Profession Statistics

Financial Planning ProfessionAllFemaleMaleWorking in FPNot Working in FP
N3810281820
Motivation to seek a career in the financial planning profession
I have family members in financial planning0.0%0.0%0.0%0.0%0.0%
I have friends in financial planning5.9%0.0%3.9%0.0%5.0%
I like managing money70.6%40.0%31.4%29.4%35.0%
I like educating people about money70.6%25.0%37.3%35.3%30.0%
I have seen friends/family members benefit from receiving financial planning advice17.7%10.0%2.0%5.9%10.0%
I’m attracted to the remuneration29.4%20.0%11.8%8.8%17.5%
I entered financial planning through another pathway, e.g. banking20.6%5.0%11.8%17.6%2.5%
I don’t really know why I’m interested in financial planning2.9%0.0%2.0%2.9%0.0%
Other (please specify)
Prospects of working in the financial planning industry
Excellent, I am already working in the industry47.4%40.0%50.0%100.0%0.0%
Very good, I’m confident I’ll find work in the industry23.7%10.0%28.6%0.0%25.0%
Good, I think I will find work in the industry and I’m willing to persist21.1%40.0%14.3%0.0%60.0%
Not very good, it is a hard industry to get in to7.9%10.0%7.1%0.0%15.0%
Very difficult, I do not think there is enough work available0.0%0.0%0.0%0.0%0.0%
Relevance of your past work experience to the financial planning profession
Excellent, I have predominantly worked in financial planning31.6%30.0%32.1%61.1%5.0%
Very good, I have predominantly worked in a related field, i.e. finance/accounting/banking18.4%10.0%21.4%22.2%15.0%
Good, I have a skill set that is readily transferable to financial planning, i.e. client service officer, manager, sales assistant, waitperson etc.29.0%30.0%28.6%16.7%40.0%
Not very relevant, the work experience I have is completely different.13.2%10.0%14.3%0.0%25.0%
I don’t have any work experience.7.9%20.0%3.6%0.0%15.0%
Duties expected to be the most challenging as a financial planner
Analysing financial products8.8%30.0%0.0%12.5%10.0%
Meeting with clients5.9%0.0%8.3%6.3%5.0%
Understanding what clients want to achieve2.9%0.0%4.2%0.0%0.0%
Getting clients to adopt the strategy you constructed11.8%0.0%16.7%6.3%15.0%
Organising time to get everything done26.5%20.0%29.2%18.8%20.0%
Keeping up with professional development requirements8.8%0.0%12.5%6.3%10.0%
Developing complex financial strategies26.5%40.0%20.8%37.5%40.0%
Customer service and administrative duties8.8%10.0%8.3%12.5%0.0%
Other (please specify)
Length of time expected to work as a paraplanner before becoming a financial advisor
Less than 1 year7.9%10.0%7.1%5.6%10.0%
1-2 years21.1%20.0%21.4%5.6%35.0%
2-3 years15.8%20.0%14.3%5.6%25.0%
Longer than 3 years7.9%10.0%7.1%5.6%10.0%
No time, after completion of my degree I will only apply for financial planning roles10.5%0.0%14.3%5.6%15.0%
I am not intending on becoming a financial advisor and wish to remain a paraplanner2.6%10.0%0.0%0.0%5.0%
I am currently a paraplanner and will transition to being a financial planner after I’ve finished my degree5.3%20.0%0.0%11.1%0.0%
I am currently a financial planner29.0%10.0%35.7%61.1%0.0%
Long-term aspirations to become a practice owner
Yes55.3%60.0%53.6%55.6%55.0%
No29.0%40.0%25.0%11.1%45.0%
I am currently a financial planning practice owner15.8%0.0%21.4%33.3%0.0%
Support network for financial planning career journey
Yes I have family members I can ask for support and advice23.7%18.8%16.2%14.8%20.0%
Yes I have friends I can ask for support and advice21.1%12.5%16.2%18.5%12.0%
Yes I have a mentor in the financial planning industry I can ask for support and advice34.2%18.8%27.0%33.3%16.0%
Yes I have a mentor in another industry I can ask for support and advice10.5%0.0%10.8%11.1%4.0%
No, but I would like to have a mentor29.0%25.0%18.9%7.4%36.0%
No, but I’ll figure it out on my own18.4%25.0%10.8%14.8%12.0%
Importance of mentor gender
Yes my mentor is the same gender and I find this important5.4%0.0%7.4%5.6%5.0%
Yes my mentor is the same gender but I wouldn’t mind if my mentor was the opposite sex29.7%0.0%40.7%38.9%25.0%
No, my mentor is the opposite gender and I find this important2.7%0.0%3.7%0.0%5.0%
No, my mentor is the opposite gender but I wouldn’t mind if my mentor was the same sex10.8%30.0%3.7%16.7%5.0%
1 don’t have a mentor51.4%70.0%44.4%38.9%60.0%

Extent to which Education Provider Develops Skills

Employability SkillsAllFemaleMaleWorking in FPNot working in FP
Very Low
Interpersonal5.6%11.1%3.7%5.9%5.6%
Presentation2.8%11.1%0.0%5.9%0.0%
Organisation and time management2.8%0.0%3.7%0.0%5.3%
Writing2.8%0.0%3.7%0.0%5.3%
Negotiating19.4%33.3%14.8%11.8%26.3%
Marketing20.0%44.4%11.5%18.8%21.1%
Critical thinking0.0%0.0%0.0%0.0%0.0%
Problem-solving0.0%0.0%0.0%0.0%0.0%
Leadership13.9%11.1%14.8%17.6%10.5%
Business awareness8.3%11.1%7.4%11.8%4.8%
Analysing information0.0%0.0%0.0%0.0%0.0%
Takes initiative5.7%11.1%3.8%6.3%5.3%
Enterprising5.7%11.1%3.8%5.9%5.6%
Ability to apply knowledge in a work setting0.0%0.0%0.0%0.0%0.0%
Lifelong learner0.0%0.0%0.0%0.0%0.0%
Team player11.1%11.1%11.1%12.5%10.5%
Being able to use technology5.6%11.1%3.7%5.9%5.3%
Low
Interpersonal16.7%22.2%25.9%11.8%22.2%
Presentation25.0%22.2%25.9%23.5%27.8%
Organisation and time management11.1%22.2%7.4%0.0%21.1%
Writing2.8%0.0%3.7%0.0%5.3%
Negotiating36.1%44.4%33.3%41.2%31.6%
Marketing42.9%44.4%42.3%50.0%36.8%
Critical thinking0.0%0.0%0.0%0.0%0.0%
Problem-solving0.0%0.0%0.0%0.0%0.0%
Leadership27.8%22.2%29.6%23.5%31.6%
Business awareness25.0%22.2%25.9%29.4%28.6%
Analysing information0.0%0.0%0.0%0.0%0.0%
Takes initiative25.7%22.2%26.9%25.0%26.3%
Enterprising34.3%55.6%26.9%35.3%33.3%
Ability to apply knowledge in a work setting19.4%11.1%22.2%18.8%21.1%
Lifelong learner13.9%11.1%14.8%0.0%22.2%
Team player16.7%11.1%18.5%12.5%21.1%
Being able to use technology5.6%11.1%7.4%5.9%5.3%
Moderate
Interpersonal47.2%44.4%18.5%47.1%50.0%
Presentation16.7%11.1%18.5%29.4%22.2%
Organisation and time management27.8%22.2%29.6%29.4%26.3%
Writing19.4%33.3%14.8%17.6%21.1%
Negotiating30.6%22.2%33.3%29.4%31.6%
Marketing17.1%11.1%19.2%12.5%21.1%
Critical thinking30.6%33.3%29.6%29.4%31.6%
Problem-solving27.8%33.3%25.9%23.5%27.8%
Leadership25.0%44.4%18.5%29.4%21.1%
Business awareness33.3%33.3%33.3%35.3%28.6%
Analysing information11.1%11.1%11.1%11.8%10.5%
Takes initiative22.9%11.1%26.9%18.8%26.3%
Enterprising31.4%11.1%38.5%41.2%22.2%
Ability to apply knowledge in a work setting33.3%33.3%33.3%25.0%42.1%
Lifelong learner25.0%11.1%29.6%23.5%27.8%
Team player25.0%11.1%29.6%31.3%21.1%
Being able to use technology25.0%22.2%25.9%23.5%26.3%
High
Interpersonal19.4%22.2%37.0%17.6%16.7%
Presentation38.9%44.4%37.0%11.8%50.0%
Organisation and time management33.3%44.4%29.6%41.2%26.3%
Writing44.4%55.6%40.7%41.2%47.4%
Negotiating11.1%0.0%14.8%11.8%10.5%
Marketing11.4%0.0%15.4%6.3%15.8%
Critical thinking33.3%55.6%25.9%23.5%42.1%
Problem-solving44.4%66.7%37.0%41.2%50.0%
Leadership27.8%22.2%29.6%23.5%31.6%
Business awareness25.0%33.3%22.2%17.6%28.6%
Analysing information55.6%55.6%55.6%52.9%57.9%
Takes initiative28.6%33.3%26.9%43.8%15.8%
Enterprising17.1%11.1%19.2%11.8%22.2%
Ability to apply knowledge in a work setting30.6%33.3%29.6%37.5%26.3%
Lifelong learner36.1%33.3%37.0%47.1%27.8%
Team player38.9%55.6%33.3%31.3%42.1%
Being able to use technology44.4%33.3%48.1%41.2%47.4%
Very High
Interpersonal11.1%0.0%14.8%17.6%5.6%
Presentation16.7%11.1%18.5%29.4%0.0%
Organisation and time management25.0%11.1%29.6%29.4%21.1%
Writing30.6%11.1%37.0%41.2%21.1%
Negotiating2.8%0.0%3.7%5.9%0.0%
Marketing8.6%0.0%11.5%12.5%5.3%
Critical thinking36.1%11.1%44.4%47.1%26.3%
Problem-solving27.8%0.0%37.0%35.3%22.2%
Leadership5.6%0.0%7.4%5.9%5.3%
Business awareness8.3%0.0%11.1%5.9%9.5%
Analysing information33.3%33.3%33.3%35.3%31.6%
Takes initiative17.1%22.2%15.4%6.3%26.3%
Enterprising11.4%11.1%11.5%5.9%16.7%
Ability to apply knowledge in a work setting16.7%22.2%14.8%18.8%10.5%
Lifelong learner25.0%44.4%18.5%29.4%22.2%
Team player8.3%11.1%7.4%12.5%5.3%
Being able to use technology19.4%22.2%14.8%23.5%15.8%

Financial Planning Program Statistics

Financial Planning ProgramAllFemaleMaleWorking in FPNot Working in FP
N3810281820
Education provider
Central Queensland University2.6%10.0%0.0%5.6%0.0%
Charles Sturt University0.0%0.0%0.0%0.0%0.0%
Curtin University of Technology7.9%0.0%10.7%5.6%10.0%
Deakin University5.3%10.0%3.6%0.0%10.0%
Financial Services Institute of Australia (Finsia)0.0%0.0%0.0%0.0%0.0%
Griffith University68.4%70.0%67.9%83.3%55.0%
Kaplan Higher Education0.0%0.0%0.0%0.0%0.0%
La Trobe University0.0%0.0%0.0%0.0%0.0%
RMIT University0.0%0.0%0.0%0.0%0.0%
TAFE NSW Higher Education0.0%0.0%0.0%0.0%0.0%
University of Adelaide0.0%0.0%0.0%0.0%0.0%
University of Canberra0.0%0.0%0.0%0.0%0.0%
University of New England0.0%0.0%0.0%0.0%0.0%
University of NSW5.3%10.0%3.6%0.0%10.0%
University of Southern Queensland0.0%0.0%0.0%0.0%0.0%
University of the Sunshine Coast5.3%0.0%7.1%5.6%5.0%
University of Wollongong5.3%0.0%7.1%0.0%10.0%
Victoria University0.0%0.0%0.0%0.0%0.0%
Western Sydney University0.0%0.0%0.0%0.0%0.0%
Educational Attainment (assuming successful completion of current program)
Masters39.5%30.0%42.9%44.4%35.0%
Graduate Diploma/Certificate15.8%20.0%14.3%16.7%15.0%
Bachelor Degree44.7%50.0%42.9%38.9%50.0%
GPA (equivalent out of 7)
Average5.55.55.65.85.3
Median5.65.65.75.95.3
Low3.54.13.55.03.5
High7.06.57.07.06.5
Expected time to complete program
In the next 6 months29.0%20.0%32.1%44.4%10.5%
In the next 12 months29.0%10.0%35.7%27.8%31.6%
Longer than 12 months42.1%70.0%32.1%27.8%57.9%
Motivation to enrol in a financial planning program
To seek a career in financial planning40.5%26.7%25.6%8.7%38.2%
To upskill56.8%33.3%37.2%47.8%29.4%
To meet education requirements37.8%26.7%23.3%43.5%11.8%
Career change21.6%13.3%14.0%0.0%20.6%

Descriptive Statistics

Demographic and Socioeconomic CharacteristicsAllFemaleMaleWorking in FPNot Working in FP
N3810281820
Sex
Male 73.7%77.8%70.0%
Female 26.3% 22.2%30.0%
Age
20-2947.4%40.0%53.8%27.8%68.4%
30-3921.1%40.0%15.4%27.8%10.5%
40-497.9%10.0%7.7%11.1%5.3%
50-5923.7%10.0%23.1%33.3%15.8%
Household Type
Couple No Children23.7%30.0%21.4%44.4%5.0%
Couple with Children31.6%20.0%35.7%33.3%30.0%
Single Parent Household5.3%10.0%3.6%5.6%5.0%
Single Person Household13.2%10.0%14.3%5.6%20.0%
Multiple Family/Share Accommodation/Other26.3%30.0%25.0%11.1%40.0%
Aboriginal or Torres Strait Islander
Yes2.6%0.0%3.6%0.0%5.0%
No97.4%100.0%96.4%100.0%95.0%
First Language a language other than English
Yes26.3%40.0%21.4%22.2%30.0%
No73.7%60.0%78.6%77.8%70.0%
Employment status
Employed full-time55.3%40.0%60.7%77.8%35.0%
Employed part-time/casual26.3%40.0%21.4%22.2%30.0%
Not currently employed18.4%20.0%17.9%0.0%35.0%
Current level of income (including Centrelink and family payments)
$0-$25,00021.1%20.0%23.1%5.6%35.0%
$25,000-$50,00021.1%30.0%19.2%11.1%30.0%
$50,000-$75,00021.1%30.0%11.5%22.2%20.0%
$75,000-$100,0007.9%0.0%11.5%16.7%0.0%
$100,000 and over29.0%20.0%34.6%44.4%15.0%
Current level of net wealth (estimated value of all assets less all liabilities)
Less than $013.2%10.0%14.3%0.0%25.0%
$0-$100,00047.4%60.0%42.9%44.4%50.0%
$100,000-$500,00010.5%10.0%10.7%5.6%15.0%
$500,000-$1,000,00010.5%0.0%14.3%22.2%0.0%
$1,000,000 and over18.4%20.0%17.9%27.8%10.0%

Self-Assessed Employability Skills

Employability SkillsAllFemaleMaleWorking in FPNot working in FP
Very Low
Interpersonal0.0%0.0%0.0%0.0%0.0%
Presentation0.0%0.0%0.0%0.0%0.0%
Organisation and time management0.0%0.0%0.0%0.0%0.0%
Writing0.0%0.0%0.0%0.0%0.0%
Negotiating0.0%0.0%0.0%0.0%0.0%
Marketing0.0%0.0%0.0%0.0%0.0%
Critical thinking0.0%0.0%0.0%0.0%0.0%
Problem-solving0.0%0.0%0.0%0.0%0.0%
Leadership0.0%0.0%0.0%0.0%0.0%
Business awareness0.0%0.0%0.0%0.0%0.0%
Analysing information0.0%0.0%0.0%0.0%0.0%
Takes initiative0.0%0.0%0.0%0.0%0.0%
Enterprising0.0%0.0%0.0%0.0%0.0%
Ability to apply knowledge in a work setting0.0%0.0%0.0%0.0%0.0%
Lifelong learner0.0%0.0%0.0%0.0%0.0%
Team player0.0%0.0%0.0%0.0%0.0%
Being able to use technology0.0%0.0%0.0%0.0%0.0%
Low
Interpersonal2.6%0.0%3.6%0.0%5.0%
Presentation0.0%0.0%0.0%0.0%0.0%
Organisation and time management0.0%0.0%0.0%0.0%0.0%
Writing0.0%0.0%0.0%0.0%0.0%
Negotiating7.9%20.0%3.6%0.0%15.0%
Marketing21.6%30.0%18.5%29.4%15.0%
Critical thinking0.0%0.0%0.0%0.0%0.0%
Problem-solving0.0%0.0%0.0%0.0%0.0%
Leadership2.6%0.0%3.6%0.0%0.0%
Business awareness0.0%0.0%0.0%0.0%0.0%
Analysing information2.6%0.0%3.6%0.0%5.0%
Takes initiative0.0%0.0%0.0%0.0%0.0%
Enterprising0.0%0.0%0.0%0.0%0.0%
Ability to apply knowledge in a work setting0.0%0.0%0.0%0.0%0.0%
Lifelong learner0.0%0.0%0.0%0.0%0.0%
Team player5.3%10.0%3.6%0.0%5.0%
Being able to use technology5.3%0.0%7.1%5.6%5.0%
Moderate
Interpersonal10.5%10.0%10.7%5.6%15.0%
Presentation21.1%30.0%17.9%11.1%30.0%
Organisation and time management23.7%0.0%32.1%38.9%10.0%
Writing21.1%30.0%17.9%16.7%25.0%
Negotiating26.3%30.0%25.0%22.2%30.0%
Marketing35.1%40.0%33.3%23.5%45.0%
Critical thinking13.2%10.0%14.3%5.6%20.0%
Problem-solving10.5%10.0%10.7%5.6%15.0%
Leadership31.6%20.0%35.7%27.8%36.8%
Business awareness13.2%10.0%14.3%16.7%10.0%
Analysing information13.2%20.0%10.7%11.1%15.0%
Takes initiative13.2%10.0%14.3%5.6%20.0%
Enterprising50.0%50.0%50.0%44.4%55.0%
Ability to apply knowledge in a work setting5.3%0.0%7.1%5.6%5.0%
Lifelong learner15.8%10.0%17.9%11.1%20.0%
Team player15.8%20.0%14.3%29.4%5.0%
Being able to use technology15.8%0.0%21.4%27.8%5.0%
High
Interpersonal47.4%40.0%50.0%44.4%50.0%
Presentation52.6%40.0%57.1%61.1%45.0%
Organisation and time management55.3%60.0%53.6%44.4%65.0%
Writing60.5%40.0%67.9%66.7%55.0%
Negotiating39.5%50.0%35.7%38.9%40.0%
Marketing37.8%30.0%40.7%41.2%35.0%
Critical thinking47.4%40.0%50.0%55.6%40.0%
Problem-solving52.6%40.0%57.1%55.6%50.0%
Leadership42.1%50.0%39.3%50.0%36.8%
Business awareness57.9%60.0%57.1%66.7%50.0%
Analysing information39.5%40.0%39.3%38.9%40.0%
Takes initiative50.0%30.0%57.1%61.1%40.0%
Enterprising39.5%40.0%39.3%44.4%35.0%
Ability to apply knowledge in a work setting65.8%70.0%64.3%72.2%60.0%
Lifelong learner42.1%50.0%39.3%38.9%45.0%
Team player39.5%40.0%39.3%29.4%50.0%
Being able to use technology47.4%70.0%39.3%38.9%55.0%
Very High
Interpersonal39.5%50.0%35.7%50.0%30.0%
Presentation26.3%30.0%25.0%27.8%25.0%
Organisation and time management21.1%40.0%14.3%16.7%25.0%
Writing18.4%30.0%14.3%16.7%20.0%
Negotiating26.3%0.0%35.7%38.9%15.0%
Marketing5.4%0.0%7.4%5.9%5.0%
Critical thinking39.5%50.0%35.7%38.9%40.0%
Problem-solving36.8%50.0%32.1%38.9%35.0%
Leadership23.7%30.0%21.4%22.2%26.3%
Business awareness29.0%30.0%28.6%16.7%40.0%
Analysing information44.7%40.0%46.4%50.0%40.0%
Takes initiative36.8%60.0%28.6%33.3%40.0%
Enterprising10.5%10.0%10.7%11.1%10.0%
Ability to apply knowledge in a work setting29.0%30.0%28.6%22.2%35.0%
Lifelong learner42.1%40.0%42.9%50.0%35.0%
Team player39.5%30.0%42.9%41.2%40.0%
Being able to use technology31.6%30.0%32.1%27.8%35.0%
DOI: https://doi.org/10.2478/fprj-2019-0004 | Journal eISSN: 2206-1355 | Journal ISSN: 2206-1347
Language: English
Page range: 82 - 110
Submitted on: Feb 5, 2019
Accepted on: Mar 1, 2019
Published on: Mar 19, 2024
Published by: Financial Advice Association of Australia
In partnership with: Paradigm Publishing Services
Publication frequency: 2 issues per year

© 2024 Tracey West, Di Johnson, Anna Webb, published by Financial Advice Association of Australia
This work is licensed under the Creative Commons Attribution 4.0 License.