Financial Adviser Career Path

In order to begin your career as a financial adviser, you must hold a relevant, recognised qualification. The DipFA (Diploma for Financial Advisers) meets the Financial Conduct Authority’s (FCA) requirements for financial advisers and is the perfect qualification for this sector.

The DipFA prepares you with all of the knowledge and skills you need in order to begin work as a financial adviser. It’s the ideal stepping stone to a new career. But what happens next?

Financial advising career path: your next steps as a qualified financial adviser

Once you complete your DipFA and exams, you are ready to apply for your Statement of Professional Standing (SPS). Once you hold this, you are ready to start advising your first clients.

What do financial advisers do?

As a qualified financial adviser you will offer clients professional advice on what best to do with their money. You must research the different products available and make recommendations based on your findings.

The kinds of products you might offer advice on include:

• Pension schemes to companies
• Pension plans to individuals
• Mortgages
• Saving plans
• Insurance

The exact products you advise on will depend on the job you choose and who you work for. You may decide to specialise in one particular area or work as a general financial adviser. The choice is yours.

If you find yourself working for a particular company, you are likely to be limited to recommending products sold by them. At the other end of the scale, you could become an independent adviser and offer products from the whole market.

Once you hold your DipFA and SPS, the next steps in your financial adviser career are up to you. Whatever you end up doing within the industry, your skills will be valued and your advice taken seriously. It’s important to understand your responsibilities and realise that clients will make big financial decisions based on your advice.

What does the DipFA involve?

Before mapping out your career path, it’s worth understanding what the DipFA qualification actually covers. It’s a Level 4, FCA-approved qualification awarded by The Walbrook (LIBF part), consisting of six modules. These take you from the regulatory foundations of financial services through to taxation, investment principles, retirement planning, financial protection and – finally – financial planning practice, where you apply everything to real client scenarios.

The course is delivered via live webinar in small class sizes, so you can study from anywhere in the UK. Each of the two assessed units is examined by multiple-choice questions and case studies, with a pass mark of 70%. With part-time study, you could complete the qualification in as little as six months.

What to do after the DipFA?

The DipFA is the perfect place to start when beginning your career as a qualified financial adviser. If, however, you then decide to progress further and add to your qualifications, the Level 6 Diploma in Financial Advice (Adv DipFA) makes a great next step. You can study this once you have at least three years of experience.

Another option is to progress your skills in a different direction and study the Award in Pension Transfers (AwPETR). This leads you towards becoming a pension transfer specialist and also counts towards a Professional Diploma in Banking and Finance.

Financial adviser salary: what can you earn?

Earning potential is one of the most common questions from people considering this career – and the figures are encouraging. Newly qualified advisers typically start on salaries of around £30,000–£45,000, depending on employer and location. With a few years of experience, £45,000–£65,000 is common, and senior advisers at established firms regularly earn £70,000–£95,000 or more, with bonuses on top.

The sector you work in also shapes your earnings significantly. Advisers in professional practice firms (those connected to accountancy or legal services) tend to command higher base salaries, often in the £55,000–£75,000 range. Self-employed Independent Financial Advisers operate differently – there is no guaranteed salary, but established IFAs who build a strong client base can generate £100,000–£200,000+ in annual revenue.

Employed vs self-employed: which path is right for you?

Once you’re qualified, one of the most important decisions you’ll face is whether to work as an employed adviser or set up as an Independent Financial Adviser (IFA). Both routes have genuine advantages, and the right choice depends on what you want from your career.

Employed advisers benefit from a regular salary, employer support, a ready-made client base and structured progression. The trade-off is that they may only be authorised to recommend products from a limited panel. IFAs, by contrast, can offer advice from the whole of the market – giving clients more choice and advisers more flexibility – but this comes with the responsibility of running your own business and building your own client relationships from scratch.

Many advisers find it useful to begin in an employed role, gaining experience and confidence before transitioning to independence later. Neither path is inherently better; it comes down to your priorities, your appetite for business ownership, and the kind of working life you want.

Maintaining your SPS: CPD requirements

Qualifying as a financial adviser is not a one-time achievement. The FCA requires all retail investment advisers to renew their Statement of Professional Standing (SPS) every year, which means keeping up with Continuing Professional Development (CPD) is an ongoing professional obligation. To renew your SPS, you must complete 35 hours of CPD annually, adhere to the code of ethics set by your accredited body (such as the LIBF, CII or CISI), and maintain an active FCA registration.

CPD can be completed through a wide range of activities, including:

• Structured learning – webinars, courses, qualifications and live workshops.
• Industry reading – trade press, regulatory updates and technical publications.
• Practical reflection – reviewing your own client cases and identifying areas for development.

Simply Academy offers ongoing training and CPD support for qualified advisers, so whether you’re newly qualified or well established, there are options to help you stay sharp and meet your annual requirements.

Take the next step

So you see, the DipFA is just the start of what could become your exciting new career.

If you’re interested in enrolling on one of our courses, don’t hesitate to get in touch. Our friendly team is ready to answer all your questions and talk about your options.