I am regularly asked whether I think the ‘experience pathway’ promise will ever become a reality.
My answer is always the same. Don’t wait for the Labor government to rescue you. That does not appear to be any government’s agenda.
If you want to stay in the industry, make a start now on upgrading your education.
I could be proved wrong, but personally I think the ‘experience pathway’ promise has ‘back-flip’ written all over it. If it was going to be implemented, it would be here by now or at least on its way.
The reason for my scepticism is this. Would the government really care if it back-flipped on this issue and kicked a few hundred more advisers to the kerb?
I doubt it. Neither government in recent history has expressed any concern for the massive fallout from the adviser exam. A bit more fallout would only serve to further strengthen the case for more institutional and industry fund advice.
So my suspicion is that a decision on this issue may be dragged out through 2023 until those who have 6-8 subjects to complete come under extreme pressure to meet the bridging education deadline which is effectively the end of 2025.
Furthermore, the government’s justification for not introducing the experience pathway, may well come in the form of opposition from peer advisers who have either completed, or are well into completing, their graduate diploma, degree or master degree qualification; who want to maintain the existing ‘level playing field’.
Author’s note: On 13th March 2023, just 3 weeks after writing this article, Minister Stephen Jones announced the delay of his response to the QAR until after the May 2023 budget. Although there is no specific mention of the 10-year experience pathway, safe to assume that it is also delayed.