The Personal Finance Society has joined forces with major education and training provider Pearson to create a new ‘pathway’ into the financial advice profession.

The move could mean up to 15,000 new potential financial advisers with some becoming Financial Planners.

The tie-up means Pearson’s BTEC Enhanced Diploma in Business has now been recognised by the Chartered Insurance Institute, the parent body of the PFS, as a Level 3 qualification.

The deal means the qualification could be used as a ‘bridge’ to the professional body’s qualifications such as CF1.

The move could lead to many more young people becoming financial adviser apprentices.

The PFS says the recognition means 15,000 students studying the BTEC Enhanced Diploma in Business, equivalent to three A Levels, will be able to learn more about studying to join the personal finance profession.

In the next academic year, the PFS and Pearson will work with about five colleges covering 400 students to provide information about how students can take their BTEC qualification, complete other CII examinations and then get a job in the personal finance sector.

Once this pilot is finished, the PFS and Pearson will provide a ‘career map’ into financial advice to all colleges offering the BTEC Enhanced Diploma in Business.

Laura Hall, manager for BTEC Business, Enterprise and Law at Pearson, said: “We are pleased to team up with the Chartered Insurance Institute and Personal Finance Society to deliver career maps and details of how to progress to apprenticeships in the Financial Planning profession.

“We will explain how you can climb to the top of the financial advice profession without necessarily going down the traditional higher education route.”

Keith Richards, chief executive of the Personal Finance Society, said: “Over the last few years there has been a growing need and demand for new entrants to the financial advice profession to meet consumer demand as well as succession planning for retiring advisers.

“This is a great way to attract students to a profession where you can develop a rewarding career and have a positive impact on people’s lives.”