The Diploma in Professional Finance Advice will be a work-based route and enables candidates to demonstrate knowledge via work and practical experience.
It has been created by NMBA in association with qualification provider Calibrand and the Financial Services Authority.
The Alterative Assessment Project Group, led by SimplyBiz chairman Ken Davy, has been working with the FSA since January 2010 to develop the route.
It will cost advisers £1,000, almost £1,000 cheaper than the assessment route offered by the Chartered Insurance Institute.
Mr Davy said: “I believe that the introduction of the NMBA’s alternative assessment option will mean that many experienced financial advisers, who have been put off by examinations, will now be able to achieve their Level 4 qualification rather than needlessly being forced out of the profession.
“This will benefit not only these advisers but also the enormous number of clients who would otherwise have lost access to their Financial Planner.”
Denis Saunders, managing director of Calibrand, said: “This alternative assessment method to our Diploma is in line with our mission to give as many advisers as possible the opportunity to meet the qualification standards required by the end of 2012.
“It is designed to be straightforward, attainable and value for money.”
The Diploma will be available from November.