A team of students from Griffith University has won the AMP University Challenge, beating the largest field in the competition's history.

Now in its seventh year, the AMP University Challenge is a national financial planning competition for tertiary students that aims to identify promising new talent and promote high standards of education and professionalism among the next generation of advisers.

This year, more than 700 students from Australia's leading institutions entered the competition, a record field.

AMP Director of Channel Strategy & Services, David Akers said the high standards of technical knowledge and practice on display reflected well on the up and coming generation of advisers and finance professionals.

"AMP wants to nurture a new generation of financial advisers in keeping with the drive for higher standards and greater levels of education in the industry," Mr Akers said.

"The performance of the finalists in the AMP University Challenge and the overall standard of entries this year shows that the future is in good hands."

Students, participating as individuals or in teams, were required to submit a financial plan for a hypothetical client as part of their initial competition entry.

The top 5 entries were then chosen to participate in the Finals Days in Sydney where they took part in a technical quiz, made a presentation on Australia's retirement income system and put their people skills to the test by delivering their financial plan in a simulated client meeting.

It was also a chance for them to mix with senior advice professionals and academics and explore their career opportunities at the headquarters of Australia's largest network of financial advisers.

AMP Academy and Education Manager, Louise Trevaskis said: "As part of the industry reform process there has been a strong focus on the important role of financial advisers in society and the need for more Australians to receive quality financial advice."

"I think this is helping drive a renewed interest in an advice career among young people and shows how rewarding it can be to help other Australians become more confident about their financial future."

First prize for the winning team was $5,000 along with registration to attend the 2017 FPA Professionals Congress.

Students from the University of Queensland and Western Sydney University took out second and third prizes respectively, which included student membership of the FPA. TAFE NSW and La Trobe University students achieved the fourth and fifth places.

The AMP University Challenge is integrated into the curriculum and assessment for students studying financial planning majors at Deakin University, TAFE NSW, La Trobe University and Western Sydney University.