Structure of this “Prep” Program

The purpose of the examination is to assess your competencies as a new entrant undertaking your Professional Year or as an existing Financial Adviser. The examination has been designed to reflect the competencies required to provide quality personal financial advice to retail clients.

In the following sections, we will explore the:

  • FASEA Recommended Reading lists for the Exam Curriculum.
  • “Hot List” of readings we have curated and assembled based on feedback received from individuals who have sat the official FASEA Financial Adviser Exam.
  • Learner Guides we have created that structure the plethora of information in to an easy to read and follow structure, and provides a simply ‘one point of access’ source of information.
  • Case Studies which help explore and put in context the concepts the Exam is built around and provides practical examples of financial advice in practice.
  • Practice Exam to help “bring it all together” and get you ‘match ready’ to sit the official FASEA Financial Adviser Exam.

How do I get started?

Please CAREFULLY READ the instructions  below.  Familiarise yourself with the “FILES” tab and “MODULES” tab  as per the instructions below.    To open any TAB in a new browser window, simply hold ‘Ctrl’ & click the LEFT MOUSE BUTTON on the tab.  This will make it much easier to navigate the system.  

Navigating through the documents

Participants can choose to navigate through the documents in a couple of ways.

1.  Use the “Modules” tab in the LEFT-hand vertical navigation bar on your online Portal screen.  

2.  Use “Previous” and “Mark Complete” bottoms at bottom of online screen to navigate through the pages/modules.  These buttons allow you, the Participant, to move sequential through the learning materials at your own pace.

Exam Curriculum

The exam allows candidates to demonstrate professional reasoning and apply knowledge acquired to financial advice scenarios at AQF 7 level of reasoning.  The examination covers three domains of knowledge and skills as follows:

1. (FARL) Financial Advice Regulatory and Legal Obligations (including Corporations Act – Chapter 7, Anti-Money Laundering (AML), Tax Agents Services Act (TASA)) – the proposed learning outcomes are to:

  • Identify the obligations of relevant providers under Chapter 7 of the Corporations Act 2001
  • Articulate the importance of a Statement of Advice (SOA) and identify the essential requirements required under Chapter 7 of the Corporations Act
  • Articulate the consequences of breaching their financial disclosure obligations under Chapter 7 of the Corporations Act
  • Understand the requirements of the notification obligations for breaches of Chapter 7 of the Corporations Act
  • Compare and contrast legal requirements for individual and licensee
  • Apply legal requirements for AML/CTF legislation when providing advice
  • Apply legal requirements for Privacy legislation when providing advice
  • Articulate the requirements for compliance with the Tax Agents Services Act 2009 requirements as a registered Tax Adviser

2. (AETH) Applied ethical and professional reasoning and communication – the proposed learning outcomes are to:

  • Explain the requirements specified in the FASEA Code
  • Articulate the importance of a code of ethics and why financial planners/advisers need to work and abide by the approved code in the context of professional standards
  • Apply ethical frameworks to address issues and dilemmas that are encountered as a financial planner/adviser
  • Identify and demonstrate the importance of a relevant provider acting with Integrity and in the best interests of each of their clients
  • Evaluate the need for due diligence and the need to maintain client files and records

3. (FAC) Financial Advice Construction – suitability of advice aligned to different consumer groups – the proposed learning outcomes are to:

  • Define the environment in which financial product advice is sought and given for new and existing clients
  • Explain the need to prevent and avoid misconduct and inappropriate advice
  • Broadly understand population and community profiles at a retail client level
  • Identify different types of consumer behaviour and decision making
  • Evaluate and apply advice strategies suitable for different retail clients