FASEA Exam – AUGUST 2020 Results & Analysis

FASEA recently released exam results from the Exam held in August 2020.

Result highlights include:

* 82% of candidates passed the August exam,

* 65% of advisers re-sitting the exam passed on their second attempt,

* 1,521 advisers sat the exam compared with an average of 1600 across all exams

* Over 11,180 advisers have sat the exam, with almost 10,000 having passed (pass rate of 89%), & this represents 46% of advisers on ASIC’s Financial Adviser Register (FAR).

August exam data highlights areas for improvement:

* Regs & Legs

  • Demonstrating an understanding of the difference between personal advice, general advice & factual information & how they apply to different client scenarios
  • Assessing whether advice recommendations meet the client’s best interests
  • Assessing the impact conflicts of interest may have on advice recommendations

* Financial Advice Construction:

  • Identification of client biases and how they may influence clients’ financial decisions and/or investment choices
  • Understanding the context of client requests for advice and how this may impact advice construction

* Ethics & reasoning

  • Applying Standard’s 2, 4 and 12 of the Code of Ethics
  • Demonstrating understanding of an adviser’s ethical obligations when advising on complex family structures

Read the full FASEA release at https://www.fasea.gov.au/fasea-releases-august-exam-results/