The STATS from the NOVEMBER FASEA Exam sitting
Result highlights include:
- 11,241 advisers have passed the adviser exams held to date representing 52% of advisers on ASIC’s Financial Adviser Register (FAR).
- overall, 89.5% of advisers who have sat the exam (irrespective of how often it was sat) have passed.
- 80% of candidates sitting the exam for the first time passed the November exam (compared with an average of 85.8% across all exams)
58% of advisers re-sitting the exam passed on their second attempt compared to 59% re-sitters across all exams
- 76% of candidates passed the November exam (compared with an average of 83% across all exams)
- 1016 advisers sat the exam compared with an average of 1490 across all exams
ANALYSIS OF THE NOVEMBER FASEA EXAM data highlights areas for improvement
Exam question areas advisers have underperformed in the exam are set out below.
Financial Advice Regulatory and Legal Requirements
- Assessing whether the adviser has appropriately scoped the advice
- Demonstrating an understanding of the different types of advice (eg. personal advice, general advice and factual information) and how they apply to different client scenarios
- Demonstrating knowledge of the components of key advice documentation that is provided to the client i.e. FSG/SOA
- Demonstrating an understanding of the different types of advice and their legal obligations when considering appropriate financial products.
- Demonstrating the ability to identify breaches of best interest duty and subsequent notification obligations.
Applied Ethical and Professional Reasoning and Communication
- Demonstrating an understanding of an adviser’s ethical obligations when advice is not in the client’s best interest
- Demonstrating an understanding of an adviser’s ethical obligations when advising on complex family structures
Existing advisers have until the end of 2021 to pass the exam. FASEA is offering 6 sittings in 2021 both online and in physical locations (subject to COVID protocols). To maximise the number of potential sittings an adviser may have in 2021, FASEA encourages advisers to book for early sittings next year.
Advisers who sit either the January or March 2021 exams will have up to 3 sittings to pass next year. Exam booking information can be found on the FASEA website (link).
Over 1300 advisers have booked for the January exam, to be held in metropolitan and regional locations and online from 28 January to 2 February.