FASEA today (7th April 2020) released exam results from the fourth Financial Advisers Exam held in February 2020.
Result highlights from the February sitting include:
- the exam was held in 7 metropolitan and 10 regional centres across Australia from 13 to 18 February
- the exam was subject to ACER’s comprehensive marking approach
- 2231 advisers sat the exam
- over 82% of candidates passed the exam
- the exam is marked to credit standard and the pass rate varies with each exam
Since the inception of the FASEA Exam in June 2019:
- 7488 advisers have sat exams representing 32% of advisers on ASIC’s Financial Adviser Register (FAR)
- overall, 86% of advisers who sat the exam have passed, representing 27% of Advisers on the FAR.
“FASEA is pleased with the outcomes of the fourth exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act,” FASEA Chief Executive Officer Stephen Glenfield said.
Registrations for the June exam to be held from 11 to 16 June are open until 22 May 2020. Currently over 1700 advisers are registered.
FASEA recognises the continuing challenges presented by COVID-19 on the delivery of face to face exams. In order to support advisers, FASEA advises that the June 2020 face to face sittings of its Adviser Exam are cancelled due to these challenges and in the best interest of all involved in the Exam.
From Tuesday 14 April, the June exam will be made available for registered candidates to book as a remote online option – irrespective of the distance to an exam centre. From 14 April, an option to defer until the August or a later sitting will also available to candidates.
Dates for the August and October exams have been published here with registrations opening on the 14 April 2020 for August and 6 July 2020 for October.
The FASEA website provides information on additional registration times and how to prepare and register for the exam (link).
Section 921B (3) of the Corporations Act 2001 requires advisers to pass an exam approved by the standards setting body. While current legislation requires existing advisers to pass the exam before 1 January 2021, the Government has indicated it plans to extend the timeframe by one year to 1 January 2022. New entrants are required to pass the exam before becoming a Provisional Relevant Provider.
The exam tests three domains of knowledge and skill:
- financial advice regulatory and legal obligations
- applied ethical and professional reasoning and communication: and
- financial advice construction
Candidates are required to demonstrate professional reasoning and apply knowledge acquired to financial advice scenarios at AQF7 level of reasoning.
FASEA is offering the exam bi-monthly in 2020.