The FASEA exam results showed that over 14,850 advisers have passed the adviser exams held to date, representing 74 per cent of advisers on ASIC’s Financial Advisers Register (FAR).
Overall, 89 per cent of advisers who have sat the exam have passed. To date, 1,918 unsuccessful candidates have re-sat the exam, with 65 per cent passing at a re-sit and 74 per cent of candidates sitting the exam for the first time passed the May exam (compared with an average of 82.4 per cent across all exams).
In the May exam, 1,894 advisers sat the exam compared with an average of 1,437 across all exams, with 69 per cent of candidates passing.
“FASEA congratulates successful candidates on completing an important component of their education requirements under the Corporations Act,” FASEA chief executive officer Stephen Glenfield said.
“Over 16,700 advisers have sat the exam, with nine in 10 demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam.
“In recognition of their achievement, passing candidates who give consent will have their names added to the successful candidates list on the FASEA website.”
Candidates who were unsuccessful in this exam will receive additional individual feedback to highlight the curriculum areas where they have underperformed. They will also receive an invitation to a FASEA-led webinar to help them understand their results and provide guidance on how to prepare for their next sitting.
Further analysis of the May exam data has highlighted areas for improvement, particularly among unsuccessful candidates, according to FASEA.
Exam question areas advisers have underperformed on the May exam include areas around financial advice regulatory and legal obligations sections such as demonstrating knowledge of when practitioners are required by law to provide a retail client with key documentation, i.e. FSG/SOA.
Furthermore, this also included a greater focus on the applied ethical and professional reasoning and communication which includes identifying sources of judgement and biases and their influence on financial advice and effectively applying the FASEA code to various client scenarios and identifying compliance and non-compliance.
With existing advisers having until the end of 2021 to pass the exam, FASEA said it is offering three further sittings in 2021 both online and in physical locations (subject to COVID protocols). Exam booking information can be found on the FASEA website.
Over 2,700 advisers have booked for the July exam, to be held in metropolitan and regional locations and online from 15 to 20 July 2021.
This comes as Minister for Superannuation, Financial Services and the Digital Economy Jane Hume had announced the government’s intention to extend the transition date to 30 September 2022 for existing relevant providers who have attempted the exam unsuccessfully at least twice prior to 1 January 2022.
