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Just 61 per cent of all candidates who sat the FASEA exam passed in September.
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FASEA September test pass rate remains low
27 October 2021
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9 minute read
FASEA on Monday (25 October) released exam results from the 14th Financial Advisers Exam held in September 2021, revealing that only 61 per cent of all candidates passed the exam.
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“FASEA congratulates successful candidates on completing an important component of their education requirements under the Corporations Act,” said FASEA chief executive Stephen Glenfield.
“In recognition of their achievement, passing candidates who give consent, will have their names added to the successful candidates list on the FASEA website.”
Overall, 16,850 advisers have passed the adviser exams held to date.
Of those who have passed over 14,630 are recorded as active financial advisers on ASIC FAR, representing 76 per cent of active advisers on ASIC’s Financial Adviser Register (FAR); over 1,840 are ceased advisers on the FAR and may be reauthorised; while over 360 are new entrants and may be authorised as a provisional financial adviser.
“Over 19,034 advisers have sat the exam with approximately 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. The high pass rate reflects that the exam is an achievable exam for competent relevant providers regardless of their area of specialisation,” said Mr Glenfield.
To date, 2,226 unsuccessful candidates have resat the exam with 66 per cent passing at a resit.
Sixty-five per cent of candidates sitting the exam for the first time passed the September exam compared with an average of 78 per cent across all exams.
Candidates who were unsuccessful in the September exam will receive additional individual feedback to highlight the curriculum areas where they have underperformed and are eligible to sit the November exam. Bookings close on 29 October 2021.
Earlier this year, FASEA made the decision to provide all financial advisers who have yet to pass the exam the option to sit the November exam irrespective of the timing of their last sitting.
Financial advisers were previously only allowed to register for the next exam sitting three months after their previous attempt.
“To give effect to this, the Corporations (Relevant Providers Exam Standard) Determination 2019 will be amended to provide relief from the three-month registration requirement,” FASEA said at the time.
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