Exam Standard

The exam is a required component of the education standard that all advisers are required to pass to provide personal financial advice to retail clients in respect of retail financial products.

Existing Advisers will be required to pass the exam before 1 January 2022.

From 1 January 2019, new entrants to the industry are required to pass the exam after they have completed a FASEA approved degree, and before commencing Quarter 3 in their professional year.

 

The exam will test the practical application of advisers’ knowledge in the following competency areas:

  • Financial Advice Regulatory and Legal requirements (including Corporations Act chapter 7, AML, Privacy and Tax Agents Services Act (TASA) 2009
  • Financial Advice Construction – suitability of advice aligned to different consumer groups, incorporating consumer behaviour and decision making·
  • Applied ethical and professional reasoning and communication – incorporating FASEA Code of Ethics and Code Monitoring Bodies

 

The duration of the exam has been set at 3.5 hours including reading time of at least 15 minutes. The exam will consist of multiple choice and written response questions and will be open book for statutory materials. FASEA will publish a curriculum framework, recommended reading lists and practice questions.

FASEA has contracted the Australian Council for Education Research (ACER) to develop and administer the Exam.

Exam Policy

Key Policy details regarding the exam standard

Preparing for the Exam

How do I prepare for the exam?

Booking & Sitting the Exam

Key information on Registration and Sitting the exam

Register a New Entrant with FASEA

Application process to register a new entrant with FASEA

Exam Legislative Instrument & Explanatory Statement

FAQs

Exam FAQs

Exam Policy

Preparing for the Exam

Register & Sitting the Exam

Register a new entrant with FASEA

Exam Legislative Instrument & Explanatory Statement

FAQs

FASEA approves Courses offered by Victoria University

MEDIA RELEASE FASEA has today confirmed the approval of a new Graduate Diploma of Financial Planning offered by Victoria University.  Advisers who complete this course of study will meet the education standard. In addition, FASEA approves...

Over 16,000 pass the Financial Adviser Exam

MEDIA RELEASE FASEA today released exam results from the 13th Financial Advisers Exam held in July 2021. Result highlights include: Over 16,030 advisers have passed the adviser exams held to date. Of those who have passed: 14,070 are...

FASEA releases Corporations (Relevant Providers Exams Standard) (Amendment No. 1) Determination 2021

MEDIA RELEASE FASEA has registered the Corporations (Relevant Providers Exams Standard) (Amendment No. 1) Determination 2021 on the Federal Register of Legislation. The Determination was informed through 8 formal submissions during...

14,850 advisers have passed the exam… building consumer confidence in the financial advice industry

MEDIA STATEMENT FASEA congratulates the 14,850 financial advisers who have sat and passed the relevant providers exam before the end of June 2021 representing close to 70% of active advisers on the Financial Advisers Register (FAR). These...

FASEA releases draft amendments to the Education Legislative Instrument

MEDIA RELEASE Since September 2020, FASEA has approved five current degrees, four bridging courses and one historic degree as recognition of prior learning. In announcing those approvals, FASEA noted they would be added to a future...

FASEA Consultation – relief from 3 month registration requirement for November 2021 Financial Advisers Exam

MEDIA RELEASE FASEA has today released Corporations (Relevant Providers Exam Standard) Determination 2019 Amendment for consultation. The draft amendment proposes relief from the 3 month registration requirement for November 2021 exam...

The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.

 

 

The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.