Announcements

FASEA releases April Exam Results

May 25, 2020

MEDIA RELEASE

FASEA today released exam results from the fifth Financial Advisers Exam held in April 2020.

Result highlights include:

As a result of the COVID-19 pandemic, the exam was held exclusively using remote proctoring from 2 to 7 April
the exam was subject to ACER’s comprehensive marking approach and was set at a consistent standard to prior exams
470 advisers sat the exam compared with 2231 advisers sitting the February exam
overall 79 percent of candidates passed the exam
the exam is marked to credit standard and the pass rate varies with each exam
7958 advisers have sat across the 5 adviser exams held to date, representing 35% of advisers on ASIC’s Financial Adviser Register (FAR)
overall, 86% of advisers who sat the exam have passed, representing 30% of the FAR.
“FASEA is pleased to present the outcomes of the fifth exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act during the current extraordinary circumstances,” FASEA Chief Executive Officer Stephen Glenfield said.

Registrations for the June exam to be held exclusively using remote proctoring from 11 to 16 June have been extended until 29 May 2020. Currently over 2000 advisers are registered.

Registrations are also open for the August 2020 exam. Subject to COVID-19 restrictions, the exam may be offered in physical locations as well as by remote proctoring. Limitations may apply in exam centres due to COVID-19 social distancing requirements. Over 1200 advisers are currently registered for the August exam.

October exams will be held from 8-13 October with registration to be opened on 6 July.

November exams will be held from 5-10 November with registration dates to be advised.

The FASEA website provides information on registration and how to prepare for the exam, including updated exam practice questions (link).

 

Additional Background
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 six times in 2020.

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.