Announcements

FASEA releases June Exam Results

Aug 8, 2019

MEDIA RELEASE

FASEA today released exam results from the inaugural Financial Advisers Exam.

Result highlights include:

  • the exam was held in nine centres across Australia from 20 June to 24 June
  • 579 advisers sat the exam
  • the exam was subject to ACER’s comprehensive marking approach
  • Over 90 percent of candidates passed the exam

The exam is marked to credit standard and the pass rate will vary with each exam.

“FASEA is pleased with the implementation of the first exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act. Unsuccessful candidates are able to resit the exam and these advisers will receive guidance on which knowledge areas they need to improve to enhance their ability to pass at a future sitting” FASEA Chief Executive Officer Stephen Glenfield said.

Registrations are open for 2019 exam sittings for September in 15 locations and for December in 18 locations and more than 1000 have currently enrolled.

The FASEA website provides information on additional registration times and how to prepare and register for the exam (link).

Additional Background
Section 921B (3) of the Corporations Act 2001 requires advisers to pass an exam approved by the standards setting body. Existing advisers are required to pass the exam before 1 January 2021. 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 in September and December 2019 and bi- monthly in 2020 across metropolitan and regional centres.

Exams will be held across eight metropolitan locations throughout the September and December sittings (in Sydney, Canberra, Brisbane, Melbourne, Adelaide, Perth, Darwin and Hobart).

For September, Regional sittings will be offered in 7 locations (Townsville, Gold Coast, Cairns, Newcastle, Wollongong, Ballarat and Bunbury).

For December, 10 regional centres will be offered (Townsville, Rockhampton, Mackay, Sunshine Coast, Toowoomba, Gosford, Orange, Wagga Wagga, Albury-Wodonga and Bendigo).

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.