FASEA Exam Not Fair – Advisers

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Do you think the proposed FASEA exam represents a fair assessment for existing advisers?
  • No (81%)
  • Yes (11%)
  • Not sure (8%)

The result of our latest poll suggests significant dissatisfaction among the existing adviser community with the proposed FASEA examination for advisers.

As we go to press, a resounding 82 percent of those responding to our poll think FASEA’s draft exam is unfair, while only 10 percent are ok with it and 8 percent are unsure.

This one-sided outcome may, at least to an extent, reflect a lack of detail around some elements of the proposed exam, especially specific examples of content, but dissatisfaction also appears to exist with the structure and rules accompanying the exam. For example, as we’ve previously reported (see: O’Dwyer to Relay Exam Concerns…), the AFA’s list of issues includes:

  1. Lack of detail on the content of the proposed exam
  2. The lack of available preparation materials or practice exams
  3. The preference for the exam top be a closed book, four hour long exercise

A prevailing concern expressed by the AFA and other industry stakeholders is that the exam in its currently-proposed structure and format, may drive a serious exodus of advisers from the sector, which would ultimately result in a poor outcome for consumers, who are the intended beneficiaries of higher education standards for advisers.

We understand the AFA will shortly be circulating a resource kit for any of its members who wish to contribute to the debate on this critical issue.

In the meantime, out poll remains open for another week as we encourage you to make your voice heard, irrespective of whether you agree or disagree with the proposed exam and its format…



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2 COMMENTS

  1. A closed book exam is bad enough but sitting for an exam for four long hours, that’s disgusting. It’s not even healthy physically let alone mentally.
    I wouldn’t sit for it but hey, I’m out of the industry enjoying life thank goodness.
    What a debacle it has all become.
    My advice is if you are anywhere near retirement, just do it, life is too short.

    • Yes..quite ridiculous..I wonder who thought that..who is really driving this..what’s his or her name???

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