First FASEA Exam Announced

FASEA has released details for the first round of exams it will be conducting for financial advisers and new entrants to the advice sector, including the release of a set of test questions.

In a statement issued last week, the Authority has advised the first two sitting periods for the FASEA exam in 2019 will be:

Sitting 1 2019

  • Thursday 20 June – Monday 24 June

Sitting 2 2019

  • Thursday 19 September – Monday 23 September

The Authority notes registrations for new entrants and existing advisers to sit the June examination is open until 5:00pm on Friday 31 May, while registrations for the September exam sitting are open between Monday 12 August and Friday 30 August.

In its release, FASEA says the exam will be held in nine locations: Sydney, Canberra, Brisbane, Townsville, Melbourne, Adelaide, Perth, Darwin and Hobart.

It advises there will also be an exam sitting scheduled for December 2019, following the June and September rounds – although it has not provided any further details on the December dates – while subsequent exam sittings have been scheduled during February, April, June, August, October and December 2020.

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

  • Financial Advice Regulatory and Legal requirements
  • Financial Advice Construction
  • Applied ethical and professional reasoning and communication

The Authority has released guidance to help prepare for the exam, which includes details regarding the curriculum, a reading list and practice questions.

Click here to access the Exam Preparation Guide

Click here to access the FASEA practice exam questions** (answers also provided)

Click here for a link to frequently asked questions

FASEA CEO, Stephen Glenfield, commented “The opening of registrations for the exam is a significant milestone for FASEA and the industry, and I encourage advisers to register as early as possible.”

Advisers can click here and follow links to register for the June 2019 sitting of the FASEA exam.

** The AFA has informed its members it holds some concerns about the implications for specialist advisers in needing to answer some of the practice questions around aged care, estate planning and Centrelink scenarios, and is seeking more feedback from advisers by the end of May before responding to FASEA.

  • Easy Tiger

    FASEA……….have you got this right?
    1. You imposed new Ethical course as well as compulsory examination for all financial advisers and on passing…..adviser will suddenly transform from being an unethical to an ethical professional but more so, a better person???!!!
    2. You have robbed from the industry……you set a 24 months requirements to pass your so call ethical & professional examination however, by the formal commencement date in mid-late June 2019, adviser only has 18 months to do so!!!

  • ken

    Well if your first look at the so called “practice Exam doesn’t E’strange you your probably not a risk only adviser.
    This sort of question is just the type that was feared would be included basically as a generic question that Risk Only advisers would never touch on in their whole careers, past present or future. It only goes to show the complete lack of understanding that FAESA has about the retail insurance industry. There truly needs a mass response by the insurers FPA and AFA {not to mention FSC and others TO ADMIT THEY GOT IT WRONG!} and have this ridiculous state of affairs overhauled and changed appropriately. I can see the exit line getting longer and sooner if this continues in its current format.
    Its like giving the GP a quick open book exam on how to perform a heart transplant and saying you past that go out there and do some actual transplants your accredited now ??
    People want to stick with what they know and are good at not what people with no idea think they should know.
    The election is over we know who we are dealing with! Get to Canberra and sort it out before there is no industry underinsurance is completely out of control and the health system collapses.

    • Easy Tiger

      Great feedback Ken……..just exactly the mismatch of so call professional media / representative out there trying to be the voice of us but nothing than tarnishing the Industry!!! If any professional associations trying represent us and help the Industry to stay afloat going forward, please firstly provide me some ‘real’ benefiting answers to my previous post!!!

    • PS

      But why wouldn’t an 86 year old woman want life insurance? Fully agree Ken, FASEA would border on bureacratic comedy if it weren’t so serious & career ending!

      I know my AFSL is hotly pursuing Coalition members, FSC members and pushing the need to find clear recognition that Life guys/gals are not [as you reference] GPs. We are Specialist Physicians in one single area of financial expertise. Expertise accumulated over lifetimes. To be able to survive post-LIF, financially and still manage to look after your clients’ best interests – then only to have your business pulled from under your feet because you can’t do the FASEA question about an 86 year old woman…well, maybe it is political farce akin to Rob Sitchs’ ABC Utopia – they just simply can’t see the forrest for the trees.

  • Jeremy Wright

    My Business is holding off on any study until the last minute, as I made the mistake of spending many hours between October to December doing extra hours, only to be told all that study accounts for ZERO.

    The reason?

    FASEA do not recognise any study in that period, so that leaves a bitter taste.

    My years of experience leads me to believe that all who jump in early, get the rough end and the motto, never volunteer, as pioneers always get arrows in their backsides, still runs true.

    Apart from the obvious fact this whole FASEA fiasco is a push by self interest groups and ignorant public servants, the worst thing any one can do, is blindly cave in and follow their lead.

    Put those valuable hours towards staying in Business and to tell the associations to tell the Government what FASEA can do with their study, as they do not care if we go broke or are forced out of Business, so why should we be taking their views as gospel.

    • Easy Tiger

      Agree with Jeremy……..Further to that, I have never had set any exams in my entire life and working career that requires a Credit as a pass mark. Is this some kind of a joke, has any of those public servant being through this exam themselves….would love to see them sitting through this exam and their pass marks before imposing it onto us.

  • Darren

    As this FASEA rubbish will be provided to aplicants via an online (ie no contact hours) model, I put the FASEA course on AirTasker just for fun to see if i could pay someone else to do the work which i (and my clients) will recieve no benefit from doing.

    I took it down after a day. But…….

    The cheapest anyone got down to to do the whole course (plus the ethics exam) was $6,000. Paid pro rata on completion of each subject.

    The whole FASEA process has been totally unethical so why should we be ethical when complying with their rubbish.