FASEA has released details of the results of the June 2019 round of the FASEA adviser examination, in which more than 90 percent of advisers passed the exam.
In what it referred to as result highlights from the initial exam series, a release by FASEA this afternoon noted:
- The exam was held in nine centres across Australia from 20 June to 24 June
- 579 advisers sat the exam
- Over 90 percent of candidates passed the exam
The Authority advised the exam was subject to ACER’s comprehensive marking approach and is marked to credit standard, but where the pass rate will vary with each exam.
FASEA Chief Executive Officer, Stephen Glenfield, said: “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.”
Glenfield added that unsuccessful candidates are able to re-sit 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 also stated it has received more than 1,000 enrollments for its September and December 2019 sittings.
As Gomer Pyle said to the Sarge. Surprise! Surprise! Surprise! We’re smarter than they thought we were!
I’ll bet they were expecting more to fail… but it augers well for those of us sitting in the future.
True Lindsay. Overall though another example of them pegging us all wrongly. How often have we proved them as such, but fallen on deaf ears. Colossal waste of ours and our clients time, not to mention the financial cost.
I don’t think these results should be any surprise. First round entrants can be profiled as confident, practive advisers. If I were FASEA I’d be waiting for the round 3/4/5 results before making any interpretation of the data
I am not sure I would be so confident. I may be wrong but I took the exam and it wasn’t exactly easy. I am also not sure if that first group was representative of advisers as a whole.
How many of those sitting were recent uni etc graduates with all the academic (instead of practical) learning still fresh in their minds?
Of the 9 at my site there were two aged 50+, the rest were 30s and 40s.
i am very surprised at the pass rate. I am also pleased. let’s see what the next lot is like…also, it seems there is feedback on areas of failure – that is a positive move and I applaud it. Why was that denied leading up to this point?
This announcement raises a few concerns.
1. No mention is made as to whether anybody failed the exam. If no-one has failed then perhaps the unclear exam instructions have forced FASEA to deem those that would otherwise have been adjudged as ‘failed’ as ‘non-failed’. Can we be told?
2. It would be an absolutely astounding result in a University subject to have 90%+ of a class of 500 get credit or better grades. It would be an understatement to suggest that something about this exam is not what it is being reported as. Either
a. the questions are too easy, or
b. they sprinkle the results with ‘pixie dust’ to regrade the marks to get the grades they want.
3. If subsequent exams use a non-randomised selection of questions from the original pool of questions or regrade the results differently after each exam this would suggests that a student could fail or pass an exam depending upon which exam they went to. Would such an impacted Adviser have a legal case for discrimination that they could pursue.
Having said this I congratulate those deemed to have successfully passed the exam.
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