In an education update to its members last week, the Association said it had received a lot of feedback from members with respect to issues with the practice exam questions, where some of the key concerns were around:
- The apparent specialist nature of the case study (aged care and estate planning issues)
- The technical knowledge associated with that area
- A lack of clarity on the enduring power of attorney thus making an informed answer problematic
these practice questions …were released primarily to provide insight into the format of the exam
The Association told members it had discussed these concerns face-to-face with FASEA “…and were advised that these practice questions did not go through the full approval process that will apply to the actual exam questions and were released primarily to provide insight into the format of the exam questions.”
It added that FASEA sought to reassure the AFA these test questions were merely a guide and not really representative of the actual questions, which it said will provide interactive drop-down boxes and knowledge tips and that the Authority will provide further commentary and practice questions in the short term.
Registration for the first round of the FASEA exam closed last week.
Extending the Exam Deadline
In related news, the AFA also told members that, together with the FPA, the Associations have set a priority to meet with the new Financial Services Minister, Senator Jane Hume, with a view to recommencing discussions in relation to extending the exam deadline, given that the essential courses required to prepare for the exam are not yet available. It noted the original commitment from the Government was that advisers would have two years to complete the exam, whereas the current timeline extends only for 18 months until 31 December 2020.