FASEA Exam Results Not Inspiring Confidence

I'm confident I will pass the FASEA Adviser Exam

  • Agree (42%)
  • Not sure (35%)
  • Disagree (23%)

The high pass rate experienced in the first two FASEA Adviser Exam series doesn’t necessarily appear to have bolstered confidence among many advisers who are yet to sit the exam.

As we go to press, less than half of those voting in our latest poll (46%), have said they’re confident they’ll pass the FASEA Adviser Exam, notwithstanding pass rates of 90+% and 88+% for the June and September series (see: No Changes to Adviser Exam Difficulty).

We speculated last week that the results from the first two exam series may not be representative of the broader community of advisers, suggesting there may have existed a higher-than-average level of confidence present among those going first. One reader agreed, commenting:

“The anecdotal conversations have also suggested that maybe the “bold” who jumped in early where generally fairly confident of their ethics/subject matter?”

The same adviser also made the point that those who haven’t sat exams in a long time (or may never have sat such exams) may also have been hesitant to step up first.

Whatever the reason, though, only 46% of our adviser readers are confident they’ll pass an exam which has so far delivered pass rates around 90%.

Our poll remains open for another week and we welcome your views…

  • Old Fella

    I’m in my sixties, with over 40 years experience in insurance and financial planning. I passed the last sitting, despite me worrying I wouldn’t. Most of it is common sense and if you can put the exam nerves behind you, after doing the required study, you hopefully will get through. I am so pleased however to put that challenge, as it is only one of many we all face at present, behind me. Don’t be afraid, in the spirit of being Aussie, give it a go!

    • Squeaky_1

      Good on you ‘Old Fella’. Love your words above! I’m about to turn 59 and I am so disgusted by those trying to bend our once great industry and adviser force to its knees I’m getting out as soon as I’m 60 and I can get my super and sell my client base. Truly, I’m over it. I am beyond disgusted with everything – that myopic anti-insurance ineffectual goose Hayne, the legislators and politicians and the life companies that betrayed us and sold us up the creek with 2 year responsibility and reduced commissions. They should have been our advocates and they had the power to fight for us but did nothing. For 3 decades I and other advisers supported those life companies in good faith and they have abandoned their advisers in one fell swoop.
      .
      I can’t claim your 40+ years in the industry but I can claim 33. I’ve never had a complaint (official or otherwise) and I object to the time and money being extracted from advisers (riskies) to get these mew BS qualifications. It is unadulterated nonsense. It will NOT help ME or my CLIENTS in any way. It will increase my costs and this will flow directly to clients. It is NOT in a client’s best interest to pay MORE for the same service. It is NOT in the client best interest to lose access to their risk adviser of 3 decades while he studies unrelated subject matter to his client’s needs. It is NOT in client best interest to have older experienced advisers pushed from the industry with ridiculous exams that don’t apply to his job – clients will lose their trusted advisers they’ve had for decades and be replaced with kids fresh from uni.
      .
      This is what happens when you let glorified public servants with out of control egos run and industry when they’ve never even run a company. I’m beyond disgusted and angry. I honestly do with you the very best though Old Fella, given you’ve decided to stay and tough it out. Wanna buy a client base? 🙂

      • Concerned

        Well said Squeaky. You’ve expressed my sentiments exactly and those of many other risk specialists who believe they have been sold out. I know for a fact that next year, a number risk specialists are reducing the amout of new business they plan to lodge, quite considerably and some have decided not to lodge new business at all. The life companies are now coming out in support of maintaining commissions so it will be interesting to see how hard they push the govt next year when new business continues its decline, especially in the lead up to ASIC’s planned review of LIF in 2021. Secondly, deferring the completion of FASEA’s degree until the end of 2025 simply means another two years until the mass exodus of advisers – and that includes planners!