FASEA Adviser Exam Pass Rate Declines


Reflecting the downward trend in its pass rate, FASEA has announced this week that 79 percent of advisers passed its April Financial Advisers Exam.

A total of 470 advisers sat this exam series which was conducted exclusively using remote proctoring due to the Covid-19 pandemic.

A statement from FASEA says this number compares with the 2,231 advisers who sat the February 2020 exam.

In total 7,958 advisers have sat across the five adviser exams held to date, representing 35 percent of advisers on ASIC’s Financial Adviser Register.

FASEA says that overall, 86 percent of advisers who have sat the exam have passed, representing 30 percent of the registered advisers.

Riskinfo summary of FASEA adviser exam results and declining pass rates.

The authority also notes that the latest exam was subject to ACER’s comprehensive marking approach and was set at a consistent standard to prior exams.

“The exam is marked to credit standard and the pass rate varies with each exam,” it says.

Registration Dates

FASEA notes that registrations for the June exam, to be held exclusively using remote proctoring from 11 to 16 June, have been extended until 29 May 2020. Currently more than 2000 advisers are registered.

Registrations are also open for the August 2020 exam. “Subject to Covid-19 restrictions, the exam may be offered in physical locations as well as by remote proctoring. Limitations may apply in exam centres due to Covid-19 social distancing requirements. Over 1200 advisers are currently registered for the August exam,” the statement adds.

October exams will be held from 8-13 October with registration to be opened on 6 July.

November exams will be held from 5-10 November with registration dates to be advised.




  1. Looking at their pass rates it appears they are making each successive exams more difficult? By December it will probably be 30% pass at this rate…

  2. The pass rate is declining in pretty much a straight line. If this continues, the pass rate for the last exam in 2021 will be about 60%.

  3. Only the dear lord knows what to expect in these exams ! But one thing is certain they are not fair never have been and I assume never will be!
    Based on the rate of failures ( quite high ) I would suggest the main reason is the content of the exam. I am very confident that 99.9% of advisers have high integrity and moral grounding and would pass the integrity area of this exam with relative ease! However having a look at some of the questions asked there are many times two or more answers that could be deemed correct ( trick questions if you like ) that will certainly create “havoc” Intentional or not ?
    The second of these is the outrageous financial Planning questions provided and the in-depth responses required by many who never have nor ever will deal in this area of financial planning. In short they do not know where to start ? You are asking a GP to become a brain surgeon ( some who have given 30-40 years of their lives to helping others )
    Why do you think the exit rate of advisers is so high many will not even attempt the FASEA exam and leave before the end of next year bemused by all the ridiculous requests and their questions and the advice they have offered ignored ! Fallen on deaf ears!
    Many others only see the exam as a delay to their exit In 2026 as they have no intention of spending large amounts of money and time on courses that will have no use to them in the future
    This will be more pronounced with the older and yes more experienced ones who’s knowledge will be lost forever
    Change things now we ALL SCREAM !! But deaf ears are still the biggest issue . And our “plees”are never even considered

    • Well said Ken. Things will really heat up when the powers to be realise just how many advisers will NOT register for the degree – especially those experienced advisers who specialise in Risk. Deaf ears are the biggest issue, although I wonder if it’s because they just don’t want to listen!

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