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.
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.
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.