A total of 11,241 advisers had passed the adviser exams by the end of 2020, representing 52 percent of advisers on ASIC’s Financial Adviser Register, according to a statement from FASEA.
In releasing the November 2020 adviser exam results in late December the authority also highlighted:
- Overall, 89.5 percent of advisers who have sat the exam (irrespective of how often it was sat) have passed
- 80 percent of candidates sitting the exam for the first time passed the November exam (compared with an average of 85.8 percent across all exams)
- 58 percent of advisers re-sitting the exam passed on their second attempt compared to 59 percent re-sitters across all exams
- 76 percent of candidates passed the November exam (compared with an average of 83 percent across all exams)
- 1016 advisers sat the exam compared with an average of 1490 across all exams
- The exam is marked to a credit standard and the pass rate varies with each exam
- The exam was subject to ACER’s comprehensive marking approach and was set at a consistent standard to prior exams
In the December statement FASEA Chief Executive Officer Stephen Glenfield says that more than 12,573 advisers have sat the exam with nine in 10 demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam.
…further analysis has highlighted areas for improvement…
FASEA says that further analysis of the November exam data has highlighted areas for improvement, particularly amongst unsuccessful candidates. Exam question areas advisers have underperformed in the November exam are set out in this FASEA announcement.
Existing advisers have until the end of 2021 to pass the exam and FASEA is offering six sittings in 2021.
To maximise the number of potential sittings an adviser may have in 2021, FASEA is encouraging advisers to book for early sittings this year. Advisers who sit either the January or March 2021 exams will have up to three sittings to pass.
It notes too that more than 1300 advisers have booked for the January exam held from 28 January to 2 February.
List of Successful Adviser Exam Candidates
Also in late December FASEA published a list of successful exam candidates and will do so after each future exam.
A statement from the authority says the list currently contains the names of more than 7100 advisers who have passed the exam but notes only advisers who have given permission to share their pass result are on the list.
“FASEA congratulates the significant number of advisers who have passed the exam to date. This list provides public recognition of their achievements and a high level of visibility for consumers and other stakeholders,” says Glenfield.
Consumers can look up an adviser by name, state or by their Moneysmart (ASIC) financial advice register number.
Click here to access the list of successful candidates.
FASEA Approves More Degrees
FASEA has also confirmed the approval of degrees offered by the University of New South Wales and the University of Tasmania. They are:
- Bachelor of Commerce majoring in Financial Planning offered by the University of New South Wales from 1st semester 2021
- Graduate Diploma of Financial Planning offered by the University of Tasmania from 1st semester 2021
It says advisers who complete these courses of study will meet the education standard.
In addition, FASEA approved the Ethics and Professionalism bridging course offered by the University of Tasmania from 1st semester 2021.
Since 2017 FASEA has approved a wide range of courses that meet required curriculum standards including 75 historical courses, 56 current Bachelor or higher degrees and 35 bridging courses.