For those yet to pass the FASEA Adviser exam, which statement most closely reflects your status:
- I will take the exam this year for the first time (39%)
- I will re-sit the exam this year (18%)
- I've finally decided not to take the exam (16%)
- Still not sure (14%)
- I never intended taking the exam (13%)
Our latest poll delves into your intentions regarding the FASEA adviser exam, which existing advisers must pass before the end of 2021.
By the end of 2020 just over 11,200 advisers had passed the exam, representing 52 percent of advisers on ASIC’s Financial Adviser Register.
So it seems a fair assumption there are nearly 11,000 existing financial advisers who are either still to pass the exam before the 01 January 2022 deadline or have decided not to take the exam and potentially exit the industry.
In releasing the results from the November 2020 exam series in late December, FASEA highlighted that overall 89.5 percent of advisers who have sat the exam have passed, irrespective of how many times they sat the exam (see: 11,000+ Advisers Have Passed FASEA Exam).
FASEA …is encouraging advisers to book for early sittings this year
FASEA also made the point that that it was offering six sittings this year. And to maximise the number of potential sittings an adviser may have in 2021, the authority is encouraging advisers to book for early sittings this year. It says that advisers who sit either the January or March 2021 exams will have up to three sittings available to them.
In December FASEA said more than 1,300 advisers had booked for the January exam series, which is being conducted from 28 January to 2 February.
So, if you haven’t already passed the exam, what are your intentions? We’re keenly interested to hear your views and will report back next week…