Nine Out of Ten Advisers Pass FASEA Exam to Date

Nearly 90 percent of advisers who have sat the FASEA exam to date have passed.

In announcing the results from its September 2021 exam FASEA says that overall, 88.5 percent of adviser who have sat the exam have passed equating to 16,850 advisers (also see: FASEA Exam Rates Plateau).

The authority notes that of those who have passed to date:

• More than 14,630 are recorded as active financial advisers on ASIC’s FAR, representing 76 percent of active advisers on the FAR
• More than 1,840 are ceased advisers on the FAR and may be re-authorised
• More than 360 are new entrants and may be authorised as a Provisional Financial Adviser

FASEA states that to date, 2,226 unsuccessful candidates have re-sat the exam with 66 percent passing at a re-sit.

September results

Details of the September exam results include:

• 65 percent of candidates sitting the exam for the first time passed the September exam (compared with an average of 78 percent across all exams)
• 61 percent of all candidates passed the September exam
• 1,312 advisers sat the September exam compared with an average of 1,683 across all exams
• 32 percent of candidates were resitting the exam compared to an average of 29 percent in recent exams

FASEA says that candidates who were unsuccessful in this exam will receive additional individual feedback to highlight the curriculum areas where they have under-performed and that they are eligible to sit the November exam. Bookings close on Friday.

FASEA Chief Executive Officer Stephen Glenfield encourages unsuccessful candidates and future candidates to access the range of tools available to assist advisers preparing for the exam. Click here for the preparation resources, including videos, and practice questions FASEA provides.

The authority says that further analysis of the September exam data has highlighted areas for improvement, particularly amongst unsuccessful candidates. Exam question areas advisers have under-performed on the September exam are:

Financial Advice Regulatory and Legal Obligations

• Evaluating key documentation in terms of Chapter 7 of the Corporations Act
• Applying Chapter 7 of the Corporations Act 2001 when evaluating case studies and identifying responsible providers obligations and breaches of those obligations
• Demonstrating knowledge of legal requirements for both individual and licensee
• Applying Tax Agents Services Act 2009 requirements to scenarios and identifying compliance and non-compliance

Applied Ethical and Professional Reasoning and Communication

• Demonstrating an understanding of the importance of a code of ethics
• Identify when, and under what conditions, a practitioner should refer a client
• Identifying sources of judgement and biases and their influence on financial advice

 Financial Advice Construction

• Demonstrating an understanding of the context in which financial advice is given and requested and how this impacts decision making

Still time to resit

It also notes existing advisers who have sat the exam twice before 1 January 2022 have until 1 October 2022 to pass the exam. Existing advisers who have not sat the exam twice before 1 January 2022 must pass by this date.

FASEA is offering one final sitting in 2021 both online and in physical locations (subject to Covid-19 protocols). Exam booking information can be found here.

Candidates who have been unsuccessful with the September Exam are eligible to register for the November exam, however bookings close on 29 October 2021.

More than 1500 advisers have booked for the November exam, to be held 11 to 16 November 2021.