The Australian Securities and Investments Commission (ASIC) has announced the results for the first financial adviser exam it has administered, with more than 65 per cent of participants failing.
According to ASIC’s update, only 32.4 per cent or 108 candidates out of 333 passed the February exam, of which 73 per cent of all participants had been resitting the exam for at least the second time.
“To date, over 19,850 candidates have sat the exam. Nearly 91 per cent of candidates who have sat the exam have passed, demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam,” it said.
The corporate watchdog’s data revealed more than 3250 unsuccessful candidates have resat the exam, with a pass rate of 67 per cent.
Participants who were unsuccessful in the most recent sitting can expect to receive feedback regarding curriculum areas in which they had underperformed from the Australian Council for Educational Research (ACER) as it has conducted the exam since its inception under the Financial Adviser Standards and Ethics Authority (FASEA).
Candidates wanting their exam paper to be re-marked can email ACER, but ASIC warned only written response questions will be reviewed.
Following ASICs takeover of the exam responsibilities from FASEA last year, the corporate regulator released the final three adviser dates for 2022.
The upcoming exam, sitting 16, has been scheduled for 12 May until 16 May and those interested have between 4 April and 26 April to enrol.
