Financial advisers who have completed the mandatory exam set by the Financial Adviser Standards and Ethics Authority (FASEA) have reported that being familiar with the open-book documents supplied is key to completing the exam.
In comments made in a number of online forums, advisers indicated they were unable to provide detail around the content of the exam, having been restricted by FASEA from doing so, but did recommend advisers were familiar with the materials that will be available to them in the exam.
A number of advisers pointed out knowing where information could be found in the range of documents available would save considerable time, as was understanding the concepts behind the information.
A video provided by FASEA to advisers preparing for the exam shows documents supplied by the authority include chapter 7 of the Corporations Act; the Anti-Money Laundering and Counter-Terrorism Financing (AMLCTF) Act; chapters 6 to 9 of the Austrac Compliance Guide, which relate to the AMLCTF Act; the Privacy Act; the Tax Agents Service Regulations; the Tax Practitioners Board Code of Professional Conduct for Tax Advisers; and the legislative instrument and explanatory statement of the FASEA Code of Ethics Standard.
Advisers also pointed out the practice exam questions provided by FASEA and practice exams offered by education providers were a close reflection of the type of questions being asked in the exam and the level of knowledge the authority was seeking from advisers.
Comments were mixed about the time required to complete the 3.5-hour exam, with some stating they were able to finish well before the time limit, while others used almost all of the time to complete and then review answers.
