The Financial Adviser Standards and Ethics Authority (FASEA) has announced more than 90 per cent of advisers who sat the inaugural FASEA exam in June have passed.
FASEA stated 579 advisers sat the exam, at nine centres across Australia from 20 to 24 June, which was overseen by the Australian Council for Educational Research.
The exam was marked to a university credit standard, with the FASEA website stating this standard equated to a 65 per cent to 74 per cent mark, however, the authority noted the pass rate will vary with each exam. The reason given for this, in previous announcements, was to account for differences in the difficulty of the exam and to maintain a consistent standard.
FASEA chief executive Stephen Glenfield said: “FASEA is pleased with the implementation of the first exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act.”
Advisers who sat the exam were given no further information beyond a pass/fail status and Glenfield added: “Unsuccessful candidates are able to resit the exam and these advisers will receive guidance on which knowledge areas they need to improve to enhance their ability to pass at a future sitting.”
At the end of July, FASEA opened registrations for the September and December exam and also announced an expansion in the number of locations, including a number in regional areas, and today noted more than 1000 advisers have enrolled for the next two rounds of exams.