Almost 90 per cent of advisers have passed the latest financial adviser exam held in December, the Financial Adviser Standards and Ethics Authority (FASEA) has announced.
The authority said over 86 per cent of the 2981 financial advisers who sat the exam passed. The exam was held in 19 centres across Australia from 5 December to 11 December.
FASEA chief executive Stephen Glenfield said: “FASEA is pleased with the outcomes of the third exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act.
“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.”
A total of 5257 advisers have attempted the FASEA exam since its introduction last year, with an average pass rate of over 88 per cent across the June, September and December sittings. The number of enrolments has increased with each sitting, with 579 advisers attempting the exam in June, 1697 advisers attempting it in September and 2981 advisers attempting the latest exam in December.
Over 2200 advisers are currently enrolled for the next sitting in February, which will be held in 17 locations across Australia, with registrations closing on 31 January.
Registrations for the April exam are also open and it will be offered in 18 locations, with over 600 advisers currently enrolled. Registrations for the June sitting are expected to open on 2 March.
Earlier this month, FASEA launched a remote exam monitoring solution, allowing advisers who live more than 150 kilometres from an exam centre to sit the FASEA exam from February onwards.