More than 1800 financial advisers passed the last round of exams conducted by the Financial Adviser Standards and Ethics Authority (FASEA), increasing the total number of advisers who have passed the exam to date to close to 6500.
FASEA stated the fourth Financial Advisers Exam, held from 13 to 18 February in seven metropolitan and 10 regional centres, was attempted by 2231 advisers, with 82 per cent of candidates passing the exam.
The authority added that to date 7488 advisers, or 32 per cent of advisers on ASIC’s Financial Adviser Register (FAR), have sat the exam. Of that number, 86 per cent, or 6440 advisers, have passed, representing 27 per cent of advisers on the FAR.
FASEA did not reveal the marks required to pass the most recent exam, but stated “the exam is marked to credit standard and the pass rate varies with each exam” and “the exam was subject to the Australian Council for Educational Research’s (ACER) comprehensive marking approach”. ACER conducts the exams on behalf of the authority.
FASEA chief executive Stephen Glenfield said: “FASEA is pleased with the outcomes of the fourth exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act.”
While the April exams have been cancelled, registrations for the June exam, which will be held from 11 to 16 June, remain open until 22 May 2020, and at the time of writing more than 1700 advisers had registered.
These exams will only be offered online, with FASEA stating it “recognises the continuing challenges presented by COVID-19 on the delivery of face-to-face exams”.
“In order to support advisers, FASEA advises that the June 2020 face-to-face sittings of its adviser exam are cancelled due to these challenges and in the best interest of all involved in the exam,” it said.
Advisers who planned on sitting the June exam will be able, from 14 April, to book a remote online option regardless of distance to an exam centre or take an option to defer the exam until a latter sitting. Registration and sitting dates for the August and October exams are available on the FASEA website.