Education, FASEA

FASEA confirms exam venues for 2021

FASEA exam 2021

FASEA will run six sittings for the 2021 financial adviser exam in 31 locations across metropolitan and regional Australia.

The Financial Adviser Standards and Ethics Authority (FASEA) has announced the locations for its 2021 financial adviser exam sittings.

The authority said it would run six sittings for the 2021 financial adviser exam in 31 locations across metropolitan and regional Australia, subject to COVID-19 restrictions.

“Alternatively, advisers may elect to sit the exam online remotely at their preferred time during the exam sitting window,” FASEA added.

“Existing advisers have until 31 December 2021 to pass the exam. Advisers who are unsuccessful at an exam sitting may sit future exams.”

As at 30 June, over 10,200 advisers have sat the exam with an average pass rate of 85 per cent.

Including the advisers who sat the most recent exam in August, over 11,700 advisers have sat the exam to date, representing 54 per cent of the total advisers registered on the Australian Securities and Investments Commission’s Financial Adviser Register.

The authority said the results for the August sitting of the exam would be released by the end of September.

Last month, it highlighted a number of areas that were frequently causing trouble for advisers sitting the exam, particularly for those who did not pass, including when to issue and what to include in advice documentation such as financial services guides, statements/records of advice and fee disclosure statements.

In related news, FASEA confirmed its approval of additional electives for the Securities Institute Graduate Diploma of Applied Finance and Investment (GDAFI).

It noted advisers who had completed the GDAFI with an investment management stream major or three core units and three financial planning-related electives were only required to complete a FASEA Ethics for Professional Advisers bridging course to meet the education standard.

Last week, it announced financial advisers with relevant postgraduate qualifications would have that study recognised as prior learning and be given credit towards meeting FASEA’s education standards.

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