Only 60 per cent of advisers who sat the July exam set by the Financial Adviser Standards and Ethics Authority (FASEA) have passed while the number resitting the test increased above the average for previous months.
In releasing the pass rate and results for the July exam, FASEA stated 1963 advisers sat the exam, compared with an average of 1474 across all exams, of which 30 per cent of candidates were resitting the exam compared to an average of 20 per cent in other recent tests.
The authority added that of those sitting the exam for the first time, 69 per cent of candidates passed, compared with an average of 81 per cent across all exams, and 60 per cent of all candidates passed.
After the completion of 13 exams, 16,030 advisers had passed, according to FASEA, which noted that of that number, 14,070 were recorded as active financial advisers on the Australian Securities and Investments Commission’s Financial Adviser Register (FAR)
A further 1650 were ceased advisers on the FAR and may be reauthorised and 310 were new entrants and may be authorised as provisional financial advisers.
FASEA chief executive Stephen Glenfield said: “Over 18,140 advisers have sat the exam, with approximately nine in 10 demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam.
“In recognition of their achievement, passing candidates who give consent will have their names added to the successful candidates list on the FASEA website.”
FASEA pointed out only two exam sittings remain in 2021, including the November sitting, which will be open to any adviser without having to fulfil a three-month wait to resit the exam if they were unsuccessful in a previous sitting. To date, 1932 unsuccessful candidates have resat the exam, with 65 per cent passing at a resit.
The authority stated more than 1700 advisers have booked for the September exam to be held from 9 to 14 September, and 320 have booked so far for the November exam to be held from 11 to 16 November.
Glenfield said unsuccessful candidates and future candidates should access the preparation tools available from FASEA, but also ensure they are properly set-up if they are taking the exam online.
“FASEA encourages all candidates undertaking the exam using the remote offering to ensure they have understood and completed the steps required for a smooth experience, refer to the Remote Proctor Guide and ensure you watch the remote proctoring video, check the technical requirements, remove any incompatible software and undertake the practice exam,” he said.