The number of financial advisers who sat the most recent financial adviser exam, as well as those who passed it, fell away from the average set over previous exam sittings, according to the Financial Adviser Standards and Ethics Authority (FASEA).
Statistics released today show 1312 advisers sat the September exam, compared with an average of 1683 across all exams, and 65 per cent of candidates sitting the exam for the first time passed, compared with an average of 78 per cent across all exams.
By comparison, 69 per cent and 74 per cent of advisers sitting the exam for the first time passed in the June and May sittings, respectively.
FASEA noted there was a slight increase in the number of advisers resitting the exam, up to 32 per cent, compared with the average of 29 per cent in recent exams, and overall 88.5 per cent of advisers who have sat the exam have passed, which is a figure that has remained stable across the sittings in 2021.
In total, 16,850 advisers have passed the 14 exams held to date, which represents 14,630 active financial advisers, or 76 per cent of those on the Australian Securities and Investments Commission’s Financial Adviser Register.
FASEA noted a further 1840 exam candidates were ceased advisers on the register and may now be reauthorised to provide advice, and more than 360 were new entrants and could be authorised as provisional financial advisers.
In congratulating those who passed, FASEA chief executive Stephen Glenfield said 19,034 advisers had sat the exam and the high overall pass rate reflects that it was an achievable exam for competent relevant providers regardless of their area of specialisation.
FASEA stated only one further exam remains in 2021 and is open to all advisers, including unsuccessful candidates who may resit it, irrespective of the date of their last sitting.
Bookings for that exam, which will be offered online and in physical locations from 11 to 16 November, close on 29 October and more than 1500 advisers have already booked, according to FASEA.
