Less than 300 practitioners sat the most recent iteration of the financial adviser exam, which had a pass rate close to 60 per cent, according to the Australian Securities and Investments Commission (ASIC).
ASIC stated the 19th exam, held in November, was attempted by 282 candidates, of which 161, or 57 per cent, passed.
The number of advisers sitting the exam for the first time was also 161, or 57 per cent, with 43 per cent of candidates resitting the exam for at least a second time.
The pass rate for this exam was an improvement on previous adviser exams in the past year after the rate declined from late 2021 when only 52 per cent passed the November 2021 exam.
This was a decrease from previous exams conducted in 2021 where the pass rates were 61 per cent (September), 60 per cent (July), 69 per cent (May and March) and 67 per cent (January).
In 2022, pass rates continued to remain low, falling to 32.4 per cent for the February exam, but increasing to 42.7 per cent in May and 52 per cent in July and August, which were the last exams open to existing advisers.
In total, 20,309 advisers have sat the exam and more than 92 per cent have passed, of which 15,850 are recorded as current financial advisers on ASIC’s Financial Advisers Register (FAR). A further 2700 successful exam candidates are recorded as ceased advisers on the FAR and may be reauthorised in the future.
Advisers seeking a re-mark of the November exam have until 14 December to make that request and the first exam for 2023 will take place remotely on 16 February, with enrolments open from 10 to 30 January.
