Around two-thirds of nearly 200 candidates have passed the most recent financial adviser exam, which was held last month.
According to statistics released by the Australian Securities and Investments Commission (ASIC), which oversees the running of the adviser exam, 128 candidates out of 192, or 67 per cent, passed the February 2023 sitting, with 60 per cent of the candidates taking the exam for the first time.
The pass rate is higher than the previous two sittings, with 57 per cent passing the November 2022 exam and 52 per cent passing the July and August 2022 exam, which was the last open to existing advisers under an extension introduced by the previous government.
At the same time, the number of candidates sitting the exam has decreased from 628 in July and August last year, to 282 at the November 2022 sitting.
The most recent exam was the 20th held since they first commenced in June 2019 and ASIC stated that to date 20,425 individual candidates have sat the exam and 18,890, or 93 per cent, have passed.
Of those who have passed, 15,850 are recorded as current financial advisers on the corporate regulator’s Financial Adviser Register (FAR), representing 99 per cent of current advisers on the FAR. A further 2840 successful candidates are ceased advisers on the FAR and may be reauthorised in the future.
Each of the exams has been conducted by the Australian Council for Educational Research, which continues to provide unsuccessful candidates with general feedback to highlight the curriculum areas where they have underperformed.
ASIC added the next exam, which will be delivered by remote proctoring, will take place on 11 May, with enrolments closing on 21 April.
