The pass rate for practitioners sitting the most recent financial adviser exam has remained static in comparison with the previous sitting, with both exams seeing around two-thirds of advisers passing.
New figures released by the Australian Securities and Investments Commission (ASIC) for the May exam show 195 candidates sat it, of which 122, or 63 per cent, passed. In comparison, 192 candidates sat the February exam, of which 128, or 67 per cent, passed.
In the May exam, 74 per cent of candidates were sitting the assessment for the first time, compared to 60 per cent for the February exam.
The pass rates are 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.
The most recent exam was the 21st held since they first commenced in June 2019 and ASIC stated that to date 20,570 individual candidates have participated and 19,020, or 92 per cent, have passed.
Of those who have passed, 15,810 are recorded as current financial advisers on the corporate regulator’s Financial Advisers Register (FAR) and a further 2990 successful candidates recorded on the FAR as ceased advisers can 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 10 August, with enrolments closing on 21 July.