The percentage of candidates who have passed the most recent financial adviser exam has remained steady, but the number of people sitting it increased for the first time since May 2022.
The results of the exam, held in November and conducted by the Australian Council for Educational Research on behalf of the Australian Securities and Investments Commission (ASIC), showed 308 people sat the exam, of which 208, or 67.5 per cent passed, and 233, or 75.6 per cent, sat it for the first time.
These latter figures were consistent with the previous two exam results, however, the number of people sitting the exam increased from 221 at the August exam after falling from 237 in June, 241 in March and 289 in November 2024. The previous highest exam attendance figures were 298 in March 2024 and 496 in May 2022.
Since the exams were first introduced, 22,386 individual candidates have sat them and 20,754, or 92 per cent, have passed, with the next exam scheduled for 5 March 2026.
The release of the exam results follows reminders from ASIC for financial advisers and their licensees to ensure existing practitioners have met and recorded their education with the regulator so they can continue to offer advice from 1 January 2026.
Financial Advice Association Australia policy, advocacy and standards general manager Phil Anderson said the body had contacted impacted members to ensure they had updated the record of their qualifications held by the regulator.
“The most common issues we are aware of include advisers who have not flagged which pathway they intend to use,” Anderson revealed.
“[Other issues are] advisers intending to use the experience pathway whose date when they first provided advice is 1 January 2012 or later or who did not pass the financial adviser exam before the cut-off (late October 2022 for most), and advisers who flagged they do not intend to use the experience pathway, but whose qualifications do not appear to be sufficient.
“Several members who we recently contacted were unaware they might have an issue until they received our email.
“Time is running out fast to resolve this. We urge advisers to double check their ASIC record and contact their licensee urgently if updates are required.”
