Study towards a professional designation from four industry associations has been recognised by FASEA and will receive credit for prior learning.

The latest exam results from FASEA have revealed a significant drop in the pass rate compared to previous exams.

FASEA’s education requirement is the most common reason for financial advisers to leave the industry for another career, recent data reveals.

The number of veteran advisers required to complete a full course of study to comply with new standards is low compared to the total adviser pool, according to FASEA.

FASEA has told a parliamentary committee historical CPD often falls short of new standards, which is why it has not been approved by the authority.

Melbourne-based advisers will only be able to sit the FASEA exam remotely as exam centres remain closed for the third time due to COVID-19.