The results are in for the first round of the FASEA Financial Advisers Exam.
A total of 579 advisers sat the exam – encouragingly, over 90% of candidates got a passing mark. Commenting on the results, FASEA chief executive Stephen Glenfield said: "FASEA is pleased with the implementation of the first exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act."
"Unsuccessful candidates are able to re-sit the exam," Glenfield continued, "and these advisers will receive guidance on which knowledge areas they need to improve to enhance their ability to pass at a future sitting."
As discussed previously, the exam covers knowledge in three key competency areas: "Financial Advice Regulatory and Legal requirements (including Corporations Act, Chapter7, AML, Privacy and Tax Agents Services Act (TASA) 2009)", "Financial Advice Construction – suitability of advice aligned to different consumer groups, incorporating consumer behaviour and decision making" and "Applied ethical and professional reasoning and communication – incorporating FASEA Code of Ethics and Code Monitoring Bodies."
That such a significant proportion of inaugural exam candidates passed the test – although FASEA did note that “the exam is marked to credit standard and the pass rate will vary with each exam” – is a positive step for the advice industry.
While some industry commentators have opined that this proves the exam was unnecessary, such a high pass rate is a clear communication to the public that advisers are more than up to the task of demonstrating their capability and professionalism to the public.
Registrations for the September exam sittings are currently open, and you’ll be able to take the exam in more than 15 locations – you can find more information here.
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