What do the first FASEA exam results say about advice?

Alex Burke,  Senior Writer,  No More Practice Education

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.


The opinions expressed in this content are those of the author shown, and do not necessarily represent those of No More Practice Education Pty Ltd or its related entities. All content is intended for a professional financial adviser audience only and does not constitute financial advice. To view our full terms and conditions, click here.

 

Liked this article? Let us know [likebtn theme="drop" dislike_enabled="0" icon_dislike_show="0" position="top"]

Want more of the latest in opinions, expert insights and training?

Subscribe to our free eNewsletter now

/ Related content

Association demands end of red tape for advice 

According to one industry association, simplifying advice regulation wil....

Is comprehensive advice becoming unaffordable?

In light of recent commentary and job losses, it’s becoming more diffi....

Is it time to overhaul the AFSL system?

A new proposal from the FPA has been met with considerable debate across th....

Leave a comment /

Related content /

30 July, 2020

Alex Burke,Senior Writer,No More Practice Education

Association demands end of red tape for advice 

According to one industry association, simplifying advice regulation will be key to addressing a deficit that is the largest as a percentage of GDP....

Read now

08 July, 2020

Alex Burke,Senior Writer,No More Practice Education

Is comprehensive advice becoming unaffordable?

In light of recent commentary and job losses, it’s becoming more difficult to see how lower-income consumers will be able to receive this service....

Read now

10 June, 2020

Alex Burke,Senior Writer,No More Practice Education

Is it time to overhaul the AFSL system?

A new proposal from the FPA has been met with considerable debate across the industry.

Read now