Over 14,850 advisers have now passed the FASEA exam after 69 per cent passed the May sitting according to education and ethics authority, which released the latest figures this morning.
The figure of 69 per cent is exactly the same as the previous sitting.
Of all the advisers on ASIC’s Financial Adviser Register, 74 per cent have now passed the adviser exam.
Despite the underwhelming pass rate of late sitters, which is partly attributable to the 65 per cent pass rate of the 1918 second sitters, the overall pass rate of advisers sitting the exam remains at 89 per cent according to FASEA.
“FASEA congratulates successful candidates on completing an important component of their education requirements under the Corporations Act,” FASEA CEO Stephen Glenfield stated in a media release.
“Over 16,700 advisers have sat the exam with 9 in 10 demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam.”
The May exam had a large contingent of advisers sitting; 1894 advisers did the exam compared to an average of 1437 across all exams.
Two weeks ago the minister for superannuation, financial services and the digital economy, Jane Hume, said advisers that have sat and failed the FASEA adviser exam at least twice at year’s end will have a further 9 months to pass after being granted an extension as part of the Financial Sector Reform (Hayne Royal Commission Response – Better Advice) Bill.
The “one time, limited extension” will give eligible advisers at least one further opportunity to pass the exam, Hume said.