Over 16,000 financial advisers have now passed FASEA’s mandated adviser exam after 60 per cent of the 1963 who sat the exam in July managed to score a pass mark.
Of the 16,030 that are now exam-qualified, the ethics and education authority reports 14,070 (73 per cent) are recorded as active financial advisers on ASIC’s Financial Advice Register (FAR).
Over 1,650 advisers who have passed the exam are now recorded as being ceased on the FAR and have the opportunity to be re-authorised, FASEA notes.
Only 60 per cent of advisers passed the July exam, with low rate largely attributable to the larger portion of second and third sitters taking part.
The proficiency of first-time sitters taking the later exams is also a factor; FASEA reports 69 per cent of first-time sitters in the July exam passed, compared with an average of 81 per cent for first-time sitters across all exams.
Overall, 88 per cent of advisers who have sat the exam have passed.
“FASEA congratulates successful candidates on completing an important component of their education requirements under the Corporations Act,” said FASEA CEO Stephen Glenfield.
“Over 18,140 advisers have sat the exam with approximately 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.”