Just over half those sitting the July adviser exam have passed, marking the end of roughly 500 advisers who are expected to come off the ASIC Financial Adviser Register (FAR) by the end of the month.
From 1 October 2022, all financial advisers must have passed the exam to continue to provide personal advice.
Some 52 per cent passed with 628 advisers sitting the exam, which included 76 per cent of candidates re-sitting for at least the second time.
There have been 20,148 candidates that have sat the exam with an overall pass rate of 92 per cent.
This includes 2,500 ceased advisers and 700 new to the industry, but most notably over 15,800 that are still on the FAR.
With fewer than 16,400 advisers currently on the FAR (the most recent number published from Wealth Data on Thursday afternoon shows 16,344), this means roughly 500 are expected to come off the register by the end of the month.
ASIC stated at the start of the year, 882 advisers were yet to pass the exam but analysis from Wealth Data suggested that figure is likely closer to be 1,000.
Over 3,330 unsuccessful candidates have re-sat the exam with 74 per cent passing at re-sit.
Advisers who failed the exam are left with two options – come off the FAR before or after 30 September.
Practitioners who cease their authorisation to provide advice before 30 September 2022 will only need to pass the exam to be eligible for re-authorisation, according to ASIC.
However, advisers who are ceased after 30 September will have to pass the exam, obtain a relevant degree and complete the professional year.
ASIC has become more vigilant over keeping the FAR up to date this year and it is in the best interest of advisers who would like to return to the industry to come off the FAR before the end of the month.