The cost of the ASIC adviser exam has risen to $1500, after only being $597 when it commenced in 2019 under FASEA, according to the ASIC website.
The price first rose to $973 once the regulator began overseeing the exam last year after FASEA was wound up with responsibilities being shifted to ASIC or Treasury.
The increase was picked up by an adviser who informed myIntegrity in Practice principal Joel Ronchi.
“Having spoken to hundreds of advisers over the last three years, I know that many would hope that this increase in fee structure leads to an increase in the level of feedback received by advisers who do not successfully pass the exam,” Ronchi tells Professional Planner.
The deadline for all advisers to have to completed the exam was 30 September 2022 and it was currently only provisional advisers that could sit the exam.
The regulator announced the 2023 exam dates last year and enrolments for the first exam will close on 30 January.
ASIC will continue to run only four sittings, which was the case last year due to the decreased need to run sittings for the industry.
The first sitting held by ASIC saw a pass rate of 32 per cent – the lowest of all adviser exams and 43 per cent for the second ASIC exam. It has since improved over the year to over 50 per cent for the final two exams held in 2022.
Last year, the Financial Services Council suggested boosting exam attendance by opening it to support staff.