The Financial Advice Association Australia (FAAA) has backed the government’s proposed changes to the financial adviser exam, including making the exam completely multiple choice, removing restrictions on who can sit the exam, and allowing students to sit the exam at a stage that is suitable for them.

FAAA chief executive officer, Sarah Abood, said these changes will simplify and speed up the exam process, making it both more flexible and potentially much cheaper for candidates.

“Without a need for subjective marking of written answers, the marking process can be largely automated, removing the risk of human error and subjectivity and speeding up the provision of results to students,” Abood said.

Ms Abood said the change to allow financial planning students to sit the exam when it suits their schedule – including during their studies, rather than at a specific stage during the Professional Year – will have substantial benefits for new entrants.