FASEA releases September exam results

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FASEA has released exam results from the second Financial Adviser Exam held in September 2019.

Result highlights include:

  • the exam was held in 8 metropolitan and 7 regional centres across Australia from 19 September to 23 September
  • 1697 advisers sat the exam
  • the exam was subject to ACER’s comprehensive marking approach
  • over 88 percent of candidates passed the exam

The exam is marked to credit standard and the pass rate varies with each exam.

“FASEA is pleased with the implementation of the second exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act. Unsuccessful candidates are able to resit the exam and these advisers will receive guidance on which knowledge areas they need to improve to enhance their ability to pass at a future sitting” FASEA Chief Executive Officer Stephen Glenfield said.

Registrations for the December 2019 exam close today.  The December exam will be offered in 19 locations and over 3200 advisers are currently enrolled.  Registrations are now open for the February 2020 exam sitting in 17 locations including regional locations and over 190 advisers are currently enrolled.

The FASEA website provides information on additional registration times and how to prepare and register for the exam.

Additional background

Section 921B (3) of the Corporations Act 2001 requires advisers to pass an exam approved by the standards setting body. Existing advisers are required to pass the exam before 1 January 2021. New entrants are required to pass the exam before becoming a Provisional Relevant Provider.

The exam tests three domains of knowledge and skill:

  • financial advice regulatory and legal obligations
  • applied ethical and professional reasoning and communication; and
  • financial advice construction.

Candidates are required to demonstrate professional reasoning and apply knowledge acquired to financial advice scenarios at AQF7 level of reasoning.

FASEA is offering the exam in September and December 2019 and bi-monthly in 2020 across metropolitan and regional centres.

Exams will be held across eight metropolitan locations for the December sitting (in Sydney, Canberra, Brisbane, Melbourne, Adelaide, Perth, Darwin and Hobart). There will be 11 regional centres offered (Townsville, Rockhampton, Mackay, Sunshine Coast, Toowoomba, Gosford, Orange, Wagga Wagga, Albury-Wodonga, Bendigo and Geelong).

Exams will be held across seven metropolitan locations for the February sitting (in Sydney, Canberra, Brisbane, Melbourne, Adelaide, Perth and Hobart). There will be 10 regional centres offered (Gold Coast, Wollongong, Cairns, Ballarat, Launceston, Port Macquarie, Traralgon, Tamworth, Townsville and Newcastle).

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