Result highlights include:

• the exam was held in 8 metropolitan and 11 regional centres across Australia from 5 December to 11 December
• 2981 advisers sat the exam
• the exam was subject to ACER’s comprehensive marking approach
• over 86 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 outcomes of the third 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 February exam are open until 31 January 2020. The February exam will be offered in 17 locations from 13 to 18 February; currently over 2200 advisers are enrolled. From and including the February exam, regional candidates will have the option to sit the exam remotely.

Registrations are now open for the April 2020 exam. The exam is being offered in 18 locations including regional locations from 2 to 7 April. Over 600 advisers are currently registered for the April exam. Dates for the June exam have been published here with registrations opening on the 2 March 2020.

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 bi-monthly in 2020 across metropolitan and regional centres.