Thursday, December 1 2022

The second iteration of the ASIC Advisor Exam saw a substantial improvement with a 43% pass rate, but still below the pass rate of the final FASEA exam.

Results released by ASIC on Monday showed that 496 advisers took the May exam and 72% of candidates took at least the second time.

The first sitting of the ASIC exam had a pass rate of 32%, which was significantly lower than the 52% pass rate of the final FASEA exam.

Over 20,000 candidates took the exam and 91% of candidates passed.

Of those who have passed, more than 15,600 are registered as current financial advisors on ASIC’s financial advisor registry, representing 93% of FAR’s current advisors.

More than 2,400 are arrested advisers on the FAR and could be re-authorized in the future, while more than 600 were new to the industry.

There are more than 3,250 unsuccessful candidates who have retaken the exam, 68% of whom passed after retaking.

The first FASEA exam had a pass rate of 90% with 579 candidates.

The final test

The final exam before the September 30 deadline will take place from July 28 to August 1 and registration will close on July 12.

After the September deadline, the Advisor Exam will be conducted via online proctoring only and the 2022 final exam will be held on Thursday, November 3.

Research from Adviser Ratings found the decision to include the extension was not popular with more than 60% of respondents, believing that failed candidates should not be allowed to provide advice in 2022.

Exam Eligibility

Foreign or new financial advisors must have their eligibility assessed to take the exam before they can book a session.

ASIC recommends that their AFSL request an exam eligibility number at least 15 days prior to the last booking of an exam period.

The Financial Services Council has requested that the exam be open to all licensee personnel. Currently, only existing advisors or new entrants to their professional year can register for the exam.

“ASIC should consider providing more flexibility and a better experience for Professional Year candidates by reducing turnaround times for exam results reports, allowing all candidates to take the exam remotely. and allowing candidates to take the exam sooner if they are ready,” FSC Policy Director for Guidance, Zach Castles said. Professional planner in May.

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