Only 60% pass July FASEA exam
A new low of 60% have passed the July Financial Adviser Standards and Ethics Authority (FASEA) exam.
There was 30% of candidates that were re-sitting the exam compared to an average of 20% in recent exams.
Over 18,140 advisers had sat the exam in total with over 16,030 having passed.
There were 14,070 passes recorded on the Australian Securities and Investments Commission (ASIC) Financial Adviser Register (FAR), as well as 1,650 ceased who could be re-authorised, and 310 new entrants that could be authorised.
Overall, 88% of advisers who have sat the exam have passed with 1,932 unsuccessful candidates who had re-sat the exam doing so with a 65% pass rate.
Of first-time sitters, 69% of candidates sitting the exam for the first time passed the July exam, compared with an average of 81% across all exams.
There were 1,963 advisers sat the exam compared with an average of 1,474 across all exams.
Stephen Glenfield, FASEA chief executive said: “FASEA encourages unsuccessful candidates and future candidates to access the range of tools available to assist advisers preparing for the exam, FASEA provides preparation resources, including practice questions online.
“Feedback received from past re-sit participants of the exam indicated these resources were useful for their preparation.”
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