The Financial Adviser Standards and Ethics Authority (FASEA) has released the results of the October exam with 76% of advisers passing.
The exam has now seen 49% of advisers on the Australian Securities and Investment Commission’s (ASIC’s) Financial Adviser Register (FAR) pass, and the exam now had an average pass rate of 83%.
First time candidates saw a pass rate of 80.6% which was below the average of 85.8% across all exams, while 60% of re-sitters passed compared to 57% across all exams.
Over 10,460 advisers had passed the exam, with a pass rate of 89.5% (irrespective of how many times it was sat).
Only 625 advisers sat the October exam, compared to the average of 1540 across all exams.
Stephen Glenfield, FASEA chief executive, said: “FASEA congratulates successful candidates on completing an important component of their education requirements under the Corporations Act during the current extraordinary circumstances.
“The overall pass rate of 76% may be attributed to several factors. Firstly, the October exam attracted a much smaller cohort of advisers in general, combined with a higher than usual proportion of re-sitters.
“For first time exam sitters during October, the pass rate remained at the 80% average.
“Over 11,690 advisers have sat the exam with nine-in-10 demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam.”
