The May sitting of the Financial Adviser Standards and Ethics Authority (FASEA) exam has a seen a 69% pass rate – the same as the previous sitting in March.
Over 14,850 advisers have passed the adviser exams held to date representing 74% of advisers on the Australian Securities and Investments Commission’s (ASIC’s) Financial Adviser Register (FAR).
Overall, 89% of advisers who have sat the exam have passed and 1,918 unsuccessful candidates had re-sat the exam with 65% passing at a re-sit.
Around 74% of candidates sitting the exam for the first time passed the May exam (compared with an average of 82.4% across all exams).
The exam saw 1,894 advisers sit compared with an average of 1,437 across all exams.
Stephen Glenfield, FASEA chief executive, said: “Over 16,700 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.
“FASEA congratulates successful candidates on completing an important component of their education requirements under the Corporations Act."
Comments
No rush
Just wait for the extensions
Interestingly, only about 3,000 persons currently on the FAR (now about 20,000) have not yet sat the exam once and July 2021 will be the biggest cohort of exam takers (first and repeat) at 2,700.
So a dramatic conclusion to 2021 coming up (excluding the 'special' group in 2022 that have failed twice and get another go).
I was one of those who passed. Can now say it was one of the silliest, obscure, impractical and other-worldly exams I've done. Glad it's over.
The best part was not being allowed to use the bathroom alone. Yeah, I never thought about hiding notes behind the toilet. Seriously? Glad it's over.
it's going to be an annual exam. like other industries....don't throw out those notes yet.
The government has clearly realised the exam was such a dumb idea, they have given a 12 month extension, and then a nine month extension on top of the already generous 19 months initially. So that's 40 months in total; and you think it will become a rolling 12 month requirement? Thanks for the laugh Yogi.
Haha care to elaborate there Yogi? Like my accountant who only has to average his CPD over 3 years? Or the Lawyer who only has to be admitted to the bar once? Yeahhhh…
What? so you think you sit an exam and you're a professional now? Long long way to go yet lads.
ASIC will be taking over the with the administration of the exam next year and it will be solely for new entrants (with the exception of the one off exam). Less than zero chance of this becoming an annual exam.
a few years back that would have read "half of all financial planners".
So from the advisers that bothered sitting the exam we had a 90% pass rate. That means that more than 1 in 10 clients were being provided advice by Advisers that are now classed as incompetent at doing the role. From an outsider looking in that is pretty embarrassing.
not really..two points....it was never a test of knowledge...it was a culling exercise... exam questions are written/ designed to either a) test knowledge which is what most people are used to or b) eliminate candidates and this is what some people are struggling with...as the FASEA exam is clearly written in this manner. The Second point is when you write exams you need scaling, therefore a certain percentage of FASEA sitters will need to fail on purpose, which will have no reflection on their actual ability or quality as advisers. To be blunt, most advisers are used to CPD or exams testing knowledge whilst FASEA is written to trick. So I would not be ashamed of failing...after all it's a CBA/Bank get of jail exercise, not an exam to test Advisers knowledge or be some type of award/benchmark and with that you need a certain percentage to fail and 10% of advisers failing will be deemed a successful exam.
Don't confuse this with being incompetent at their role. Their role is giving good advice and service to clients. This exam didn't address any of this. Their incompetence, if you can actually classify it as such, is that they failed to pass a subjective exam on subjective subject matter set by incompetent people. It is the most pathetic exam I've ever seen.
You’re not an outsider. Give me a break.
That is due to the fact you are an "outsider" and have no idea what you are talking about. If your only source of knowledge on this is Press coverage - there is no need to repeat.
I'm going to add my 2 cents. It would be important to also break down the type of 'adviser' seating the exam, as there may be a lot of accountants, stock brokers and other product providers seating this exam, and I dare say their pass rate is much lower than that of actual financial advisers.
My good friend has just failed for the second time. He's the planner we (myself and many of my colleagues) all call because he's the most "technically competent" - just brilliant! He's the bloke that always considers others and lives for his clients - working long hours running a very successful practice. Visits the hospital when his retiree clients are ill and probably one of the most honest and ethical blokes I am likely to meet. He is a shattered man today and doesn't know how he can face his wife and two boys. This exam is not about weeding our "bad planners". It is shattering the lives of some of our best.
No one wants to see this happen.
Having sat and passed the exam, I and others found the whole thing was rather perplexing.
Is there anything that can be done here to assist your friend? A list of all the exam prep short courses, the names of tutors who are training people with good success?
I feel for your adviser colleague and wish him all the best for any future attempt.
Stop calling the bloke and get better educated yourself. This is why FASEA exists.
You are courage personified.
Don't I know it!
How many advisers who completed FASEA have subsequently still left the industry?
I’ve got full post grad FASEA compliant qualis and I refuse to join this abused and decimated industry - is there a stat on that as well?
What do you reckon Groundhog, how many completely competent advisers aren’t even bothering? If I was in government or truly an interested outsider with genuine concern for broader consumer outcomes I would be embarrassed by that.
over 1,000 fasea passed and qualified advisers have left i believe.
And I’ll take it one step further.
I finished with a High Distinction average from that prestigious level 1 Australian University and I am well aware I am not an unbridled genius.
A fair whack of that is the scaling applied, exactly as stated in the comment above. Everyone passed all the subjects, even those that could not speak English, not even as a second language. The vast majority cheated in the assignments via plagiarism. All major assignments were “co-operative” where they assigned a certain demographic of students with “local” students. Guess who did all the work but had to share the grade.
And these people now have the advantage over experienced advisers too old to go back to study.
hi FEm, so you aren't taking the exam?
the other thing I am noticing, check this out and apologies to this particular adviser I didn't mean to do, but it helps to demonstrate my point, I just did a google search I did and came across it.
http://www.atcadvisers.com.au/
this adviser states, "my books are full", has a lot of experience, a bachelor's degree, and a master of applied finance from Macquarie, which is one of the harder quant degrees you can do. and passed the fasea exam. was also a cfp looks like he cancelled that one. haha
not good. just one example of highly qualified competent advisers saying it's too much.
But the single operator adviser practice at http://www.atcadvisers.com.au/ licences through FYG Planners Pty Ltd keeps talking about himself in the first person only. Bit weird. Also, don't believe everything you read on the web. Just made an appointment with "Michael" as a new client. Said I just inherited $2.217m and needed advice on retirement planning. I'll tell you how it goes.
ok great. thank you for your insight. why don't you tell us all how to do things.
Will do "little a".
so let me get this straight. you lodged a fake call to a fellow adviser lying about inheriting $2.217 to prove a point.
good to know. refer to std 1, (part a), & std 2 (part a), std 9, std 10, std 12
can you let me know how you acted (now that the code is in force), to realize and promote the values of :
a. trustworthiness
b. honesty
c. fairness
thank you,
I'm not a financial adviser. I didn't break any standards or values. The fake inheritance was $2.217m not $2.217. There is no such arrangement as an financial adviser "who's books are full and closed to new clients". So much so the adviser in question has his contact details on the same web page noting not they were not open to new clients. Don't believe everthing you read on a financial planners website.
Do us a favour and dont let us know how it goes, what a horrible thing to do! We have enough stress without nitwits like you wasting our time. Thats just a really low act.
This is the problem with financial planners these days, no sense of humour. I remember the good old days, when financial planners were great fun, now they are just sad sacks. Such a shame.
Prestigious universities don't offer financial planning degrees. The best educated financial advisers did degrees in other disciplines at prestigious universities, then supplemented it with specialist financial advice training. The original intent of the FASEA degree requirement was to recognise this as being eminently qualified. Then FASEA got hijacked by grubby low life academics from third rate universities, who turned it into a conflicted money spinner.
Anyone who drones on about how superior they are because they have a "Masters in Financial Planning" needs to come clean about where they got it from. If it was Griffith, Deakin, Kaplan, UWS or the like, then please get a proper degree from a proper university before claiming to be well educated.
Correct. Funny how many folk who post here have these unbelievable post-graduate qualification from prestigious universities but they are concerned about a rather simplistic FASEA exam.
You guys are a classic example of why the industry is beyond help, you can't even help yourselves.
For you guys it is - The enemy of my enemy is my enemy.
FFS
Read what I wrote again and reconcile it with your own comments.
could not agree more. the very best, that is, the cream of the crop has already exited, or are on their way to exiting. what a toxic sad and pathetic industry this is.
it really did need the punishment from the government, and glad it is getting it. so glad now trustees will be reviewing SoA's before payment.
oh, already fasea qualified and the exam passed the first time (for your info) leaving voluntarily by choice as I have many options and skills.
You give up and leave if you want, but to say the cream of the crop have left to make youself feel better, sorry but there is no proof of that. Actually its the opposite. The tree has been shaken people like you want to give up and fall out, fine, but dont drag the rest of us down with you.
Happy with my comments, no need to change them. Just accept them and move on.
You sound like Hedware.
Who's Hedware? Who cares?
that's why you are whingeing on this forum because your prestigious degree was not accepted? and now you have to do another?
haha, I think the people with a UWS, Griffith, Deakin, and Kaplan with an M.Fin Plan are having a laugh. and, yes, at your expense.
another fool. thank God for the FASEA committee. you really needed an education, and now you will be forced to get one.
ha ha
p.s. already have a Kaplan masters, and another, and passed fasea the first time, in 2 hours. take that fool
You are not even reading what I wrote. I have a FASEA accepted post grad - I have chosen not to pursue a career in the industry.
So how could I be whinging about it not being accepted?
don't worry, every good financial planner is doing exactly what you are doing. you are correct. thousands have voted with you so don't worry. relax.
the collapse is imminent.
Creating, not collapsing,
Do the FASEA exam and keep your options open in the for the next few years. And stop whining.
M.Fin Plan from UWS, Griffith, Deakin and Kaplan are the new "grandfathered CFP" qualification. Proudly proclaimed by their recipients, defended as "the best available at the time", and ultimately third rate.
Just as over time grandfathered CFPs tried to pass themselves off as real CFPs, M. Fin Plan recipients from glorified TAFEs will try to pass themselves off as being "Masters qualified".
p.s. passing fasea first time in 2 hours is hardly a significant or even noteworthy achievement
ok, fool so you tell us your qualifications then, and let us rate it since they are first-class (i am guessing), c'mon let's see. I am sure you have an m.fin plan or doctorate from Harvard, is it? or you are Jerome Powell?
c'mon, since you have been so brave, at commenting on others qualifications let's see you reveal yours. be fearless. c'mon, it's a challenge, someone so high and mightly like you can reveal. and let us test it.
unless you are a pussy keyboard warrior which I suspect you really are, a troll, and a pussy with a big fat gut and business pants from GAZMAN ( i am certain, you have gangly, and bad teeth, and you shop at GAZ man). FYI: do not shop at GAZ man. even the name itself is so repugnant.
p.s I am allergic to polyester, and people like you.
What's GAZMAN? Are they available at Lowes?
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