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."