79% pass first remote FASEA exam
The Financial Adviser Standards and Ethics Authority (FASEA) has released the results for the April 2020 exam, the first done remotely, with 79% of candidates passing.
It was another decline in the passing rate, with the previous exam in February seeing a pass rate of 82%, and a total of 86% of advisers had passed the exam over the five sittings.
Held on 2-7 April, only 470 advisers sat the exam, compared to 2,231 who sat the February exam.
7,958 advisers had sat the exam to date, which represented 35% of advisers of the Australian Securities and Investment Commission’s (ASIC’s) Financial Adviser Register.
Stephen Glenfield, FASEA chief executive, said: “FASEA is pleased to present the outcomes of the fifth exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act during the current extraordinary circumstances”.
Registrations for the June exam, which would only be held remotely on 11-16 June, had been extended until 29 May with over 2,000 advisers registered.
Registrations were still open for the August exam, which may be offered in physical locations depending on COVID-19 restrictions, as well as remote proctoring.
Over 1,200 advisers had registered so far and limitations may apply in exam centres due to social distancing requirements.
The October exam would be held on 8-13 October, with registrations opened on 6 July and November exams would be held on 5-10 November, with registration dates to be advised.
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