FASEA exam pass rate drops
The Financial Advisers Standards and Ethics Authority (FASEA) has released exam results for the second FASEA exam which saw a pass success rate of 88%.
This was a drop-off of 2%, compared to the inaugural exam, which was held in June 2019.
The exam was held from 19-23 September, 2019, in eight metropolitan and 7 regional centres across Australia and 1697 advisers sat the exam.
Registrations for the next exam closed today, which would be offered in 19 locations across the country and held from 5-9 December, 2019.
Registrations for the February 2020 exam were now open, which would be held in 17 locations.
Stephen Glenfield, FASEA chief executive, said: “FASEA is pleased with the implementation of the second exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act.
“Unsuccessful candidates are able to re-sit the exam and these advisers will receive guidance on which knowledge areas they need to improve to enhance their ability to pass at a future sitting.”
The exam was marked to credit standard and the pass rate varied with each exam.
Glenfield had previously defended the high pass rate of the exam, and said it wasn’t about setting a bell curve, but a benchmark for competency.
AUTHOR
Chris Dastoor
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
