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.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
