FASEA exam rated challenging but fair

25 June 2019

Those financial advisers who have sat the Financial Adviser Standards and Ethics Authority (FASEA) exam may have been sworn to secrecy about its nature and contents, but the bottom line appears to be that it is challenging but do-able.

The first two sittings of the exam were conducted last Thursday and yesterday (Monday) with feedback from those who sat it suggesting that it represented a tough but fair test of their knowledge.

A consistent theme appeared to be that the exam was not overly technical and demanded a broad rather than niche knowledge of advice.

Advisers sitting the exam have been obliged to enter into confidentiality arrangements around its content.

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Here is a tip Mike. Ask those same advisers if the exam met the criteria set out in the legislative instrument. Specifically Section 9.2 :

‘An exam must show the maximum marks that may be awarded for each question’

Might be worth putting the question to ACER and FASEA too. While you are at it, I would be most grateful if you could ask these follow up questions please:

1. What is the pass mark ie. percentage?
2. Do advisers need to answer all 3 of the triple-banger true/false questions correctly to score any points or part of a point? (there were several of these questions in the practice exam released by FASEA, so I am not revealing anything sensitive here)
3. Are advisers still required to pass 3 separate knowledge areas, or is the pass mark now based on one overall score?

Surely we have the right to know the above information. Many of us are suspicious FASEA will decide on these issues retrospectively, which would be intolerable if true. If we are forced to re-sit the test due to 9.2, maybe they can properly inform us what is required to pass the exam next time around.

Many thanks

The whole conduct of the FARCEA board and the running, organisation and implementation of this is a disgrace.

Politicians should be forced to pass a secret Ethics, Honesty and Don't be a Dick test, just like unions should be forced to undergo 4 year long Masters of Regaining your Humanity and Finding and Healing the Charred Remnants of What Used to be Your Soul intensive re-education process

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