Only 67% of advisers have passed the January Financial Adviser Standards and Ethics Authority (FASEA) exam.
The overall average pass rate for the exam was 78%, and 89% of advisers who sat the exam had now passed.
For first time sitters, 73% passed, while 46% of advisers re-sitting the exam passed on their second attempt.
Overall, 83.6% of first-time sitters had passed the exams while 55% of re-sitters had passed.
Over 12,000 had passed the exam which represented 57% of advisers on The Australian Securities and Investment Commission’s (ASIC’s) Financial Adviser Register (FAR).
Stephen Glenfield, FASEA chief executive said over 13,440 advisers have sat the exam with nine-in-10 demonstrating they had the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam.
“In recognition of their achievement, passing candidates who give consent, will have their names added to the successful candidates list on the FASEA website,” Glenfield said.
Candidates who were unsuccessful in this exam would receive additional individual feedback to highlight the curriculum areas that they have underperformed.
They would also receive an invitation to a FASEA led webinar to help them understand their results and provide guidance on how to prepare for their next sitting.