Just over 40% of candidates who sat the May financial adviser exam have passed, according to the Australian Securities and Investments Commission (ASIC).
Some 496 advisers sat the exam in May and 212 of those passed, representing 42.7%.
This was an improvement on the previous sitting in February when only 32% passed, the lowest of all the sittings.
Almost three-quarters (72.2%) of candidates in May were resitting the exam for at least the second time.
Candidates had until Wednesday 22 June to ask for a re-mark of their paper.
The next exam would be held on 28 July-1 August, 2022 and enrolments would be open from 20 June, 2022 til 12 July, 2022. This would be the final opportunity for advisers who were operating under the nine-month extension to pass the exam.
Comments
How many chances are advisers going to get on this? It's making a joke of the entire process.
Good way to rid the industry of quality advisers. Worth considering who is going to gain from such an exodus.
Probably only need one guess. FPA and AFA hold your heads in shame for not fighting this ridiculous exam.
"Quality advisers". There is no shame in failing the exam, it's difficult - but then so is managing the finances of clients life savings, or protecting their situation through comprehensive life insurance, we get paid more than most professions, and rightly so. Suck it up and get the help required and get through it - or accept it's time to all it a day.
You are kidding yourself if you think passing that exam will make you a quality adviser. Such arrogance. Your comments suggest to me that you do not have a clue what is necessary. That is if in fact you are adviser.
Great result for all involved. Well done.
I am one of 58% that sadly failed the last exam. I have now sat 3 exams and have done countless hours of training with registered training programs and also giving up many weekends to pass this exam. I have been an adviser for over 35 years and now only give Insurance advice. For anyone who thinks this is an easy exam sadly for some its not. I didnt do university or actually my Higer school certificte and have enjoyed the benefits of our great industry but now face another exam at another $970 that I have now spent 3 times as well as other training programs. There has to be some recognition of years of service and proof of quality advice here to help out those who dont do well in exam conditions. If ASIC thinks the questions we had in the last exam were suitable around an exam on Ethics I really question who vets these questions. As someone said where are the FPAs and AFAs helping us advisers get over this hurdle before 1st Oct 2022.
I empathise with your situation. However, you need to take some accountability considering you would have had significantly more chances at the exam than 3. It has been administered since 2019 giving you countless chances (at a discounted rate to what is payable today mind you).
To be clear I don't think passing the exam makes you a great Adviser, nor failing the exam makes you a lousy Adviser, but our industry if it wishes to become a profession - needs to raise the bar, and the exam and qualifications are a part of that chosen path. I am sure many other professionals such as Pilots, Engineers face re-accreditation challenges that sometimes means an end to their careers. Unlike these professions - you can actually sell your revenue and hopefully retire comfortably.
Personally, I would have rather seen a competency based exam where the modules of competency selected would dictate the areas you can give advice, such as SMSF, insurance, etc.
But that's life.
I did exams in the past that were reasonable and well constructed. The ethics exam however is a sham, So the problem is not that advisers are reluctant to be involved in exams rather they expect a properly constructed exam.
The standard has been set. We may not like it and it may be a difficult exam but it is the standard. I do have compassion for some of my colleagues that have not been successful but and it certainly is a hard line but compromising for some or one is to compromise the long overdue drive to professionalism. I am no genius having failed playlunch at school but I did see the writing on the wall and do an under and post graduate in 2009-2012 during the GFC to make the best use of my time. I was raising a family at the time and struggling to get a new business running during the aftermath of the GFC. I sat the FASEA exam while being hounded by AMP and ASIC doing audit after audit for no good reason other than the fact that I stuck my head above the parapet and made noises about compliance issues that were both immoral and unprofessional. All the while I nursed my wife at home to her death from cancer. So let me just say, if I can manage it all there is no reason why others cant.
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