The percentage of advisers who passed February’s exam, the first one run by the Australian Securities and Investments Commission (ASIC), has fallen to 32.4%.
Some 333 advisers sat the exam and 32.4% passed (108 candidates).
Almost three-quarters of candidates were re-sitting the exam for at least the second time. This compared to 52% of candidates passing in the November exam, which was the lowest pass rate of all exams run by the Financial Adviser Standards and Ethics Authority (FASEA).
Since the exam was introduced, almost 20,000 advisers had sat the exam and 91% of them had passed.
Over 15,600 were recorded as current financial advisers on ASIC’s Financial Adviser Register (FAR), representing 90% of current advisers on the FAR.
Over 2,260 were ceased advisers on the Financial Adviser Register (FAR) and may be re-authorised in the future while over 480 were new to the industry.
ASIC said candidates would receive feedback from Australian Council for Educational Research (ACER) if they had been unsuccessful.
The next exam sitting would be held on 12-16 May and enrolments would open on 4 April.