What can we learn from 2025’s exam sittings?

Greater consistency across the adviser exam has helped boost the number of first-time candidates with many opting to sit before undertaking a Professional Year (PY).

Last week saw ASIC release of the latest results from the November sitting of the exam which reported a pass mark of 67.5 per cent.  

While this was largely unchanged from the two previous sittings – which stood at 68 per cent in August and 66 per cent in June – commentator Joel Ronchi from MyIntegrity said this is not necessarily a bad thing.  

“This is a good thing,” he told Money Management. “You want consistency in the way the exam is conducted as it provides confidence to those who might want to sit in the future.”

The exam had been redesigned slightly at the start of 2024 to remove the short-answer questions from the exam and increase the number of multiple-choice questions. It also removed the requirement limiting exam participation to new financial advisers who have completed an approved degree and existing providers. 

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Source: ASIC, December 2025

What has changed for the better, however, is the rising number of candidates, particularly those who are sitting the exam for the first time. The November sitting saw a total of 308 candidates sit the exam, the first time it has risen past 300 since mid-2022.  

Across the four sittings, there was an average of 251 candidates per exam. 

Source: ASIC, December 2025

Some 75 per cent of those (233) sitting in November were first-time candidates and this was actually higher than the total number of candidates overall in the August sitting (221).  

Ronchi said: “This indicates there is an increasing interest in people wanting a career in financial advice.  

“You could argue more people are backing themselves earlier in their careers and sitting the exam so they can improve their chances of being offered a PY position as this decreases the risk for potential employers if the PY candidate has already passed the exam before commencing the PY.

“The exam is one of the first steps for many on their journey towards a career in financial advice.  By undertaking it before their PY, it signals they are serious about a career in financial advice and it helps to derisk the offer of a PY from potential employers.”

Money Management has previously explored the pros and cons of completing the exam before a PY, arguing it is largely dependent on how much previous experience a candidate has within financial services and how easy they found it to secure a position in a competitive process.  

Source: ASIC, December 2025

However, he said the greater number of first-time candidates may explain the marginally lower pass mark in 2025 compared to 2024 when it stood at an average of 69.7 per cent across four sittings versus 68.5 per cent this year.

“The results in 2025 reflect the fact that more people are sitting the exam for the first time and, as such, may not have as much practical experience in a work environment as was the case in previous years.”

Looking ahead into next year’s sittings, he forecast the number of candidates will rise further especially if changes under the Delivering Better Financial Outcomes legislation come into force.

These could make it easier for career changers to move into financial advice and reduce the timeline to become a financial adviser from 3-4 years down to two years.

The next ASIC exam will be held on 5 March with the booking period for this exam opening on 23 January 2026 and closing on 13 February 2026.