ASIC today released exam results from the 16th Financial Advisers Exam cycle, held in February 2022.
This is the first financial adviser exam cycle that ASIC has administered. The exam was previously administered by the Financial Adviser Standards and Ethics Authority (FASEA). The exam has been continuously conducted by the Australian Council for Educational Research (ACER) since its inception and follows a rigorous process to ensure all candidates in all cycles are held to this same standard.
In this exam cycle:
- 333 advisers sat the February exam;
- 4% (108) of candidates passed the February exam;
- 73% of candidates were resitting the February exam for at least the second time.
Overall results:
To date over 19,850 candidates have sat the exam. Nearly 91% of candidates who have sat the exam have passed, demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam.
Of those who have passed:
- Over 15,600 are recorded as current financial advisers on ASIC's Financial Adviser Register (FAR), representing 90% of current advisers on the FAR.
- Over 2,260 are ceased advisers on the FAR and may be re-authorised in the future.
- Over 480 were new to the industry.
- Over 3,250 unsuccessful candidates have re-sat the exam, with 67% passing at a re-sit.
