Over 90% of advisers pass inaugural FASEA exam
FASEA has released exam results from its inaugural financial adviser exam.
Over 90 per cent of the 579 advisers that sat the inaugural exam have passed, FASEA has announced.
The exam was held in nine centres across Australia from 20 June to 24 June.
Unsuccessful candidates are able to resit the exam and will receive guidance on which knowledge areas they need to improve to enhance their ability to pass at a future sitting.
“FASEA is pleased with the implementation of the first exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act,” said FASEA CEO Stephen Glenfield.
Registrations are open for 2019 exam sittings for September in 15 locations and for December in 18 locations and more than 1,000 have currently enrolled.
Section 921B (3) of the Corporations Act 2001 requires advisers to pass an exam approved by the standards setting body. Existing advisers are required to pass the exam before 1 January 2021. New entrants are required to pass the exam before becoming a Provisional Relevant Provider.
The exam tests three domains of knowledge and skill, with candidates required to demonstrate professional reasoning and apply knowledge acquired to financial advice scenarios at AQF7 level of reasoning.
FASEA is offering the exam in September and December 2019 and bi-monthly in 2020 across metropolitan and regional centres.