FASEA has released the results of the August exam, with 82% passing. The results mean 46% of advisers on the ASIC Financial Adviser Register have now passed the compulsory exam.
A total of 1521 advisers sat the exam. FASEA did not reveal how many advisers were sitting the exam for a second time but said that 65% of those re-taking the exam passed on the second attempt.
Overall, the pass rate for the FASEA exam in general is 89%. Less than 10,000 advisers in total have now passed.
"FASEA is pleased to present the outcomes of the seventh exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act during the current extraordinary circumstances," FASEA chief executive Stephen Glenfield said.
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"Over 11,180 advisers have sat the exam with nine in 10 demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam."
FASEA said advisers underperformed in a few areas including demonstrating an understanding of the differences between personal advice, general advice and factual information, assessing best interests and assessing the impacts of conflicts that may arise from recommendations.
Other areas where candidates could improve included identification of client biases and how these influence decisions, understanding the context of client requests and applying the FASEA Code of Ethics as well as demonstrating an understanding of ethical obligations when advising on complex family structures.
FASEA said 700 advisers have registered for the October exam and 1200 have registered for the November exam. Melbourne exams are currently scheduled to be held online only due to COVID-19 restrictions.