Adviser exam pass rate exceeds 70% for the first time in 12 months

The pass rate has surpassed 70% for the first time in a year.

In the March exam cycle, 292 sat the exam and 209, or 71.6%, passed the exam. Some 227 (77.7%) sat the exam for the first time.

Unsuccessful candidates will receive general feedback on areas they underperformed, ASIC said.

The pass rate has improved from the previous seatings in November 2025 (68%) and August 2025 (69%). At the same time last year, 73.4% have passed the exam out of the 241 candidates who attended.

The next exam will be held on 4 June 2026. The booking period for this exam opens 24 April 2026 and will close on 15 May 2026.

To date, 22,611 individuals have sat the exam and 92% (20,963) have passed, ASIC said.

This comes after the Financial Advice Association of Australia (FAAA) made a submission to the Jobs and Skills Australia (JSA) consultation urging the inclusion of financial advisers on the occupational shortage list.

FAAA chief executive Sarah Abood said there is "substantial evidence" of the skills shortage in financial advice, which has "plagued our profession since 2019".

In the submission, Abood said the number of financial advisers and paraplanners continues to fall well short of demand at a time when Australians are increasingly seeking financial advice to improve household financial wellbeing, retirement outcomes, and broader economic stability.

"We welcome our ongoing engagement with JSA and other government agencies on workforce planning issues. However, we are concerned that the Stakeholder Survey methodology is heavily reliant upon advertised job vacancies and, in our view, does not allow for data on other factors to be adequately captured and considered in context," Abood said.

Abood said the advice industry is struggling with a decline in adviser numbers which is not being offset by new entrants; a long training gap and legislated professional year requirements which create a four-year structural lag in workforce supply; and the rising demand for advice with millions of Australians unable to gain access.