The Financial Adviser Standards and Ethics Authority (FASEA) has issued a reminder to financial advisers that their time to sit and pass the exam is ticking by.
There are just five exam sittings remaining for existing advisers to pass the exam. After the end of 2021, all advisers who have not passed will no longer be able to practice as registered financial advisers.
There are 1900 candidates already registered for the March exam, the 11th sitting of the FASEA exam since June 2019.
"Registering for March will enable candidates the opportunity to sit the exam a further two times if necessary to pass the exam before the end of the transition period on 31 December 2021. FASEA encourages advisers to register," the authority said.
The March exam is being held in 16 metropolitan locations as well as Cairns, Townsville, Sunshine Coast, Toowoomba, Gosford, Coffs Harbour, Geelong, Bendigo and Geraldton.
So far, 89% of those who have sat the exam have passed - a total of 11,241 advisers have passed the exam, just over half the approximately 20,000 on the ASIC Financial Adviser Register.
For the first time, this year FASEA offered additional support materials to help advisers pass the exam.
This included a pre-exam webinar hosted by FASEA covering the how the exam is constructed, what it is testing, what kind of questions can be expected, how to structure responses, how to use preparation resources and tips for studying and exam day.
The webinar is at no cost to advisers and will be run before each exam sitting in 2021 and only advisers who have registered for the exam will receive an e-invite.
FASEA has also made a preparation guide, candidate video and exam practice questions available online.