FASEA has released exam results from the ninth Financial Advisers Exam held in November 2020, all financial advisers in Australia have until January 2022 to complete the exam.
Just 11,241 advisers have passed the FASEA exams held to date - representing 52% of the more than 20,000 advisers on ASIC's Financial Adviser Register. A total of 1016 advisers sat the exam in November.
As for how many have sat the exam - that number currently sits at 12,573.
The latest results show 76% of candidates passed the November exam, compared with an average of 83% across all exams.
So far 89.5% of advisers who have sat the exam have passed. And, 80% of candidates sitting the exam for the first time passed the November exam.
In this latest exam, 58% of advisers re-sitting the exam passed on their second attempt compared to 59% re-sitters across all exams
"FASEA congratulates successful candidates on completing an important component of their education requirements under the Corporations Act," FASEA chief executive Stephen Glenfield said.
"Over 12,573 advisers have sat the exam with 9 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.
"In recognition of their achievement, passing candidates who give consent, will have their names added to the successful candidates list on the FASEA website."
Financial advice regulatory and legal requirements was highlighted by FASEA and exam provider ACER as being an area of knowledge where many of those sitting the exam in November struggled.
This part of the exam includes: Assessing whether the adviser has appropriately scoped the advice, demonstrating an understanding of the different types of advice, demonstrating knowledge of the components of key advice documentation and demonstrating the ability to identify breaches of best interest duty and subsequent notification obligations.