FASEA exam results spark debate

While the results of the FASEA exam are encouraging one has to ask why do we even have an exam as a means of testing ones knowledge. In no circumstances are we exposed to exam like conditions in real life scenarios. Exams should be redundant in todays world.

Having to study again after 20 years experience in the industry and holding CFP, this counts for very little in FASEA eyes. The subjects of the Grad Dip of FP from Kaplan are very closely aligned to the CFP units.

It is clear FASEA have no other tools in their toolbox to assess Adviser experience and their only answer is put Advisers under more pressure, stress and have them pay real $$ for the added pressure and stress.

It is simply a money making scheme to prop up the education sector designed by academics and legislators. Talk about a clear conflict of interest ... who's best interest is really being looked after here. If they were genuinely interested in improving the industry and insisted on an industry exam the exam would be free of charge and paid for by all the Government levies and taxes imposed on the financial planning industry and superannuation.

Let's be serious the majority of Advisers are good Advisers who have a genuine interest in the well being of their clients, have spent endless hours on self improvement / professional development ... why are you adding greater pressure and stress to good Advisers ?

Surely there is another method of acknowledge good Advisers, not making them study, sit exams and pay for the stress and pressure of doing it all. Look after the good Advisers for once.

I was one of the 90% that passed the exam.

In my opinion, there were only two types of advisers that chose to sit the first round of the FASEA Exam.

- Those so in tune with their ethics and compliance that they felt assured of passing so why not get it out of the way; and

- Those who preferred to give themselves the greatest number of potential re-sits, due largely to an insecurity surrounding, not their ethics and compliance, but rather their ability to study and sit an exam after a long hiatus.

Knowing this, I am not surprised that the percentage of passes was so high. They were the people most likely to succeed.

I suspect the same will not be the case in later exams as the exam venues start to fill to capacity. the increase in noise and distractions that will result will definitely become a factor.

I believe I took the right choice to get it out of the way early.

Don't read too much into one result.

Regardless of the pass rate for the FASEA exam, understanding industry standards and ethics and adhering to those same standards and ethics are not necessarily the same thing.

Those in the advisor space that breach standards most often do so out of greed not gnorance,