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Financial Planning
FASEA urges advisers to maximise exam sittings

With the window to complete the FASEA exam narrowing, financial advisers are being urged to maximise the number of attempts they make.

In correspondence with the Association of Independently Owned Financial Professionals (AIOFP), FASEA chief executive Stephen Glenfield confirmed advisers who sit the exam in January or March can have up to three opportunities to pass the exam before the end of the transition period.

"The January exam runs from 28 January to 2 February (with bookings closing on 8 January). The March exam runs from 25 March to 30 March (with bookings closing on 5 March)," Glenfield said.

"Advisers who have registered for January but who feel they need further preparation time may transfer their registration to the March sitting at no cost up to the closure date of booking for the January exam and at a small administration fee thereafter."

He also encouraged advisers to take advantage of the practice exams and preparation materials available on the FASEA website.

Advisers only have until the end of this year to pass the exam if they want to remain in the industry, with six sittings of the exam scheduled.

So far, 11,241 advisers have passed the exam - just 52% of the ASIC Financial Adviser Register.

FASEA is in the process of being shut down and its functions transferred to other regulatory agencies as the government seeks to act on the Royal Commission's recommendation that the advice sector be regulated by a single authority.

Advisers will still have to meet the FASEA education standards however, having until 1 January 2026 to reach an education standard equivalent to an approved degree.

In December, FASEA approved two more degrees - the Bachelor of Commerce majoring in financial planning offered by the University of New South Wales and the Graduate Diploma in Financial Planning offered by the University of Tasmania.

Read more: FASEAStephen GlenfieldASIC Financial Adviser Register
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