June adviser exam registers 72% pass rate

ASIC reported a 71.7% pass rate in the latest round of financial adviser exam results.

Some 209 people sat the exam, including 137 first-timers, in June. Of the first-timers, 75.9% or 104 passed the exam.

To date, 22,748 individual candidates have sat the exam.

Of these, 21,113 or 92.8% of candidates have passed the exam, which ASIC said demonstrates having the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam.

This marks the 33rd exam cycle. The next exam will be held on August 20.

The latest results are in line with March cycle, which saw 292 candidates sit for the exam with a 71.6% pass rate.

An analysis by Padua WealthData highlighted the adviser numbers dropping below 15,000, as seven licensees have reduced to zero advisers.

In the new financial year, the adviser population dipped below 15,000, as seven licensees reduced to zero advisers.

Adviser numbers declined to 14,899, at the end of June, down almost 200 on the prior week.

ASIC recently ceased the authorisations of 26 advisers as part of its work on complying with the qualifications standard that took effect on 1 January 2026.

The regulator's recent review of the Financial Advisers Register (FAR) found of the relevant providers who are existing providers and remained on the FAR, 132 individuals did not have any qualifications or training courses marked from some 82 AFS licensees.

From the start of 2026, existing providers must satisfy at least one of the pathways introduced to continue operating, including the obtainment of a bachelor or higher degree, education and training standard qualifications, or has accessed the experienced provider pathway.

In December 2025, about 458 advisers ceased their authorisations before the deadline.