FASEA releases May exam results

It was confirmed on Tuesday that 1,894 advisers sat the May exam, with 69 per cent of candidates passing.

“FASEA congratulates successful candidates on completing an important component of their education requirements under the Corporations Act,” FASEA chief executive, Stephen Glenfield, said.

“Over 16,700 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.”

Over 14,850 advisers have passed the exams held to date, while 89 per cent of advisers who have sat the exam have now passed overall.

Meanwhile to date, 1,918 unsuccessful candidates have resat the exam with 65 per cent passing at a resit.

The results come after the Morrison government announced a “one-time, limited extension into next year” for the upcoming July exam for any adviser who has previously failed the FASEA exam twice.

MyIntegrity in Practice principal Joel Ronchi previously encouraged advisers who previously failed the FASEA exam to “have a crack” at seeking a re-mark.

“For advisers who have failed, I talk with them and ask them how they felt they went with the exam,” he said.

“If they say they felt they did okay or even really good and they don’t have the comment on their feedback saying a remark is not warranted, then if it was me, I’d have a crack.”

Mr Ronchi also called on FASEA to clarify whether questions about the incoming compliance changes will be included in the exam.

FASEA responded last month, telling ifa it “does not disclose questions” in any exam.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.