FASEA exam pass rate declines to just above 50%

FASEA on Friday (10 December) released exam results from the 15th Financial Advisers Exam held in November 2021, revealing that only 52 per cent of all candidates had passed the exam.

Just 63 per cent of candidates sitting the exam for the first time passed the November exam, compared with an average of 75 per cent across all exams.

To date, 3,197 unsuccessful candidates have resat the exam with 66 per cent passing at a resit.

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

Over 17,950 advisers have passed the adviser exams held to date, with the pass rate reported at 91 per cent.

Of those who have passed over 15,500 are recorded as active financial advisers on ASIC FAR, over 1,980 are ceased advisers on the FAR and can be reauthorised, while over 430 are new entrants and can be authorised as a provisional financial adviser.

Candidates who were unsuccessful in this exam will receive additional individual feedback to highlight the curriculum areas where they have underperformed.

According to FASEA, the areas candidates had most trouble with in November, include applying chapter 7 of the Corporations Act to components of SOA/FSG; identifying consequences of not acting in best interests of clients; demonstrating knowledge and understanding of the Code of Ethics; and identifying misconduct and inappropriate advice.