ASIC releases results of February 2023 adviser exam

The Australian Securities and Investments Commission (ASIC) has released the results of the 20th Financial Advisers Exam cycle, which was conducted in February 2023 and administered by the Australian Council for Educational Research (ACER).

Out of 192 candidates who sat for the February exam, 67 per cent (128 candidates) passed, and 60 per cent of those candidates were taking the exam for the first time.

To date, the exam has been taken by 20,425 individual candidates, with over 18,890 (93 per cent) passing the test, demonstrating their ability to apply their knowledge of advice construction, ethics, and legal requirements to the practical scenarios assessed in the exam, ASIC said. 

Moreover, the regulator revealed that those who passed the exam include over 15,850 current financial advisers on ASIC’s Financial Adviser Register (FAR), representing 99 per cent of current advisers on the FAR; over 2,840 ceased advisers on the FAR, who may be re-authorised in the future, and over 890 who passed while completing their professional year of work and training.

ASIC informed that the next exam sitting will be held on 11 May 2023, with enrolments set to open on 3 April and close on 21 April.