More than 20k candidates have passed the adviser exam

To date, 21,637 individual candidates have sat the exam, 20,060 (92 per cent) of which have passed, demonstrating their knowledge in advice construction, ethics and legal requirements.

The latest round saw 289 people sit the adviser exam, with 207 doing so for the first time.

Some 77 per cent (225 candidates) successfully passed, a significant jump from the 62 per cent pass mark in the August sitting, potentially providing a much needed boost for the profession’s numbers as they struggle to hold the line above 15,500 advisers, according to Wealth Data’s findings.

Notably, August had seen the lowest percentage of candidates who have passed since November 2022 when only 57 per cent passed.

In comparison, the March and June sittings in 2024 both saw 70 per cent of candidates pass the exam.

This turnaround in pass rates is of particular note as it is also the most successful round since the Australian Securities and Investments Commission (ASIC) made changes to the exam earlier this year, removing short answer questions, leaving only multiple choice questions.

Preceded by a brief Treasury consultation on draft legislation at the end of 2023 during which ASIC confirmed it would be implementing the changes in January, it was hoped that the removal of short answer questions would enable computer marking, improving efficiency and reducing the cost to administer the exam, while also allowing candidates to receive their results faster.

ASIC noted unsuccessful candidates in the November sitting will receive general feedback from the Australian Council for Educational Research on the areas where they underperformed, as it has done so for previous cycles.

The next exam is slated for 6 March 2025, followed by 5 June, 7 August, and 6 November.