ASIC outlines guidance for 2023 adviser exams
The Australian Securities and Investments Commission has shared information about how the adviser exam will be run in 2023.
The exam had been running frequent sessions ahead of the 30 September, 2022 deadline but these sittings would likely reduce in number next year as the exam would be primarily for new entrants.
In light of this, all exams would move to an online test only instead of running from exam centres.
Speaking at the FPA Professional Congress in Sydney, Leah Sciacca, senior executive leader at ASIC, told the audience she expected the regulator to release the dates for 2023 sittings soon but there would be no format changes.
“We will be releasing dates for the 2023 sittings imminently, they should come out next week.
“Regarding the format of the exam, it was previously administered by FASEA and that has now moved to ASIC but the format and the professional standards are a matter for the Minister. The format and the feedback for the exam is very prescriptive.
“Any changes to this will be a matter for the Minister and for Government.”
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Yes, they simply can't leave it as a venue held exam...
This quarter, we have 4 advisers sitting the exam in Melbourne, 5 in Sydney, 2 in Brisbane and 1 each in Perth and Adelaide, with no new entrants in Tasmania.
The results are going to be even more interesting...
We had 9 people pass the exam, with 4 failing... a 69.2% pass rate!!!
LOL!!!
FASEA exam was a means for culling advisers. It has not improved advice to clients. It will not prevent fraud in the future. So, it's like the lock on your front door, looks good, but it won't stop real criminal from getting in.
Cull advisers and then do a quality of advice review (should read quantity) and give the industry to the banks.
New entrants should have the exam worked into their university degree. An exam with a cost of $970 that they can't put on HECS is not fair as I've seen job posting requiring the exam already be completed before starting the PY. Not every business will want to put the money towards the exam.