Did exam changes improve March’s pass rate?
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
The exam held on 26 March, which had been delayed from 15 February in order to implement the changes, was the first to see the removal of short-answer questions from the exam, leaving only multiple-choice questions. The requirement that only provisional relevant providers and existing advisers could sit the exam was also removed.
The changes followed a brief Treasury consultation on draft legislation at the end of 2023 which ASIC then confirmed it would be implementing in January.
It was hoped that multiple-choice questions would be more efficient by enabling computer marking to replace manual marking which would reduce the cost of administering the exam and improve response times for candidates to receive their results.
Some 298 people sat the exam, and 70 per cent of these (210 candidates) passed the exam. The majority of the candidates at 230 were sitting the exam for the first time, ASIC said.
This pass mark was up slightly from 66 per cent in the November exam but below the highest pass mark in 2023, which was 73 per cent of candidates who sat the exam in August.
The results were issued exactly a month after sitting the exam compared to around six weeks previously.
Unsuccessful candidates will receive general feedback from the Australian Council for Educational Research on the areas they underperformed.
To date, 21,102 individual candidates have sat the exam and 92 per cent of them have passed, demonstrating their knowledge in advice construction, ethics and legal requirements.
AUTHOR
Laura Dew
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
Would love if ASIC provided results to the individuals who sat the exam first... still waiting...