How many advisers were successful in the November exam?
ASIC has announced the results from the 23rd Financial Advisers Exam cycle held in November, following August’s highest pass mark of the year so far.
Out of the 219 people who sat the exam, 145 (or 66 per cent) passed the exam.
The last exam cycle saw the highest pass mark of 2023, with 150 (73 per cent) passing out of the 205 who sat the exam.
In November, 154 people (or 70 per cent) completed the exam for the first time.
The corporate regulator revealed that 20,875 individual candidates have sat the exam to date and more than 19,310 (or 92 per cent) have successfully passed.
Reflecting back on the year, these were the results for each cycle:
| Month | Pass rate |
| February | 67 per cent |
| May | 63 per cent |
| August | 73 per cent |
| November | 66 per cent |
Source: ASIC
ASIC previously announced indicative dates for exam sittings in 2024 which are: 15 February, 16 May, 8 August and 7 November.
The November results were released the same day as when the government released draft legislation last Thursday (14 December) under its commitment to ensure the financial adviser exam remains a pillar of the financial adviser professional standards.
The draft legislation includes amendments that will:
- Remove the short answer questions from the exam and increase the number of multiple choice questions.
- Remove the requirement that only provisional relevant providers and existing advisers can sit the exam.
These amendments concern principles 2 and 5 of the exam, as outlined in the Corporations Determination 2021.
The draft explanatory statement sets out that exams based on multiple choice questions “create efficiencies” by enabling computer marking to replace manual marking.
“This reduces the cost of administering exams and improves response times for exam candidates to receive their results.”
AUTHOR
Jasmine Siljic
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
