More than half pass adviser exam
Some 52% of financial advisers have passed the latest financial adviser exam, figures from the Australian Securities and Investments Commission (ASIC) show.
The results are for the 18th Financial Advisers Exam cycle, held in July and August 2022, and show that:
- 628 advisers sat the July and August exam;
- 328 (52%) of candidates passed the July and August exam;
- 76% of candidates were resitting the July and August exam for at least the second time.
ASIC also updated its overall exam results, revealing that 20,148 candidates have sat the exam to date.
Over 92% of these have passed, the commission said, “demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam”.
Of those who have passed:
- Over 15,800 are recorded as current financial advisers on ASIC’s Financial Adviser Register (FAR), representing 95% of current advisers on the FAR.
- Over 2,500 are ceased advisers on the FAR and may be re-authorised in the future.
- Over 700 were new to the industry.
- Over 3,300 unsuccessful candidates have re-sat the exam, with 74% passing at a re-sit.
AUTHOR
Staff Writer
Recommended for you
Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand.
The third quarter of 2024 saw the first positive increase in adviser numbers for 12 months, according to the latest quarterly Musical Chairs report, with new entrants overwhelmingly choosing to join privately owned firms.
As more advisers review their fee structures, Business Health has shared six steps to calculating the price to deliver financial advice services in a profitable yet suitable way.
ASIC’s Sarah Court has confirmed the regulator is carrying out systematic work on providers of unlicensed advice but admits it is a case of “whack-a-mole” when it comes to disciplining them.
