The Australian Securities and Investments Commission (ASIC) has clarified changes to the financial adviser exam and problems encountered by candidates sitting the exam online.
Earlier this year, the regulator moved to run the exam as online-only with candidates using remote proctoring. The use of remote proctoring had been used previously in earlier sittings but had been run as an option alongside face-to-face exams, whereas now it was the only option.
However, in the February 2023 exam sittings, candidates told Money Management they had struggled to access the site and encountered long delays with the systems.
Daniel Nel, associate adviser at Tribeca Financial, described the process as a “terrible experience” after he was delayed by an hour in starting the exam.
“It was terrible. I logged in, but then I had problems with the verification process and it took me an hour to get back in. For the price you are paying to sit the exam, you want it to work. It was not a great experience.”
Matt Last, senior associate at Evalesco, also described how he had experienced frustration with technical delays.
“My exam started one hour and 15 minutes after the scheduled start with issues encountered with remote proctoring at their end. I know that method was brought in with COVID-19, but I think future tests can be done in a testing centre environment, in person,” he said.
However, a spokesperson for ASIC, which ran the exam, said delays were the result of poor connectivity or users’ system issues. It received a report after each sitting from the Australian Council of Educational Research (ACER), which delivered the exam on ASIC’s behalf.
“The report we received for the February exam sitting included feedback on remote proctoring. It indicated that most issues which caused delays were due to poor connectivity or issues with candidates’ devices.
“Delays of over an hour are not consistent with the feedback we received.
“Candidates following pre-exam instructions to check their devices to meet the minimum testing requirements is critical to reducing the risk of delay.”
The regulator noted if a candidate had experienced a significant delay before their reading time had commenced were given the option of rescheduling the exam or allowing the proctor to fix the problem.
ASIC did not comment to Money Management on whether it would bring back face-to-face sittings.
The next financial adviser exam sittings would be held on 11 May, 10 August and 9 November 2023.
