52% pass adviser exam
Fifty-two per cent of financial advisers have passed the latest financial adviser exam.
The Australian Securities and Investments Commission (ASIC) has released the results of what represents the last exam to be held under the current regime, announcing that 628 advisers had sat the July and August exam with 328 passing. 76% of candidates were resitting the exam for at least the second time.
According to ASIC, to date 20,148 candidates have sat the exam. Over 92% of candidates who have sat the exam have passed, 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.
some cheap business for sale now
Why would they sell cheap? I hope advisers are ethical and do the right thing by the advisers who have to sell their business. I don’t think this is a time to take advantage and try to buy at a cheap price.
You’re an idiot!
A terrible pass rate.
From this we can expect circa another 250 people to exit the industry.
Agree – another low pass rate. Let’s hope they have a plan B in place so that they can get back in after completing further study.
We don’t want them back in
No need for an existing adviser to sell up or exit the industry. Just come off the register before 30 September, pass the exam at the next attempt and come back on the register.
We don’t want advisers like you in! Sorry but your comment is very unethical and if you passed, surely you are an ethical adviser and should be looking out for your peers. Keep those sorts of comments to yourself!
I suggest everyone read ASIC’s article Important next steps for existing financial advisers who have not passed the exam and their licensees | ASIC – Australian Securities and Investments Commission. It clearly states that existing advisers can simply come off the register before September 30 and be reinstated on the register when they pass the exam. This is good common sense. No need to sell a practice or leave the industry.
I think the difficulty is that if they can’t provide advice themselves then they will need to employ someone who can (potentially not viable for a short /unknown period) in order to keep the business going. Alternatively, someone who is employed and removed from the FAR will be unable to complete their job. Even if they come back to the industry after a temporary absence they will still likely lose their job in the first instance if there is no alternative position. Hopefully if the husband in the story is respected enough, they can find an alternate general advice position.
They also need to complete the further education requirements. Those who failed will not be able to qualify for the 10 year exemption.
I am out of it now I looked at those ethics exams as they came up in our training. They seemed to me to be based on being in ia large organisation with superiors to deal with. Did not bother me , in forty years never had a complaint.
Saw a replay of an ABC show about a man who ASIC SHOULD HAVE CONCENTRATED ON INN STEAD OF US.
cOMPNAY CALLED GREY WOLF MINING, ALEDGED md selling shares, full of lies and, look at THIS type asumptions
finally reported to ASIC when a NSW cabinet minister became in volved (not by him) Asic gave it a clean bill of health.Finally failed in abouit 2017 leaving 7.2 million lost to investors. The crimes… operating with out a licence, all investmenr claims were false, the company was just a name and a website not registered, I THINK.BACK THIEN SOME ONE IN aSIC MIGHT have recieved a hand full . He preyed on small business people with superfunds SMSFs.
I passed the exam first attempt so feel very lucky. But I believe the exam has nothing to do with financial planning and it is certainly not a method for judging the capability of an Adviser, so what purpose does it have? Even more, why should new Advisers joining the industry have to pass this exam? What is the benefit.
“76% of candidates were resitting the exam for at least the second time” – I must be missing something. Weren’t the only advisers able to sit this exam after 31/12/21 advisers who had already failed twice before?
i have been a part of the industry for more than 30 years and have seen a lot of changes in that period. i also have had the privilege of being surrounded by some great mentors in those years. i think during this process we are going to loose some great people and loose the experience that is require to carry on a financial planning business. Having a tertiary education is great and needed, but through experience it is only one small peace of the journey, before you can call yourself a financial planner. i believe you must have at least five of experience in a working practice before you can bare the label of a financial planner.