67% pass latest Financial Adviser Exam

The Australian Securities and Investments Commission (ASIC) has released the results of the latest Financial Advisers exam held in February with a pass rate of 67%.

The regulator said that 192 candidates sat the exam with 128 passing, with 60% of candidates sitting the exam for the first time.

ASIC said that, to date, 20,425 individual candidates have sat the exam. Over 18,890 (93%) 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 15,850 are recorded as current financial advisers on ASIC’s Financial Adviser Register (FAR), representing 99% of current advisers on the FAR.
• Over 2,840 are ceased advisers on the FAR and may be re-authorised in the future.
• Over 890 passed while completing their professional year of work and training.

“For this exam cycle, as has been the practice for past exams, unsuccessful candidates will receive general feedback from ACER to highlight the curriculum areas where they have underperformed,” ASIC said.