Just 57 per cent of the 282 candidates who took the November exam have passed, ASIC said in a statement on Thursday.
A total of 43 per cent of the November candidates were resitting the exam for at least the second time, while the remainder were first-timers.
To date, 20,309 individual candidates have taken the exam, with over 92 per cent of those receiving a pass. This, according to ASIC, demonstrates that “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 per cent of current advisers on the FAR.
- Over 2,700 are ceased advisers on the FAR and may be re-authorised in the future.
- Over 800 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.
The next exam sitting will be held on 16 February 2023.
How much longer will this go on – forever?
I thought that there was a time limit to sit and pass the exam?
No, looks like Michelle Levy will be allowing advice to be delivered to Millions of people without the need for the FASEA exam. You obviously made a submission to the QAR supporting your opinions I hope?
These exams are not for existing advisers that needed to pass prior to October.
A joke
Would you get surgery from a doctor that failed his exams and had to get an extension?
Have you asked all the doctors you have seen how they went in their exams??
No because they aren’t allowed to keep going if they fail the exam
I wonder how different again this exam was as it just keeps changing every time and most of the questions are irrelevant for the financial planning industry anyway. Disappointing.
Bottom of the barrel at this point.
If that is true, where in this “Barrel” will product providers draw their recruits to deliver “Better Advice”?
except the people who sat this exam haven’t got their results yet…