In a statement, FASEA said 73 per cent of candidates sitting the exam for the first time passed the January exam.
This compared with an average of 83 per cent across all exams and 80 per cent for the November sitting.
Pass rates for re-sitters also dropped significantly to 46 per cent, compared with 58 per cent for the November session and 55 per cent for all exams.
This amounted to an average pass rate of 67 per cent, compared with 76 per cent in November.
The standards authority said 1,079 advisers sat the January session, and over 2,300 advisers were now booked for the March exam.
Problem areas
FASEA said the areas for improvement among unsuccessful candidates in the exam had been:
Financial advice regulatory and legal obligations
– Demonstrating an understanding of different types of advice (e.g. personal advice, general advice and factual information) and how they apply to different client scenarios;
– Demonstrating knowledge of the components of key advice documentation that is provided to the client i.e. FSG/SOA; and
– Applying relevant sections of the Corporations Act when identifying responsible provider obligations, including breaches of those obligations.
Applied ethical and professional reasoning and communication
– Demonstrating a practical application of due diligence in financial advice;
– Identifying sources of judgement and biases and their influence on financial advice;
– Applying best interest duty and associated ethical obligations when providing financial advice; and
– Effectively applying the FASEA code to client various scenarios.
Financial advice construction
– Demonstrating an understanding of the context in which financial advice is given and requested and how this impacts decision making.
[quote=Anonymous]Don’t change a thing, If I can pass in Oct 2919 then there is no reason to lower the standard. I’m no genius so it can’t be that hard. It was an effort to get through it though.[/quote][quote=Anonymous]Don’t change a thing, If I can pass in Oct 2919 then there is no reason to lower the standard. I’m no genius so it can’t be that hard. It was an effort to get through it though.[/quote]
To be fair, the questions on the first round is much easier than it is now.
Join Gary Weigh tution, he has 300+ practice questions
I passed in my third attempt thanks to Gary Weigh
His course is demanding but if you follow u will go through.he has 90% pass rate in the first go.
Regarding FASEA- what to say? Giving the exam three times last year my business revenue went down big time and had so much mental pressure.
I’ve already passed so I have no personal axe to grind but I don’t believe the FASEA exam is any way an effective method of determining whether a person who passes or fails should be able to practice. Certainly a more appropriate exam could have achieved this. So I have empathy for anyone who is a competent planner and fails. I think It is just yet another hurdle which will reduce practitioner numbers. A lot of very good and competent planners will leave the industry and clients, society and the profession will be the worse for it.
So much self-congratulatory posturing here. Its nauseating. If you sat the exam in 2019 and passed, congratulations, good for you, you get a gold star. But why denigrate others when you don’t even know their personal circumstances? Leave your judgements at the door and try to be a little more supportive.
I am disappointed in the negative comments my so called professional colleagues are making about those that are resitting the FASEA exam.
There are many reasons why they are doing so
Please give them support not condemnation
I read the other day that some 60% of the world’s billionaires don’t have a university/tertiary degree. Nuff said.
Those doing the exam now have put it off – perhaps in the hope that it will disappear. If you are failing several times them perhaps its time to find another occupation. I sat the exam in the first tranche and passed. Yes some of the questions were tricky and the exam was long. But that’s the point. What is your instant reaction is what you are going to do in a situation with a real client- don’t we want the best advisers continuing , and outing incompetency? I have spent may hours this week explaining to a new client how their former adviser managed to exceed the non- concessional caps by $103K each ( yes by sheer incompetency!) It would be better if former adviser wasn’t advising- I just hope he is ousted by failing the FASEA.
Don’t forget to report them to thier licensee and ASIC per standard 12, otherwise you’ll be in breach.
Genius
Psychometric filth is designed to identify human traits and that If you wish to know 18 questions sat last year were actually structured incorrectly in one exam?
Big noter
Your competitive skills is what it’s about?
Bet you haven’t solved the equity risk premium theory ???
‘Failed’
So this is their example of more detailed feedback… Not much help on how to construct better advice; hey, isn’t that what we do for a living? How many clients have been able to prosecute a case of poor advice?
One exam does not make you ethical/competent
Correct, but it does assist in weeding out incompetence and identifying potentially unethical behaviours.
I worked my but off to study, many many hours and nights work. This is in addition to being the sole adviser in a busy practice and father and sports coach to two young children. There are no excuses
Sick of hearing about this.
I studied for about 30 hours across 3 days prior to the exam, and passed, first go.
If you can’t pass on your first go, study harder.
If you still fail, pack your bags.
Was it hard? You bet.
Was it impossible and worth whining about for years instead of studying? No way.
It’s required to keep ya job, so get it done.
Don’t change a thing, If I can pass in Oct 2919 then there is no reason to lower the standard. I’m no genius so it can’t be that hard. It was an effort to get through it though.
You’re no genius but it took you 900 years to pass it.
funny.
Yes if you get the date incorrect in your comment by not checking it, how can you pass an exam??
To be fair to those that pass ASIC can’t tell the different between personal advice and general advice from my experience.
I would have thought the pass rate would have increased given these candidates had further help from FASEA. More help, more assistance, more time to study, more time for the industry to talk about the contents of the exam, and yet a higher failure rate. Some demographic study would be interesting to see what’s going on here.
I would strongly advise a close read of the latest March release of the FASEA practice exam questions & answers. Some of the scenarios are simply obtuse, & expect you to suspect things that can no longer exist (ie volume bonus) See Q9. It’s seriously flawed.
Let us do some numbers. For 1,079 advisers the results took six weeks. For 2,300 it may just be a tad longer.
If we have 2,300 advisers for each of the next five sittings with 78% sitting for the first time and 22% resits (the proportions for the January exam) that means 1/3 will fail each time. That is some 3,500 advisers. The number could be lower but I doubt it will be by much.
I was fortunate enough to pass the January exam. Loads of people in the past have identified deficiencies with the wording of the exam so i won’t rehash those, with one exception: I can’t stand those ambiguous True/False questions that don’t provide enough information in the stimulus and that you need to get all correct to get 1 mark.
What I will suggest for those yet to sit or that haven’t yet passed is to read, re-read and then re-read again the RGs and the relevant COE guides published by fasea and do as many practice exams as possible to reinforce and apply what you’ve learnt.
I was incredibly relieved this mornng when I got my result, but I also feel for those that didn’t pass.
Completely agree and in addition to your suggestions, do repentance and pray to any god you know of because with those ambiguous and misleading questions you’re gonna need a lotta luck and all the gods on your side!
So the government’s extermination is go as planned. Fasea must be so proud.
Wonder how many of these fails actually votes for the liberals as well. I bet you Jane Hume isn’ta popular name are the moment in many households
Yep, get rid of all the incompetent’s
This is pretty catastrophical.
I think you mean catastrophic.
It was a difficult exam and there was 78 questions,the time is a factor as you have to read every question a few times, then your rushing to answer all of them to finish. I did not pass !! Shit shit shit. Itwouldbehelpful if they explained the Pass or Fail in more detail, they dont give you any info on what area you did well in.
You didn’t study hard enough. That’s the simple answer. Too many advisers think they can just show up and get a pass. It doesn’t work that way.
HA! this is just hilarious… And all these advisers were supposedly fit to practice….
You really are a moron aren’t you!!
The exam is about bureaucratic, over complicated regulations, and hypocritical, unworkable “ethical standards”.
It’s not about advice competency.
Here comes the call to make the exam easier. Its a tough exam and you need to complete a lot of work to pass.
Have a spine FASEA and keep the same standards that you apply to the industry. If people cant pass in three years then they should be out of the industry.
100% correct. The exam isn’t easy and nor should it be! However some may say if you’re worth your money as an adviser then the exam is easy.
Real world doesn’t apply to FASEA – they have never set in front of a client & guarantee you their own finances of the individuals are in shambles