In a statement, the authority said 470 advisers had completed the exam from 2-7 April, with 79 per cent passing the exam.
This compares with an 82 per cent pass rate for the February exam session.
FASEA said 35 per cent of advisers on the ASIC register, or 7,958 advisers, had now sat the exam. Overall, 86 per cent of advisers who sat the exam, or 30 per cent of the ASIC register, had passed the exam.
“FASEA is pleased to present the outcomes of the fifth exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act during the current extraordinary circumstances,” FASEA chief executive Stephen Glenfield said.
The authority said over 2,000 advisers had registered so far to sit the exam by remote proctoring in June.
Further, FASEA said the August exam session, which had so far had around 1,200 registrations, may be held in person subject to social distancing requirements in place at the time.
These numbers are a disgrace given the professionalism we are trying to promote. Just sit the exam already it is not hard. If you can’t pass within a couple of attempts you shouldn’t be in the industry.
I don’t necessarily agree with the full education requirements but the one exam is not a big deal
I think a lot of people registered for April or June, but have had it deferred due to the COVID restrictions. I fit into this category. This maybe a reason that the completion rates at this point are quite low.
About 6,844 advisers have passed the exam.
Just for fun, I extrapolated the pass rate forward to the last exam in December 2021 and if the pass rate continues to sink at the current rate, it will be about 60% by the end. The overall pass rate for all exams would range from 90% to 60% or be about 75%.
We have about 16,000 advisers still to pass and 7 (or 3) exams to go, so it would need an average of 2,300 advisers. If only 75% or so pass from now on, it will be 20,000 sittings or just under 3,000. I can see an almighty scramble ahead.
Remote proctoring? … sounds a tad uncomfortable, could be a reason for declining pass rate
Some good info here. With 2,000 in June and 1,200 in August we now have a very good picture of the likely number of advisers who will be left post 1 Jan 2022, because with all of the uncertainty floating around about the exam date, you would have to be a complete idiot not to have enrolled by now. Assuming 90% of the remaining candidates pass (a generous assumption based on the latest 79% result, but they will have multiple opportunities) then we are looking at around 10,700 advisers. That’s a decline of 57% based on the 25,000 advisers before the exam commenced. I wouldn’t be surprised if some who have passed still exit as I personally know 2 advisers in that category. So we are probably talking about a 60%+ reduction. A shocking outcome when you think about the impact on jobs, government revenue and the affordability of advice. But I’m sure FASEA will spin this in a positive light. Here is a prediction of their press release on 1 January 2022….’FASEA wishes to congratulate candidates are can report that 100% of financial advisers on the ASIC register have passed the exam!’
I’ve had two exams rescheduled thanks to lock down requirements, and now have to sit via remote proctoring which I’m not excited about. I’d much prefer to be physically supervised because you can at least take a bathroom break, proctoring doesn’t allow that option.
There are a lot of planners who intend exiting by not sitting this exam and there are many more who refuse to do the education piece. If your numbers are right that’s a scary decline in adviser numbers.
My biggest concern is the eventual impact on clients…it seems FASEA and the government do not care about impacts to the end user of advice…
Sit the exam in August in the physical location with distancing. That seems easier than not taking a break for 3+ hours
Not so sure about your numbers. According to FASEA there’s 22,737 advisers on the FAR. 6,843 have passed the exam so far. 15,893 haven’t. If 90% of remaining candidates pass, that leaves 1,589 who would be removed from the FAR, bringing total adviser numbers down to 21,148.
However in a more likely scenario, 30% of the remaining 15,893 choose not to sit the exam, and 30% of those that do sit it don’t pass. That would bring the total FAR numbers down to about 15,000.
good summary .
The numbers assing are gradually declining. This does not go well from a forecasting oint of view.
There will be aproximately 10,000 advisers come 1 January 2022, roviding the arliament gets their act together and asses the extension.
Your ‘p’ key is broken. 🙂
Well done guys – at last something to smile about in all this!!
I had a problem with my “e” key not working awhile back. Far more interesting when the “p” key doesn’t work.
lease be advised that I think you may have a roblem when ressing some of the letters on your keyboard.
……ffft!
Is there something wrong with your pee Anon? Or more specifically, your “P” on the keyboard, it appears to be missing at the beginning of words!
Sorry guys, should have proof read it.
The “p” key is playing up.
None the less, the decrease in adviser numbers is really quite sad.
It really isses me off.
I checked Linkedin for some informative news and inspiration…but i all got was a copy of someone’s FASEA exam result. Disappointing. I should have known better…
I actually lolled hahaha
HAHA this is hilarious to watch.. All the advisers with half an idea have sat and passed the test to get it over and done with. And here come the rest of the duds now! Good to know 1 in 5 advisers can’t even pass an exam yet they are advising on peoples livelihoods. LOL
Alternatively it could be that the reduction in pass marks was due to a lack of infrastructure in doing the exam remotely. I don’t which of the two or any other reasons it could be but just because you have an opinion doesn’t mean it is correct.
The pass % has reduced every exam. So maybe there is some credence to the theory that the smart ones got in first and the ones who are a bit sketchy (including with their use of technology) are dragging the chain.
Such an intellect that you can’t even put your name to your post. You may want to check your figures champ, as the pass rate has consistently sat around 80% and there is still some time to go for the rest to sit the exam – pending also an extension that is still likely. I’d love to know what your profession is how it is that you look to help people in your day to day role!
Is Mike really any better than Anonymous??
Duds, oh really. And you would know this how?
Hey anonymous you must be the son of Einstein. Do you know that the pass rate ofr the medical profession is? You know, the doctors that perform life saving surgery on you and prescribe chemicals to cure you…its around 80% The legal profession even less. Hilarious? Dont think so.
His/Her logic is not that flawed. There are plenty of advisers who intend on leaving the industry and would say “I’ll give it a crack and if I fail I fail, nothing lost, but I’ll leave it for as long as possible”. And then there is another group that say “hey, If I pass I pass If I fail the decision is made for me” One would expect Professionals to have acted first as they make sacrifices and find the time, (insert excluding the house burnt down, my dog got pregnant excuse) Unlike the commentator, I’m saying they are not smarter, just may have been more studious, more professional, and hence the pass rate would be higher.
I think you’re bang on mate, I can’t believe these lazy buggers keep pushing for an extension.
Wow! God help the advice sector and your clients, when you have an attitude as arrogant as that!
you anonymous arsehole! to scared to give your name?? do u know the pass rate is a university credit over 65%. what qualifications have u got? did u ever pass at anything? except water?
Interesting figure that only 35% of advisers have sat the exam. I suspect many will not sit the exam and will exit stage door left as the deadline nears.
Don’t be disappointed it’ll be the cleansing the industry needs to move on.
*Breaking News* – This isn’t breaking news
PASSED! TFTO
Congrats – well done! You must be absolutely relieved. I’m sitting in june via remote proctoring. Didn’t know about the no bathroom breaks tho! hmmmmm