Registrations are open from today until 31 May, with the exam available to new entrants and existing advisers between 20 June and 24 June.
The exam will be held across Australia in Sydney, Canberra, Brisbane, Townsville, Melbourne, Adelaide, Perth, Darwin and Hobart.
Subsequent exam sittings in 2019 will be in September and December. Further exam sittings will be held in 2020 during February, April, June, August, October and December.
Existing advisers are required to pass the exam by 1 January 2021, while new entrants are required to pass the exam before they commence quarter three of their Professional Year.
FASEA said the exam will test the practical application of knowledge in competency areas including:
- Financial advice regulatory and legal requirements (including Corporations Act, Chapter 7, AML, Privacy and Tax Agents Services Act (TASA) 2009);
- Financial advice construction – suitability of advice aligned to different consumer groups, incorporating consumer behaviour and decision making; and
- Applied ethical and professional reasoning and communication – incorporating FASEA Code of Ethics and Code Monitoring Bodies.
“The opening of registrations for the exam is a significant milestone for FASEA and the industry, and I encourage advisers to register as early as possible,” said FASEA chief executive Stephen Glenfield.
[quote=Craig]To all Australia Financial Advisers, whether Risk Specialists, Accountants, or long term CFP s,and Financial Planners, just boycott these exams!
Simple: be smart: just all agree to boycott these exams !!
Then the government has a serious crisis on its hands. Arrest 8000 Financial Planners.[/quote]
No, I’d rather keep my job thanks.
The lunatics have definitely taken over the asylum
To all Australia Financial Advisers, whether Risk Specialists, Accountants, or long term CFP s,and Financial Planners, just boycott these exams!
Simple: be smart: just all agree to boycott these exams !!
Then the government has a serious crisis on its hands. Arrest 8000 Financial Planners.
[quote=You gotta Watch this ]this is what it is going to be like, taking the FASEA exam, a scene from shawshank redemption where a prisoner is taking his high school equivalency test
https://www.youtube.com/watch?v=QPDMnHspQjk
I kill myself laughing, this is where it is all at [/quote][quote=You gotta Watch this ]this is what it is going to be like, taking the FASEA exam, a scene from shawshank redemption where a prisoner is taking his high school equivalency test
https://www.youtube.com/watch?v=QPDMnHspQjk
I kill myself laughing, this is where it is all at [/quote]
Yep, that’ll be the all risk advisers being forced to do nonsensical full financial planning exams. Pointless. May as well force all the GPs to become specialist endocrinologists. Would make as much sense as this forced FARCEA nonsense. When will the adults arrive?
The government and the regulators have screwed the financial planning industry right up. No one will touch this gig with a ten foot pole. Well done FPA you useless maggots
As a financial planner first, and then having a decade of academic teaching experience it appears, the sample questions are clearly written by an academic with no practical experience. More worrying is the style of questions themselves. If you miss a word or two, read the question too quickly then the question and answer changes entirely. The sample questions supplied are a style of education testing that is now outdated at most Universities. These style of questions are often called out as…. appearing to be designed to “trick” the reader rather than testing any real knowledge. It’s therefore a case of finding out what the writer of the exam is looking for in an answer and how the answer is to be written. Again not a case of actually testing knowledge.
Just had a look at the questions and though to myself, “I’ve been doing this for too long (15 years if you really want to know). What the #$%@ do these people want to hear? Real client cases are complicated and your FASEA questions are ridiculously silly.”
I mean how often will the answer be:
– “consider XYZ and speak to your compliance officer”
– “document in the file notes”
– “advise in accordance with the *client’s* best interests”
(Really, I have to do an exam to say this).
Now why didn’t I think of all this BEFORE!?!?!!! Thank God for FASEA!!!
So this is what the courses, exam and fees are going to be all about. FFS.
My concern now is that I fail due to the boredom and sheer stupidity of it all.
this is what it is going to be like, taking the FASEA exam, a scene from shawshank redemption where a prisoner is taking his high school equivalency test
https://www.youtube.com/watch?v=QPDMnHspQjk
I kill myself laughing, this is where it is all at
I am still perplexed as to how FASEA, arguably one of the most disrespected standards bodies to have ever been formed in Australia continue to operate without review or significant amendment. They have clearly failed to garner any support or respect from the vast majority of the advice community (which in itself is a major issue for an industry trying to become a profession), are massively conflicted and due to significant inaction by the board, now find themselves rushing out an agenda because they have been too pig headed to go back to government to say they need the legislated timelines to be amended to get this right. If their was a genuine push to lift standards and have the advice community embrace higher standards, they would have pushed for more time, been more consultative and rolled out workable solutions to lift standards, whilst acknowledging that existing advisers have businesses to run and clients to serve. The lack of any of this, clearly confirms that the mandate is not about getting the standard right, its about reducing adviser numbers and destroying small business, individuals and families. Sadly the advice community is very poor at and too gun shy to take this message to the public.
FASEA – Preface “The practice questions provided in this guidance document are intended to provide you with a guide to the types of questions you will have to answer in the Financial Adviser Exam, but do not (DO NOT – FASEA HAVE IN BOLD) necessarily reflect the full range of questions or their difficulty. They are designed to provide guidance on what you can expect, in terms of question types, structure and the answer formats. It is important to understand that success in answering the practice questions does not guarantee or imply success in the actual exam.”
A culling exercise it clearly is.
this is a massive culling exercise as there are way too many financial planners currently
Great timing let’s put this in June what a perfect time for Financial Planners to sit an exam. This year they look like they won’t give anybody a chance to sit in August or October instead just September just so the adviser can be screwed over further with few windows to get through. This is simply appalling..
so will the compliance team that we are going to for guidance also have to meet these education standards? Will para planers need to meet these standards? So advisers are now taking guidance and advice from people with less qualifications and yet we are taking all the responsibility as we sign off on it.WHAT A JOKE
[quote=Tom]I work with some advisors who are disabled and cant type, they use other technology to type and use a computer, looks like they are out of a job now. [/quote][quote=Tom]I work with some advisors who are disabled and cant type, they use other technology to type and use a computer, looks like they are out of a job now. [/quote]
This is a degree me, i wont go into details but due to a bad accident i had to learn to type and use computers again. I re did my DFP’s but had to do written exams because of my inability to type fast enough to do the exam online.
Let’s schedule the exams in the last week of the financial year…that’s a good demonstration of FASEA’s understanding of our industry!
Can I make a suggestion. Quickly read the practice exam and suggested answers provided by FASEA – there are only 12 questions and there answers clearly demonstrate a Lawyer knowing little if anything about FP has written the question (and two hours work).
Like me, then call your local Federal Member (leave a message as they are out – the tax payer funded staff are campaigning).
Ask for an appointment after the election. If we leave enough messages today, they will at least be noticed and what a day for FASEA to release this. I know Labor wants us out, but it seems the Libs also don’t care.
I work with some advisors who are disabled and cant type, they use other technology to type and use a computer, looks like they are out of a job now.
I have spent an hour of my life I can never get back downloading all of the FASEA recommended readings (not the ‘extension readings’ – just the basics. I’ve merged it into one mega PDF which is…..wait for it……2331 pages long!
Only 5 reams of paper to print it all out, and say 2 years to read it all! Awesome! Go FASEA!
So all planners in the bush need to pay airfares and accommodation as well to sit this exam. Centres around Australia need to be available so there is NO discrimination and no additional cost. HAHA, I know the answer already
Suggested answer for an exam question; Option C – Take notes of Hilda’s concerns and seek advice from the business compliance team about how to progress the matter. Are they serious!?!
The questions are fine, but some of the suggested answers are a joke! No idea FARSEA!
Nevermind the fact we have to pay $594 everytime for the privilege of sitting this exam!!!
Forgive my use of disparaging remarks “What a croc of sh*t”!
[quote=good luck ]the slaughter begins. it’s going to be diabolical. most advisers are going to fail[/quote][quote=good luck ]the slaughter begins. it’s going to be diabolical. most advisers are going to fail[/quote]
Put it this way, if the pass rate is up near 100%, the media (jornos like Adele Ferguson) will be up in arms. To be seen to be fulfilling their remit, FASEA will have to ensure that a healthy proportion of advisers fail, or they will be accused of being soft on the industry. So perhaps 20% to 30% of advisers will have to fail. For anyone in that 20% to 30% it’s the end of their career. Bang..all over. Crazy, just crazy.
Ha ha, that FASEA exam guide is a gem! The first two suggested readings are the Corporations Act volumes 4 and 5. Volume 4 is a mere 620 pages long and Volume 5 is 607 pages long. That’s over 1,200 pages of just the Corporations Act! Never mind AML, the TSA act and all the other crap. Seriously, does FASEA have a clue? I have no problem with further study but this is crazy.
Yes ill register, as soon as FASEA signs off on the bridging courses I need to do first. A certain education provider told me to make sure I did two of the bridging courses before attempting the exam. Ill be interested to see how many advisers sit it this year, are there any new advisers even in their professional year yet? On top of that what self employed person can take the last week of June off?
FARSEA, where is any guidance on the exam ? Where are suggested study courses and practise exam ?
Please explain why FARSEA is such a secretive organisation, still no address, no phone number, does not reply to emails?
The strangest govt body you have ever !!
What an absolute mess this bucnch of amateurs called FARCEA have made of this. Only in DADS ARMY would an entity like FARCEA make you do an exam and THEN, AFTERWARDS< do the study for it. Just when you think you've seen it all. No wonder so many advisers are leaving this once great industry. Too sad for words. These FARCEA clowns, the FPA and other bodies repsonsible for no action over the decades should be ashamed and leave the industry before the industry dies completely. If these idiots have even heard of client best interest then they aren't letting on about it. Disgusting!
the slaughter begins. it’s going to be diabolical. most advisers are going to fail
So how will be the first guinea pigs LOL. I will wait till next year as I think this whole thing will implode