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32% pass February financial adviser exam

UPDATE: ASIC has revised the pass rate to 32.4 per cent.

ASIC has released the results from the February 2022 exam, the first to be administered by the corporate regulator since taking over FASEA responsibilities.

On Friday, 25 March, ASIC confirmed that from the 333 that sat the exam, 32.4 per cent (108) of the candidates passed.

Of that number, 73 per cent were resitting the exam for at least the second time.

The result comes after 52 per cent of candidates passed the exam in November.

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“To date, over 19,850 candidates have sat the exam,” ASIC said on Friday.

“Nearly 91 per cent 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.”

The next sitting will take place from 12 to 16 May, with enrolments to open from 4 April and close on 26 April.

Last year ASIC confirmed that during 2022, examinees sitting the first three exams could choose to sit the exam in an exam centre or through remote proctoring. From 1 October 2022, exams will only be available via remote proctoring.

In January, BT revealed that completing the exam was identified as the top priority for advisers in 2022.

“The implication, based on current law, is that these advisers will have been removed from the Financial Adviser Register as at 1 January 2022, and will no longer be able to provide personal advice to a retail client,” BT’s head of financial literacy and advocacy Bryan Ashenden said.

32% pass February financial adviser exam
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Neil Griffiths

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.

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