ASIC has released the latest exam results.
Only 42.7 per cent of the 496 advisers that sat the 17th financial advisers exam in May passed, the corporate regulator said in a statement on Monday.
According to ASIC, 72.2 per cent of candidates were resitting the May exam for at least the second time.
The result comes after 32.4 per cent of the candidates passed the February exam.
Unsuccessful candidates are set to receive general feedback from the Australian Council for Educational Research (ACER) to highlight the curriculum areas where they have underperformed.
To date 20,000 candidates have sat the exam, with the pass rate now at 91 per cent. The corporate regulator noted that this demonstrates "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:
The next exam sitting of 2022 will be held from 28 July until 1 August 2022. Enrolments for the July sitting will be open from 20 June 2022 and close on 12 July 2022.
Importantly, ASIC reminded that Sitting 18 is the last opportunity for financial advisers who are operating under the nine-month exam extension to pass the exam. From 1 October 2022, all financial advisers must have passed the exam to continue to provide personal advice.
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A recent survey suggested many share the same sentiment.
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