Adviser exam pass rate drops for latest sitting

In the June exam, held on 5 June, some 237 candidates sat the exam and 66 per cent of them passed.

This is lower than the pass mark in the previous two sittings which stood at 73 per cent in March and 77 per cent in November 2024.

However, it is not as bad as the results in August 2024 where the pass mark stood at 62 per cent.

Source: ASIC, July 2025

After strong results in March, this led to a substantial volume of new entrants coming onto the Financial Advisers Register (FAR). Almost 200 new entrants have joined since the results of March’s exam were released.

The next exam, which tests advice construction, ethics and legal requirements via practical scenarios, will be held on 7 August.

To date, 21,991 individual candidates have sat the exam and 92 per cent of them have passed successfully, ASIC said.

At the start of 2024, ASIC announced changes to the exam structure which saw the removal of the short-answer questions from the exam and increased the number of multiple-choice questions. It also removed the requirement limiting exam participation to new financial advisers who have completed an approved degree and existing providers.