Education Requirements, Foreign Qualifications and the FASEA Exam

FASEA Financial Adviser Exam

The exam is a required component of the education standard that all advisers are required to pass to provide personal financial advice to retail clients in respect of retail financial products.

Existing Advisers will be required to pass the exam before 1 January 2021 and new entrants are required to complete the exam prior to commencing quarter 3 of their professional year.

Government has proposed to extend deadlines for existing Advisers to meet FASEA’s Educational and Exam Requirements 

In making this announcement, the government acknowledges the necessity to balance the deep impact of these reforms against the need to maintain the ongoing availability, quality and affordability of advice for clients.

Under the new requirements, advisers who were registered on the Financial Adviser Register on 1 January 2019 must:

  • complete the FASEA approved exam by 1 January 2022 (one additional year); and
  • meet FASEA’s qualification requirements by 1 January 2026 (two additional years).

FASEA’s Financial Adviser Exam Registration are open

You must register for the FASEA exam for information on how to register and information on sitting the exam click here, this includes exam locations and dates. 

An Exam Preparation Guide and Exam Practice questions have also been developed by FASEA and available through the below links

Exam Preparation Guide 

Exam Practice Questions 

Who needs to complete the Financial Adviser Examination

Relevant Providers and Provisional Relevant Providers will undertake a 3.5 hour (including reading time) examination. Exams will be scheduled to commence from mid 2019 and Existing Advisers will be required to pass the exam by 31 December 2020.

Legislative Instrument

Explanatory Statement

Policy Statement

Education Requirements, Including Foreign Qualifications

Relevant Providers Degrees, Qualifications and Courses Standard (Education Pathways) and Foreign Qualifications Policy

Advisers are required to complete a bachelor (or higher or equivalent) qualification. The Legislative Instrument is a list of current and historical degrees approved by FASEA and will be updated as additional courses are approved by FASEA.

20 November 2019 – FASEA Recongition of Prior Learning

Legislative Instrument

Explanatory Statement

Policy Statement

Foreign Qualifications Policy Statement