AFA News 31 March 2022.
On 25 February 2022, ASIC released the results of the sixteenth sitting of the financial adviser exam and reported that 333 financial advisers sat the February exam with 32.4% (108) passing.
ASIC have reported that over 19,850 people have sat the exam, with 91% of those having passed. ASIC have further advised that of these:
- 15,600 are recorded as being current on the FAR.
- 2,260 are ceased advisers on the FAR, but who may be reauthorised in the future.
- 480 are new entrants who were in their professional year.
It seems that around 900 advisers are eligible for the exam extension to 30 September 2022, this being existing advisers who had attempted the exam at least twice prior to 31 December 2021.
We understand the impact of exam stress for some advisers who are still working to pass the exam, and we encourage those who have successfully passed the exam to reach out to colleagues to check in with them to ask if they need help to prepare.
Also, the AFA is here to help. If you have an exam query or are struggling to pass the exam, please contact us if you would like to discuss your situation. Please email firstname.lastname@example.org or call 1800 656 009.
The scheduled exam dates for existing advisers, who still wish to sit the exam before the 30 September 2022 deadline, are:
- May 2022 – 12/5; 13/5; 14/5 and 16/5
- July/August 2022 – 28/7; 29/7; 30/7 and 1/8
The ASIC media release talks about 73% of candidates resitting the exam for at least the second time, we conclude this could mean that 90 individuals (27%) of the exam candidates were new entrants in their professional year.
Please click here to see the ASIC media release.
We are very conscious that this result is the lowest pass rate of any exam so far and that this outcome will be disconcerting for those who unsuccessfully attempted this exam and for all the other advisers who are seeking to pass the exam before 30 September 2022. Again we stress, please contact us if you would like to discuss the exam with anyone.
If you have any queries, please email email@example.com.
Issued 31.03.2022. AFA Policy & Education Update