AFA News 9 September 2021. On Tuesday 31 August 2021, FASEA released the exam results for July 2021.  1,963 advisers sat the July exam with 60% of them passing, representing a further 1,176 who have now passed the exam.

In total 16,070 people have passed the FASEA exam.  Of them 14,070 are still on the Financial Adviser Register (FAR), 310 are new entrants and around 1,650 have since left the FAR.  It is unclear how many of these former advisers intend to return to the profession.

First time sitters still represented the majority of candidates in July, making up 70% of those who sat the exam.  The results for first-time sitters were a 69% pass rate, which whilst declining over time, remains better than those who were having a subsequent attempt at the exam.  Our analysis suggests that in total, 3,560 advisers have failed the exam at their first attempt, with 1,932 having reattempted the exam and of these, 65% or around 1,250, ultimately passing.  This means that around 2,300 advisers have attempted the exam at least once and are yet to pass.  Some of them may have already left the profession.

Based upon previous statements from FASEA and the July results, we are able to estimate that around 3,075 current advisers are yet to attempt the exam.  We, therefore, estimate that around 5,000 current advisers are yet to pass the exam.  There are only two exams left in 2021, and anyone wishing to access the proposed extension through to September 2022, will need to have attempted the exam at least twice.  At this stage, we can estimate that there are around 675 people who have attempted the exam at least twice and are yet to pass.  This number will increase as a result of the remaining two exams in 2021.

Please click here to see the FASEA media release on the July 2021 exam.

We wish the best of luck to all those who are attempting the September exam, which runs from 9 to 14 September 2021.  FASEA has advised that over 1,700 advisers are registered for the September exam.  Registration is currently open for the November exam, which will be held 11 – 16 November 2021, and is due to close on 29 October 2021.  Advisers who are unsuccessful in the September exam, will have the opportunity to attempt the November exam.

All those who are yet to sit or pass the exam, are encouraged to make the decision to have a go at it and to assist with this, we encourage you to view our 7 July 2021 webinar with FASEA, Kaplan, the TAL Risk Academy and the Knowledge Shop.

For any questions on the FASEA exam, please email campusafa@afa.asn.au

Issued 09.09.2021. AFA Policy & Education Update

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