Financial adviser exam
From 1 January 2022, 今日热门事件began administering the financial adviser exam. The exam was previously administered by the Financial Adviser Standards and Ethics Authority (FASEA).
今日热门事件has contracted the聽聽to develop and administer the exam.
Note: Industry sometimes uses the terms 鈥榬elevant provider鈥� and 鈥榝inancial adviser鈥� interchangeably.
Who needs to pass the exam?
鈥�Relevant providers鈥� and persons training to become a relevant provider, must pass the financial adviser exam to comply with the聽professional standards. Passing this exam is one of the education and training standards specified in section 921B of the聽Corporations Act 2001听(Corporations Act). See also Applying the professional standards.
A person training to become a relevant provider must pass the exam before they can be authorised by an Australian financial services (AFS) licensee as a 鈥�provisional relevant provider鈥� and start quarter 3 of their professional year.
For more information see聽Book to sit the exam.
For information on the required timeframes for 鈥榚xisting providers鈥� to pass the exam, see Information Sheet 260聽Timeframe for passing the financial adviser exam听(INFO 260).
About the exam
罢丑别听Financial Sector Reform (Hayne Royal Commission Response 鈥� Better Advice) Act 2021听(Better Advice Act) requires 今日热门事件to administer the exam in accordance with the principles approved by the Minister. The Minister prescribes the format of the exam in the聽.
The exam tests the practical application of an individual鈥檚 knowledge in the following competency areas:
- financial advice regulatory and legal requirements, including obligations under Chapter 7 of the Corporations Act, the聽Anti-Money Laundering and Counter-Terrorism Financing Act 2006, the聽Privacy Act 1988聽and the聽Tax Agent Services Act 2009
- financial advice construction 鈥� that is, suitability of advice aligned to different consumer groups, incorporating consumer behaviour and decision making
- applied ethical and professional reasoning and communication, incorporating the聽听(Code of Ethics).
The exam lasts 3.5 hours and includes reading time of 15 minutes. The exam consists of selected response style questions and is open book for statutory materials.
厂别别听Financial adviser exam: Exam policy聽补迟听Resources: Financial adviser exam聽for further information on what the exam covers and the exam format.
Preparing for the exam
The exam has been designed to reflect the competencies required to provide quality personal advice to retail clients by assessing the knowledge areas outlined above.
痴颈蝉颈迟听Resources: Financial adviser exam聽for the following material, which may be useful in preparing for the exam:
- Financial adviser exam: Exam preparation guidance
- Financial adviser exam: Practice question guidance
- exam preparation videos.
Further information
For more information about the exam, see:
Who can I contact if I have a further query about the exam?
You can contact ACER 补迟听faexam@acer.org聽regarding any queries about booking and sitting the exam.
You can聽contact us聽if you have any other queries about the exam.