FASEA reveals first exam details

Alex Burke,  Senior Writer,  No More Practice Education

Registrations are open for advisers intending to sit the first FASEA exam until May 31.

Both existing advisers and new entrants - who are required to pass the exam before the third quarter of their Professional Year - are able to register. The exam will be available in nine locations - Sydney, Canberra, Brisbane, Townsville, Melbourne, Adelaide, Perth, Darwin and Hobart.

The first exams will be held between June 20 and June 24; subsequent sittings this year will be held in September and December. After that, in 2020, there will be sittings in February, April, June, August, October and December.

FASEA chief executive Stephen Glenfield describe the opening of registrations as a "significant milestone for FASEA and the industry, and I encourage advisers to register as early as possible."

As we've discussed before, the exam covers knowledge in three key competency areas: "Financial Advice Regulatory and Legal requirements (including Corporations Act, Chapter7, AML, Privacy and Tax Agents Services Act (TASA) 2009)", "Financial Advice Construction – suitability of advice aligned to different consumer groups, incorporating consumer behaviour and decision making" and "Applied ethical and professional reasoning and communication – incorporating FASEA Code of Ethics and Code Monitoring Bodies."

FASEA said the exam will consist of “at least” 70 questions and that it will be open book.


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