FASEA Questions

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The Financial Adviser Standards and Ethics Authority (FASEA) has been tasked with governing the conduct of professionals in the financial advice sector by establishing mandatory educational and training requirements, developing and setting an industry exam, as well as the formation of a code of ethics that all advisers will be required to adhere to.

FASEA’s mandated CPD requirements came into effect on 1 January 2019.

Financial advisers are required to complete 40 hours of ‘qualifying CPD activities’ in each CPD year with a minimum requirement in the following areas:

  • Technical Competence – 5 hours
  • Client Care and Practice – 5 hours
  • Regulatory Compliance and Consumer Protection – 5 hours
  • Professionalism and Ethics – 9 hours
  • General – no set minimum

Kaplan Professional is the leading provider in the provision of industry CPD. Our flagship online platform Ontrack provides organisations and individuals with the content, tracking, reporting and consultancy they need to manage and meet their CPD obligations.

The FASEA Financial Adviser Examination is a fundamental component of the education standards all financial advisers must pass to provide personal financial advice to clients.

Existing advisers must pass the exam before 1 January 2022. From 1 January 2019, new entrants to the industry must pass the exam after they’ve completed a FASEA-approved degree and before commencing quarter 3 of their professional year.

The exam will test the practical application of advisers’ knowledge in the following competency areas:

  • Financial Advice Regulatory and Legal Requirements
  • Financial Advice Construction
  • Applied Ethical and Professional Reasoning and Communication

The duration of the exam is 3.5 hours (including 15 minutes’ reading time) and consists of multiple-choice and written-response questions.

RG 146 may continue to apply to existing advisers until the new professional standards apply to them. Existing advisers should confirm these requirements with their licensee.

FASEA have announced that from 1 January 2019, the maximum requirement for a new entrant is an approved bachelor’s degree (AQF7) comprising of 24 subjects. The minimum requirement for a new entrant is an approved graduate diploma (AQF8) comprising of eight subjects, which is particularly relevant for career changers.

For existing advisers, the maximum requirement is an approved graduate diploma (AQF8) comprising of eight subjects by 1 January 2026. The minimum requirement for an existing adviser is one bridging course – The FASEA Code of Ethics and Code Monitoring Bodies. Depending on their previous formal education or coursework for industry designations, existing advisers may be required to complete anywhere between one or eight subjects at AQF level 8. The three bridging courses are:

We understand you may need help determining what subjects you need to complete to meet the FASEA education requirements. Our experienced and knowledgeable Course Advice team can help you navigate your next steps and answer any questions you may have. Call 1300 135 798 or email courseadvice@kaplan.edu.au.

We’re committed to helping you prepare for the FASEA exam. We have the most comprehensive and authentic exam preparation resources available in the industry, including the Kaplan Adviser Practice Exam (KAPE), complimentary question banks in Ontrack and FASEA-approved bridging courses.

Click here for more information about KAPE and preparation resources. On this page, you can also arrange a personal consultation with our knowledgeable team who can offer support best suited to your needs.

The FASEA Financial Adviser Examination is a fundamental component of the education standards all financial advisers must pass to provide personal financial advice to clients. Existing advisers must pass the exam before 1 January 2022. From 1 January 2019, new entrants to the industry must pass the exam after they’ve completed a FASEA-approved degree and before commencing quarter 3 of their professional year.

The exam will test the practical application of knowledge in the following competency areas:

  • Financial Advice Regulatory and Legal Requirements
  • Financial Advice Construction
  • Applied Ethical and Professional Reasoning and Communication

The duration of the exam is 3.5 hours (including 15 minutes’ reading time) and consists of multiple-choice and written-response questions.

We’re committed to supporting you to achieve the FASEA Financial Adviser Examination sooner rather than later. We have the most comprehensive and authentic exam preparation resources available in the industry, including the Kaplan Adviser Practice Exam (KAPE), complimentary question banks and world-class FASEA-approved bridging courses.

We encourage anyone who is apprehensive or struggling with self-doubt about completing the FASEA exam to talk to us. We’ll work to personally tailor a comprehensive preparation solution that will equip you with the confidence you need to perform at your best when you sit the FASEA exam. Please contact our knowledgeable Course Advice team on 1300 135 798 (option 1) for more information.

An existing adviser is a person who provides personal advice to retail clients at any time between 1 January 2016 and 1 January 2019; and is not banned, disqualified or suspended. Generally speaking, an existing adviser will be any individual listed on ASIC’s Financial Adviser Register as ‘current’ prior to 31 December 2018.

A career changer is a new entrant after 31 December 2018 with experience from their career in various industries. Career changers will need to complete an AQF level 8 qualification approved by FASEA.

A new entrant is a financial adviser listed on the Financial Adviser Register after 31 December 2018. New entrants will be required to complete a FASEA-approved qualification at AQF Level 7.

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