FAQ’s from our FASEA Exam Masterclasses
We have been running a series of sold-out masterclasses around the country to help advisers prepare for the Financial Adviser Standards and Ethics Authority (FASEA) Financial Adviser Exam. In this article, we share some of the most commonly asked questions raised by our audiences to help you with your own exam preparation.
Is the exam open book?
The exam is closed book to the possession of outside materials, such as notes. You are not allowed to bring any other equipment or materials into the exam. You will be given access to statutory materials such as relevant sections from the Corporations Act and FASEA standards. The Exam Candidate video provides more information.
What will be the format of the exam?
The exam will have at least 70 questions. At least 64 multiple choice questions (including true/false) and 6 short answer questions. However, it’s important to note that TAL does not know what is in the exam and it is best to not take it lightly and be as prepared as possible.
How can you prepare for the exam?
FASEA released sample questions and an Examination Preparation Guide to aid advisers in preparing for the exam. Having a focus on the learning outcomes FASEA have provided, obtaining insights from the practice questions and having a structured approach on where to focus your study and time is important. You can also access a study planner from your TAL BDM, which has been developed from the Risk Academy course and can provide a good start for your preparation.
Am I disadvantaged if I am a risk specialist with this exam?
No, we don’t believe you are. It has been clear from commentary and updates publicly available that the examination is not a test of technical competence, but rather one of process covering compliance including the best interest duty and FASEA Code of Ethics.
What is the pass mark for the exam?
FASEA have advised that the pass mark for each exam is set by an expert review panel using formalised and internationally accepted standard setting procedures. The starting point for standard setting is aligned to the range of a typical university credit grade, i.e. 65%-74%. FASEA have also advised that the pass mark will be reviewed for each exam cycle and may be adjusted to account for differences in exam difficulty and to maintain standards.
How many times can I sit the exam, if I fail?
You may sit the exam multiple times; however an existing adviser must pass the exam by 1 January 2021. The number of attempts may be limited depending on when you first sit the test and the time between tests to allow for registrations, visit fasea.gov.au for more information for your circumstance.
Where do I start with all the recommended reading materials?
Having a structured approach to your learning is important. If you can allocate time and prioritise effectively it will go a long way in helping you feel confident for the exam. Some of the recommended readings are invaluable in your preparation including, but not limited to, the Code of Ethics Explanatory statement, FASEA sample questions and Examination Preparation Guide, ASIC Guide RG175 and knowing how to navigate the Corporations Act. Talking to your licensee about where to focus, so you do not get caught up in the volume of materials available, will also help in your preparation.
The TAL Risk Academy FASEA Exam Masterclasses continue right through to February 2020 with limited spots available. We have recently added new course dates, but if you would like to attend and your local session is full, we still recommend going on the waiting list.