Financial Adviser Exam
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ExploreAbout this exam
The Financial Adviser Exam is the Australian assessment that candidates for work as a financial adviser sit, and it is commonly referred to by its former administrator's name, the FASEA exam. It is aimed at people who intend to provide personal financial advice to retail clients, and at existing advisers who need to demonstrate the standards expected of them. The exam is designed to test applied judgement rather than memorisation, drawing on the adviser's understanding of regulatory and legal obligations, how advice is constructed for a client, professional ethics and behavioural finance, insurance and risk management, and financial planning and taxation principles. Preparation should begin with the governing rules and the standards that shape client interactions, because those obligations frame every later topic. Candidates typically work through the technical domains first, then practise applying them to short client scenarios, since the assessment rewards reasoning about a specific client's circumstances rather than reciting definitions. Study should include deliberate practice in identifying conflicts of interest, testing the basis of a recommendation, and explaining tax and insurance consequences clearly. ASIC maintains a financial adviser register and publishes material for financial advisers through its website. Note that ASIC's dedicated financial adviser exam page returned a "404" error when checked, so official details such as format, duration, fees and pass marks could not be confirmed and are not stated here.
What you'll study
About Financial Adviser Exam preparation
Who is the Financial Adviser Exam for?
It is for people seeking to work as financial advisers in Australia and for existing advisers who must show they meet the required standards. Candidates should confirm their own eligibility and any education requirements directly with the regulator, because the official exam page was unavailable when this page was checked.
What does the exam test?
It assesses applied professional judgement across regulatory and legal obligations, advice construction, ethics and behavioural finance, insurance and risk management, and financial planning and taxation. Expect scenario-based reasoning about a client's circumstances rather than pure recall of definitions.
How long is the exam and how many questions are there?
We cannot state this. The official ASIC financial adviser exam page returned a "404" error when retrieved, so the number of questions, the duration and the structure could not be verified. Check ASIC's website for current details before you plan your sitting.
What score do I need to pass, and what does it cost?
These figures are not published on this page. The official exam page was unavailable, so the passing score and any fee could not be confirmed. Treat any number you see elsewhere as unverified until you have checked it against ASIC's own published material.
Can I retake the exam if I fail?
The retake policy could not be confirmed because the official page returned a "404" error. Do not rely on second-hand accounts of how many attempts are allowed or how long you must wait. Confirm the position with ASIC before assuming a resit is available on your preferred timeline.
How should I order my study?
Start with the regulatory and legal obligations, since they frame every client interaction. Then work through advice construction and ethics together, because they are applied in the same client conversation. Finish with insurance, risk management, taxation and planning, and practise short scenarios that combine several domains at once.
Why do candidates fail?
Common failure modes are memorising rules without being able to apply them to a client's facts, missing conflicts of interest, recommending a product before establishing the client's objectives, and confusing tax or insurance technicalities. Practising written reasoning under time pressure exposes these gaps early.
Does this page come from ASIC?
No. This is independent study material and is not affiliated with or endorsed by ASIC. It is written to help you prepare, but the authoritative source for exam administration, registration and rules is ASIC's own website, which you should check directly.