ASIC is implementing the Government’s amendments to the approved principles for the administration of the financial adviser exam that were registered on 18 January 2024. The amendments:

• remove the short answer questions from the exam and increase the number of multiple-choice questions; and
• remove the requirement limiting exam participation to new financial advisers who have completed an approved degree and existing providers.

The next exam will be held on 26 March 2024 and will reflect the changes.

All candidates will be held to the same standard as for previous exams.

ASIC has updated guidance on its website for financial advisers and AFS licensees, in line with the Corporations (Relevant Providers—Education and Training Standards) Amendment (2024 Measures No. 1) Determination 2024.

Background

Under the education and training standards for relevant providers outlined in section 921B of the Corporations Act 2001 (the Act), the second standard – the exam standard – requires a person to pass an exam administered by ASIC in accordance with the principles approved by the Minister.