Financial Adviser Exam Results For November 2024
ASIC announced the results of the Financial Adviser Exam held in November 2024. This time, the results were notable and created opportunities for firms interested in growth.
Key data points include (Data on Dashboard 10 of Adviser Fast Facts - Members Only):
A total of 225 candidates passed the exam, marking the highest result since August 2022, which was a ‘last chance’ for many advisers during the FASEA period.
This high number of passes corresponds to a pass rate of 77%. In contrast, the previous exam in August 2024 had a low pass rate of just 62%, one of the worst ever.
The higher pass mark may be due to many advisers retaking the exam. Out of 289 candidates, 207 were first-timers, meaning 82 were repeating.
2024 is a better year than 2023 in every way. There were 1,053 candidates in 2024 compared to 811 in 2023. 743 passed in 2024, while only 545 passed in 2023. The average pass rate was 70% in 2024, up from 67% in 2023.
More advisers have passed the exam but are not practising (see chart below). Currently, 20,060 have passed, while there are only 15,503 active advisers as of the end of November 2024, a difference of 4,557. In November 2023, this difference was 3,633.
The 4,557 who have passed but are not practising make up 29.39% of the active advisers, up from 23.17% in November 2023 and 17.98% in November 2022.
The number of advisers and candidates suggests many potential advisers are ready but currently inactive. Our data shows that some groups are finding them. For example, there are 432 new entrants on the ASIC Financial Adviser Register for 2024, while 920 advisers have stopped working, resulting in a gap of 488. However, the net loss of advisers this year is 120, indicating that around 368 advisers have returned to the field.
We do have a database available to help track down the advisers who have passed the exam but not current on the FAR. Contact us for more information.
The number of candidates passed the financial adviser exam but not practising continues to grow.
*See dashboard 13 - Licensee Deep Dive
** See dashboard 14 - Licensee Deep Dive
