Financial Adviser Exam Analysis - November 2025 Plus Year on Year
ASIC recently released the results for the November sitting of the Financial Adviser Exam. The results are always a good indicator to the number of new entrants to the advice profession.
The November sitting had 308 candidates, the highest since 2022. That year’s figures were inflated because all existing advisers had to pass. Of the November candidates, 208 passed (67.5%), slightly below the 69% average since 2023.
Below are key details, including some a year‑on‑year comparisons since 2023. In summary, the number of candidates and passes rose after 2023, but 2025 fell slightly short of 2024. With adviser numbers expected to drop from early 2026, new recruits will not fill the resulting adviser shortfall. However, There is still a large surplus of ‘potential’ advisers who have passed the exam but not practicing.
Key data points - Data on Dashboard 10 of Adviser Fast Facts - Members Only:
For November, 208 candidates passed the exam, 56 more than the last exam sat in August. It was 17 fewer than November 2024 which had a high pass rate of 77%
The total candidates for 2025 was 1,007, just below 1,053 set for 2024. Both well ahead of 2023 which was at 811
The number passing for 2025 is at 694, which is 49 fewer that 2024. Partially driven by a lower average pass rate of 69% compared to 70% in 2024. 2023 only had 545 passes with a pass rate of 67%
For November, the number of candidates sitting the exam for a second or more time was 75. This number represents 24.4% of all candidates and it has has hovered between 23% to 30% since the start of 2023
A grand total of 20,754 candidates have passed the exam. As of November 30, there were 15,420 advisers listed as current on the ASIC Financial Adviser Register. The variance of 5,334, highlights a potential pool of advisers that could come back into advice.
While the potential pool looks large, and after January 2026 it will bigger, it may not have the potential it once had. From Jan 1, 2026 all advisers will need both the financial adviser exam and meet the qualification requirements (or Experienced Pathway) that come into effect from January 1.
. Year by Year Financial Adviser Exam Results 2023 to 2025
