FASEA Exam Guide: Requirements, Preparation & Tips

The FASEA Exam is a mandatory requirement for financial advisers in Australia who want to provide personal financial advice. Passing the exam demonstrates your compliance with ethical, legal, and professional standards in the industry. If you are preparing for the Financial Adviser Exam, this guide will help you understand the key requirements, preparation strategies, and study resources you need to succeed.

What is the FASEA Exam?

The FASEA (Financial Adviser Standards and Ethics Authority) Exam was introduced to improve the standards of financial advice in Australia. It assesses an adviser’s knowledge of ethical frameworks, financial advice regulations, and applied legal reasoning. While FASEA has now transitioned to ASIC, the exam continues to be a core licensing requirement.

Who Needs to Sit the FASEA Exam?

All financial advisers who provide retail advice must pass the exam. This includes both new entrants and existing advisers. The purpose is to ensure that every adviser meets consistent professional standards.

FASEA Exam Requirements

• Registration through the ASIC-approved platform.
• Three-hour multiple-choice and short-answer exam.
• Open book for legislative instruments and code of ethics documents.
• A pass mark of 65% is required.

FASEA Exam Content Areas

The exam typically covers three major areas:

1. Ethics and Professional Reasoning – applying the Financial Planners and Advisers Code of Ethics 2019.
2. Regulatory and Legal Obligations – Corporations Act, ASIC Act, and related laws.
3. Applied Knowledge – case studies, client scenarios, and compliance application.

How to Prepare for the FASEA Exam

Preparation is the key to passing the exam on your first attempt. Here are some practical steps:

1. Use Structured Study Guides

A dedicated FASEA exam study guide can provide topic summaries, practice questions, and worked examples.

2. Practice with Past Exam Questions

Simulating exam conditions with practice tests can help you understand the format and identify knowledge gaps.

3. Focus on the Code of Ethics

Many exam questions relate to ethical reasoning. Make sure you know how to apply the Code of Ethics to real-world client situations.

4. Join a Preparation Course

Structured learning programs like the Financial Adviser Exam Preparation Course (12.5 CPD Hours) at FA College provide guided learning, practice tests, and tutor support.

Tips to Pass the FASEA Exam

• Start early – allow at least 6–8 weeks of preparation.
• Understand key legislative sections, not just memorise them.
• Practice applying ethical principles to case studies.
• Use online forums or study groups for discussion.
• Stay calm during the exam – manage your time wisely.

FASEA Exam Pass Rates

Historically, pass rates for the exam have been between 70–90%. This shows that with proper preparation, most advisers can successfully meet the requirement.

Why Choose FA College for FASEA Exam Preparation?

FA College specialises in financial adviser education, offering targeted courses that meet ASIC requirements and help advisers succeed. By enrolling in our FASEA exam preparation course, you gain access to expert tutors, updated materials, and flexible online learning.

Conclusion

Passing the FASEA Exam is essential for every financial adviser in Australia. With the right study plan, preparation resources, and support from training providers like FA College, you can approach the exam with confidence and secure your future in the financial services industry.