Financial services

For consumers

Financial adviser exam

From 1 January 2022, ASIC began administering the financial adviser exam. The exam was previously administered by the Financial Adviser Standards and Ethics Authority (FASEA).

ASIC has contracted the Australian Council for Educational Research (ACER) to develop and administer the exam.

Who needs to pass the exam?

‘Relevant providers’ and persons training to become a relevant provider, must pass the financial adviser exam to comply with the professional standards. Passing this exam is one of the education and training standards specified in section 921B of the Corporations Act 2001 (Corporations Act). See also Applying the professional standards.

A person training to become a relevant provider must pass the exam before they can be authorised by an Australian financial services (AFS) licensee as a ‘provisional relevant provider’ and start quarter 3 of their professional year.

For more information see Book to sit the exam.

For information on the required timeframes for ‘existing providers’ to pass the exam, see Information Sheet 260 Timeframe for passing the financial adviser exam (INFO 260).

About the exam

The Financial Sector Reform (Hayne Royal Commission Response – Better Advice) Act 2021 (Better Advice Act) requires ASIC to administer the exam in accordance with the principles approved by the Minister. The Minister prescribes the format of the exam in the Corporations (Relevant Providers—Education and Training Standards) Determination 2021.

The exam tests the practical application of an individual’s knowledge in the following competency areas:

  • financial advice regulatory and legal requirements, including obligations under Chapter 7 of the Corporations Act, the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, the Privacy Act 1988 and the Tax Agent Services Act 2009
  • financial advice construction – that is, suitability of advice aligned to different consumer groups, incorporating consumer behaviour and decision making
  • applied ethical and professional reasoning and communication, incorporating the Financial Planners and Advisers Code of Ethics 2019 (Code of Ethics).

The exam lasts 3.5 hours and includes reading time of 15 minutes. The exam consists of selected response style questions and is open book for statutory materials.

See Financial adviser exam: Exam policy at Resources: Financial adviser exam for further information on what the exam covers and the exam format.

Preparing for the exam

The exam has been designed to reflect the competencies required to provide quality personal advice to retail clients by assessing the knowledge areas outlined above.

Visit Resources: Financial adviser exam for the following material, which may be useful in preparing for the exam:

  • Financial adviser exam: Exam preparation guidance
  • Financial adviser exam: Practice question guidance
  • exam preparation videos.

Further information

For more information about the exam, see:

  • Book to sit the exam
  • Resources: Financial adviser exam
  • FAQs: Financial adviser exam.

Who can I contact if I have a further query about the exam?

You can contact ACER at faexam@acer.org regarding any queries about booking and sitting the exam.

You can contact us if you have any other queries about the exam.

Business name holder
I want to

Information and steps on how to register a business name

To renew a business name, you will need your account number or ABN handy.

The ASIC Connect portal will allow you to:

  • manage an existing business name
  • update your business name details

The ASIC Connect portal will allow you to:

  • manage an existing business name
  • update your business name details

Within online services for business name holders, you can:

  • log in or sign up to ASIC's portals
  • learn about ASIC's online services and processes
  • access user guides
  • read FAQs.
Company officeholder
I want to

Information and steps on how to register a new business

Manage your company details via the company officeholder portal:

  • Update your company details
  • Voluntarily deregister your company in the Company officeholder portal.

Download your company annual review statement from ASIC, which includes your annual invoice and payment details.

 

Lodge regulatory statements, documents and transactions in the Regulatory portal.

 

Within online services for company officeholders, you can:

  • log in or sign up to ASIC's portals
  • learn about ASIC's online services and processes
  • access user guides.
Registered agent adn authorised lodger
I want to

Update your client details via the Registered agent portal.

Information about how you can update and/or cancel your registered agent registration.

Within online services for registered agents and authorised lodgers, you can:

  • log in or sign up to ASIC's portals
  • learn about ASIC's online services and processes
  • access user guides
  • read FAQs.
AFS Licensee and AFS representative
I want to

Information and steps on how to apply for an Australian financial services (AFS) licence.

Update your AFS licence details and lodge financial document via the Regulatory portal.

Log in to ASIC Connect to appoint and update AFS representative's details.

Lodge regulatory documents and transaction in the ASIC Regulatory Portal

 

You can register a managed investment scheme using the eLicensing system (not the ASIC regulatory portal).

You can lodge FS88 PDS in-use notice using the eLicensing system (not the ASIC regulatory portal).

Credit licensee and credit representative
I want to

Information and steps on how to apply for a credit licence.

Update your credit licence details and appoint credit representations via the Credit Licensee portal

 

Lodge regulatory documents and transactions in the ASIC Regulatory portal.

 
 

Within online services for credit licensees and credit representatives, you can:

  • log in or sign up to ASIC's portals
  • learn about ASIC's online services and processes
  • read FAQs.
Auditor
I want to

Information and steps on how to apply for auditor or authorised audit company registration.

Update your auditors details and submit annual statements via the Auditors portal.

 

Lodge regulatory documents and transactions in the ASIC Regulatory portal.

 
  • log in or sign up to ASIC's portals
  • Within online services for auditors, you can learn about ASIC's online services and processes.
 
SMSF auditor
I want to

Apply and maintain your SMSF auditor registration via the Regulatory portal.

 

Within online services for SMSF auditors, you can:

  • log in or sign up to ASIC's portals
  • learn about ASIC's online services and processes
  • access user guides
  • read FAQs.
Liquidator

I want to

Update your liquidator details and lodge external administration documents via the liquidator portal.

 

Lodge regulatory documents and transactions in the ASIC Regulatory portal.

 
  • log in or sign up to ASIC's portals
  • Within online services for liquidators, you can learn about ASIC's online services and processes.
Business name holder
I want to

Information and steps on how to register a business name

To renew a business name, you will need your account number or ABN handy.

The ASIC Connect portal will allow you to:

  • manage an existing business name
  • update your business name details

The ASIC Connect portal will allow you to:

  • manage an existing business name
  • update your business name details

Within online services for business name holders, you can:

  • log in or sign up to ASIC's portals
  • learn about ASIC's online services and processes
  • access user guides
  • read FAQs.
Company officeholder
I want to

Information and steps on how to register a new business

Manage your company details via the company officeholder portal:

  • Update your company details
  • Voluntarily deregister your company in the Company officeholder portal.

Download your company annual review statement from ASIC, which includes your annual invoice and payment details.

 

Lodge regulatory statements, documents and transactions in the Regulatory portal.

 

Within online services for company officeholders, you can:

  • log in or sign up to ASIC's portals
  • learn about ASIC's online services and processes
  • access user guides.
Registered agent adn authorised lodger
I want to

Update your client details via the Registered agent portal.

Information about how you can update and/or cancel your registered agent registration.

Within online services for registered agents and authorised lodgers, you can:

  • log in or sign up to ASIC's portals
  • learn about ASIC's online services and processes
  • access user guides
  • read FAQs.
AFS Licensee and AFS representative
I want to

Information and steps on how to apply for an Australian financial services (AFS) licence.

Update your AFS licence details and lodge financial document via the Regulatory portal.

Log in to ASIC Connect to appoint and update AFS representative's details.

Lodge regulatory documents and transaction in the ASIC Regulatory Portal

 

You can register a managed investment scheme using the eLicensing system (not the ASIC regulatory portal).

You can lodge FS88 PDS in-use notice using the eLicensing system (not the ASIC regulatory portal).

Credit licensee and credit representative
I want to

Information and steps on how to apply for a credit licence.

Update your credit licence details and appoint credit representations via the Credit Licensee portal

 

Lodge regulatory documents and transactions in the ASIC Regulatory portal.

 
 

Within online services for credit licensees and credit representatives, you can:

  • log in or sign up to ASIC's portals
  • learn about ASIC's online services and processes
  • read FAQs.
Auditor
I want to

Information and steps on how to apply for auditor or authorised audit company registration.

Update your auditors details and submit annual statements via the Auditors portal.

 

Lodge regulatory documents and transactions in the ASIC Regulatory portal.

 
  • log in or sign up to ASIC's portals
  • Within online services for auditors, you can learn about ASIC's online services and processes.
 
SMSF auditor
I want to

Apply and maintain your SMSF auditor registration via the Regulatory portal.

 

Within online services for SMSF auditors, you can:

  • log in or sign up to ASIC's portals
  • learn about ASIC's online services and processes
  • access user guides
  • read FAQs.
Liquidator

I want to

Update your liquidator details and lodge external administration documents via the liquidator portal.

 

Lodge regulatory documents and transactions in the ASIC Regulatory portal.

 
  • log in or sign up to ASIC's portals
  • Within online services for liquidators, you can learn about ASIC's online services and processes.