Resources: Financial adviser exam
For more information on the financial adviser exam, see PDF guides, videos and links below.
PDF guides
- Financial adviser exam: Candidate information booklet (PDF 476 KB)
- Financial adviser exam: Exam preparation guidance (PDF 737 KB)
- Financial adviser exam: Exam policy (PDF 265 KB)
- Financial adviser exam: Remote proctoring information and step-by-step guide (PDF 1.8 MB)
- Financial adviser exam: Practice question guidance (PDF 435 KB)
Exam preparation videos
Help yourself prepare for the exam with these videos. A transcript is also available under each video.
Video 1: Create a study plan
Create a study plan - text version
This video will help you work out:
- how much time you need
- create good study habits.
You’re more likely to pass if you have a study strategy.
How much time do you need to prepare?
- Start with your exam date and work backward.
- Consider what could get in the way.
- Give yourself enough time to prepare for the exam:
- consider workload
- family priorities
- other commitments.
- Choose your exam date and book it in.
Work at your best time to study
- Consider:
- energy levels
- best time of day to avoid distractions
- where you will study.
Good study habits
- Block out non-negotiable time in your diary.
- Use the resources:
- Exam Preparation Guide
- reading material:
- focus on what you need to know
- read to understand how it applies to practical situations
- practice questions
- look at past exam result feedback.
- Write notes as you go …
- writing notes helps you retain information:
- consider trying a mindmap
- you may want to draw a diagram to explain concepts.
- Do the practice questions:
- get used to the type of questions you’ll be asked and how long it takes to do them
- replicate exam conditions.
- Find study buddies:
- join a group or study forum
- stay accountable
- consider leveraging your network.
- writing notes helps you retain information:
Video 2: Get ready to sit the exam
Get ready to sit the exam - text version
Before you start any study program understand:
- what the exam is testing
- the areas past exam candidates had trouble with.
What’s being tested
- The exam has been designed to test how you can apply your knowledge to everyday advice scenarios:
-
- financial advice regulatory and legal requirements
- financial advice construction
- applied ethical and professional reasoning and communication.
We’ve analysed exam results and share the key areas candidates struggle with.
Note: This is not intended to replace the Exam Preparation Guide.
Understand the relevant acts and how they apply
- Know which documents are needed at each step of the advice process and show you understand:
- what’s in each section
- how each obligation applies to different client scenarios
- who it is for.
Be clear on the difference between:
- your licensee standards
- legal and regulatory acts.
You need to answer the questions according to the acts not your licensee standards
- Make sure you understand the differences between your licensee standards and the regulatory requirements in the acts:
-
- Corporations Act (Chapter 7)
- Privacy Act
- Anti-Money Laundering
- TASA
Understand key definitions
- Know the difference between:
- personal advice
- general advice
- factual information
- personal information
- sensitive information
and apply these to client scenarios.
Know how to identify a breach and what action to take
- You need to know:
- what is a breach
- who needs to know about a breach
- how to report a breach
- what the penalties are for a breach and not reporting it.
- Apply the code of ethics:
- know the difference between the financial advice code of ethics and the Corporations Act 2001
- understand the standards and value definitions
- determine how the standards apply to client scenarios.
- Code of ethics:
- The 12 standards are grouped into four areas:
- ethical behaviour
- client care
- professional commitment
- quality process.
- Embedded values:
- Trustworthiness
- Competence
- Honesty
- Fairness
- Diligence
- The 12 standards are grouped into four areas:
- Understand clients and their behaviours
- You need to demonstrate:
- how you identify client biases, and
- how biases influence key decisions and behaviours.
- You need to demonstrate:
Video 3: Sitting the exam
Sitting the exam - text version
Know what to expect so you feel relaxed on the day:
- pick an exam setting that works for you
- understand the exam conditions
- if doing the exam remotely, follow the Remote Proctor Guide.
Choose your exam date and time:
- pick the exam sitting that works for your best time of the day
- allow plenty of time to minimise stress (don’t do it between clients or meetings).
Watch the Financial Adviser Exam candidate information video.
On the day - Remember:
- make sure you have your admission ticket and valid ID
- check your wi-fi and system access if doing the exam remotely
- don’t bring anything in.
During the exam
- It’s normal to be nervous:
- stay calm and focused
- trust you’ve done enough
- clear your mind of everything except what’s in front of you.
- Monitor your question time:
- you have 3 hours 15 minutes plus 15 minutes reading time
- monitor your question time to ensure all questions are answered.
- Read the questions carefully and answer only what is being asked and in the way it is requested.
- If you get stuck on a question flag it and come back to it.
Sitting the exam remotely?
- Follow the steps in the Remote Proctor Guide so you’re prepared.
- Download the exam app and do the technical checks early so you can troubleshoot any issues.
More information
For more information on the professional standards for financial advisers, see:
- Treasury’s Financial Adviser Standards website at fas.treasury.gov.au
- Professional standards for financial advisers on our website.