With the FASEA exam extension passed into legislation during June, financial planners now have longer to comply with education and training standards and to pass their exam. But it’s worth making a plan now to make sure you can study and prepare without putting yourself under unnecessary time pressure.         

The amendment to the Corporations Act (2001) gives financial planners until 1 January 2022 to pass the FASEA exam and until 1 January 2026 to meet education requirements. While this provides welcome breathing space during a year of major change for our profession and clients, it’s important not to put off the exam if you do have the capacity to prepare. By building time for study into your schedule, you can ensure you’re on track to sit and pass your exam well before the deadline in January 2022.

At the time of writing, FASEA are continuing to offer face-to-face examinations, subject to COVID-19 restrictions. You also have the option to sit the exam in a remote location during the sitting dates provided by FASEA on their website. The FPA says financial planners intending to use the remote offering should schedule their exam as soon as possible as allocations are on a first-come, first-served basis.

Find out when and where you can sit the FASEA exam

Tips and resources to help you prepare

– To help you get ready for the exam, your first stop will be the FASEA website. Here you’ll find information about the knowledge areas you’ll be tested on as well as an exam preparation guide, practice questions and FAQs.

– FPA members have access to our Return to Learn online hub to support you in all education requirements including CPD, FASEA policies and standards and approved tertiary education courses. You’ll also find study tools and video tutorials on topics like preparing for exams.

–  If you’re looking for extra support to get ready for the exam, third party education providers such as Kaplan Professional and MyIntegrity offer courses and services to financial planners including workshops, group tutorials and personal consultations to help you focus on the areas of knowledge where you may be less confident. You can also sit practice exams online, using the same exam format and remote proctoring process as the FASEA exam. All FASEA exam services and resources from Kaplan Professional and MyIntegrity are provided for a fee.

If you’re not experienced in online exams, a practice run could be a good way to help you get used to conditions you’ll experience when you come to take the exam.

– Your licensee or dealer group may be providing study materials and tools to help you prepare for the FASEA exam. Speak to your AFSL provider to find out about support available

– Working in a full-time role can make it seem impossible to fit in exam preparation. To help you plan for the time you need to study as a mature age student with a job and other commitments, have a look at study guides and tips offered by universities. Many mature age students take on part-time courses while working so there is plenty of advice available to help you get used to studying again and build time for reading and assignments into your routine.

UNSW – time management tips for mature age students

Victoria University – how to master remote learning

– Gaining a thorough understanding of all knowledge areas will be key to passing your FASEA exam. But brushing up on your typing and computer skills could also be an important part of your exam preparation. According to Delma Newton CFP^® from Tupicoffs, as the exam is computer-based, practitioners need to work on their keyboard typing skills to enable them to complete the exam in the required three-hour period. “There may be planners who are a little rusty with their typing skills, so take every opportunity between now and your exam to hone in on those skills,” she said.

– In their most recent announcement on 17 June 2020, FASEA reported that more than 8,000 financial planners have already taken the exam and received their results, with more than 4,000 expected to take the exam in June and August 2020. So it’s well worth talking to your peers in the profession who have taken the exam to get insights that could help you prepare more effectively.

Get tips from three financial planners who have taken the FASEA exam

Support for your wellbeing

If you’ve taken the exam and didn’t manage to pass first time, you’re not alone. Of the 8000+ financial planners who have taken the exam, 86% have passed, according to FASEA. That means more than 1000 financial planners were unsuccessful when taking the exam.

Failing an exam can have a big impact on your self-confidence and mental wellbeing. With the extension of the exam deadline, you have more time to recover from a set-back and get the help you need to be well-prepared and in the best state of mind to pass the exam next time.

Talking to someone about how you’re feeling can help. FPA Wellbeing is a free, confidential support program for CFP® professionals, AFP® and Associate members. Services include personal, confidential support sessions with qualified counsellors or psychologists via phone, Live Chat or face-to-face.