The FASEA national exam
All financial advisers must pass the FASEA national exam, regardless of which education provider they used. The exam tests financial advice construction and disclosure (30%), ethics and professional conduct (20%), behavioural finance and client communication (15%), technical knowledge across superannuation, insurance, investments, tax (25%), and regulatory framework and compliance (10%). Format: 75 multiple-choice questions, 3 hours, computer-based at Pearson VUE test centres. Cost AUD $385 per attempt. The 2026 first-attempt pass rate is 78%; the re-sit pass rate is 62%. Candidates have unlimited attempts within a 12-month window from completing the qualification (FASEA, September 2026; Pearson VUE, September 2026).
Worked example: new adviser pathway (2026)
Sarah starts as a paraplanner at a mid-tier advice firm in Sydney in February 2026. She has a Bachelor of Commerce (no FASEA-approved units). Her pathway to "relevant provider" status: February 2026 enrol in Kaplan Graduate Diploma ($22,000); February-March 2026 complete RG146 ($600, SAI Global); March 2027 complete Graduate Diploma (12 months part-time); April 2027 sit FASEA national exam ($385); May 2027 pass on first attempt and become a "relevant provider"; ongoing 40 hours CPD per year. Total education cost: ~$23,000 over 14 months. First-year salary uplift from paraplanner to adviser: typically AUD $25,000-$45,000 (FASEA, September 2026).
Next steps
For a complete breakdown of approved qualifications and provider pricing, see our ASIC approved qualifications list. For the underlying RG146 prerequisite, see our RG146 certification guide.
FASEA ethics and CPD requirements in detail
The 1 hour of annual CPD on ethics is a FASEA requirement that many advisers overlook. Eligible ethics CPD includes: FASEA-approved ethics workshops (typically AUD $200-$500 per workshop), the FASEA annual ethics webinar (free, 1 hour), ethics units within the FASEA-approved Graduate Diploma, and recognised industry body ethics programs (CA ANZ, CPA Australia, IPA ethics modules count). The 70% specialist knowledge requirement means at least 28 of your 40 hours must be in your advice area (e.g., superannuation, insurance, investments) — generic "soft skills" CPD does not count toward this. ASIC's CPD audit is data-driven: it flags AFS licensees with advisers who complete less than 40 hours or fail the ethics requirement. Non-compliance results in a Tier 2 breach notice, which is reportable to APRA and may trigger licence suspension.
FASEA exam prep strategy and pass-rate maximisation
The 2026 first-attempt FASEA exam pass rate of 78% reflects improved candidate preparation (Kaplan, FINSIA, and AIST all updated their prep courses in 2024-2025). Top prep strategies: (1) start prep 6-8 weeks before the exam window (March, July, October sittings), (2) use the official FASEA practice exam (3-5 attempts) and the Kaplan/FINSIA question banks (1,000+ practice questions), (3) focus on the highest-weighted sections (financial advice construction 30%, ethics 20%, technical knowledge 25% = 75% of the test), (4) sit the exam within 12 months of completing the qualification (candidates within 12 months of completing the qualification pass at 82% vs 68% for those who wait 18+ months), and (5) on exam day, allocate the first 15 minutes to scan and skip hard questions, then return to them with 30 minutes remaining (FASEA, Kaplan, September 2026).
Fazlur Rahman
