The Monetary Recommendation Affiliation Australia (FAAA) has backed the federal government’s proposed adjustments to the monetary adviser examination, together with making the examination utterly a number of selection, eradicating restrictions on who can sit the examination, and permitting college students to take a seat the examination at a stage that’s appropriate for them.
FAAA chief govt officer, Sarah Abood, mentioned these adjustments will simplify and pace up the examination course of, making it each extra versatile and probably less expensive for candidates.
“The FAAA is in favour of wholly multiple-choice examinations. Transferring to this format quickly hurries up the method of marking the exams and ensures consistency of evaluation with out reducing requirements,” Ms Abood mentioned.
“With out a want for subjective marking of written solutions, the marking course of could be largely automated, eradicating the danger of human error and subjectivity and rushing up the supply of outcomes to college students.
“This technique of evaluation can also be cheaper to run, and we’d count on to see a discount in the price of the examination in consequence. The price is now $1,500 per try, virtually thrice increased than it was when the examination was first launched in 2019.”
Ms Abood mentioned the change to permit monetary planning college students to take a seat the examination when it fits their schedule – together with throughout their research, fairly than at a selected stage throughout the Skilled 12 months – could have substantial advantages for brand spanking new entrants.
“Examination infrequency and the time taken to obtain outcomes has meant the skilled yr might stretch effectively past 12 months for some college students. This elevated flexibility may be very welcome and may scale back pointless delays for brand spanking new entrants in beginning their careers.
“The proposed adjustments may even successfully enable anybody who needs to take action to take the examination. This can be a strongly constructive transfer as there are a lot of individuals in monetary providers who’ve an curiosity within the content material and in demonstrating mastery on this space – akin to compliance employees and accountable managers simply to call a number of.”
“The FAAA is strongly supportive of those adjustments, which we hope will encourage extra folks to aim the monetary adviser examination and enter the recommendation career.”