The FASEA Exam Is Now the ASIC Financial Adviser Exam: What Changed
4 min read Ā· facts checked 12 Oct 2026
As at 12 October 2026, the exam many people still call the FASEA exam is the financial adviser exam administered by ASIC. ASIC's Exam preparation guidance (v6.0) says ASIC began administering it on 1 January 2022, taking over from the former Financial Adviser Standards and Ethics Authority (FASEA), and contracts ACER to develop and run it.
What changed
| Before 2024 | Now (October 2026) | |
|---|---|---|
| Run by | FASEA until 31 December 2021, then ASIC | ASIC, with ACER delivering the exam |
| Questions | At least 64 multiple choice plus at least 6 written-response questions | At least 70 questions, multiple-choice type only (from 19 January 2024; first sitting 26 March 2024) |
| Who could book | Restricted (approved degree or existing provider) | Anyone: no eligibility number needed |
| Reviews | Written responses could be reviewed | No appeals against results |
Delivery changed too: every exam since 30 September 2022 has been remote-proctored on candidates' own computers, and from 2027 only a whiteboard is allowed for working.
What has not changed
- Every relevant provider must still pass the exam (Corporations Act s 921B(3)): see who must sit it.
- It is still 3.5 hours including 15 minutes' reading time.
- The same three areas: regulatory and legal obligations, applied ethical and professional reasoning and communication, and financial advice construction.
- Results are still pass or fail, marked to a credit grade.
Old FASEA material
FASEA's Code of Ethics guidance (FG002) is still on ASIC's suggested reading list. But study material from the FASEA years can include written-response questions and law that has since changed, so check its date. ASIC's practice questions were last updated in July 2024 (see the practice questions guide), and the format guide describes the exam as it is now.
Searching for FASEA exam dates or results?
They are ASIC's dates and results now. The next sitting is Thursday 5 November 2026: see the exam dates and the pass rates by sitting.
Sources (checked 12 Oct 2026)
- ASIC: Financial adviser exam: Exam preparation guidance, version 6.0 (September 2026)
- Corporations (Relevant ProvidersāEducation and Training Standards) Determination 2021, ss 2-30 to 2-55 (as made)
- Corporations (Relevant ProvidersāEducation and Training Standards) Amendment (2024 Measures No. 1) Determination 2024
- ASIC: ASIC incorporates legislative changes to the financial adviser exam (2024)
- ASIC: FAQs: Financial adviser exam
- ACER: Test day
- ASIC: Eligibility to sit the exam
Adviser Exam Prep is an independent study aid for candidates sitting the financial adviser exam. It is not affiliated with, endorsed by or connected to the Australian Securities and Investments Commission (ASIC), the exam's administrator or any AFS licensee. "ASIC" is used only to describe the exam. All questions are original practice material, not past or live exam questions, and nothing on this site is financial advice.
Frequently asked questions
Is the FASEA exam still running?
Under a new name. ASIC took over the exam from FASEA on 1 January 2022, and it is now the financial adviser exam, delivered by ACER (ASIC Exam preparation guidance v6.0).
What are the FASEA exam dates for 2026?
The remaining 2026 sitting is Thursday 5 November 2026, with booking closing at 5pm AEDT on 16 October 2026. Earlier 2026 sittings were on 5 March, 4 June and 20 August.
Has the FASEA exam format changed?
Yes. From 19 January 2024 the written-response questions were removed: the exam now has at least 70 multiple-choice type questions, and anyone can book without an eligibility number.
More guides
Free practice
Put it into practice
Free account, 700+original exam-style questions with worked explanations, and timed mocks in the exam's format: 70 questions in 3 hours 30 min.
Build a daily practice habit ā a few exam-style questions a day, with worked answers. Free to start.
Start practising ā