Financial Adviser Exam Practice Questions: ASIC's PDF, ACER's Test and Past Papers

5 min read · facts checked 12 Oct 2026

As at 12 October 2026, the only public set of practice questions from ASIC is its Practice question guidance (version 16.1, July 2024): a free PDF of 64 questions with an answer key and no explanations. Registered candidates also get ACER's online practice test. There are no past papers.

ASIC's practice question PDF

• 64 questions: 49 four-option multiple choice and 15 true/false sets of two statements each.
• 12 client scenarios carry 50 of the questions; the other 14 sit on short vignettes.
• The answer key is at the back, with answers only: the explanations were dropped in an earlier version.
• It is dated July 2024. ASIC's preparation guidance was updated in January 2025 for the Delivering Better Financial Outcomes changes, so check any answer that turns on law that has changed since.
• Download it from ASIC's financial adviser exam resources page.

ACER's online practice test

Once you register for a sitting, ACER gives you a free online practice test in your candidate account (under Purchases). You can repeat it, and it has a test review page. ACER does not say how many questions it has, and it is not open to the public.

Are there past papers?

No. ASIC's resources page lists the preparation guidance, the exam policy and the practice question guidance, and no past exam papers (checked 12 October 2026). ASIC's exam policy says the questions are changed regularly, so a resit gets a different set. Be wary of anyone offering past or live exam questions.

Our practice questions

Every question on Adviser Exam Prep is original, written to ASIC's published format and curriculum: four-option and true/false questions, mostly set on client scenarios, each with a worked explanation. They are not past or live exam questions. Try the free sample questions, browse the question bank, or sit the free mock under exam timing.

How to get the most from practice questions

• Do ASIC's 64 questions in one timed sitting. At exam pace (about 2 minutes 47 seconds a question) that is just under 3 hours.
• For every miss, find the section, standard or regulatory guide behind the answer, not just the right letter.
• Mix the three areas in each session, as the real exam does.
• Leave one full mock for the last fortnight, and use the preparation guide to plan the weeks before it.