Free financial adviser exam practice questions

Original, exam-style questions for the ASIC financial adviser exam, each with the answer, a worked explanation, the section of the law or Code of Ethics standard behind it, and the mistake candidates make. All free, no sign-up. They are practice material, not past papers: ASIC does not publish past papers (what it does publish).

Timed practice, free

Free timed mock: 20 questions across the three areas, marked against our 70% practice line.
Free sample questions, with every answer worked through on one page.
How to prepare for the exam: how to use practice questions so they raise your score.

Worked questions by topic

Licensing, authorised representatives and professional standards

Advice, retail clients and disclosure (FSG, SOA, ROA, PDS)

Best interests duty, conflicted remuneration and fee consents

Conduct rules, breach reporting, DDO and AFCA

AML/CTF, privacy and tax (financial) advice

Code of Ethics: values and ethical behaviour (Standards 1–3)

Code of Ethics: client care and quality process (Standards 4–9)

Professional commitment, ethical frameworks and referral

Applying the best interests duty in practice

Adviser biases and professional judgement

Consumer behaviour and decision making

Client profiles, life stages and risk

Scaled advice and quality advice documents

Superannuation and retirement advice strategies

Investment, debt and insurance advice strategies

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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.