As at 12 Oct 2026, ASIC's financial adviser exam is at least 70 multiple-choice questions in 3 hours 30 min, including 15minutes' reading time, split equally across three areas. Every fact below links to its source; ASIC and ACER can change them, so check before you book.
| Item | As at 12 Oct 2026 | Source |
|---|---|---|
| Questions | At least 70, multiple choice only (four options, A–D; true/false sets marked as one question, all parts right) | Determination 2021 s2-40; ASIC guidance v6.0 |
| Time | 3 hours 30 min in total, including 15 minutes' reading time (3 hours 15 minutes to answer) | Determination 2021 s2-45; ASIC |
| Areas | Three, equally weighted (below); most questions set on client scenarios | ASIC Exam policy (19 Dec 2025) |
| Materials | Relevant statutory extracts are supplied with the questions; no calculator of any kind | ASIC FAQs; ACER test day |
| Delivery | Online on your own computer, remote-proctored through ProctorU | ACER |
| Pass mark | Not published: set each sitting by standard setting at an overall credit grade (65–74%). You are told pass or fail only | Determination 2021 s2-55(10); ASIC FAQs |
| Results | Four to five weeks after the exam; no appeals | ASIC FAQs; ACER |
| Fee and resits | A$1,500 per sitting; resit as often as you need, paying each time | ASIC, Book to sit the exam |
| Deadline | New entrants must pass before starting the third quarter of their professional year | ASIC FAQs |
Sources in full: Corporations (Relevant Providers—Education and Training Standards) Determination 2021 ss2-40, 2-45 (as amended Jan 2024); ASIC Exam preparation guidance v6.0 (Sept 2026) and Exam policy (19 Dec 2025) (Dec 2025); ACER fae.acer.org, checked 12 Oct 2026. ASIC financial adviser exam page. ACER's preparation page describes the time as “3 hours, with an additional 15 minutes of reading time”; the legislation and ASIC say 3.5 hours including reading time, which is what our mocks use. Our mocks mark pass or fail against our own 70% practice line, which is not ASIC's mark.
Area 1 · about one third of the exam
Covers Corporations Act 2001 Chapter 7, the AML/CTF Act 2006, the Privacy Act 1988 and Subdivision 50-AA of the Tax Agent Services Act 2009.
Build a daily practice habit — a few exam-style questions a day, with worked answers. Free to start.
Start practising →Area 2 · about one third of the exam
Covers The Financial Planners and Advisers Code of Ethics 2019, ethical frameworks, the best interests duty, referral, file maintenance and biases in judgement.
Area 3 · about one third of the exam
Covers Suitability of advice for different retail client groups, consumer behaviour and decision making, risk tolerance, and spotting inappropriate advice and better alternatives.
Reading list highlights from ASIC's Exam preparation guidance v6.0 (September 2026), which says you are not expected to memorise the listed materials. More in what the exam covers and the exam format guide. Independent, not affiliated with or endorsed by ASIC.
Client-scenario questions by topic with worked explanations, then full timed mocks in the exam's shape.
