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At present, Financial Advisers are required to sit an exam to establish a level of professional competence in addition to attaining a tertiary qualification. The Advice Association agrees that the financial adviser exam was necessary initially as not all professionals met the Financial Adviser Standards and Ethics Authority (FASEA) recognised tertiary qualifications. Recent graduates however, are required to undertake tertiary qualifications as a minimum and therefore the association is recommending the removal of the exam as a necessary step towards qualification so that graduates can enter their professional year sooner. The exam also poses an obstacle for many experienced advisers who have been practising successfully but are for various reasons finding it difficult to pass the exam. Read more here
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