RG 146 Knowledge Assessment for Experienced Advisers
Who is Experienced?
ASIC's RG 146.49 specifies that advisers must have "at least 5 years experience within the immediate past 8 years in the areas in which they advise." If advisers are experienced then they can demonstrate knowledge competency with Financial Education Professional’s competency assessment process.
Competency Assessments
Financial Education Professionals competency assessments are knowledge-based closed-book tests comprising 40 multiple choice questions.
These are competency-based assessments and are not a "speed-test" - hence there is flexibility in timing. 1.5 hours per competency assessment is generous and it is reasonable to assume that participants will take less time than this.
The multiple choice questions have a "stem" and 4 possible answers. Participants will be asked to indicate the BEST answer.
A pass mark of 70% is required to demonstrate knowledge competency.
Assessment is at Diploma level (Tier 1) as required by ASIC.
Sample Questions
CLICK HERE to see some sample questions for the RG 146 Knowledge Competency Assessments. When you're finished close the active window to return to this page.
Individual Assessment
Persons with considerable relevant experience may demonstrate their competency with an Individual Assessment. One of our Authorised Assessors will conduct this Individual Assessment. You must provide evidence of your career history, academic record and prior training and assessment records. These are reviewed and include a face to face assessment within the context of your current professional work.
Cost
Cost per person is $275.00 + GST per competency assessment. This includes the cost of one re-sit, if required. Invoices for individuals must be paid on enrolment. Invoices for financial institutions will be issued on completion of the assessment. Those attempting this assessment may purchase copies of self-study guides to help you revise the material at $120.00 + GST per knowledge area per person.
Supervision and Integrity of Assessment
Advise us of the name, address, telephone number and email address of a suitable supervisor and we will Express Post the assessment to them. Suitable supervisors can include your Compliance Manager, a Justice of the Peace, etc. The supervisor will oversee the assessment and return the completed assessment to us.