FASEA EXAM INSIGHTS #3: Short Cuts to understand BEFORE taking the exam

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Working smart can help put structure and logic into your adviser exam preparation.

So there are two parts to preparing for the adviser exam.  They are acquiring knowledge and applying knowledge.

 

ACQUIRING KNOWLEDGE

There is such a lot of reading to go through so it makes sense to prioritise.  So try applying the 80/20 rule as follows:

20%

These are the really important bits that you need to know inside out.  At the minimum these include:

  • Financial Planners and Advisers Code of Ethics AND Explanatory Statement
  • Disclosure and conduct obligations
  • Best Interests Obligations
  • TPB basics for tax financial advisers PLUS the Code of Professional Conduct
  • AML / CTF basics and resources for financial planners
  • Privacy as it applies to financial advice situations

80%

At the minimum, you should have a good general knowledge of everything else on the FASEA suggested reading list.  Your level of understanding needs to be good enough so that if you see it in an exam question, at least you will recognise it and be able to make some educated decisions.

Tip: Reading the Corporations Act will get you a good night’s sleep but the way to absorb the important stuff is to use the Regulatory Guides where possible.  These guides exist where ASIC deems the subject matter to be important. RG121, RG175, RG244 and RG246 should be your best friends. And like best friends do, they provide helpful summaries of the important bits and many very useful examples. 

 

APPLYING KNOWLEDGE

For this, NOTHING BEATS PRACTICE!

Sitting in workshops and presentations is helpful but doing is learning!

In my 10-part program, I have created over 240 practice questions in multiple choice true-false and open-ended formats where you can test and apply your knowledge and check your answers.  You will get to practice on every topic.

And just when you think you have exhausted yourself, I have another multi-question mock exam for you to attempt.  This will be made available to you prior to sitting your adviser exam.

# FASEA EXAM INSIGHTS #4 A practical approach to an ethical advice exam coming soon!

To catch up missed EXAM INSIGHTS read them at http://garyweigh.com/blog/