The exam was marked to credit standard, with 90 per cent of the candidates passing the exam.

FASEA chief executive Stephen Glenfield said the standards authority was pleased with the implementation of the first exam and congratulated successful candidates on completing an important component of their education requirements under the Corporations Act.

“Unsuccessful candidates are able to resit the exam and these advisers will receive guidance on which knowledge areas they need to improve to enhance their ability to pass at a future sitting.”

Mr Glenfield said registrations are now open for September in 15 locations and for December in 18 locations, with more than 1,000 advisers having already enrolled.

Exams will be held across eight metropolitan locations throughout the September and December sittings including Sydney, Canberra, Brisbane, Melbourne, Adelaide, Perth, Darwin and Hobart.

For September, regional exam sittings will be offered in Townsville, Gold Coast, Cairns, Newcastle, Wollongong, Ballarat and Bunbury.

For December, 10 regional centres will be offered across Townsville, Rockhampton, Mackay, Sunshine Coast, Toowoomba, Gosford, Orange, Wagga Wagga, Albury-Wodonga and Bendigo.