FASEA Cheat Sheet 2026

The 30 highest-yield FASEA facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Which of the following subjects is mandatory in the education standards set by FASEA? → Ethics and Professionalism
2. Under FASEA requirements, what ongoing obligation do financial advisers have regarding their professional knowledge? → Complete at least 40 hours of CPD per year including ethics training
3. How many standards are contained in the FASEA Code of Ethics? → 12
4. When assessing whether advice satisfies the best interests duty, which factor is most important? → Whether the advice is suitable for the client's needs and circumstances
5. What is the primary purpose of Continuous Professional Development (CPD) under FASEA? → To maintain and improve professional skills
6. Under FASEA standards, an adviser must ensure that a client understands a recommendation before acting on it. This relates to which ethical value? → Transparency
7. Which principle requires advisers to uphold confidentiality in all client interactions? → Confidentiality
8. How does the ethical principle of accountability apply to financial advisers? → Taking responsibility for actions and decisions
9. What is the ethical obligation regarding continuing education? → Maintaining current knowledge and competence throughout ones career
10. What is the minimum education requirement for becoming a financial adviser in the Fellowship of FASEA? → Bachelor's degree in a relevant discipline
11. What is scope creep? → Uncontrolled expansion of project scope without corresponding adjustments
12. What does the ethical principle of fairness entail in the context of financial advice? → Treating all clients equitably
13. What additional qualification is required for individuals with pre-existing financial planning experience? → Graduate Diploma in Financial Planning
14. What role does nonverbal communication play in professional interactions? → It conveys up to 70% of the message and must align with verbal communication
15. How should a professional handle a situation where institutional policy conflicts with ethical standards? → Advocate for policy change while following ethical guidelines
16. What is the best approach when there is a language barrier with a client? → Use a qualified professional interpreter
17. What is the primary purpose of data visualization? → To communicate complex data clearly and effectively through visual representations
18. Which of the following scenarios most clearly demonstrates the risk of 'scope creep' in financial advice? → An adviser recommending a product outside the agreed advice scope without client consent
19. Under FASEA principles, what obligation does an adviser have when a potential conflict of interest exists with a client? → Disclose the conflict and manage or avoid it
20. When assessing a client's risk profile, which combination of factors must an adviser consider to satisfy FASEA's best interests obligation? → Risk tolerance, risk capacity, investment timeframe, and financial objectives
21. How many hours of professional training are required annually to meet FASEA's Continuing Professional Development (CPD) standards? → 40 hours
22. What is a key performance indicator (KPI)? → A measurable value that demonstrates effectiveness in achieving objectives
23. Which communication technique is most effective for verifying understanding? → Asking the person to explain the information back in their own words
24. Under FASEA's Code of Ethics, what does Standard 2 require advisers to do regarding their own interests relative to client interests? → Act in good faith and not place their own interests ahead of the client's
25. What is materiality in financial reporting? → Information is material if its omission could influence users financial decisions
26. What is the role of CPD in adapting to industry changes? → To stay informed and adapt to changes
27. What is the purpose of a risk register? → To document identified risks, their analysis, and planned responses
28. What are the three main financial statements? → Income statement, balance sheet, and cash flow statement
29. Which type of risk is most directly managed by diversifying a client's portfolio across multiple asset classes? → Concentration risk
30. Why is stakeholder management important in projects? → Because stakeholder support and engagement are critical to project success