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. Under FASEA requirements, what must an adviser do before providing personal advice to a retail client? → Identify and manage any actual or potential conflicts of interest
6. What is the primary purpose of Continuous Professional Development (CPD) under FASEA? → To maintain and improve professional skills
7. FASEA's approved degree pathway requires coverage of which subject relating to the legal environment of financial advice? → Consumer protection and Corporations Act obligations
8. Under FASEA standards, an adviser must ensure that a client understands a recommendation before acting on it. This relates to which ethical value? → Transparency
9. Which principle requires advisers to uphold confidentiality in all client interactions? → Confidentiality
10. An adviser is offered tickets to a corporate event by a product provider. Under FASEA professional conduct standards, what is the primary concern? → Whether the benefit could compromise or appear to compromise the adviser's independence
11. Which of the following is a key obligation of the licensee under FASEA's CPD framework? → Maintaining a CPD policy and ensuring advisers meet their annual CPD requirements
12. An adviser attends a conference where some sessions are relevant to financial advice and others are not. How should CPD hours be recorded? → Only the hours spent in sessions directly relevant to financial advice can be counted
13. A client's superannuation annual statement shows a 'crediting rate' of 7.2% for the year. This figure represents: → The return allocated to the member's account after fees and taxes
14. How does the ethical principle of accountability apply to financial advisers? → Taking responsibility for actions and decisions
15. What is the ethical obligation regarding continuing education? → Maintaining current knowledge and competence throughout ones career
16. Under FASEA Standard 6, what must a financial adviser do when providing scaled advice? → Ensure the scaled advice is still appropriate and in the client's best interests
17. An advice licensee wants to implement a scaled advice service. Which regulatory consideration is MOST important when designing the scope of such a service? → The scaled advice must still comply with the best interests duty within the agreed scope
18. What is the minimum education requirement for becoming a financial adviser in the Fellowship of FASEA? → Bachelor's degree in a relevant discipline
19. What is scope creep? → Uncontrolled expansion of project scope without corresponding adjustments
20. Which FASEA CPD category specifically covers understanding the needs and circumstances of retail clients? → Client care and practice
21. What does the ethical principle of fairness entail in the context of financial advice? → Treating all clients equitably
22. A financial adviser teaches a university course on financial planning. Under FASEA's CPD framework, this activity: → May count as CPD if it involves updating the adviser's own professional knowledge
23. What additional qualification is required for individuals with pre-existing financial planning experience? → Graduate Diploma in Financial Planning
24. Under the FASEA Code of Ethics, Standard 3 requires advisers to not advise, refer, or act in any way that results in what? → A client being in a significantly worse position than if the service had not been provided
25. Under FASEA's CPD framework, which of the following activities would most likely qualify as structured CPD? → Attending an accredited professional development seminar
26. What is the minimum number of CPD hours a financial adviser must complete annually under FASEA requirements? → 40 hours
27. A client from a non-English-speaking background struggles to understand the Statement of Advice. The best course of action is to: → Engage a qualified interpreter and provide translated summaries where possible
28. Under FASEA's CPD requirements, which of the following CPD categories specifically addresses understanding and applying relevant laws? → Regulatory compliance and consumer protection
29. A client's balance sheet shows total equity of $400,000 and total assets of $1,000,000. The debt-to-equity ratio is: → 1.50
30. Which of the following best describes the role of the FASEA exam in the overall education standard? → It is one component of the standard alongside the qualification requirement