The corporate regulator has released the results of the first financial adviser exam cycle it administered since taking over the duty from the Financial Adviser Standards and Ethics Authority (FASEA).

About 32.4% or 108 candidates of the 333 advisers who sat for the test passed the exam, the Australian Securities and Investments Commission (ASIC) said.

ASIC says 73% of the candidates were resitting the February exam for at least the second time.

More than 19,850 have sat for the exam to date, with a pass rate of nearly 91%, according to ASIC.

The next exam sitting will be held from May 12-16.