Can a national exam contribute to raising service standards in a particular sector – one with quasi-professional elements and aspirations? We explore this question in the specific context of financial advisers and planners in contemporary Australia and the regulation efforts and professionalisation processes occurring therein. Notwithstanding this focus, we inform the discussion by considering wider uses of the exam in other jurisdictions, and also in established professions (including accountancy, law and medicine). For this reason, the article aims to provide food for thought for any occupation-sector – including established professions, quasi-professions and other service-sectors (such as the public service) – which may have cause to consider whether an exam could improve prevailing service standards.