The academy, the training division of SimplyBiz, launched the assessment in November in association with qualification provider Calibrand and the Financial Services Authority.

Known as the ‘diploma in professional finance advice’ and accredited by the FSA, it allows advisers to take a work-based route instead of exams to achieve their Level 4 qualification.

Rather than gap-fill and exams, the assessment evaluates knowledge through submission of sample advice cases and supporting documents, covering investments, pensions and taxation.

Some 30 per cent of applications for the assessment came from advisers who were not already using SimplyBiz.

Lee Travis, head of New Model Business Academy, said: “We are delighted to have hit the 100 application mark in such a short period of time. The fact that a good proportion of applications have come from outside SimplyBiz is excellent news and demonstrates the broad appeal that the NMBA’s alternative assessment programme has to advisers across the whole of the market.

“It is obvious from feedback we are receiving that the NMBA’s alternative assessment offers a practical solution that has met a real need among financial advisers who want to ensure they achieve their Level 4 qualification.”

SimplyBiz provides compliance and support services for over 2,000 financial services firms.