If you are just starting out, the single most useful thing to understand about CMFAS is this: it is not one exam. CMFAS — Capital Markets and Financial Advisory Services — is a family of separate modular papers, and which ones you sit depends entirely on what you plan to advise on or sell. Trying to “study for CMFAS” as though it were a single test is the fastest way to feel overwhelmed. This guide maps out how the papers fit together so you can see exactly which battles you need to fight.
In one line
CMFAS = a set of modules, split into RES papers (rules, ethics and skills) and M papers (product knowledge). You only sit the papers your regulated activities require — not all of them.
What CMFAS actually is
CMFAS examinations exist to make sure that anyone giving financial advice or dealing in regulated products in Singapore understands both the rules of the game and the products they are recommending. Passing the relevant papers is a licensing prerequisite: it is one of the boxes you tick before you are allowed to carry out a regulated activity for your firm.
Because roles differ, the exam framework is modular. A person who only advises on life insurance does not need to prove they understand securities dealing, and vice versa. That is why there is no single “CMFAS certificate” — there is a set of modules, and your firm’s compliance team (together with the examination body) will tell you which combination your intended licence requires.
Confirm the specifics — don't guess
Exact fees, question counts, exam duration and the current pass mark can change and can differ by module. This guide keeps specifics general on purpose. Always verify the latest details with the official CMFAS examination body before you register.
RES modules vs M modules: the core split
Almost every CMFAS candidate has to hold two mental buckets. The first is the RES bucket — Rules, Ethics and Skills. RES modules (RES 1 through RES 5) test your grasp of the regulations, the codes of conduct, and the professional obligations that govern how you deal with clients. The second is the M bucket — the product modules. These test what you actually know about the instruments you will recommend: how a life policy works, how an investment-linked policy behaves, what a health insurance plan covers, how collective investment schemes are structured.
The distinction matters because the two buckets reward very different study habits. RES papers are dense with rules, thresholds and “must / must not” obligations that are easy to half-remember and easy to test. M papers are conceptual and product-mechanical — you need to understand how something works, not just recall a rule. The table below sets the two side by side.
| Aspect | RES modules (Rules, Ethics & Skills) | M modules (Product knowledge) |
|---|---|---|
| Tests mainly | Regulations, conduct, professional obligations | How specific products work and are structured |
| Examples | RES 5 (financial advisory rules & ethics) | M9, M9A, HI, M8A |
| Trap to avoid | Confusing similar rules, thresholds and exceptions | Memorising terms without understanding the mechanics |
| Best drilled with | Lots of scenario-style practice questions | Concept questions plus worked comparisons |
Which papers a typical candidate needs
There is no universal answer, because the paper combination follows the regulated activity, not the person. That said, a common pattern for someone entering financial advisory and insurance work looks like this: one rules-and-ethics module to cover the advisory conduct requirements, plus the product modules for whatever they intend to sell.
CMFAS KAKI focuses on five modules that show up again and again for advisory and insurance candidates:
| Module | Bucket | What it broadly covers |
|---|---|---|
| RES 5 | RES | Rules, ethics and skills for financial advisory |
| M9 | M | Life insurance and investment-linked policies |
| M9A | M | Life insurance and investment-linked policies II |
| HI | M | Health insurance |
| M8A | M | Collective investment schemes II |
For a deeper look at the rules-and-ethics side, see the RES 5 exam guide. For the two closely related life-insurance product papers, the M9 and M9A guide walks through how they differ, and the HI health insurance guide covers the health module.
How to approach preparation
Pass marks differ by paper. SCI currently requires 75% in RES 5 Part I and 80% in Part II, with both parts passed; M9, M9A and HI require 70%. On the IBF capital-markets side, RES and RESP modules require 75% and product-knowledge modules require 70%. The high thresholds and multiple-choice format have a clear implication: these are not exams you can talk your way through. You either recognise the correct answer quickly or you don’t, and the margin between passing and failing often comes down to the handful of rules or product features you almost knew.
That is why practice questions are so effective for CMFAS. Passive reading builds a comfortable but false sense of familiarity; answering timed mock questions exposes the gaps while you still have time to fix them. A sensible rhythm is: read a topic once to build the mental model, then drill questions on it, then review every wrong answer until you understand not just the right option but why each distractor is wrong.
A simple loop that works
Read the concept once → drill practice questions on it → review every wrong answer until you understand why each option is right or wrong. Repeat per topic. The full method is in the mock questions study plan.
Drill every module in one app
The awkward part of CMFAS prep is that a typical candidate juggles several modules at once — a rules paper plus two or three product papers — each with its own vocabulary and its own traps. Studying them from scattered notes makes it easy to mix up which rule belongs to which module.
CMFAS KAKI brings practice for these modules into one place: original, exam-style multiple-choice questions for RES 5, M9, M9A and HI, with wrong-answer review so you can see your weak spots per module. M8A is on the way. It is built for short, focused sessions on your commute or between clients, and it is available now on iOS and Android. A good next step is the CMFAS mock questions and study plan.
Exam structure, syllabus and requirements can change — always confirm the latest details with the official CMFAS examination body before you register. CMFAS KAKI provides original practice questions and is not affiliated with MAS, IBF or any examination institute.
Quick answers
Frequently asked questions
Clear answers to the questions candidates usually need before choosing a paper or planning their study.
What does CMFAS stand for?
CMFAS stands for Capital Markets and Financial Advisory Services. It is the umbrella name for a set of Singapore licensing examinations that individuals typically need to pass before they can carry out regulated activities such as advising on investment products or life insurance. It is administered under the framework overseen by the relevant examination body — always confirm the current administering institute and requirements before you register.
Is CMFAS a single exam or several papers?
CMFAS is a set of separate modular papers, not one exam. Broadly they split into RES modules (Rules, Ethics and Skills) that test regulations and conduct, and M modules that test product knowledge. Which papers you sit depends on the regulated activities your role covers.
What is the pass mark for CMFAS papers?
The pass mark depends on the paper and administrator. SCI currently requires at least 75% for RES 5 Part I and 80% for Part II, with both parts passed. M9, M9A, M8, M8A and HI require 70%. On the IBF capital-markets side, RES and RESP modules require 75% and product-knowledge modules require 70%. Confirm the current format on the official module page before you sit.
Which CMFAS papers do I actually need?
It depends on your role. Someone giving financial advice usually needs a rules-and-ethics module such as RES 5, plus the product modules relevant to what they will sell — for example life insurance and investment-linked policies (M9, M9A) or health insurance (HI). Check the specific combination required for your intended licence with your firm and the examination body.