M9 and M9A sit in the same life-insurance and investment-linked-policy family, but the official syllabuses are more distinct than their names suggest. M9 covers the foundations of life insurance and ILPs; M9A moves into structured products, derivatives and structured ILPs. This guide sorts out the boundary, the current exam formats and how to prepare without mixing the two papers together.
In one line
M9 builds the life-insurance and ILP foundation. M9A tests structured products, derivatives and structured ILPs. They are related, but the boundary is subject matter — not simply easy versus advanced.
How M9 and M9A relate
Both modules sit in the product-knowledge (M) bucket of CMFAS, the counterpart to the rules-and-ethics RES papers like RES 5. Where RES papers test how you must behave, M9 and M9A test what you actually know about life insurance and investment-linked policies.
The cleanest way to think about the pair is foundation versus structured-product application. M9 establishes the life-insurance and ILP ground: policy types, riders, participating policies, ILP funds and charges, underwriting, claims and legal topics. M9A focuses on structured products, derivatives, structured ILPs and how their risks and performance affect suitability. Whether your appointment needs one or both depends on its regulated activities, so confirm the combination with your firm and SCI. For the full framework, see the CMFAS exam guide.
M9 vs M9A at a glance
The exact scope of each module is defined by the examination body and can be revised, so read the comparison below as a high-level orientation, not a definitive syllabus.
| Aspect | M9 | M9A |
|---|---|---|
| Subject | Life insurance & investment-linked policies | Structured products, derivatives & structured ILPs |
| Role in the pair | Establishes the core concepts | Structured products, derivatives and structured ILPs |
| Bucket | Product knowledge (M) | Product knowledge (M) |
| Overlap | Related terminology, but distinct official syllabus topics | |
| Main risk | Blurring the two — mixing up which detail sits in which paper | |
The core concepts these papers test
Across the pair, the official syllabuses divide into a foundation layer and a structured-product layer. Understanding that split makes the questions feel manageable rather than like one wall of jargon.
- Life insurance basics — the purpose of life cover, the main types of policies, and how protection is structured. This is the foundation everything else rests on.
- The investment-linked policy (ILP) — a product that pairs insurance protection with an investment element, where part of the premium buys fund units and the policy value moves with those funds. The key idea to internalise is that the policyholder carries the investment risk.
- Charges and value — how premiums are applied, what fees and charges exist, and how they affect the policy’s value over time.
- Structured products and derivatives (M9A) — their features, documentation, risks and behaviour under different market conditions.
- Structured ILPs (M9A) — how structured funds interact with an insurance wrapper and how suitability is assessed.
Understand the mechanics, don't just memorise terms
Product papers punish rote memorisation. If you can explain why an ILP's value can fall, you will answer a dozen question variations correctly. If you only memorised the term, one reworded question can throw you. Study the mechanism, not the label — and always work from current materials, as product rules evolve.
A study approach for the pair
Study the papers as a connected sequence, but do not treat M9A as a recap. Build the M9 life-insurance and ILP foundation first, then switch deliberately into M9A’s structured-product and derivatives vocabulary. That preserves the useful conceptual links without flattening two distinct syllabuses into one list.
The blurring risk is real, though. When two papers share vocabulary, it is easy to attribute a feature to the wrong one under exam pressure. The antidote is drilling questions per module: practising M9-style questions and M9A-style questions separately trains your brain to keep the two contexts distinct. Review every wrong answer and note not just the correct option but which module the point belongs to.
Keep the pair distinct
Learn the shared model once, then drill M9 and M9A questions in separate sets so the two never blur. The general habit-building method is in the mock questions study plan.
Drill M9 and M9A together in one app
The practical challenge with M9 and M9A is keeping two closely related papers organised while you prepare them side by side.
CMFAS KAKI keeps them cleanly separated: original, exam-style practice questions for M9 and M9A in their own sets, with wrong-answer review so you can see exactly which module you are weaker in. And because it also covers HI and RES 5, you can prepare your current paper combination in one place while M8A is in development. The app is available now on iOS and Android. Read the HI health insurance guide if that module is on your list too.
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 is the difference between M9 and M9A?
M9 covers core life-insurance and investment-linked-policy concepts, products, underwriting, claims and legal topics. M9A focuses on structured products, derivatives and structured ILPs, including risks, features and suitability. They are related product-knowledge papers, but M9A is not merely a harder repeat of M9.
Do I need both M9 and M9A?
It depends on the regulated activities your role covers. Many candidates preparing to advise on life insurance and investment-linked policies take the pair together, but the exact requirement follows your intended licence. Check the specific combination your firm and the examination body require.
What is an investment-linked policy (ILP)?
An investment-linked policy combines life insurance protection with an investment element, where part of the premium buys units in investment funds. The policy value can rise or fall with those funds, so the policyholder carries investment risk. M9 and M9A test how ILPs are structured, their features, charges and suitability at a high level — always study from current materials as product rules evolve.
What is the pass mark for M9 and M9A?
SCI currently sets a 70% passing grade for both M9 and M9A. M9 has 100 multiple-choice questions over two hours; M9A has 50 over one hour. Confirm these details on SCI's official module pages before sitting because formats can change.