100+ Free FIMM FCE Practice Questions

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2026 Statistics

Key Facts: FIMM FCE Exam

60 questions

The FCE has 60 multiple-choice questions in a single combined sitting

FIMM - FCE Notes to Candidates

120 minutes

Candidates have two hours to complete the FCE

FIMM - FCE Notes to Candidates

75% pass mark

Candidates must score at least 75% (45 of 60) to pass the FCE

FIMM - FCE Notes to Candidates

RM350

Fee for the new application examination and resit, before taxes

FIMM - Consultant fees

Introduced 2025

The FCE replaced the separate CUTE and CPRE examinations

FIMM - FIMM Combined Exam circular

UTS and PRS

One FCE pass qualifies a consultant to register for both UTS and PRS

FIMM - FIMM Examinations

Online

The FCE is sat online and remotely proctored via Microsoft Teams

FIMM - FCE Notes to Candidates

100

Free original FCE practice questions here

OpenExamPrep

The FIMM Combined Examination (FCE) is the licensing test for prospective unit trust (UTS) and Private Retirement Scheme (PRS) consultants in Malaysia, administered by the Federation of Investment Managers Malaysia (FIMM). It contains 60 multiple-choice questions, runs for 120 minutes and requires a 75% pass mark (45 of 60). Introduced in 2025, it replaced the separate CUTE and CPRE papers so one pass qualifies a candidate for both UTS and PRS registration. The new application examination fee is RM350, and the test is sat online with remote proctoring via Microsoft Teams. This 100-question bank gives original practice across the FCE syllabus: CIS, regulation, marketing, ethics, financial planning and UTS/PRS operations.

Sample FIMM FCE Practice Questions

Try these sample questions to test your FIMM FCE exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1A collective investment scheme (CIS) such as a Malaysian unit trust pools money from many investors. Who legally owns the assets held in the scheme?

A.The unit holders, in proportion to the units they hold

B.The trustee, who holds the assets on behalf of unit holders

C.The unit trust management company (UTMC)

D.The Securities Commission Malaysia

Explanation: In a Malaysian unit trust the scheme's assets are held by an independent trustee on behalf of the unit holders. The trustee is the legal owner, while unit holders are the beneficial owners and the UTMC manages the fund.

2Which statement best describes a unit trust scheme (UTS) as a form of investment?

A.A guaranteed-return savings account regulated by Bank Negara Malaysia

B.A collective investment scheme that pools investors' money to invest in a diversified portfolio of assets

C.A direct loan made by an investor to a single company

D.A government bond issued only to institutional investors

Explanation: A unit trust is a collective investment scheme that pools money from many investors to invest in a diversified portfolio managed by professionals. This gives small investors access to diversification and professional management.

3Which of the following is NOT a unit trust scheme even though it may appear similar?

A.An equity fund

B.A money market fund

C.An investment-linked insurance fund

D.A balanced fund

Explanation: Investment-linked funds offered within life insurance policies are not unit trust schemes. They are insurance products regulated under insurance law, even though they invest in pooled portfolios in a similar way.

4What is the main role of a unit trust management company (UTMC) in a Malaysian unit trust scheme?

A.To hold custody of the scheme's assets

B.To manage the fund and make investment decisions within the deed and guidelines

C.To audit the fund's financial statements

D.To approve the fund's prospectus on behalf of investors

Explanation: The UTMC is responsible for managing the fund, including making investment decisions in line with the fund's objectives, the deed and SC guidelines. The trustee holds the assets and an independent auditor audits the accounts.

5A key similarity between a unit trust scheme (UTS) and a Private Retirement Scheme (PRS) is that both:

A.Are guaranteed by the Malaysian government

B.Are collective investment vehicles where assets are held by an approved trustee

C.Allow unlimited withdrawals at any time without conditions

D.Are sold only through banks

Explanation: Both UTS and PRS are collective investment vehicles in which a third-party approved trustee holds the assets for the benefit of investors or members. This structure protects investors by separating the assets from the management company.

6Which feature most clearly distinguishes a Private Retirement Scheme (PRS) from an ordinary unit trust scheme?

A.PRS is designed to help build long-term retirement savings with restrictions on pre-retirement withdrawals

B.PRS guarantees a fixed annual return

C.PRS can only invest in fixed deposits

D.PRS units cannot be redeemed at all

Explanation: PRS is a voluntary long-term savings scheme to help individuals accumulate retirement savings, and it imposes conditions and tax penalties on withdrawals made before the retirement age. This long-term retirement focus distinguishes it from an ordinary unit trust.

7In a Shariah-compliant unit trust scheme, which body advises on whether the fund's investments comply with Shariah principles?

A.The fund's external auditor

B.The Shariah adviser or Shariah committee appointed for the fund

C.Bank Negara Malaysia's monetary policy committee

D.The trustee's board of directors

Explanation: A Shariah-compliant fund must appoint a registered Shariah adviser or Shariah committee to advise on and certify that the fund's investments and operations comply with Shariah principles. The Securities Commission's Shariah Advisory Council provides industry-level rulings.

8An investor seeking the highest potential long-term capital growth, and who can tolerate larger short-term price swings, would typically be most suited to which fund category?

A.Money market fund

B.Fixed income (bond) fund

C.Equity fund

D.Capital-guaranteed fund

Explanation: Equity funds invest mainly in shares and offer the highest potential for long-term capital growth, but with greater volatility. They suit investors with a long time horizon and higher risk tolerance.

9The principle that investors should not put all their money into a single asset, in order to reduce overall risk, is known as:

A.Leverage

B.Diversification

C.Speculation

D.Arbitrage

Explanation: Diversification spreads investments across different assets, sectors or securities so that poor performance in one is offset by others, reducing overall portfolio risk. It is one of the main benefits a unit trust offers small investors.

10Regular investing of a fixed sum at set intervals, regardless of the unit price, so that more units are bought when prices are low and fewer when prices are high, is known as:

A.Lump-sum investing

B.Ringgit-cost averaging

C.Market timing

D.Short selling

Explanation: Ringgit-cost averaging (dollar-cost averaging) means investing a fixed amount regularly. Because the same amount buys more units when prices fall and fewer when they rise, it lowers the average cost per unit over time and reduces the impact of market timing.

About the FIMM FCE Exam

The FIMM Combined Examination (FCE) is the licensing examination set by the Federation of Investment Managers Malaysia for individuals who wish to be registered to market and distribute unit trust schemes (UTS) and Private Retirement Schemes (PRS) in Malaysia. Introduced in 2025, the FCE merges the former Computerised Unit Trust Examination (CUTE) and Computerised Private Retirement Scheme Examination (CPRE) into one paper, so a single pass qualifies a candidate to register as both a Unit Trust Consultant and a PRS Consultant. The examination has 60 multiple-choice questions to be answered in 120 minutes, with a passing mark of 75%. It is delivered online and remotely proctored through Microsoft Teams, and is available in English and Bahasa Malaysia on Wednesdays and Saturdays. The syllabus follows the FCE Study Guide, covering collective investment schemes, the Malaysian regulatory framework, marketing and distribution, the FIMM Code of Ethics, personal financial planning, and the features and operations of UTS and PRS.

Assessment

60 multiple-choice questions covering unit trust schemes (UTS) and Private Retirement Schemes (PRS) in a single combined sitting, spanning collective investment schemes, the regulatory framework, marketing and distribution, code of ethics, personal financial planning, and the features and operations of UTS and PRS.

Time Limit

120 minutes (2 hours).

Passing Score

75%, equivalent to 45 of the 60 questions answered correctly.

Exam Fee

RM350 for the new application examination and resit. Related fees include exemption from examination (RM150), variation of registration (RM100) and appeal of result (RM100), subject to applicable government taxes. (Federation of Investment Managers Malaysia (FIMM))

FIMM FCE Exam Content Outline

20%

Collective Investment Schemes & Introduction to UTS and PRS

Understanding collective investment schemes (CIS) in Malaysia, their classification, the size of the fund management industry, participants in the CIS ecosystem, the differences and similarities between UTS and PRS, fund categories, Shariah-compliant schemes and the risks of investing in the schemes.

20%

Regulatory Framework

Role of the Securities Commission Malaysia and FIMM over the UTS and PRS industry, the Capital Markets and Services Act 2007, relevant SC and FIMM guidelines, the deed, prospectus and PRS disclosure documents, the Product Highlights Sheet, advertising requirements, and the eligibility, registration, variation and deregistration of consultants.

20%

Marketing and Distribution

Servicing investors, disclosure materials and the PHS, the process flow for purchasing, repurchasing and switching units, financing the purchase of UTS, EPF transfers into approved UTS, distributable income, taxation of distributions, reporting to investors, marketing principles and handling investor queries and complaints.

15%

Code of Ethics & Personal Financial Planning

The FIMM Code of Ethics and its core principles, the meaning of compliance and its use as a risk-management tool, the consequences of non-compliance, and the personal financial planning process, including the distinction between a financial planner and a UTS/PRS consultant.

15%

Features and Operations of UTS

Structure of a unit trust and the trust deed, operational aspects, the management expense ratio (MER), valuation, unit pricing and calculation of NAV, creation and cancellation prices, forward pricing, distributions, measuring performance, Shariah-compliant UTS, and the risks of borrowing to invest.

10%

Features and Operations of PRS

Malaysia's pension and retirement landscape, mandatory and voluntary schemes, the three-pillar framework, key players and the PRS framework, the PRS structure and concept of trust, the default option, contributions from members, tax incentives and withdrawal conditions.

How to Pass the FIMM FCE Exam

What You Need to Know

Passing score: 75%, equivalent to 45 of the 60 questions answered correctly.
Assessment: 60 multiple-choice questions covering unit trust schemes (UTS) and Private Retirement Schemes (PRS) in a single combined sitting, spanning collective investment schemes, the regulatory framework, marketing and distribution, code of ethics, personal financial planning, and the features and operations of UTS and PRS.
Time limit: 120 minutes (2 hours).
Exam fee: RM350 for the new application examination and resit. Related fees include exemption from examination (RM150), variation of registration (RM100) and appeal of result (RM100), subject to applicable government taxes.

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

FIMM FCE Study Tips from Top Performers

1Work through the FIMM Combined Examination Study Guide chapter by chapter; the FCE questions follow its eight sections on CIS, UTS/PRS, regulation, marketing, ethics, financial planning and UTS/PRS operations.

2Master the regulatory roles: who the Securities Commission Malaysia regulates, what FIMM does as a self-regulatory organisation, and how the Capital Markets and Services Act 2007 frames the industry.

3Learn the UTS pricing mechanics precisely, including NAV calculation, forward pricing, the management expense ratio (MER), and creation and cancellation of units, as these are common calculation-style questions.

4Understand the PRS three-pillar framework, the default option by age band, tax incentives (such as the RM3,000 personal tax relief) and withdrawal rules, since PRS content is examined alongside UTS.

5Memorise the FIMM Code of Ethics core principles and what counts as non-compliance; ethics and proper sales conduct are tested throughout the paper.

6Practise timing at roughly two minutes per question so you can comfortably finish 60 questions within the 120-minute limit and review flagged items.

Frequently Asked Questions

What is the FIMM Combined Examination (FCE)?

The FCE is the licensing examination from the Federation of Investment Managers Malaysia for people who want to market unit trust schemes (UTS) and Private Retirement Schemes (PRS). Introduced in 2025, it merges the former CUTE and CPRE papers, so one pass qualifies you for both UTS and PRS registration.

How many questions are on the FCE and how long is it?

The FCE has 60 multiple-choice questions and lasts 120 minutes (2 hours). It is delivered online and remotely proctored through Microsoft Teams, with sessions on Wednesdays and Saturdays.

What is the passing mark for the FCE?

The passing mark is 75%, meaning you must answer at least 45 of the 60 questions correctly. A preliminary result is emailed to you after the session ends.

How much does the FCE cost?

The new application examination and resit fee is RM350. Related fees include exemption from examination (RM150), variation of registration (RM100) and appeal of result (RM100), all subject to applicable government taxes.

Who can sit the FCE?

Candidates must generally be at least 21 years old, hold at least an SPM-level qualification, and be registered with and sponsored by a FIMM member Distributor before they enrol for the examination.

Are these official FIMM practice questions?

No. These are original OpenExamPrep questions modelled on the published FCE syllabus and study guide. FIMM provides the official study guide and any official sample questions separately on its own website.