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100+ Free CMFAS Exam Practice Questions

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2026 Statistics

Key Facts: CMFAS Exam Exam

IBF and SCI

CMFAS modules are administered by IBF and the Singapore College of Insurance under MAS

IBF Singapore - CMFAS Examinations

1 April 2024

Date the restructured CMFAS modules (RES5, CM-EIP, CM-SIP, CM-CIS, CM-LIP) took effect

MAS / Rajah & Tann client update on CMFAS changes

150 MCQs

RES5 has 150 multiple-choice questions over 3 hours, split into Part I and Part II

SCI - RES5 Examination Details

75% and 80%

RES5 requires at least 75% on Part I and 80% on Part II, and both must be met

SCI - RES5 Examination Details

63 of 90

CM-EIP (formerly M6) pass mark is 63 out of 90 questions (70%)

cmfas.com.sg CMFAS exam summary

No negative marking

One mark per correct answer; no mark deducted for wrong or blank answers

SCI - RES5 Examination Details

Result slip only

CMFAS modules issue a result slip rather than a certificate

SCI - RES5 Examination Details

100

Free original CMFAS overview practice questions provided here

OpenExamPrep

The CMFAS Examinations are Singapore's licensing exams for capital markets and financial advisory representatives, administered by IBF and SCI under MAS. They are a family of computer-based multiple-choice modules: RES5 (150 MCQs, 3 hours, requiring at least 75% on Part I and 80% on Part II), securities and futures product knowledge (CM-EIP 90 MCQs and CM-SIP 80 MCQs, formerly M6/M6A), collective investment schemes (M8/M8A, combined CM-CIS), and life insurance and investment-linked policies (M9 100 MCQs and M9A 50 MCQs, combined CM-LIP). Most product modules require about 70% to pass, with no negative marking. The modules were restructured from 1 April 2024. This 100-question overview bank spans the most-searched core modules to build cross-module foundations before drilling each paper.

Sample CMFAS Exam Practice Questions

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

1Which Singapore authority sets the minimum entry and examination requirements for representatives carrying out regulated financial advisory activities?
A.The Singapore Exchange (SGX)
B.The Monetary Authority of Singapore (MAS)
C.The Institute of Banking and Finance (IBF)
D.The Ministry of Finance
Explanation: The Monetary Authority of Singapore (MAS) is the financial regulator that sets requirements under the Financial Advisers Act (FAA) and Securities and Futures Act (SFA). IBF and SCI administer the CMFAS examinations, but MAS sets the rules and licensing standards.
2Under the 1 April 2024 CMFAS restructure, the former Module 5 (Rules and Regulations for Financial Advisory Services) was replaced by which module?
A.CM-EIP
B.RES5
C.CM-LIP
D.CM-CIS
Explanation: From 1 April 2024, Module 5 became RES5 (Rules, Ethics and Skills for Financial Advisory Services). RES5 is the rules-and-ethics paper required for financial advisory work and has a two-part pass standard.
3RES5 consists of 150 multiple-choice questions split into two parts. What are the minimum passing scores a candidate must achieve?
A.At least 70% overall
B.At least 75% on Part I and at least 80% on Part II
C.At least 80% on Part I and at least 75% on Part II
D.At least 60% on each part
Explanation: RES5 requires at least 75% on Part I (Rules and Regulations) AND at least 80% on Part II (Ethics and Skills). Both minimums must be met independently, so a high score in one part cannot compensate for a low score in the other.
4On CMFAS examinations, how are marks treated for a wrong or unanswered question?
A.One mark is deducted for each wrong answer
B.Half a mark is deducted for a blank answer
C.No mark is awarded or deducted
D.Two marks are deducted for a wrong answer
Explanation: CMFAS modules award one mark for each correct answer, with no mark awarded or deducted for a wrong or blank answer. There is no negative marking, so candidates should attempt every question rather than leave any blank.
5After passing the relevant CMFAS modules, what must an individual do before carrying out regulated activities as an appointed representative?
A.Apply directly to SGX for a trading licence
B.Lodge a notification with MAS
C.Register with the Accounting and Corporate Regulatory Authority
D.Obtain approval from the Singapore College of Insurance
Explanation: Passing the CMFAS modules is a prerequisite, but the individual must then lodge a notification with the Monetary Authority of Singapore (MAS) before they can act as an appointed representative and carry out regulated activities.
6Which Act primarily governs the conduct of financial advisers and their representatives in Singapore?
A.The Companies Act
B.The Financial Advisers Act (FAA)
C.The Banking Act
D.The Insurance Act
Explanation: The Financial Advisers Act (FAA) is the principal legislation governing financial advisers and their representatives, including conduct, disclosure and licensing. The Securities and Futures Act (SFA) governs capital markets activities.
7A representative learns that a recommended product is no longer suitable for a client after a material change in the client's circumstances. Under fair dealing principles, the representative should:
A.Take no action until the client complains
B.Proactively review and inform the client of the changed suitability
C.Continue with the existing recommendation to avoid confusing the client
D.Refer the client to MAS
Explanation: Fair dealing requires representatives to act in the client's interest, which includes proactively reviewing suitability when circumstances materially change and informing the client. Treating customers fairly is a core MAS expectation.
8A conflict of interest arises when a representative is offered a higher commission to recommend Product A over an equally suitable Product B. The most ethical course of action is to:
A.Always recommend Product A because of the higher commission
B.Disclose the conflict and recommend the product that best meets the client's needs
C.Avoid recommending any product
D.Split the recommendation evenly regardless of suitability
Explanation: Managing conflicts of interest requires disclosure and prioritising the client's interest. The representative should recommend the product that best meets the client's needs, not the one that pays more, and disclose any material conflict.
9In the financial advisory process, 'fact-finding' is best described as:
A.Closing the sale and collecting payment
B.Gathering relevant information about the client's circumstances, goals and risk profile
C.Submitting the application to the product provider
D.Reviewing the client's portfolio annually
Explanation: Fact-finding is the stage where the representative gathers relevant information about the client's financial situation, objectives, needs and risk tolerance. This forms the basis for needs analysis and suitable recommendations.
10Why is professional ethics given particular emphasis in RES5, including the higher 80% pass requirement on the ethics part?
A.Because ethics questions are easier
B.Because trust and integrity are fundamental to protecting clients and the financial system
C.Because ethics is not examined elsewhere
D.Because MAS requires fewer ethics questions
Explanation: Financial advice involves a fiduciary-like relationship of trust. High ethical standards protect clients from mis-selling and conflicts, and support confidence in the financial system, which is why RES5 sets a higher 80% threshold on the ethics part.

About the CMFAS Exam Exam

The CMFAS (Capital Markets and Financial Advisory Services) Examinations are the licensing examinations for capital markets and financial advisory representatives in Singapore. They are administered by the Institute of Banking and Finance Singapore (IBF) and the Singapore College of Insurance (SCI), with requirements set by the Monetary Authority of Singapore (MAS) under the Financial Advisers Act (FAA) and the Securities and Futures Act (SFA). After passing the relevant modules a candidate lodges a notification with MAS before they can act as an appointed representative. From 1 April 2024 the modules were restructured: Module 5 became RES5 (Rules, Ethics and Skills for Financial Advisory Services); Module 6 became CM-EIP and Module 6A became CM-SIP for securities and futures product knowledge; Modules 8 and 8A cover collective investment schemes (combined as CM-CIS); and Modules 9 and 9A cover life insurance and investment-linked policies (combined as CM-LIP). All modules are computer-based multiple-choice papers with no negative marking, and a result slip rather than a certificate is issued.

Assessment

A family of separate multiple-choice modules. Candidates must pass the RES5 rules-and-ethics module plus the product-knowledge modules relevant to the regulated activity they intend to perform (securities, collective investment schemes, life insurance and investment-linked policies).

Time Limit

Per module: RES5 3 hours; CM-EIP and CM-SIP 2.5 hours each; M8 and M8A about 1 hour each; M9 2 hours; M9A 1 hour; combined CM-CIS 2 hours and CM-LIP 3 hours.

Passing Score

Each module sets its own pass mark with no negative marking. RES5 requires at least 75% on Part I and at least 80% on Part II (both must be met). Most product modules require about 70% (e.g. CM-EIP 63/90, CM-SIP 56/80, M9 70/100, M8/M8A/M9A 35/50).

Exam Fee

Set by IBF and SCI and varying by paper (inclusive of GST). SCI-administered papers recently range from about S$35 (BCP) to about S$185 for RES5 and roughly S$500-S$550 for combined CM-LIC; IBF capital-markets papers such as CM-EIP and CM-SIP are about S$190-S$230 per attempt. (Institute of Banking and Finance Singapore (IBF) and Singapore College of Insurance (SCI), under the Monetary Authority of Singapore (MAS))

CMFAS Exam Exam Content Outline

30%

RES5 - Rules, Ethics and Skills for Financial Advisory Services

Formerly Module 5. A 150-MCQ paper split into Part I (Rules and Regulations, about 110 questions, 75% pass) and Part II (Ethics and Skills, about 40 questions, 80% pass). Covers the Financial Advisers Act, MAS notices and guidelines, fair dealing, conflicts of interest, the Revised Code on Collective Investment Schemes, CPF, fact-finding and needs analysis. Practice here covers regulatory obligations, ethics and the financial advisory process.

25%

Securities and Futures Product Knowledge (CM-EIP / CM-SIP)

Formerly M6 and M6A. CM-EIP (90 MCQs) covers Excluded Investment Products - shares, bonds, EIP collective investment schemes and foreign exchange. CM-SIP (80 MCQs) covers Specified Investment Products - derivatives, futures, options, structured products and SIP collective investment schemes. Practice here covers product features, risks, pricing concepts and the EIP/SIP distinction.

20%

Collective Investment Schemes (M8 / M8A)

M8 and M8A (combined CM-CIS, 100 MCQs). Covers authorised and recognised schemes, unit trusts and ETFs, the Code on Collective Investment Schemes, fund structures, fees and charges, NAV and pricing, and risk. M8A (Collective Investment Schemes II) extends to more complex and specified CIS products. Practice here covers fund types, valuation, charges and CIS regulation.

25%

Life Insurance and Investment-Linked Policies (M9 / M9A)

M9 (100 MCQs) and M9A (50 MCQs), combined as CM-LIP. M9 covers life insurance principles, policy types, underwriting, claims, the role of CPF and insurance in financial planning. M9A (Life Insurance and Investment-linked Policies II) covers investment-linked policies, sub-funds, fees and product suitability. Practice here covers insurance principles, life and ILP products, and suitability.

How to Pass the CMFAS Exam Exam

What You Need to Know

  • Passing score: Each module sets its own pass mark with no negative marking. RES5 requires at least 75% on Part I and at least 80% on Part II (both must be met). Most product modules require about 70% (e.g. CM-EIP 63/90, CM-SIP 56/80, M9 70/100, M8/M8A/M9A 35/50).
  • Assessment: A family of separate multiple-choice modules. Candidates must pass the RES5 rules-and-ethics module plus the product-knowledge modules relevant to the regulated activity they intend to perform (securities, collective investment schemes, life insurance and investment-linked policies).
  • Time limit: Per module: RES5 3 hours; CM-EIP and CM-SIP 2.5 hours each; M8 and M8A about 1 hour each; M9 2 hours; M9A 1 hour; combined CM-CIS 2 hours and CM-LIP 3 hours.
  • Exam fee: Set by IBF and SCI and varying by paper (inclusive of GST). SCI-administered papers recently range from about S$35 (BCP) to about S$185 for RES5 and roughly S$500-S$550 for combined CM-LIC; IBF capital-markets papers such as CM-EIP and CM-SIP are about S$190-S$230 per attempt.

Keys to Passing

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

CMFAS Exam Study Tips from Top Performers

1Start with RES5's two-part structure in mind: practise Part II (Ethics and Skills) to the 80% standard, because a strong Part I score cannot rescue a weak ethics section.
2Use the official SCI and IBF study guides as your primary source; the FAA, SFA and MAS notices are examinable and the exact rules and timeframes matter.
3Memorise key numeric rules and deadlines (for example reporting and lodging timeframes), since a portion of questions test precise recall rather than concepts.
4For securities and futures (CM-EIP/CM-SIP), learn the EIP versus SIP distinction first, then drill product features and risks for shares, bonds, derivatives and structured products.
5For collective investment schemes (M8/M8A) and life insurance (M9/M9A), focus on product structures, fees and charges, valuation and suitability, as these recur across the exams.
6Because there is no negative marking, never leave a question blank; eliminate options and make your best choice on every item.

Frequently Asked Questions

What are the CMFAS Examinations?

The CMFAS (Capital Markets and Financial Advisory Services) Examinations are Singapore's licensing exams for capital markets and financial advisory representatives. They are administered by IBF and SCI, with requirements set by MAS under the Financial Advisers Act and Securities and Futures Act.

Who administers the CMFAS exams?

The Institute of Banking and Finance Singapore (IBF) administers the capital-markets modules, while the Singapore College of Insurance (SCI) administers the financial advisory and insurance modules (RES5, M8, M8A, M9, M9A, CM-CIS, CM-LIP and CM-LIC). MAS sets the overall requirements.

What changed in the 2024 CMFAS restructure?

From 1 April 2024, Module 5 became RES5, Module 6 became CM-EIP, Module 6A became CM-SIP, and combined product papers CM-CIS (M8+M8A), CM-LIP (M9+M9A) and CM-LIC were introduced. Existing passes were carried over under transitional arrangements.

What is the passing score for RES5?

RES5 has 150 MCQs split into two parts. Candidates must score at least 75% on Part I (Rules and Regulations) and at least 80% on Part II (Ethics and Skills). You only pass if you meet both minimums, so a high Part I score cannot compensate for a weak Part II.

Is there negative marking on CMFAS exams?

No. One mark is awarded for each correct answer, and no mark is awarded or deducted for a wrong or blank answer. Because there is no penalty for guessing, candidates should attempt every question.

Which CMFAS modules do I need to take?

It depends on the regulated activity and products you intend to advise on. RES5 is required for financial advisory work, plus the relevant product-knowledge modules - for example CM-EIP/CM-SIP for securities and futures, M8/M8A for collective investment schemes, and M9/M9A for life insurance and investment-linked policies.