The CMFAS exam, short for Capital Markets and Financial Advisory Services Examination, is the set of papers you must pass before you can advise clients in Singapore. A new adviser selling life insurance typically needs four: RES5, M9, M9A and the Health Insurance (HI) module. Add M8 and M8A to advise on unit trusts.
The requirements come from MAS Notice FAA-N26, in force since 1 April 2024. Everything below was checked against that notice and the Singapore College of Insurance (SCI) website in November 2026.
Which CMFAS Exam Modules You Need
What you must pass depends on what you will advise on. Your firm’s compliance team has the final say on your exact list.
| Module | What it covers | Who needs it | Run by |
|---|---|---|---|
| RES5 (formerly M5) | Rules, ethics and skills for financial advisory services | Every new financial adviser representative | SCI |
| M9 | Life insurance and investment-linked policies | Anyone advising on or arranging life policies | SCI |
| M9A | Life insurance and investment-linked policies II | Required with M9; covers life policies that are “specified investment products” | SCI |
| HI | Health insurance | Anyone advising on health insurance products | SCI |
| M8 | Collective investment schemes (unit trusts) | Anyone advising on unit trusts | SCI |
| M8A | Collective investment schemes II | Required with M8; covers unit trusts that are specified investment products | SCI |
| CM-EIP and CM-SIP (formerly M6 and M6A) | Securities, derivatives and other capital markets products | Those advising on securities and similar products | IBF |
The HI module sits under a different rule, MAS Notice 117. It applies if you advise on products such as Integrated Shield Plans, critical illness cover or disability income insurance. There are narrow exceptions set out in that notice.
General insurance, such as motor or home cover, has its own separate papers. Ask your firm if that applies to you.
Combined papers
Since 2024 you can sit one combined paper in place of two or four single ones:
- CM-LIP replaces M9 and M9A.
- CM-CIS replaces M8 and M8A.
- CM-LIC replaces M8, M8A, M9 and M9A.
A combined paper means one sitting, but it is longer, and you must pass each part.
Exam Format and Pass Marks
All of these are closed-book, multiple-choice papers taken on a computer at SCI. There is no penalty for a wrong answer. You receive a result slip, not a certificate.
| Paper | Questions | Time | Pass mark |
|---|---|---|---|
| RES5 | 150 (110 in Part I, 40 in Part II) | 3 hours | 75% in Part I and 80% in Part II |
| M9 | 100 | 2 hours | 70% |
| M9A | 50 | 1 hour | 70% |
| M8 | 50 | 1 hour | 70% |
| M8A | 50 | 1 hour | 70% |
| HI | 50 | 1 hour 15 minutes | 70% |
| CM-LIP | 150 (100 in Part I, 50 in Part II) | 3 hours | 70% in each part |
RES5 is the one that catches people out. You must clear both parts in the same sitting, and the Part II bar of 80% means you can drop no more than 8 of 40 questions.
SCI says the single papers are held on weekdays in English, and study texts are issued as e-books. Hard copies are no longer issued.
CMFAS Exam Fees in 2026
SCI’s fees for the CMFAS papers have applied since 1 April 2024 and were unchanged on SCI’s exam pages in November 2026. They include GST and the $21.80 registration fee, and are the same for first attempts and retakes. Member rates apply only if you register through a member company.
| Paper | SCI or IBF member, weekday 9am to 5pm | Non-member, weekday 9am to 5pm |
|---|---|---|
| RES5 | S$185.30 | $218.00 |
| M9, M9A, M8, M8A (each) | $109.00 | $130.80 |
| CM-LIP or CM-CIS | $239.80 | $283.40 |
| CM-LIC | $457.80 | $545.00 |
Sessions after 5pm on weekdays, and on weekends, cost $18.53 more per paper. For example, RES5 after 5pm is $203.83 for members and $236.53 for non-members.
The HI module was repriced from 1 August 2026. SCI’s HI page lists $109.00 for a weekday session from 9am to 5pm and $119.90 after 5pm or at weekends. Both include a non-refundable $10.90 registration fee. HI has no member rate.
A worked total
A non-member taking the usual life insurance set on weekday day sessions would pay:
- RES5: $218.00
- M9: $130.80
- M9A: $130.80
- HI: $109.00
That is $588.60, before any retakes. Adding M8 and M8A brings it to $850.20.
Some firms pay or reimburse exam fees, sometimes only if you stay for a set period. Ask before you register. Our guide to the costs of starting as a financial adviser puts these fees in context.
Who Is Exempt
Exemptions are narrower than many candidates expect. Under Annex B to E of the notice:
- RES5: no exemption based on academic or professional qualifications. The exceptions are for certain representatives already licensed for dealing or fund management.
- M9A: exempt if you hold a degree in finance, financial engineering or computational finance, a degree in actuarial science or insurance, or the CFA charter.
- M8A: exempt with a degree in finance, financial engineering or computational finance, or the CFA charter.
- M9: exempt with, among others, a degree in actuarial science or insurance, the Certified Financial Planner qualification, or certain Chartered Life Underwriter and Chartered Financial Consultant qualifications that covered specified subjects.
- Combined papers: SCI states that no exemptions are granted for CM-LIP.
Your firm must keep evidence of any exemption it relies on, so expect to show certificates and transcripts.
How Long a Pass Lasts, and What Comes After
A RES5 pass does not last forever. Under the notice it stops being valid if you:
- do not start as an appointed representative within three years of passing, or
- stop being a representative and do not return within three years.
So there is little point in passing RES5 “just in case” several years ahead.
Continuing training
Passing is only the entry ticket. From your second calendar year, a representative advising on life policies or other investment products must complete at least 30 hours of continuing professional development (CPD) a year: 6 core hours on ethics or rules, and 24 supplementary hours. Hours are pro-rated if you were appointed for only part of the year.
The short version: Most new advisers need RES5, M9, M9A and HI. Budget roughly $590 in fees as a non-member, more with retakes. RES5 is the hardest to pass because you must score 75% and 80% on its two parts in one sitting.
Study Tips That Do Not Depend on Luck
- Read the official text. Questions are set from the SCI study guide, which is updated as rules change. Old notes go stale.
- Budget real hours. RES5 covers the Financial Advisers Act, MAS notices, ethics and the advisory process. It rewards careful reading, not memorised question banks.
- Learn the products properly. You will soon have to explain whole life and term insurance, health insurance and how CPF accounts work to real clients.
- Sit papers close together. The rules and product material overlap.
What To Do Next
- Ask the firm you plan to join for your exact module list, in writing.
- Check current fees, schedules and registration rules on the SCI website before paying.
- Check whether your degree or professional qualification exempts you from M9, M9A, M8 or M8A.
- Read the entry requirements and fit and proper criteria, since passing exams alone does not get you appointed.
- Go back to the financial adviser career guide for the full path.
