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Capital markets · Last updated October 2026

CM-EIP: Capital Markets – Excluded Investment Products (formerly Module 6): free practice test

The product knowledge module for securities, excluded investment product (EIP) funds and foreign exchange, formerly Module 6. It's taken by bank and brokerage representatives dealing in shares, bonds and plain funds.

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About the CM-EIP exam

The product knowledge module for securities, excluded investment product (EIP) funds and foreign exchange, formerly Module 6. It's taken by bank and brokerage representatives dealing in shares, bonds and plain funds.

What's on the exam

CM-EIP
Capital Markets and Products
6 key facts
Trading, Clearing and Settlement in Singapore
6 key facts
Analysis and Valuation of Securities
6 key facts
Collective Investment Schemes (EIP)
6 key facts
Foreign Exchange
6 key facts
Market Conduct and Dealing with Clients
6 key facts

Each branch is a topic in the official outline. Members see every key fact on the full mind map. Read the free study guide →

How to pass the CM-EIP exam

  • 90 questions in 2.5 hours is 1 minute 40 seconds each: time for the calculation questions on bond prices and FX.
  • Know the Singapore market plumbing: SGX trading, CDP accounts and T+2 settlement.
  • Learn the market misconduct offences under the Securities and Futures Act by name: false trading, market rigging, insider trading.
  • Many degrees exempt you from CM-EIP. Check with your firm before you book.

Save your results and get your Readiness Score

Create a free account after the test: your score by topic, a mistakes bank, the complete study notes for the first topic, flashcards and the CMFAS Key Numbers Sheet.

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What's in the premium CM-EIP prep

Premium CM-EIP prep is studied one topic at a time. Each step starts with that topic's key notes and flashcard deck, then its own question sets of 25, so you master one topic before you move to the next. When every topic is strong, the 6 full mock exams show you're ready.

3,000practice questions, every answer explained
6full-length mock exams, 90 questions each, timed
800flashcards with spaced repetition, sorted by topic
60comprehensive key notes across 6 topics

Your step-by-step study path

  1. 1
    Capital Markets and Products10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Notes free with an account
  2. 2
    Trading, Clearing and Settlement in Singapore10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  3. 3
    Analysis and Valuation of Securities10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  4. 4
    Collective Investment Schemes (EIP)10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  5. 5
    Foreign Exchange10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  6. 6
    Market Conduct and Dealing with Clients10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  7. Final step: 6 full mock exams90 questions each, timed like test day. Pass them, then book your exam.
    Premium
Free with an account

Read the complete CM-EIP study notes for “Capital Markets and Products”

Our first full set of comprehensive notes, about 10 minutes of reading: Shares · Bonds · REITs and other listed products · Excluded vs specified, a worked exam example, the traps examiners use and a one-minute recap. Create a free account to read it and see how premium notes work before you decide.

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Study tools included

3,000 practice questions

3,000 exam-style questions per exam, organized topic by topic in sets of 25. Every answer explained, with the rule it comes from.

6 full mock exams

6 full-length timed mock exams per exam, with real question counts and time limits, so test day feels like practice day.

Exam Readiness Score

One 0 to 100 number that tells you when you're ready to book. Reach 80 and you're covered by our Pass Guarantee.

800 flashcards + spaced repetition

800 flashcards per exam, in a deck for each topic, that come back right before you'd forget them. Five minutes a day keeps every number fresh.

60 comprehensive key notes

60 key notes per exam, split across its topics and each explained in full: the concepts, worked exam examples, the traps examiners use and a quick recap. Your first set is free with an account.

Mind maps

See the whole exam on one screen: every topic and the facts under it.

Sample questions with answers

These are the questions in the free test above, with answers. Try the test first. You'll learn more by getting some wrong.

1. Which holder ranks first if a company is wound up?
Answer: Bondholders (creditors), before shareholders. Creditors, including bondholders, are paid before preference and then ordinary shareholders.
2. A bond's coupon rate is:
Answer: The fixed interest rate paid on the face value. The coupon is the interest paid on the bond's par value. Yield changes with price; the coupon doesn't.
3. What is the standard settlement cycle for shares traded on SGX?
Answer: T+2. SGX moved to T+2 settlement in December 2018: trades settle two market days after the trade date.
4. In Singapore, shares bought on SGX are usually held in the investor's account with:
Answer: The Central Depository (CDP), or a custodian. CDP is SGX's central securities depository; investors can also hold through custodian or nominee accounts.
5. The standard board lot for most shares on SGX is:
Answer: 100 shares. SGX reduced the standard board lot from 1,000 to 100 shares in 2015.
6. A company earns S$2 per share and its share price is S$30. What is its price-earnings (P/E) ratio?
Answer: 15. P/E = price ÷ earnings per share = 30 ÷ 2 = 15.
7. When market interest rates rise, the price of an existing fixed-rate bond usually:
Answer: Falls. New bonds pay more, so existing lower-coupon bonds fall in price until their yield matches the market.
8. Which of these is generally an Excluded Investment Product?
Answer: A plain unit trust that doesn't use derivatives for speculation. EIPs are simpler products such as shares, plain bonds and plain funds. Products with complex features or derivatives used for investment are Specified Investment Products.
9. The NAV of a fund is S$120 million and there are 80 million units in issue. What is the NAV per unit?
Answer: S$1.50. NAV per unit = 120 ÷ 80 = S$1.50.
10. USD/SGD is quoted at 1.2800/1.2805. A client wants to buy US$10,000 from the bank. How many Singapore dollars will they pay?
Answer: S$12,805. The client buys USD at the bank's offer (higher) rate: 10,000 × 1.2805 = S$12,805.
11. In the quote USD/SGD, the base currency is:
Answer: USD. The first currency is the base. The quote tells you how many SGD one USD costs.
12. A person trades on price-sensitive information about a listed company that isn't generally available. This is:
Answer: Insider trading, prohibited under the Securities and Futures Act. Trading while in possession of material non-public information is insider trading, a market misconduct offence.
13. Placing buy and sell orders that create a misleading appearance of active trading is:
Answer: False trading. False trading and market rigging create a false or misleading appearance of trading or prices, prohibited under the SFA.
14. A representative executes trades in a client's account without the client's authority. This is:
Answer: Unauthorised trading, a serious breach. Without written discretionary authority, every trade needs the client's instruction.
15. A real estate investment trust (REIT) listed on SGX mainly earns income from:
Answer: Rental income from a portfolio of properties. S-REITs own income-producing property and distribute most of their taxable income to unitholders.

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  • Content updates during your access
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CM-EIP exam FAQ

How many questions are on the CM-EIP exam?

90 multiple-choice questions, with a time limit of 2 hours 30 minutes. Format: closed book, computer-based.

What is the passing score for CM-EIP?

70% (63 out of 90).

How much does the CM-EIP exam cost?

Set by IBF (listed at roughly S$190 to S$230 before GST); check IBF before you register. Fees can change, so confirm on the SCI or IBF website before you register.

Which languages is the CM-EIP exam offered in?

English.

Where do I take the CM-EIP exam?

IBF-appointed computer-based examination centre, Singapore.

Is this CM-EIP practice test free?

Yes. The 15-question practice test on this page is free, with an explanation for every answer and no signup. A free account also unlocks the complete study notes for the first topic. The full CM-EIP prep is Premium at S$187 a month for this exam.

What's in the premium CM-EIP prep?

3,000 practice questions organized topic by topic (Capital Markets and Products: 500; Trading, Clearing and Settlement in Singapore: 500; Analysis and Valuation of Securities: 500; Collective Investment Schemes (EIP): 500; Foreign Exchange: 500; Market Conduct and Dealing with Clients: 500), 6 full-length timed mock exams of 90 questions, 800 flashcards and 60 comprehensive key notes split across all 6 topics, plus a mistakes bank and the Readiness Score.

Compare CM-EIP with other CMFAS modules

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15 free questions3,000 premium Qs · 6 mocks · 800 flashcards · 60 key notes
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Exam details are summarized from the official candidate information available in October 2026. SCI or IBF changes formats and fees, so confirm with Institute of Banking and Finance (IBF) before you book. CMFASQuizBank is not affiliated with MAS, SCI or IBF.

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