CM-SIP Exam Study Guide (2026)
Everything the CM-SIP: Capital Markets – Specified Investment Products (formerly Module 6A) tests, topic by topic: what each section covers, the facts that come up most, and how to study it. Pair it with the free 15-question practice test.
The exam at a glance
| Questions | 80 multiple-choice questions |
|---|---|
| Time | 2 hours 30 minutes |
| Passing score | 70% (56 out of 80) |
| Format | Closed book, computer-based |
| Certifying body | Institute of Banking and Finance (IBF) |
| Test provider | IBF-appointed computer-based examination centre, Singapore |
Mind map: the whole exam on one screen
Read the complete CM-SIP study notes for “Futures and Forwards”
Our first full set of comprehensive notes, about 10 minutes of reading: What a futures contract is · Margin and mark-to-market · Leverage · Futures vs forwards, 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.
1. Futures and Forwards
How futures and forwards work, margins and mark-to-market.
Key facts
- Futures are standardised and exchange-traded, with a clearing house as counterparty.
- Forwards are private, customised and carry counterparty risk.
- Initial margin is posted to open a position; maintenance margin is the minimum to keep it.
- Futures are marked to market daily; losses trigger margin calls.
- Long positions gain when prices rise; short positions gain when they fall.
- Losses on futures can exceed the margin posted.
Flashcards
Exam tip: Margin questions: identify the maintenance level, then how much is needed to restore the initial margin.
2. Options and Warrants
Option payoffs, moneyness, time value and SGX-listed structured warrants.
Key facts
- Call buyers profit when the price rises above strike plus premium.
- Put buyers profit when the price falls below strike minus premium.
- A buyer's maximum loss is the premium; uncovered writers can lose much more.
- In the money: calls with price above strike, puts with price below strike.
- Option value = intrinsic value + time value; time value decays toward expiry.
- Structured warrants are issued by financial institutions, not the underlying company.
Flashcards
Exam tip: Draw the payoff: it takes 10 seconds and prevents sign errors.
3. Structured Products, CFDs and Leveraged FX
Equity-linked notes, contracts for differences and margin FX, and why they're risky.
Key facts
- Structured notes combine a bond with derivatives; capital is often at risk.
- Reverse convertibles pay high coupons but may deliver shares if the price falls below a set level.
- CFDs give leveraged exposure to price changes without owning the asset.
- Leveraged FX magnifies small currency moves into large gains or losses.
- Issuer credit risk applies to notes.
- These products are generally Specified Investment Products.
Flashcards
Exam tip: High coupon = hidden risk. The exam rewards spotting what the investor gives up.
Test yourself on these topics
Take the free 15-question CM-SIP test, then save your results to unlock your Readiness Score and the mistakes bank.
4. Specified Investment Product Funds
Funds that count as SIPs: derivative-using, structured, hedge and leveraged funds.
Key facts
- Funds that use derivatives for investment purposes are SIPs.
- Hedge funds and structured funds are generally SIPs.
Flashcards
Exam tip: Ask why the fund uses derivatives: hedging only may be EIP; seeking returns is SIP.
5. Risk Management and Suitability of SIPs
The CKA and CAR, advising clients who don't qualify, and documenting suitability.
Key facts
- Unlisted SIPs: Customer Knowledge Assessment (CKA).
- Listed SIPs: Customer Account Review (CAR).
Flashcards
Exam tip: C-A-R = listed (exchange-traded); C-K-A = unlisted. Most suitability questions turn on this.
How to pass
- 80 questions in 2.5 hours is almost 2 minutes each, so you have time to draw payoff diagrams for option questions.
- Learn margin terms: initial margin, maintenance margin and margin calls.
- Know which suitability check applies: CKA for unlisted SIPs, CAR for listed SIPs.
- You need 56 out of 80 to pass.
Frequently asked questions
How long should I study for the CM-SIP exam?
Most working candidates need 4 to 8 weeks at 45 to 60 minutes a day. Book your exam once your Readiness Score has stayed at 80 or higher for about a week.
Can I take the CM-SIP exam online?
CMFAS modules are computer-based exams sat in person at the examination body's centre in Singapore. Format: closed book, computer-based. Check the current candidate information from Institute of Banking and Finance for the rules.
What score do I need to pass the CM-SIP exam?
70% (56 out of 80). The exam has 80 multiple-choice questions and a time limit of 2 hours 30 minutes.
What are the most tested topics?
The outline covers futures and forwards, options and warrants, structured products, cfds and leveraged fx, specified investment product funds, risk management and suitability of sips. Use the free practice test to see which ones you need most.
The premium CM-SIP study path
Premium CM-SIP 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.
Your step-by-step study path
- 1Futures and Forwards12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25Notes free with an account
- 2Options and Warrants12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25Premium
- 3Structured Products, CFDs and Leveraged FX12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25Premium
- 4Specified Investment Product Funds12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25Premium
- 5Risk Management and Suitability of SIPs12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25Premium
- Final step: 6 full mock exams80 questions each, timed like test day. Pass them, then book your exam.Premium
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- One CMFAS module of your choice, from RES5 to M9A, HI or CM-SIP
- 3,000 practice questions + 6 full mock exams per exam
- 800 flashcards + 60 key notes per exam, by topic, plus mind maps
- Spaced repetition + mistakes bank
- Readiness Score & detailed reports
- Video lessons as they release
- Content updates during your access
- 5 bonuses: key numbers sheet, formula sheet, study planner and more
- Pass Guarantee: complete the prep, pass or 100% back
Renews once a year until you cancel. We email you before each renewal. Cancel any time from your account; you keep access until the end of the year you've paid for.
Summarized from SCI's and IBF's official candidate information and the rules cited, checked October 2026. Confirm current requirements with Institute of Banking and Finance (IBF).