The modules at a glance
| Module | Covers | Format | Pass mark | Run by |
|---|---|---|---|---|
| RES5 | Rules, ethics and skills for financial advice | 150 Q, 3 h | 75% Part I, 80% Part II | SCI |
| M9 | Life insurance and ILPs | 100 Q, 2 h | 70% | SCI |
| M9A | Life insurance and ILPs II | 50 Q, 1 h | 70% | SCI |
| HI | Health insurance | 50 Q, 1 h 15 | 70% | SCI |
| M8 | Collective investment schemes | 50 Q, 1 h | 70% | SCI |
| M8A | Collective investment schemes II | 50 Q, 1 h | 70% | SCI |
| CM-EIP | Securities, plain funds, FX (formerly M6) | 90 Q, 2.5 h | 70% | IBF |
| CM-SIP | Derivatives and complex products (formerly M6A) | 80 Q, 2.5 h | 70% | IBF |
By role
- Life insurance adviser: RES5 + M9 + M9A (or the combined CM-LIP), plus HI for policies with health or accident benefits.
- Unit trust adviser: RES5 + M8 + M8A (or the combined CM-CIS).
- Both: RES5 + M8 + M8A + M9 + M9A (or CM-LIC), plus HI.
- Bank or brokerage representative: CM-EIP and CM-SIP, plus the RES module for the regulated activity.
Separate or combined papers?
The combined papers (CM-LIP, CM-CIS, CM-LIC) save registrations but are longer, and you must pass every part in one sitting. Sitting the single modules separately gives you shorter papers and the chance to bank a pass. Neither route is preferred by MAS.
See where you stand in 10 minutes
Take the free RES5 practice test. 15 questions, every answer explained.
The 3-year rule
A RES5 pass stops being valid if you aren't appointed as a representative within 3 years, or if you stop practising for 3 continuous years. Sit RES5 when you have a firm in view.
Frequently asked questions
Is M5 still a CMFAS module?
No. M5 was renamed and expanded into RES5 on 1 April 2024. SCI stopped offering M5 after 28 March 2024.
Which CMFAS module is hardest?
Many candidates find RES5 hardest because of its length and pass marks: 75% for Part I and 80% for Part II, with no aggregate.
Can I be exempted from CMFAS modules?
Yes, some qualifications exempt specific product modules (for example many business and finance degrees exempt M8). There's no exemption from RES5. Your firm applies the exemption.
How many times can I retake a CMFAS module?
There's no limit on attempts; each attempt needs a new registration and fee.
Official sources
Practice tests for these certifications
RES5: Rules, Ethics and Skills for Financial Advisory Services
The rules, ethics and skills module every financial adviser representative in Singapore must pass.
CMFAS Module 9: Life Insurance and Investment-Linked Policies
The core product knowledge module for life insurance in Singapore: life policy types, riders, policy provisions and nominations, investment-linked policies and annuities.
CMFAS Health Insurance (HI) Module
Required to advise on or arrange policies with health or accident benefits (MAS Notice 117).
CMFAS Module 8: Collective Investment Schemes
The product module for advising on unit trusts and other collective investment schemes: how funds are structured, the main asset classes, pricing and charges, risk and performance, and the disclosure rules.
This guide is general information, checked October 2026, not legal advice. SCI or IBF rules change; confirm with SCI or IBF before you apply.
