CM-CIS for Insurance Agents Selling Unit Trusts
Updated
CM-CIS is the SCI exam for people who intend to advise others on collective investment schemes, such as unit trusts. You take it together with RES5, under MAS Notice FAA-N26. It is 100 multiple-choice questions in 2 hours, and you need at least 70% in each of its two parts (as at 12 Nov 2026). Part I tests the M8 syllabus and Part II the M8A syllabus, so CM-CIS is M8 and M8A in one sitting. The rest of this page covers the format, what to confirm with your compliance team, how it compares with sitting M8 and M8A separately, and a study plan.
| CM-CIS | As at 12 Nov 2026 |
|---|---|
| Questions | 100 multiple-choice: Part I 50, Part II 50 |
| Part I | M8 syllabus: collective investment schemes, unit trusts and fund products |
| Part II | M8A syllabus: structured products, derivatives and structured funds |
| Time allowed | 2 hours |
| Pass mark | At least 70% in Part I AND at least 70% in Part II |
| Sittings | English paper held weekly; you pick a date when you register |
| Exemptions | None for CM-CIS |
| Re-sits | No limit on attempts |
| Taken with | RES5, for advising on collective investment schemes (MAS Notice FAA-N26) |
In the news: 23 Sep 2026 (read 12 Nov 2026)
Which modules you need
SCI's CM-CIS page (as at 12 Nov 2026) lists CM-CIS, taken together with RES5, for those intending to advise others on collective investment schemes, as set out in MAS Notice FAA-N26. SCI also tells candidates to check with their compliance department for the modules that apply to them, and that is the step to take first. Your firm knows which modules you already hold and what your role will cover, and it confirms the exact set before you book.
- Ask your compliance department which modules apply to you before you register.
- Ask whether they want CM-CIS or the separate M8 and M8A papers; SCI offers both (as at 12 Nov 2026).
- Book through SCI at scicollege.org.sg once you know the module.
CM-CIS vs M8 + M8A
CM-CIS tests the same syllabus as M8 and M8A, in one sitting instead of two. The main differences, from SCI's M8, M8A and CM-CIS pages:
| M8 + M8A | CM-CIS | |
|---|---|---|
| Questions and time | 50 in 1 hour, plus 50 in 1 hour | 100 in 2 hours (50 + 50) |
| Pass mark | 70% on each paper | At least 70% on Part I and on Part II |
| Sittings | Daily on weekdays | Once a week |
| If you miss the mark on one half | Only that paper is failed | CM-CIS is failed |
| Non-member daytime fee | S$261.60 (2 × S$130.80) | S$283.40 |
| Member daytime fee | S$218.00 (2 × S$109.00) | S$239.80 |
The full comparison, with the chapter list for each paper, is in the CMFAS M8 and M8A exam guide. Every SCI fee is in CMFAS exam fees.
A four-week CM-CIS study plan
A suggested plan for a working agent, about an hour on weekdays. Adjust it to your own pace and to the date your firm needs you ready.
- Week 1: M8 foundations. Investment assets, financial markets, risk and return, and time value of money. Practise the calculations until the method is automatic.
- Week 2: unit trusts and fund products. The rest of M8: considerations for investments, unit trusts and fund products, including pricing and charges. Finish with a timed M8 practice set.
- Week 3: M8A. Structured products and their risks, derivatives, and structured funds, then the case studies. If you hold M9A or CM-LIP, the structured product and derivative chapters will feel familiar.
- Week 4: full timed sittings. Sit 100-question mocks in 2 hours and check both parts against 70%, since one weak part fails the whole paper. Book once both parts clear 70% comfortably.
Free CM-CIS practice and the full mock
Start free: the free M8 mock paper covers the Part I syllabus and the free M8A mock paper covers Part II. Each is timed, marked at 70% and has a worked answer for every question. Free mocks for every other module are on free CMFAS mock exams by module.
When you are ready for exam day, the CM-CIS exam-format mock is one 100-question, 2 hours sitting: Part I drawn from our M8 questions and Part II from our M8A questions, marked per part against 70%. It comes with a CMFASPrep pass, which also covers RES5, M8, M8A and every other module.
Independent guide: confirm with SCI and your compliance department
Frequently asked questions
What is the CMFAS CM-CIS exam?
CM-CIS is the SCI exam for people who intend to advise others on collective investment schemes, such as unit trusts. As at 12 Nov 2026 it is 100 multiple-choice questions in 2 hours: Part I has 50 questions on the M8 syllabus and Part II has 50 on the M8A syllabus, and you need at least 70% in each part.
Do insurance agents need CM-CIS to sell unit trusts?
SCI's CM-CIS page (as at 12 Nov 2026) lists CM-CIS, taken together with RES5, for those intending to advise others on collective investment schemes, under MAS Notice FAA-N26. SCI also tells candidates to check with their compliance department for the modules that apply to them, so confirm your exact modules with your firm before you book.
Should I take CM-CIS or M8 and M8A separately?
Both test the same syllabus. As at 12 Nov 2026 the separate M8 and M8A papers run daily on weekdays and cost less in total at SCI's daytime rates, and a slip on one paper does not fail the other. CM-CIS runs weekly and suits someone who wants one exam day and is ready on both parts. Your compliance department can tell you which route your firm prefers.
Are there exemptions or a re-sit limit for CM-CIS?
As at 12 Nov 2026 SCI's CM-CIS page states there are no exemptions for CM-CIS and no limit on re-sits. Each attempt is charged in full.
Is there a CM-CIS mock exam?
Yes. The free M8 and M8A mock papers on CMFASPrep cover the Part I and Part II syllabus. A CMFASPrep pass adds full CM-CIS exam-format sittings: 100 questions in 2 hours, drawn from the M8 and M8A banks and marked per part against 70%. The questions are written by CMFASPrep; SCI does not release past papers.
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