CM-EIP Exam Guide (Formerly M6): Format & Tips

CM-EIP is the CMFAS product knowledge module on Excluded Investment Products: shares, bonds, deposits, funds, REITs and foreign exchange. It replaced the old M6 paper, and the Institute of Banking and Finance (IBF) runs it.

Its full name is Capital Markets, Excluded Investment Products: Securities, Collective Investment Schemes (EIP) and Foreign Exchange. It is a calculation paper as much as a theory paper.

CM-EIP exam format at a glance

Who needs CM-EIP

CM-EIP is a product knowledge module. Representatives who deal in capital markets products take it alongside the Rules, Ethics and Skills paper for their role, such as RES 1A, RES 1B, RES 2A, RES 2B or RES 12B. IBF's examination details page maps each role to its modules.

IBF also offers CM-CMP, a combined module that covers CM-EIP and CM-SIP together. Exemptions from CM-EIP are set out in MAS Notice SFA 04-N22. Confirm your own requirement with your compliance department.

The CM-EIP syllabus: 12 topics

• Introduction to investing, investments and financial markets
• Risk, return and time value calculations
• Key drivers of market movements and asset values
• Foreign exchange
• Company analysis and understanding financial statements
• Equity securities
• Deposits and fixed-income securities
• Portfolio management
• Exchange traded funds (ETFs), unit trusts, real estate investment trusts (REITs) and insurance
• Warrants
• Technical analysis and quantitative analysis
• Case studies

Where candidates lose marks

• Time value of money. Present value, future value and annuities. One wrong step gives an answer that is always among the options.
• Bond and yield questions. Price and yield move in opposite directions, and current yield is not yield to maturity.
• Financial ratios. Know what each ratio measures, not just its formula.
• Foreign exchange quotes. Bid and ask, and which side of the quote the customer deals on.
• Case studies. Several questions hang off one client scenario, so misreading it costs more than one mark.

Check IBF's examination rules for which calculators are allowed before exam day.

How to pass CM-EIP first time

The pass mark is 70%, so plan to score higher than that in practice. A mock score that only just clears 70% will not survive a bad day.

• Work by chapter, not by calendar. Read the chapter in the official study text, then drill that chapter's questions until you score 80% or better on it.
• Read every explanation, including for questions you got right. A lucky guess hides a gap you will meet again in the exam.
• Sit full timed mocks before the real paper. 90 questions in 2 hours 30 minutes, in one sitting, with no notes. Timing problems only show up under exam conditions.
• Keep a list of what you got wrong and redo it. Most candidates lose marks on the same few rules again and again.
• Answer everything. There is no negative marking, so never leave a question blank.

Registration, fees and results

You register through the IBF Portal. As at 20 September 2026 IBF lists the exam fee as S$207.10 for corporate members and S$250.70 for non-corporate members, inclusive of GST. IBF can revise its fees, so confirm the amount on the IBF page when you book.

Your result appears on screen when you finish the paper, and the result slip can be printed from your IBF Portal account on the next business day.

Practise for CM-EIP

CMFASPrep has CM-EIP practice questions for all 12 topics, including calculation and case study questions, and full timed mocks at the real 90-question length. See CM-EIP practice questions and mock exams, or start with the free CMFAS mock exam.