CMFAS M6 vs M6A: CM-EIP, CM-SIP or CM-CMP?
Updated
There is no M6 or M6A exam any more. CM-EIP took over from M6 and CM-SIP from M6A. IBF stopped the old CMFAS modules after 25 March 2024, and the new modules started on 1 April 2024 under MAS Notice SFA 04-N22. Both new papers last 2 hours 30 minutes and need 70% to pass: CM-EIP has 90 questions, CM-SIP has 80. As at 3 Nov 2026 each costs S$250.70 at IBF's non-corporate member rate.
CM-EIP covers Excluded Investment Products: shares, bonds, deposits, unit trusts, ETFs, REITs and foreign exchange. CM-SIP covers Specified Investment Products: futures, options, structured products and CFDs. CM-CMP is one combined paper for both.
CM-EIP vs CM-SIP vs CM-CMP at a glance
| CM-EIP | CM-SIP | CM-CMP | |
|---|---|---|---|
| Old code | M6 | M6A | None (combined) |
| Products | Shares, bonds, deposits, unit trusts, ETFs, REITs, FX | Derivatives, structured products, CFDs | Both syllabuses |
| Questions | 90 multiple-choice | 80 multiple-choice | 80 multiple-choice (as IBF lists it) |
| Time allowed | 2 hours 30 minutes | 2 hours 30 minutes | 2 hours 30 minutes |
| Pass mark | 70% (63 of 90) | 70% (56 of 80) | 70% |
| Fee, corporate member | S$207.10 | S$207.10 | S$414.20 |
| Fee, non-corporate member | S$250.70 | S$250.70 | S$501.40 |
| Study guide | CM-EIP guide | CM-SIP guide | None of its own: read both |
IBF's page lists CM-CMP at 80 questions in 2 hours 30 minutes, the same length as CM-SIP alone, even though it covers both syllabuses. Confirm the length with IBF before you book it.
Which one do you need?
It depends on your activity and the products you will deal in. IBF pairs every dealing role with a Rules, Ethics and Skills paper plus a product paper:
| Your activity | RES paper | Product paper |
|---|---|---|
| Securities or CIS, for an SGX-ST member | RES 1A, or RES 1B + RES 1BE1, or RES 12B + RES 1BE1 | CM-EIP and/or CM-SIP, or CM-CMP |
| Securities or CIS, for a non-member | RES 1B, or RES 12B | CM-EIP and/or CM-SIP, or CM-CMP |
| Derivatives, for an SGX-DT, APEX or ICE Futures Singapore member | RES 2A, or RES 2B or RES 12B with that exchange's add-on | CM-EIP and/or CM-SIP, or CM-CMP |
| Derivatives or leveraged FX, for a non-member | RES 2B, or RES 12B | CM-EIP and/or CM-SIP, or CM-CMP |
| Fund management | RES 3 | CM-EIP |
- Only Excluded Investment Products (shares, plain bonds, unit trusts, ETFs, REITs): CM-EIP.
- Specified Investment Products (futures, options, structured warrants, DLCs, structured notes, CFDs): CM-SIP, alone or with CM-EIP.
- Both kinds: CM-EIP and CM-SIP, or CM-CMP in one sitting.
Exemptions are in MAS Notice SFA 04-N22, not on IBF's page. Your firm's compliance team maps your products to the notice, so ask them before you book.
Working for an insurer or FA firm?
CM-CMP or the two papers separately?
As at 3 Nov 2026 CM-CMP costs exactly what CM-EIP and CM-SIP cost together (S$501.40 non-corporate, S$414.20 corporate). So the choice is about risk, not price.
- Separate papers: two exam days, but a slip on one paper only means re-sitting that paper. Sit CM-EIP first: CM-SIP's structured notes and funds build on its bond, fund and time-value chapters.
- CM-CMP: one exam day, but both syllabuses in one paper. If you fail, you re-sit the whole thing at the combined fee.
What changed from M6 and M6A
- The old modules could not be taken or re-taken after 25 March 2024. Past results stay visible in your IBF Portal account (IBF exam FAQs).
- Study from the current CM-EIP and CM-SIP study guides on IBF's page, not old M6 or M6A notes. Both new papers end with case studies, where several questions hang off one client scenario.
- Search results still say "M6" and "M6A". They mean CM-EIP and CM-SIP.
The full syllabus, traps and fees for each paper are in the CM-EIP exam guide and the CM-SIP exam guide.
Practise for CM-EIP and CM-SIP
Sit the free CM-EIP (M6) mock or the free CM-SIP (M6A) mock: 20 questions in 30 minutes, marked against the 70% pass mark, with a worked answer for every question. Then practise by topic on CM-EIP and CM-SIP, including the calculation and case-study questions. One CMFASPrep pass covers both papers and your RES paper.
Unofficial guide: confirm with IBF and MAS
Frequently asked questions
Is M6 still a CMFAS exam?
No. IBF stopped the old CMFAS modules, including M6 and M6A, after 25 March 2024. Since 1 April 2024 the product papers for capital markets representatives are CM-EIP, which took over from M6, and CM-SIP, which took over from M6A.
What is the difference between M6 and M6A?
M6, now CM-EIP, covers Excluded Investment Products such as shares, bonds, unit trusts, ETFs, REITs and foreign exchange. M6A, now CM-SIP, covers Specified Investment Products such as futures, options, structured products and CFDs. Which you need depends on the products you will deal in.
How many questions are in CM-EIP and CM-SIP?
CM-EIP has 90 multiple-choice questions and CM-SIP has 80. Both last 2 hours 30 minutes and need 70% to pass, so 63 of 90 and 56 of 80. There is no negative marking.
Should I take CM-CMP or CM-EIP and CM-SIP separately?
As at 3 Nov 2026 CM-CMP costs the same as the two papers together (S$501.40 non-corporate, S$414.20 corporate). Separate papers mean two exam days, but a slip on one only means re-sitting that paper. CM-CMP is one day, but a fail means re-sitting both syllabuses.
What is the CM-EIP or CM-SIP pass rate?
IBF does not publish pass rates for CM-EIP or CM-SIP, so any figure quoted online is a guess. Judge your readiness by timed mock scores instead.
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