CMFAS RES 2B Exam Guide: Format & How to Pass

RES 2B is the rules paper for derivatives dealers whose firm is not a member of the exchange. Its full name is Rules, Ethics and Skills for Derivatives Dealers of Non-Exchange Members, and the Institute of Banking and Finance (IBF) runs it.

The pass mark is 75%, higher than the 70% on the product knowledge modules. With 60 questions, that leaves room for only 15 wrong answers.

RES 2B exam format at a glance

Who needs RES 2B

RES 2B is for representatives who deal in derivatives for a principal that is not a member of an approved exchange. Dealers at exchange member firms sit RES 2A instead. If you deal in both securities and derivatives at a non-member firm, RES 12B combines RES 1B and RES 2B in one paper.

If you will also trade on an exchange through a member, IBF lists short add-on modules for SGX-DT, ICE Futures Singapore and APEX. You take the rules paper together with a product knowledge module, CM-EIP, CM-SIP or both. IBF states there are no exemptions for RES 2B.

The RES 2B syllabus: 7 chapters

• The capital markets industry in Singapore and participants in the capital markets
• Licensing and business operations
• Market conduct
• Over-the-counter derivatives
• Ethics, codes and standards of professional conduct for derivatives dealing
• Derivatives dealing practices and skills
• Prevention of financial crimes

Where candidates lose marks

• Derivatives offences that sound alike. Bucketing, cornering, front running and pre-arranged trades are tested through short scenarios, and the wrong options are the neighbouring offences.
• Over-the-counter rules. Which contracts must be reported, which must be cleared, and who the obligations fall on.
• Time limits and record periods. How many days, how many years. The options are usually a ladder of similar numbers.
• Combination questions. Four statements labelled (a) to (d), and you pick the set that is correct. One doubtful statement changes the answer.

How to pass RES 2B first time

The pass mark is 75%, so plan to score higher than that in practice. A mock score that only just clears 75% 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. 60 questions in 1 hour 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 RES 2B

CMFASPrep's RES 2B bank was checked against the official IBF study guide, and its mocks use the real 60-question format. See RES 2B practice questions and mock exams, or start with the free CMFAS mock exam.