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CMFASPrepStudyingRES5
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Financial advisory
RES5Financial Advisory Services✓CMFAS (Capital Markets and Financial Advisory Services) is the set of competency exams MAS requires before you can be appointed as a representative in Singapore. Each module is a separate paper, and which you need depends on the products you'll advise on. Pick the one you're studying and your whole dashboard, practice and mocks switch to it. You're currently studying RES5.
Every module below has a free 20-question mock (free CMFAS mock exams by module). See pricing
Financial advisory · SCI
Rules, Ethics & Skills for Financial Advisory Services
Everyone giving financial advice. Formerly M5.
Continue →Insurance · SCI
Life Insurance & Investment-Linked Policies
Advising on life insurance and ILPs.
Study M9 →Insurance · SCI
Life Insurance and Investment-Linked Policies II
Advising on ILPs, including structured ILPs.
Study M9A →Insurance · SCI
Health Insurance
Advising on or selling health insurance.
Study HI →Insurance · SCI
Personal General Insurance
Personal lines: motor, home, PA, travel, liability.
Study PGI →Insurance · SCI
Commercial General Insurance
Commercial lines: property, BI, liability, marine.
Study CGI →Insurance · SCI
Basic Insurance Concepts & Principles
The foundation paper before PGI or CGI.
Study BCP →Capital markets products · IBF
Specified Investment Products: Derivatives & Collective Investment Schemes
Derivatives, structured products and CFDs. Formerly M6A.
Study CM-SIP →Capital markets products · SCI
Collective Investment Schemes
Advising on unit trusts and funds.
Study M8 →Capital markets products · SCI
Collective Investment Schemes II
Structured products and structured funds.
Study M8A →Capital markets products · IBF
Excluded Investment Products: Securities, Collective Investment Schemes & Foreign Exchange
Shares, bonds, deposits, funds and FX. Formerly M6.
Study CM-EIP →Securities & derivatives dealers · IBF
Rules, Ethics & Skills for Securities Exchange Dealers
Securities dealers at SGX-ST members. Formerly M1A.
Study RES 1A →Securities & derivatives dealers · IBF
Rules, Ethics & Skills for Securities Dealers of Non-Exchange Members
Securities dealers at non-exchange members.
Study RES 1B →Securities & derivatives dealers · IBF
Rules, Ethics & Skills for Derivatives Dealers of Non-Exchange Members
Derivatives dealers at non-exchange members.
Study RES 2B →Securities & derivatives dealers · IBF
Rules, Ethics & Skills for Derivatives Exchange Dealers
Derivatives dealers at SGX-DT members.
Study RES 2A →Securities & derivatives dealers · IBF
Rules, Ethics & Skills for Securities & Derivatives Dealers of Non-Exchange Members
RES 1B and RES 2B in one sitting.
Study RES 12B →Formats as published by SCI and IBF; they can change, so confirm on the exam body's page before you register. Every module has a free timed mock paper with worked answers.
| Module | Run by | Questions | Time | Pass mark | Fee | Practice |
|---|---|---|---|---|---|---|
| RES5Rules, Ethics & Skills for Financial Advisory Services | SCI | 150 | 3 hours | 75% / 80% | S$218.00 | Free RES5 mock |
| M9Life Insurance & Investment-Linked Policies | SCI | 100 | 2 hours | 70% | S$130.80 | Free M9 mock |
| M9ALife Insurance and Investment-Linked Policies II | SCI | 50 | 1 hour | 70% | S$130.80 | Free M9A mock |
| HIHealth Insurance | SCI | 50 | 1 hour 15 min | 70% | S$109.00 | Free HI mock |
Sources: MAS Notice FAA-N26 (Competency Requirements for Representatives of Financial Advisers) and MAS Notice SFA 04-N22 (Competency Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions), both effective 1 April 2024; SCI exam details and IBF CMFAS examinations. Read 29 October 2026. CMFASPrep is independent practice, not run by MAS, SCI or IBF. Full guide: what is CMFAS and how the module codes changed
Nearly everyone entering financial advisory starts with RES5 — it's the licensing paper on rules, ethics and skills. Insurance advisers add M9, M9A and HI; dealers sit the RES 1A to 12B papers. Prep is live for all 16 modules, and you can start free with any of them.
| CM-SIP (formerly M6A)Specified Investment Products: Derivatives & Collective Investment Schemes |
| IBF |
| 80 |
| 2 hours 30 min |
| 70% |
| S$250.70 |
| Free CM-SIP mock |
| M8Collective Investment Schemes | SCI | 50 | 1 hour | 70% | S$130.80 | Free M8 mock |
| M8ACollective Investment Schemes II | SCI | 50 | 1 hour | 70% | S$130.80 | Free M8A mock |
| CM-EIP (formerly M6)Excluded Investment Products: Securities, Collective Investment Schemes & Foreign Exchange | IBF | 90 | 2 hours 30 min | 70% | S$250.70 | Free CM-EIP mock |
| PGIPersonal General Insurance | SCI | 50 | 1 hour 15 min | 70% | S$109.00 | Free PGI mock |
| CGICommercial General Insurance | SCI | 50 | 1 hour 15 min | 70% | S$109.00 | Free CGI mock |
| BCPBasic Insurance Concepts & Principles | SCI | 40 | 45 min | 70% | S$49.05 | Free BCP mock |
| RES 1A (formerly M1A)Rules, Ethics & Skills for Securities Exchange Dealers | IBF | 80 | 2 hours | 75% | S$250.70 | Free RES 1A mock |
| RES 1BRules, Ethics & Skills for Securities Dealers of Non-Exchange Members | IBF | 60 | 1 hour 30 min | 75% | S$250.70 | Free RES 1B mock |
| RES 2BRules, Ethics & Skills for Derivatives Dealers of Non-Exchange Members | IBF | 60 | 1 hour 30 min | 75% | S$250.70 | Free RES 2B mock |
| RES 2ARules, Ethics & Skills for Derivatives Exchange Dealers | IBF | 100 | 2 hours 30 min | 75% | S$294.30 | Free RES 2A mock |
| RES 12BRules, Ethics & Skills for Securities & Derivatives Dealers of Non-Exchange Members | IBF | 60 | 1 hour 30 min | 75% | S$501.40 | Free RES 12B mock |
RES5 has two pass marks: Part I and Part II must each be passed. Fee: per attempt including GST, SCI non-member weekday rate or IBF non-corporate-member rate, read on SCI and IBF on 11 Nov 2026. Fees, how to book and study-text editions for every paper, with sources and the date checked.