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Up to date. Study notes and practice questions updated for CMFAS M9 7th Ed V1.2 and CMFAS RES5 1st Ed V1.3, examinable from 22 Sep 2026 · all versions
Everything you need to pass, nothing you don't
Exam-style questions
In the published exam format. Study by chapter, randomise the full bank, or drill your weak areas.
Bilingual explanations
Every answer explanation in English and 中文, for candidates more comfortable reading Chinese. 中文 is an add-on.
Smart Revision
Spaced repetition schedules your reviews from your results, so you spend more time on weak topics.
Readiness score and progress tracking
A readiness ring for each module, weak-chapter detection and due-card counts, so you know where you stand.
Flashcards
Term-and-definition flashcards for every module, for last-minute revision. Included with the Chinese add-on.
Try before you buy
10 free sample questions per module. No account, no credit card.
Watch the 25-second tour: notes, exam traps and explanations, in English and 中文. Real screens from the course, shown for a demo learner. Notes and exam traps, in English and 中文. Every answer explained, in 中文 too. Mock exams show your weak chapters.
See how we explain an answer
Kelvin owns a life insurance policy on his own life and makes a revocable nomination on it, naming his brother as the nominee. A year later, Kelvin is diagnosed with a critical illness and the policy pays out its critical illness benefit. Who receives the payout?
- A Kelvin's brother, as the nominee
- B Kelvin, as the policy owner Correct
- C Kelvin and his brother, in equal shares
- D Kelvin's estate
Why B: under a revocable nomination, the policy owner keeps full rights and ownership over the policy (Ch 17 §9.1), and only the death benefit goes to the nominees. Living benefits, such as a critical illness payout, are paid to the policy owner (§9.2).
A trust nomination works differently: every benefit, living or death, goes to the nominees (§8.13), and only a spouse or children can be named (§8.9), so Kelvin couldn't have named his brother that way.
为什么选 B：在可撤销提名下，保单持有人保留对保单的全部权利和所有权（Ch 17 §9.1），只有身故赔偿归受提名人；危重疾病赔偿等生存利益归保单持有人（§9.2）。
信托提名则不同：所有利益，无论是生存利益还是身故赔偿，都归受提名人（§8.13），而且只能提名配偶或子女（§8.9），因此 Kelvin 无法以信托提名的方式指定其兄弟。
Which CMFAS exams do you need?
It depends on the products you'll advise on. MAS sets the minimum in Notice FAA-N26: to advise on life insurance, including investment-linked policies, you need CMFAS RES5, M9 and M9A (or CM-LIP in place of M9 and M9A), and for unit trusts, RES5 with M8 (or CM-EIP) and M8A (or CM-SIP).
Source: MAS Notice FAA-N26, Table 1. Checked 24 September 2026. The company you join confirms the exact modules for your role.
Read the full guide Joining a bank? Which CMFAS exams do you need for a bank sales job? →
What will you advise on?
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- 中文 available as add-on
- 3,100+ practice questions
- Unlimited mock exams
- Weak chapter tracking
- Smart Revision (spaced repetition)
- Worked answer explanations
- Pass Guarantee included ?
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- 中文 available as add-on
The modules we cover
Format and pass mark from SCI and IBF; study-text version from each publisher's current release.
Answers to the questions candidates ask most
With MAS and SCI sources.
Frequently asked questions
What is CMFAS?
CMFAS (Capital Markets and Financial Advisory Services) exams are the exams MAS requires of financial adviser representatives in Singapore, under its competency notice FAA-N26. They are run by the Singapore College of Insurance (SCI) and the Institute of Banking and Finance (IBF). Which ones you need depends on the products you'll advise on.
Who is behind CMFAS E-Learning?
CMFAS E-Learning is published by Stella Nexus Pte. Ltd., Singapore. Our materials are developed by an industry professional with more than 15 years' experience in the life insurance industry, and every exam fact on our guide pages cites MAS, SCI or IBF.
SCI's exams are in English. Our study notes and explanations are also available in Chinese as a paid add-on. See what the Chinese version looks like.
Is there a free trial?
Yes. Try 10 questions from any module, with answers and explanations, without signing up. Start the free trial.
Is it a subscription?
No. You pay once for a fixed access period: 30 days for a single module, 60 to 120 days for a bundle. Nothing renews automatically.
What is the Pass Guarantee?
If you fail the exam, we extend your access. On a bundle, you get one more month for each failed module, up to two modules. On a single module, you get two more weeks, added after your current access ends. To activate the extension, email your official result slip from SCI or IBF to admin@stellanexus.sg.
How quickly do I get access?
Straight away when you pay at checkout by card, PayNow or Apple Pay. If you pay by PayNow transfer instead, we verify it within 1 to 2 hours during business hours.
Can I take the CMFAS exams in Chinese?
SCI holds its CMFAS exams in English. Our study notes and explanations are also available in Chinese as a paid add-on.
What does CMFAS stand for?
Capital Markets and Financial Advisory Services. MAS sets which CMFAS modules a representative must pass in Notice FAA-N26, its competency requirements for representatives of financial advisers.