Exam at a glance
| Questions | 90 multiple-choice, computer-based, including 3 case studies of 3 questions each |
|---|---|
| Duration | 2.5 hours |
| Pass mark | 70% |
| Results | Shown on screen after the exam; result slip printable from your IBF Portal account the next business day |
| Calculator | Bring a non-programmable financial calculator (IBF advises this); a formulae sheet is provided |
Source: IBF, CMFAS examination details, retrieved 24 September 2026; case studies, calculator and formulae sheet from IBF's CM-EIP Study Guide, "Important Notes about the Examination" (issued to registered candidates, not publicly available).
Who needs CMFAS CM-EIP
IBF describes the CMFAS exams as the licensing exams for capital markets and financial advisory services in Singapore; after passing the relevant modules, candidates must lodge a notification with MAS before they can carry out regulated activities.
For capital markets activities under the Securities and Futures Act, IBF points to MAS Notice SFA 04-N22 for which exams apply to each regulated activity.
For representatives of financial advisers: if you advise on securities as well as units in collective investment schemes, M8 and CMFAS M8A (Collective Investment Schemes II) are not enough: you need CM-EIP and CM-SIP. CM-EIP and CM-SIP also count in place of M8 and M8A. Under Table 1 of MAS Notice FAA-N26, you need CM-EIP and CM-SIP to advise on securities, or on exchange-traded derivatives that are not futures contracts.
Which modules you need depends on the activity, not on who employs you. Your compliance team confirms the modules for your role.
Exemptions: IBF points to MAS Notice SFA 04-N22 for the list of CM-EIP exemptions.
For representatives of financial advisers, you don't need CM-EIP if you hold one of several qualifications or kinds of experience listed in Annex C of MAS Notice FAA-N26, including:
- a degree with an emphasis on accountancy, actuarial science, business, economics or finance
- the CFA charter
The full list is in the notice.
What changed in 2024, and where CM-EIP fits
- CM-EIP replaced the old Module 6 when the new CMFAS exams took effect on 1 April 2024; IBF stopped offering its old exams after 25 March 2024. MAS treats a pass in the old Module 6 as a pass in CM-EIP, subject to the validity rules in MAS Notice FAA-N26.
- MAS accepts CM-EIP in place of M8 for advising on units in collective investment schemes.
- IBF gives registered candidates access to the study guide as a PDF, and that access expires on the day of the registered exam.
What the CMFAS CM-EIP syllabus covers
IBF lists these 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
CMFAS CM-EIP fees
| Per attempt, GST included | |
|---|---|
| IBF corporate members | S$207.10 |
| Non-corporate members | S$250.70 |
Source: IBF, CMFAS examination details, retrieved 24 September 2026.
Frequently asked questions
What is the passing score for CMFAS CM-EIP?
70%.
How many questions are in the CM-EIP exam, and how long is it?
90 questions in 2.5 hours, including 3 case studies of 3 questions each.
How much is the CM-EIP exam?
S$207.10 for IBF corporate members and S$250.70 for non-corporate members, GST included.
Can I use a calculator in CM-EIP?
Yes. IBF advises candidates to bring a non-programmable financial calculator, and a formulae sheet is provided.
Is CM-EIP the old Module 6?
It replaced Module 6 on 1 April 2024. MAS treats a pass in the old Module 6 as a pass in CM-EIP, subject to the validity rules in MAS Notice FAA-N26.
Preparing for CMFAS CM-EIP?Study notes, exam traps on the mistakes candidates commonly make, and a worked explanation for every practice question. Notes and explanations are also available in Chinese as a paid add-on.
Try the free trial questionsLast updated: 24 September 2026