Exam at a glance
| Questions | 80 multiple-choice, computer-based, including 6 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-SIP Study Guide, "Important Notes about the Examination" (issued to registered candidates, not publicly available).
Who needs CMFAS CM-SIP
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, CMFAS M8 (Collective Investment Schemes) and M8A 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-SIP to advise on:
- exchange-traded derivatives (with CM-EIP as well for those that are not futures contracts)
- spot foreign exchange for leveraged foreign exchange trading
- over-the-counter derivatives
- securities (CM-SIP with CM-EIP)
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-SIP exemptions.
For representatives of financial advisers, you don't need CM-SIP (MAS Notice FAA-N26, Table B-1) if you hold:
- a degree in finance, financial engineering or computational finance
- the CFA charter
A degree with only some finance content doesn't count (MAS FAQ Q24).
What changed in 2024, and the three-year rule
- CM-SIP replaced the old Module 6A when the new CMFAS exams took effect on 1 April 2024. MAS treats a pass in the old Module 6A as a pass in CM-SIP, subject to the validity rules in MAS Notice FAA-N26.
- MAS accepts CM-SIP in place of M8A for advising on units in collective investment schemes.
- If you passed more than three years ago but never started advising, MAS requires you to re-take and pass CMFAS RES5 before you start. You don't need to re-take the product modules you passed. To advise on Specified Investment Products you need a pass in CM-SIP, M8A or CMFAS M9A (Life Insurance and Investment-Linked Policies II), depending on the product. (MAS FAQ Q14)
- 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-SIP syllabus covers
IBF lists these topics:
- Overview of Derivatives
- Futures, Forwards and Swaps
- Futures Strategies
- Options
- Structured Warrants and Daily Leveraged Certificates
- Barrier Options, Binary Options and Callable Contracts
- Structured Deposits and Other Structured Products
- Structured Notes
- Structured Funds
- Contracts for Differences (CFDs)
- Key Product and Investment Risks for Derivatives and Structured Products
- Case Studies
CMFAS CM-SIP 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-SIP?
70%.
How many questions are in the CM-SIP exam, and how long is it?
80 questions in 2.5 hours, including 6 case studies of 3 questions each.
How much is the CM-SIP exam?
S$207.10 for IBF corporate members and S$250.70 for non-corporate members, GST included.
Is CM-SIP the old Module 6A?
It replaced Module 6A on 1 April 2024. MAS treats a pass in the old Module 6A as a pass in CM-SIP, subject to the validity rules in MAS Notice FAA-N26.
I passed CMFAS more than three years ago but never started advising. What do I need to re-take?
If you passed more than three years ago but never started advising, MAS requires you to re-take and pass CMFAS RES5 before you start. You don't need to re-take the product modules you passed. To advise on Specified Investment Products you need a pass in CM-SIP, M8A or M9A, depending on the product. (MAS FAQ Q14)
Preparing for CMFAS CM-SIP?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