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Which exams do I need?Bank sales jobsM9 + M9A or CM-LIP?Study-text versions

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CMFAS M9CMFAS M9ACMFAS RES5HI – Health InsuranceCMFAS M8CMFAS M8ACMFAS CM-EIPCMFAS CM-SIPBCPPGIComGI (CGI)
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Which CMFAS exams do you need for a bank sales job?

To advise on or arrange life insurance, including investment-linked policies, the Monetary Authority of Singapore (MAS) requires three CMFAS exams: CMFAS RES5 (Rules, Ethics and Skills for Financial Advisory Services), CMFAS M9 (Life Insurance and Investment-Linked Policies) and CMFAS M9A (Life Insurance and Investment-Linked Policies II). You don't need M9A if you meet MAS's exemption criteria.

For life policies with accident and health benefits you also need the health insurance qualification, HI – Health Insurance, under MAS Notice 117, unless one of that notice's exceptions applies. HI is a Singapore College of Insurance (SCI) exam, its Certificate in Health Insurance, not a CMFAS module.

In practice, all life insurers require their representatives to pass HI, and almost all retail banks require it of their sales staff.

These are MAS's minimums for the products you will advise on. Which modules you need depends on the activity, not on who employs you. Your bank's compliance or HR team confirms the exact modules for your role.

This page covers what's specific to banks. For every product, exemption and the steps to your first day, see Which CMFAS exams do you need for a career in financial advisory?

Which exams for what you'll sell

If your role involves advising on…MAS's minimum exams
Life insurance, including investment-linked policiesCMFAS RES5 + CMFAS M9 + CMFAS M9A (M9A has exemptions: see the full guide)
…and life policies with accident and health benefitsadd HI – Health Insurance (SCI's exam, not a CMFAS module)
Units in collective investment schemes (unit trusts)CMFAS RES5, plus CMFAS M8 (Collective Investment Schemes) or CMFAS CM-EIP (Capital Markets – Excluded Investment Products – Securities, Collective Investment Schemes and Foreign Exchange), plus CMFAS M8A (Collective Investment Schemes II) or CMFAS CM-SIP (Capital Markets – Specified Investment Products – Derivatives and Collective Investment Schemes)

Source: MAS Notice FAA-N26 (Table 1 and its footnote, Table 2, Annex A, Table B-1), in force from 1 April 2024; MAS FAQs on FAA-N26. Checked 24 September 2026.

If you advise on securities as well as units in collective investment schemes, M8 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. Other activities, such as derivatives, have their own rows in Table 1 of the notice; check it or ask your compliance team.

Private banking? The CMFAS exam requirements in MAS Notice FAA-N26 don't apply to representatives who advise only accredited or institutional investors (Annex A of the notice), so private-banking roles may follow a different route. Confirm with your employer.

Do banks require HI – Health Insurance?

Almost all retail banks require HI of their sales staff, even where MAS Notice 117's narrow exception applies. When your bank expects you to pass it varies, so ask HR or compliance. The rule and its exception are explained in the full guide.

Who pays for the exams, and do I pass before or after joining?

This varies by bank. Ask your HR or compliance team.

Everything else

The rest applies to everyone entering financial advisory, bank or not, and is in the full guide:

Preparing for RES5, M9, M9A or HI?

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Last updated: 26 September 2026