Why first attempts fail
The usual reason we see for a failed first attempt is too little practice. Reading the notes is not enough on its own.
Reading feels like progress, but the exam does not test whether a page looks familiar. It asks you to choose between answers that can all look reasonable, and you only find out whether you can do that by answering questions.
So the plan below is built around practice, with the notes as the place you go back to when a question shows you a gap.
The booking rule: at least three full mock exams at 80%
Before you pay SCI's fee and pick a date, sit at least three full mock exams under exam conditions: 100 questions in 2 hours, with no notes.
Book when you have scored 80% or better on each of them.
Why 80% when the pass mark is 70%? A mock exam is not the exam. On the day, nerves and a run of questions on your weaker chapters can pull your score down. A margin above the pass mark is what absorbs that.
Why three, and not one good score? One high score can be luck. Three is much better evidence that the score is not a one-off.
If a mock exam comes in below 80%, look at which chapters the wrong answers came from before you sit another one. Sitting one mock exam after another without going back to the notes only measures the same gap again.
How long to give it
We usually give candidates two weeks for M9. That is enough for one pass through the notes, chapter practice, and the mock exams.
The fastest we have seen a candidate get ready is three to four days. Treat that as the floor, not the plan.
One way to split two weeks:
- First week: read each chapter's notes, then answer that chapter's practice questions the same day. Do not save the questions for the end.
- Second week: the full mock exams, with time between them to go back over every question you got wrong or guessed.
Where the marks are lost
In our experience the calculation questions are usually the toughest. Chapter 9 of the syllabus is Investment-Linked Life Insurance Products: Computational Aspects.
A common slip is mixing up the bid price and the offer price. SCI's study text gives a memory tip for this in its chapter on the features of investment-linked policies, "BOSB": Buy at Offer, Sell at Bid. In Singapore there is an easier one, because it is the name of a bank you already know:
POSB: Purchase at Offer, Sell at Bid. Where a policy uses bid and offer prices, your premium buys units at the offer price, the higher one, and you cash units in at the bid price, the lower one. Watch for the exception: most switches between sub-funds are done bid to bid.
That clears up one slip. Chapter 9 also asks you to work out allocation rates, mortality charges, death benefits, and withdrawal and surrender benefits, so practise each type yourself, using the calculator you will bring to the exam.
SCI provides no calculator. You may bring your own non-programmable one, but not one that is programmable or has a graphic or word display.
Why learning answers by heart is not enough
It is tempting to work through a set of questions until you remember the answers. Remembering an answer is not the same as understanding the rule behind it, and the exam tests the rule.
When you review a practice question, do not stop at the right answer. Make sure you can say why each of the other options is wrong. If you can do that, you understand the point and not just one question about it.
On the day: re-read, skip, return, eliminate
- Re-read. If a question makes no sense at first glance, read it once more, slowly, and look for words such as "not" or "except".
- Skip. If you still cannot answer it, leave it and move on. Answer everything you are sure of first.
- Return. When you reach the end, go back to the questions you left.
- Eliminate. Rule out the options you know are wrong, then choose from what is left.
Answer every question. SCI awards one mark for each correct answer and deducts nothing for a wrong or blank one, so a guess between two options is always better than an empty answer.
Source for the exam facts on this page: SCI, M9 exam details and SCI Examination Rules and Regulations (v2.4, 2 August 2025), retrieved 24 September 2026. The "BOSB" tip is from SCI's M9 study text, 7th Edition, Version 1.2. The study advice is our own.
Frequently asked questions
How many mock exams should I do before booking CMFAS M9?
At least three full, timed mock exams, each scored at 80% or better. The pass mark is 70%; the gap is your margin on the day.
How long does it take to prepare for CMFAS M9?
We usually allow two weeks. The fastest we have seen is three to four days.
What is the hardest part of CMFAS M9?
In our experience, the calculation questions on investment-linked policies (Chapter 9) are usually the toughest.
How do I remember bid and offer prices?
POSB: Purchase at Offer, Sell at Bid. Where a policy uses bid and offer prices, your premium buys units at the offer price and you cash units in at the bid price. Most switches between sub-funds are done bid to bid. SCI's study text gives the same rule as "BOSB": Buy at Offer, Sell at Bid.
Should I guess if I do not know an answer?
Yes. No mark is deducted for a wrong or blank answer, so rule out what you can and choose from the rest.
Where do I find the M9 format, syllabus and fees?
On our CMFAS M9 page, with SCI's fees and the current study text version.
Ready to test yourself on CMFAS M9?Start with the free trial questions, each with a worked explanation. Full mock exams are part of the paid plans.
Try the free trial questionsLast updated: 5 October 2026