What you need to score
M9A is a short paper: 50 questions in 1 hour. At a pass mark of 70% you need 35 correct, so you can get no more than 15 wrong.
That works out to a little over a minute for each question. There is not much time to work a question out from nothing on the day, which is why the practice comes first.
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.
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: 50 questions in 1 hour, 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.
Where the marks are lost
In our candidates' mock exams the weakest chapter is Understanding Derivatives, followed by Introduction to Structured ILPs. Start there, but do not neglect the other chapters.
SCI's study text sets out Understanding Derivatives in five parts: what derivatives are, futures and forwards, options and warrants, swaps, and the contract for differences (CFD). It works through examples of the payoff and loss on futures positions, and of the profit, loss and breakeven price on options positions.
Do not only read the worked examples in that chapter. Work each one yourself, using the calculator you will bring to the exam, until you can get the figure without looking.
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.
How long to give it
We usually give candidates two weeks per paper. The fastest we have seen a candidate get ready for a paper is three to four days. Treat that as the floor, not the plan.
One way to split two weeks for M9A:
- First week: read each chapter's notes, then answer that chapter's practice questions the same day. Start Understanding Derivatives and Introduction to Structured ILPs early, so there is time to come back to them.
- Second week: the full mock exams, with time between them to go back over every question you got wrong or guessed.
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 point behind it, and the exam tests understanding.
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 have been through the questions, go back to the ones 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, M9A exam details and SCI Examination Rules and Regulations (v2.4, 2 August 2025), retrieved 24 September 2026. The outline of Understanding Derivatives and the examples it works through follow SCI's M9A study text, 3rd Edition, Version 1.1. The study advice is our own.
Frequently asked questions
How many mock exams should I do before booking CMFAS M9A?
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 many questions can I get wrong and still pass CMFAS M9A?
No more than 15. The pass mark is 70% of 50 questions, which is 35 correct.
What is the hardest part of CMFAS M9A?
In our candidates' mock exams the weakest chapter is Understanding Derivatives, followed by Introduction to Structured ILPs. Start there, but do not neglect the other chapters.
How long does it take to prepare for CMFAS M9A?
We usually allow two weeks for a paper. The fastest we have seen for any paper is three to four days.
Can I bring a calculator to the CMFAS M9A exam?
Yes, your own non-programmable one. SCI provides no calculator, and does not allow one that is programmable or has a graphic or word display.
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 M9A format, syllabus and fees?
On our CMFAS M9A page, with SCI's fees, the exemption rules and the current study text version.
Ready to test yourself on CMFAS M9A?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: 6 October 2026