Exam at a glance
| Questions | 50 multiple-choice |
|---|---|
| Duration | 1 hour |
| Pass mark | 70%. One mark per correct answer; no deduction for wrong or blank answers |
| Mode | Computer-screen exam, in English, closed book |
| How often | Daily on weekdays. Dates can change, so check SCI's exam schedule before you register |
| Resits | No limit |
| Results | Given immediately after the exam; final, with no appeal or recheck. A result slip is issued, no certificate |
| CPD | 1 CPD hour on passing |
Source: SCI, M8 exam details; SCI Examination Rules and Regulations. Retrieved 24 September 2026.
Who needs CMFAS M8
MAS sets the product modules by the type of advice you give and the type of products you advise on (MAS Notice FAA-N26, paragraph 4.3(b)), so the modules you need depend on the funds you advise on. Which modules you need depends on the activity, not on who employs you. MAS lists who need not pass M8 in Annex D of Notice FAA-N26.
Your compliance team confirms the modules for your role, and SCI also advises candidates to check with their compliance department.
Joining a bank? See Which CMFAS exams do you need for a bank sales job?
M8, CM-EIP or SCI's combined paper?
- Advising on securities too? 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, both run by the Institute of Banking and Finance (IBF). CM-EIP and CM-SIP also count in place of M8 and M8A.
- The combined paper. You can take SCI's combined CMFAS CM-CIS (Collective Investment Schemes) in place of M8 and M8A: 100 multiple-choice questions (50 + 50) in 2 hours, with at least 70% needed in Part I and at least 70% in Part II, and no exemptions. CM-CIS currently runs once a week (SCI says it will add sittings as demand grows), while M8 and M8A run daily on weekdays. CM-CIS is one sitting and one registration, but a fail in either part fails the whole paper, so you re-sit all of it. Sitting M8 and M8A separately lets you re-sit only the paper you fail.
- Fees compared (member rates): weekday daytime, M8 and M8A cost S$218.00 together and CM-CIS costs S$239.80; after 5pm, S$255.06 against S$258.33.
- Passed the old Module 8? MAS treats it as a pass in M8, subject to the validity rules in MAS Notice FAA-N26; check with your compliance team if you've been out of the industry.
What the CMFAS M8 syllabus covers
The exam covers 8 chapters:
- Types of Investment Assets I
- Types of Investment Assets II
- Financial Markets
- Risk and Return
- Time Value of Money
- Considerations for Investments
- Unit Trusts
- Fund Products
CMFAS M8 fees
| Session | Member rate | Non-member rate |
|---|---|---|
| Mon–Fri, 9am–5pm | S$109.00 | S$130.80 |
| Mon–Fri, after 5pm | S$127.53 | S$149.33 |
Per attempt, including GST and SCI's non-refundable S$21.80 registration fee.
- The same fee applies to first attempts and resits.
- Weekend sessions between 9am and 5pm, subject to availability, are charged the after-5pm fee.
- SkillsFuture Credit can't be used for CMFAS exams.
- UTAP funding is available to eligible NTUC members.
The member rate applies to candidates from member companies of SCI or the Institute of Banking and Finance (IBF) who register:
- through their company's corporate account, or
- individually with their corporate email (not a personal one), company name and, where applicable, the company's UEN
Source: SCI, M8 and CM-CIS "Exam Fees", retrieved 24 September 2026.
Frequently asked questions
What is the passing score for CMFAS M8?
70%. There are 50 multiple-choice questions, one mark each, with no deduction for wrong answers.
How many questions are in the CMFAS M8 exam, and how long is it?
50 multiple-choice questions in 1 hour.
Can I take CM-EIP instead of M8?
Yes. MAS accepts CM-EIP in place of M8 for advising on units in collective investment schemes. If you also advise on securities, M8 is not enough and you need CM-EIP.
What is CM-CIS?
SCI's combined M8 and M8A paper: 100 questions in 2 hours, with at least 70% needed in each part. It currently runs once a week, and a fail in either part fails the whole paper.
Does my old Module 8 pass still count?
MAS treats a pass in the old Module 8 as a pass in M8, subject to the validity rules in MAS Notice FAA-N26.
Preparing for CMFAS M8?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