Side by side
| CMFAS M8 | CMFAS CM-EIP | |
|---|---|---|
| Run by | Singapore College of Insurance (SCI) | Institute of Banking and Finance (IBF) |
| Questions | 50 multiple-choice | 90, including 3 case studies of 3 questions each |
| Duration | 1 hour | 2.5 hours |
| Pass mark | 70% | 70% |
| Fee per attempt, GST included | S$109.00 member rate, S$130.80 non-member rate (Mon–Fri, 9am–5pm) | S$207.10 for IBF corporate members, S$250.70 for non-corporate members |
| Partner paper | CMFAS M8A | CMFAS CM-SIP |
| Units in collective investment schemes | Yes, with M8A | Yes: MAS accepts CM-EIP in place of M8, and CM-SIP in place of M8A |
| Securities | No | Yes, with CM-SIP |
| Who is exempt | MAS lists who need not pass M8 in Annex D of Notice FAA-N26 | MAS lists the exemptions in Annex C of Notice FAA-N26 |
Source: SCI, M8 exam details and "Exam Fees"; IBF, CMFAS examination details; MAS Notice FAA-N26, Table 1, Annex C and Annex D. Retrieved 24 September 2026. The case studies are from IBF's CM-EIP Study Guide, "Important Notes about the Examination" (issued to registered candidates, not publicly available).
Which should you take?
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)). Which modules you need depends on the activity, not on who employs you.
- Units in collective investment schemes only. MAS Notice FAA-N26 lists CMFAS RES5 (Rules, Ethics and Skills for Financial Advisory Services) with M8 and M8A. CM-EIP and CM-SIP also count in place of M8 and M8A.
- Securities as well. 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. Under Table 1 of MAS Notice FAA-N26, you need CM-EIP and CM-SIP to advise on securities, or on exchange-traded derivatives that are not futures contracts.
- Passed CM-EIP already? You don't need M8 as well: MAS accepts CM-EIP in place of M8 for advising on units in collective investment schemes.
Your compliance team confirms the modules for your role.
The combined SCI paper, CM-CIS
There is a third route for collective investment schemes. 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 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. More on CM-CIS and its fees →
If you passed the old Module 6 or Module 8
- CM-EIP replaced the old Module 6 when the new CMFAS exams took effect on 1 April 2024. MAS treats a pass in the old Module 6 as a pass in CM-EIP, subject to the validity rules in MAS Notice FAA-N26.
- MAS treats a pass in the old Module 8 as a pass in M8, subject to the same validity rules.
Frequently asked questions
What is the difference between CMFAS M8 and CM-EIP?
M8 is SCI's exam on collective investment schemes: 50 multiple-choice questions in 1 hour, pass mark 70%. CM-EIP is IBF's exam: 90 questions in 2.5 hours, pass mark 70%. MAS accepts CM-EIP in place of M8, and requires CM-EIP, with CM-SIP, if you advise on securities.
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.
Is M8 enough if I also advise on securities?
No. 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.
Who runs M8 and CM-EIP?
SCI runs M8 and M8A. IBF runs CM-EIP and CM-SIP.
Preparing for M8 or CM-EIP?Practice questions and mock exams for M8, M8A, CM-EIP and CM-SIP, each question with a worked explanation.
Try the free trial questionsLast updated: 10 October 2026