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, M8A exam details; SCI Examination Rules and Regulations. Retrieved 24 September 2026.
Who needs CMFAS M8A
SCI lists M8A for representatives of financial advisers who advise others on collective investment schemes. 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. Your compliance team confirms the modules for your role, and SCI also advises candidates to check with their compliance department.
You don't need M8A if you hold one of these (MAS Notice FAA-N26, Table B-1):
- a degree in finance, financial engineering or computational finance
- the CFA charter
A degree with only some finance content doesn't count (MAS FAQ Q24).
Joining a bank? See Which CMFAS exams do you need for a bank sales job?
M8A, CM-SIP 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. SCI's combined CMFAS CM-CIS (Collective Investment Schemes) can be taken in place of M8 and M8A together: 100 multiple-choice questions in 2 hours, with at least 70% needed in each part, and no exemptions. It currently runs once a week (SCI says it will add sittings as demand grows). CM-CIS is one sitting and one registration, but a fail in either part fails the whole paper. The member fee is S$239.80, against S$218.00 for M8 and M8A together (weekday daytime).
- Passed the old Module 8A? MAS treats it as a pass in M8A, 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 M8A syllabus covers
The exam covers 6 chapters:
- Introduction to Structured Products
- Risk Considerations of Structured Products
- Understanding Derivatives
- Introduction to Structured Funds
- Examples of Structured Funds
- Case Studies
CMFAS M8A 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, M8A and CM-CIS "Exam Fees", retrieved 24 September 2026.
Frequently asked questions
What is the passing score for CMFAS M8A?
70%. There are 50 multiple-choice questions, one mark each, with no deduction for wrong answers.
How many questions are in the CMFAS M8A exam, and how long is it?
50 multiple-choice questions in 1 hour.
Can I take CM-SIP instead of M8A?
Yes. MAS accepts CM-SIP in place of M8A for advising on units in collective investment schemes. If you also advise on securities, M8A is not enough and you need CM-SIP.
Can I skip M8A with a finance degree?
Yes, if you hold a degree in finance, financial engineering or computational finance, or the CFA charter, as listed in MAS Notice FAA-N26 Table B-1. A degree with only some finance content doesn't count.
What's the difference between CMFAS M8A and CMFAS M9A?
Both start with structured products and derivatives. M8A goes on to structured funds; CMFAS M9A (Life Insurance and Investment-Linked Policies II) goes on to structured investment-linked policies. Compare the chapter lists on this page and on CMFAS M9A.
Preparing for CMFAS M8A?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