Exam at a glance
| Questions | 100 multiple-choice |
|---|---|
| Duration | 2 hours |
| 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; weekend daytime sessions, subject to availability. 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 | 2 CPD hours on passing |
| Exemptions | MAS lists them in Notice FAA-N26, Annex E |
Source: SCI, M9 exam details and "Exam Fees" note; SCI Examination Rules and Regulations (v2.4, 2 August 2025); MAS Notice FAA-N26, Table B-1 and Annex E. Retrieved 24 September 2026.
Who needs CMFAS M9
To advise on or arrange life insurance, including investment-linked policies, MAS requires CMFAS RES5, M9 and M9A. You don't need M9A if you meet MAS's exemption criteria (below).
For life policies with accident and health benefits you also need the health insurance qualification, HI – Health Insurance, under MAS Notice 117, unless one of that notice's exceptions applies. MAS also lists people who don't need M9 itself, in Annex E of MAS Notice FAA-N26.
Which modules you need depends on the activity, not on who employs you. MAS Notice FAA-N26 applies to licensed and exempt financial advisers and their appointed representatives alike.
M9A exemptions. You don't need M9A if you hold any of these (MAS Notice FAA-N26, Table B-1):
- a degree in finance, financial engineering or computational finance
- a degree in actuarial science or insurance
- the CFA charter
A degree with only some finance content doesn't count (MAS FAQ Q24).
A company can also set up a unit that deals only in life policies other than investment-linked ones. Representatives in that unit need not pass M9A, provided (MAS FAQ Q22):
- the company supervises them so they don't advise on investment-linked policies
- they tell customers so
MAS still strongly encourages anyone advising on life insurance to pass M9A, even if they plan to sell only policies that are not investment-linked (MAS FAQ Q21). Your compliance team will confirm whether any of this applies to you.
SCI also advises candidates to check with their compliance department which CMFAS modules apply to them.
Joining a bank? See Which CMFAS exams do you need for a bank sales job?
Taking CM-LIP instead? MAS accepts the combined CMFAS CM-LIP (Life Insurance and Investment-linked Policies) in place of M9 and M9A. It's a single 150-question paper, and you need at least 70% in each of its two parts; failing either part means re-sitting the whole paper. Sitting M9 and M9A separately lets you re-sit only the paper you fail. Compare the two routes, including SCI's fees →
Calculator, and M9's link to the HI exam
Calculator. Chapter 9 covers the computational aspects of investment-linked products. SCI provides no calculator. You may bring your own non-programmable calculator (any model), but not one that is programmable or has a graphic or word display.
M9 and the HI exception. HI – Health Insurance is SCI's Certificate in Health Insurance exam, not a CMFAS module.
SCI's HI page summarises an exception in MAS Notice 117 that involves M9. You don't need HI if both apply:
- the health insurance products you advise on or arrange contain only critical illness benefits, hospital income benefits or both
- you have passed BCP (Basic Insurance Concepts and Principles) and PGI (Personal General Insurance), SCI's Certification in General Insurance modules, or CMFAS M9
In practice, all life insurers require their representatives to pass HI, some as a condition of joining and others within 3 or 6 months of the representative's appointment under MAS's Representative Notification Framework (RNF). Almost all retail banks also require HI of their sales staff. When your bank expects you to pass it varies, so ask HR or compliance.
What the CMFAS M9 syllabus covers
The exam covers 17 chapters:
- Risk and Life Insurance
- Setting Life Insurance Premium
- Classification of Life Insurance Products
- Traditional Life Insurance Products
- Riders (or Supplementary Benefits)
- Participating Life Insurance Policies
- Investment-Linked Life Insurance Policies (ILPs): Types, Features, Benefits and Risks
- Investment-Linked Sub-Funds
- Investment-Linked Life Insurance Products: Computational Aspects
- Annuities and Other Life Insurance Products
- Application and Underwriting
- Policy Services
- Life Insurance Claims
- The Insurance Contract
- Law of Agency
- Income Tax and Life Insurance
- Insurance Nomination, Wills and Trusts
CMFAS M9 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 the company's corporate account, or online with their own corporate email address, the company's name and, where applicable, its UEN.
Source: SCI, M9 "Exam Fees", retrieved 24 September 2026.
Frequently asked questions
What is the passing score for CMFAS M9?
70%. There are 100 multiple-choice questions, one mark each, with no deduction for wrong answers.
How many questions are in the CMFAS M9 exam, and how long is it?
100 multiple-choice questions in 2 hours.
Do I need M9A as well as M9?
Usually. To advise on or arrange life insurance, including investment-linked policies, MAS requires CMFAS RES5, M9 and M9A, or CM-LIP in place of M9 and M9A. You don't need M9A if you hold a degree in finance, financial engineering or computational finance, a degree in actuarial science or insurance, or the CFA charter (MAS Notice FAA-N26, Table B-1). See CMFAS M9A.
How many times can I resit M9?
There's no limit. You pay the same fee for every attempt.
Which version of the study text is the CMFAS M9 exam based on?
SCI's 7th Edition, Version 1.2, examinable from 22 September 2026.
Preparing for CMFAS M9?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