Side by side
The Singapore College of Insurance (SCI) runs all three papers.
| CMFAS M9 + CMFAS M9A | CM-LIP | |
|---|---|---|
| Papers | Two: M9 (100 MCQ, 2 hours) and M9A (50 MCQ, 1 hour) | One: 150 MCQ in two parts (Part I 100, Part II 50), 3 hours |
| Pass rule | 70% on each paper | At least 70% in Part I and at least 70% in Part II |
| If you fall short | Re-sit only the paper you failed | A fail in either part is an overall fail; you re-sit the whole paper |
| How often it runs | Every weekday | Twice a week (Wednesdays and Fridays) in SCI's current schedule |
| Registrations | Two | One |
| Exemptions | M9: MAS lists the exemptions (qualifications and working experience) in Annex E of Notice FAA-N26. M9A: a finance, financial engineering or computational finance degree, an actuarial science or insurance degree, or the CFA charter (Table B-1) | None. SCI: "No exemption is granted from the CM-LIP examination." |
Source: SCI exam details pages for M9, M9A and CM-LIP; MAS Notice FAA-N26, paragraph 4.4, Table 2, Table B-1 and Annex E, retrieved 24 September 2026. The "If you fall short" row is not from these sources: SCI's pages don't state it, and it reflects industry practice. How often each exam runs is from SCI's exam schedule; dates can change, so check SCI's exam schedule before you register.
SCI fees per attempt (GST included)
| Session | M9 + M9A (two papers) | CM-LIP | Difference |
|---|---|---|---|
| Member, Mon–Fri 9am–5pm | S$218.00 (S$109.00 each) | S$239.80 | CM-LIP S$21.80 more |
| Member, after 5pm | S$255.06 (S$127.53 each) | S$258.33 | CM-LIP S$3.27 more |
| Non-member, Mon–Fri 9am–5pm | S$261.60 (S$130.80 each) | S$283.40 | CM-LIP S$21.80 more |
| Non-member, after 5pm | S$298.66 (S$149.33 each) | S$301.93 | CM-LIP S$3.27 more |
Each paper's fee includes SCI's non-refundable registration fee of S$21.80, so the M9 + M9A totals include it twice (S$43.60). You pay the same fee on every attempt.
The member rate applies to candidates from SCI or Institute of Banking and Finance (IBF) member companies who register:
- through their company's corporate account, or
- individually with their own corporate email address (not a personal one) and their company's details
SCI charges M9 and M9A weekend daytime sessions at the after-5pm rate, subject to availability.
Source: SCI exam details and "Exam Fees" pages for M9, M9A and CM-LIP, retrieved 24 September 2026.
What a fail costs
Say you pass the first part of the material but fall short on the second.
- Separate papers: you've passed M9 and failed M9A. You re-sit M9A only: 50 questions, 1 hour, S$109.00 (member, weekday daytime), and it runs every weekday.
- CM-LIP: you've cleared Part I and failed Part II. That is an overall fail, so you re-sit all 150 questions over 3 hours, S$239.80 (member, weekday daytime), at a later CM-LIP sitting (currently twice a week).
Where CM-LIP is the better fit
CM-LIP means one sitting, one registration and one 3-hour exam instead of a 2-hour and a 1-hour paper. If you're confident across both subjects and would rather prepare for a single date, CM-LIP is the simpler route. We don't offer CM-LIP preparation.
Do you need both M9 and M9A?
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.
Unless you hold an M9A exemption or work in the kind of specialised unit described below, M9 on its own doesn't meet the requirement.
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:
- the company supervises them so they don't advise on investment-linked policies, and
- they tell customers so (MAS FAQ Q22).
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.
If you are exempt from M9 or M9A, the separate route lets you use that exemption. CM-LIP has no exemptions, so taking it means passing Part II, which covers the M9A topics, as well as Part I.
Preparing for M9 or M9A?
Try the free trial questionsLast updated: 24 September 2026