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, M9A exam details; SCI Examination Rules and Regulations. Retrieved 24 September 2026.
Who needs CMFAS M9A
To advise on or arrange life insurance, including investment-linked policies, MAS requires:
- CMFAS RES5
- M9
- 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. SCI lists M9A for representatives of financial advisers who advise on or arrange investment-linked policies.
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.
Joining a bank? See Which CMFAS exams do you need for a bank sales job?
Can you be exempted from M9A?
You don't need M9A if you hold one 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 (MAS FAQ Q22), provided:
- the company puts controls in place, including direct supervision and monitoring, so they don't advise on investment-linked policies
- they tell customers so
If you advise only on products other than investment-linked policies outside such a unit, MAS's FAQ says your company should assess whether you need M9A, and 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.
M9A or CM-LIP? You can meet the M9 and M9A requirement with the combined CMFAS CM-LIP (Life Insurance and Investment-linked Policies) instead. SCI's current schedule lists CM-LIP twice a week (Wednesdays and Fridays), while M9A runs every weekday. Dates can change, so check SCI's exam schedule before you register. A fail in either CM-LIP part fails the whole paper, and SCI grants no exemptions from CM-LIP. See how the routes compare on format, re-sits and fees →
What the CMFAS M9A syllabus covers
The exam covers 6 chapters:
- Introduction to Structured Products
- Risk Considerations of Structured Products
- Understanding Derivatives
- Introduction to Structured ILPs
- Portfolio of Investments with an Insurance Element
- Case Studies
CMFAS M9A 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, M9A "Exam Fees", retrieved 24 September 2026.
Frequently asked questions
What is the passing score for CMFAS M9A?
70%. There are 50 multiple-choice questions, one mark each, with no deduction for wrong answers.
How many questions are in the CMFAS M9A exam, and how long is it?
50 multiple-choice questions in 1 hour.
Can I skip M9A with a finance degree?
Yes, if MAS Notice FAA-N26 Table B-1 lists your qualification: a degree in finance, financial engineering or computational finance, a degree in actuarial science or insurance, or the CFA charter. A degree with only some finance content doesn't count. Your compliance team confirms whether it applies.
Do I need M9A if I don't sell investment-linked policies?
MAS's FAQ leaves that to your company to assess, and MAS strongly encourages anyone advising on life insurance to pass M9A, even if they plan to sell only policies that are not investment-linked. The FAQ also describes a unit set up to deal only in life policies other than investment-linked ones: its representatives need not pass M9A if the company directly supervises and monitors them so they don't advise on investment-linked policies, and they tell customers they can't advise on those policies.
How many times can I resit M9A?
There's no limit. You pay the same fee for every attempt.
Preparing for CMFAS M9A?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