CMFAS RES5: Rules, Ethics and Skills for Financial Advisory Services

Exam at a glance

Source: SCI, RES5 exam details; SCI Examination Rules and Regulations. Retrieved 24 September 2026.

Who needs CMFAS RES5

RES5 is the common exam in MAS's competency rules: a valid pass in RES5 is required alongside the product modules for your activity.

SCI lists it for anyone who will:

• advise on securities, units in collective investment schemes, exchange-traded and over-the-counter derivatives, or spot foreign exchange for leveraged trading
• advise on or arrange life insurance

MAS Notice FAA-N26 sets out limited exemptions; your compliance team confirms the modules for your role.

Joining a bank? See Which CMFAS exams do you need for a bank sales job?

Two parts, two pass marks, and when a pass lapses

• You need both: at least 75% in Part I (110 questions) and at least 80% in Part II (40 questions).
• Passed the old Module 5? SCI stopped offering CMFAS Module 5 (Rules and Regulations for Financial Advisory Services) on 28 March 2024. MAS treats a pass in Module 5 under the cancelled notice as a pass in CMFAS RES5, subject to the same three-year validity rules as a RES5 pass.
• Passed but never started advising? If you passed more than three years ago but never started advising, MAS requires you to re-take and pass CMFAS RES5 before you start. You don't need to re-take the product modules you passed. To advise on Specified Investment Products you need a pass in CM-SIP, M8A or M9A, depending on the product (MAS FAQ Q14).
• Left advising more than three years ago? A RES5 pass also stops being valid if you stopped advising and didn't restart within three years; you must re-take CMFAS RES5.

What the CMFAS RES5 syllabus covers

27 chapters in two parts:

Part I: rules and regulations

1. Financial Advisers Act and Financial Advisers Regulations: Financial Advisers and Representatives
2. Financial Advisers Act and Financial Advisers Regulations: Conduct of Business, Power of Authority and Offences
3. MAS Notices, Part I (FAA-N16, FAA-N03, FAA-N11)
4. MAS Notices, Part II (FAA-N02, FAA-N10, FAA-N12, FAA-N14, FAA-N20, FAA-N26)
5. MAS Notice FAA-N06: Prevention of Money Laundering and Countering the Financing of Terrorism (Financial Advisers)
6. MAS Notices, Part III (FAA-N17, FSM-N23, FAA-N19, FSM-N24)
7. MAS Notice 307: Investment-Linked Policies (ILPs)
8. MAS Guidelines, Part I (FAA-G01, FSG-G01, FAA-G04, FAA-G05) and Circular CMI 01/2011 (ILPs)
9. MAS Guidelines, Part II (FAA-G09, FAA-G10, FSG-G04, FAA-G14)
10. MAS Guidelines, Part III (FAA-G13, FAA-G15, FAA-G16, CMG-G02, FSG-G02)
11. Revised Code on Collective Investment Schemes
12. Securities Dealing: Market Conduct
13. Central Provident Fund

Part II: ethics and skills

14. Why Professional Ethics Matter
15. Professionalism
16. Ethical Behavior
17. Unethical Behavior
18. Conflict of Interest
19. Fair Dealing
20. Ethical Marketing & Sale of Financial Products
21. Developing Client-Representative Relationships
22. Fact Finding and Needs Analysis
23. Analysing and Evaluating a Client's Financial Status
24. Developing Appropriate Strategies and Solutions
25. Presentation of Analysis and Solutions to Clients
26. Reviewing Clients' Portfolios
27. Basic Financial Planning Guide

Source: SCI, RES5 exam details ("Contents"). Retrieved 24 September 2026.

CMFAS RES5 fees

SCI charges a lower fee to candidates from member companies of SCI or the Institute of Banking and Finance (IBF).

Per attempt, including GST and SCI's non-refundable S$21.80 registration fee.

• The same fee applies to first attempts and resits.
• SkillsFuture Credit can't be used for CMFAS exams.
• UTAP funding is available to eligible NTUC members.
• The member rate applies to candidates from SCI or IBF member companies who register through the company's corporate account, or online with their own corporate email address and the company's UEN.

Source: SCI, RES5 "Exam Fees", retrieved 24 September 2026.

Frequently asked questions

Last updated: 24 September 2026