Start with the work you will do. CMFAS modules cover capital markets and financial advisory requirements; RES means rules, ethics and skills within that structure. CACS is the private banking assessment, while FMRP concerns wholesale OTC market dealing. Confirm your exact requirements with your compliance department before selecting a paper.
Use this comparison to identify the exam family and provider. For a revision plan, read the CMFAS modules and preparation guide; for booking, use the registration checklist. CMFASExam offers independent study and practice resources; official registration is handled by IBF or SCI.
Quick answer: what is CMFAS?
CMFAS stands for Capital Markets and Financial Advisory Services. In practice, candidates use the term to refer to a group of licensing examinations for Singapore financial services roles. The current landscape is split across IBF and SCI: IBF administers the new CMFAS RES and product knowledge exams, CACS and FMRP, while SCI administers RES5, M8, M8A, M9, M9A, CM-CIS, CM-LIP, CM-LIC and insurance exams.
Who administers which exam?
- IBF: RES 1A, 1B, 1BE1, 2A, 2B, 2BE1, 2BE2, 2BE3, 3, 4, 12B, RESP 10, CM-EIP, CM-SIP, CM-CMP, CACS and FMRP.
- SCI: RES5, M8, M8A, M9, M9A, CM-CIS, CM-LIP, CM-LIC, HI, BCP, PGI, ComGI, CRI and professional insurance qualifications.
Which exam should I take?
Your exact module combination depends on the regulated activity, product scope, employer role and applicable MAS/industry requirements. Use the table below as a planning shortcut, then confirm with your compliance department before booking.
| Career or product area | Likely exam family |
|---|---|
| Capital markets dealing across securities, derivatives, CIS and FX | Relevant RES module(s), plus CM-EIP and/or CM-SIP, or CM-CMP, as applicable |
| Excluded investment products dealing/advisory | CM-EIP and the relevant rules, ethics and skills module |
| Specified investment products | CM-SIP, or CM-CMP if the wider combined product module is required |
| Financial advisory services | RES5 plus CM-CIS, CM-LIP or CM-LIC depending on products |
| Private banking client advisory | CACS Paper 1 and Paper 2 unless a valid exemption applies |
| Wholesale treasury / OTC market dealing | FMRP |
| General insurance | BCP, PGI and/or ComGI depending on product line |
After confirming your papers, choose matching revision resources: the CM-CMP study guide for capital markets products, RES5 study guide for financial advisory rules, CACS Paper 1 study guide and CACS Paper 2 study guide for private banking, or the FMRP study guide for wholesale market practice. Practice tests for these papers are linked below.
IBF CMFAS formats for 2026
IBF announced the new CMFAS exam structure with effect from 1 Apr 2024. The current RES and product knowledge formats are:
| IBF module | Format | Duration | Pass mark |
|---|---|---|---|
| RES 1A | 80 MCQs | 120 min | 75% |
| RES 1B | 60 MCQs | 90 min | 75% |
| RES 1BE1 | 40 MCQs | 60 min | 75% |
| RES 2A | 100 MCQs | 150 min | 75% |
| RES 2B | 60 MCQs | 90 min | 75% |
| RES 2BE1 / 2BE2 / 2BE3 | 40 MCQs each | 60 min each | 75% |
| RES 12B | 60 MCQs | 90 min | 75% |
| RES 3 | 100 MCQs | 150 min | 75% |
| RES 4 | 60 MCQs | 90 min | 75% |
| RESP 10 | 100 MCQs | 150 min | 75% |
| CM-EIP | 90 MCQs | 150 min | 70% |
| CM-SIP | 80 MCQs | 150 min | 70% |
| CM-CMP | 80 MCQs | 150 min | 70% |
CACS and FMRP formats
CACS applies to private banking covered persons in client-facing roles who provide financial advisory services to accredited investors. FMRP targets wholesale dealers and brokers in OTC foreign exchange, money market instruments and derivatives.
| Exam | Format | Duration | Pass mark | Exemption note |
|---|---|---|---|---|
| CACS Paper 1 | 80 MCQs | 2.5 hours | 75% | No exemption |
| CACS Paper 2 | 80 MCQs | 2.5 hours | 70% | CFA charterholders exempted from Paper 2 from 1 Jan 2019 |
| FMRP | 100 MCQs | 2 hours | 75% | No exemption |
SCI-administered exam formats
SCI publishes module pages for RES5, combined product modules, legacy single product modules and insurance exams. Pay attention to part-by-part passing rules because an overall score alone may not be enough.
| SCI module | Format | Duration | Passing requirement |
|---|---|---|---|
| RES5 | 150 MCQs | 3 hours | Part I 75% and Part II 80% |
| CM-CIS | 100 questions | 2 hours | 70% for each part |
| CM-LIP | 150 questions | 3 hours | 70% for each part |
| CM-LIC | 200 questions | 4 hours | 70% for M8, M8A, M9 and M9A parts respectively |
| M8 | 50 questions | 1 hour | 70% |
| M8A | 50 questions | 1 hour | 70% |
| M9 | 100 questions | 2 hours | 70% |
| M9A | 50 questions | 1 hour | 70% |
| HI | 50 questions | 1 hour 15 min | 70% |
| BCP | 40 questions | 45 min | 70% |
| PGI / ComGI | 50 questions each | 1 hour 15 min each | 70% |
| CRI | 100 questions | 2 hours | At least 40 in Part I, 10 in Part II and 70 overall |
Fees, schedules and exemptions
Use the current module page and registration portal for the amount payable. IBF's live CMFAS, CACS and FMRP pages show fees inclusive of GST, with corporate-member and non-member rates. SCI module pages direct candidates to its Exam Fees section. Check the total for the module and session you choose; historical announcement tables may show an older fee basis.
For schedules, check available sessions through the official IBF registration portal or the examination schedule linked from your SCI module page. Confirm availability before planning leave or travel.
For exemptions, the simple rules are: CACS Paper 1 has no exemption, CACS Paper 2 exempts CFA charterholders from 1 Jan 2019, FMRP has no exemption, and several SCI modules require candidates to check MAS/SCI exemption policies. Treat exemptions as a compliance matter, not a study shortcut.
How to prepare efficiently
- Start with the official syllabus. Use the official study text or eBook to anchor every topic.
- Check the exam format before practising. A 40-question add-on paper needs a different pace from a 200-question CM-LIC paper.
- Practise by part when the exam has parts. RES5, CM-CIS, CM-LIP, CM-LIC and CRI have part-specific requirements.
- Use timed mocks late in preparation. Early practice should be topical; final practice should simulate the real duration and question count.
- Review wrong answers by rule or concept. These exams often test precise regulatory language, product suitability and conduct standards.
Start with practice pages
FAQ
Is CMFAS the same as RES?
RES modules are part of the newer CMFAS structure for rules, ethics and skills. RES5 is administered by SCI, while many other RES modules are administered by IBF.
Can I see the nearest exam date without logging in?
Check the IBF registration portal or the examination schedule linked from your SCI module page. Availability changes, so confirm the session with the official provider before planning leave or travel.
Which exam is hardest?
Difficulty depends on your background. Long combined papers such as CM-LIC and part-specific exams such as RES5 require strong pacing, while CACS and FMRP reward careful reading of conduct, product and market-practice rules.
Official examination references
- IBF CMFAS examination details
- IBF new CMFAS structure announcement (historical transition reference)
- IBF CACS examination details
- IBF FMRP examination details
- SCI RES5 examination details
- SCI CM-CIS examination details
- SCI CM-LIP examination details
- SCI CM-LIC examination details
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