The CMFAS (Capital Markets and Financial Advisory Services) is an examination structure that consists of many modules that are administered by IBF (Institute of Banking and Finance). Under the FAA (Financial Advisers Act) of the Monetary Authority of Singapore, you need some sort of licensing to become a financial adviser. The CMFAS certification allows you to work as a financial representative in Singapore.
You can register for the exam online on the IBF portal. You must create an account to register and gain access to their services. It is recommended that you register for the exam at least a month in advance. This will give you enough time to prepare.
Once you have registered for the exam successfully, you will be granted access to it. You will be authorized to use the study guide till the day of your exam, after that your authorization will be revoked.
You can prepare for the exam by yourself. If you find it difficult to self-study, you can get training from external institutions as well. These institutions are not affiliated with IBF and their training costs vary.
The difficulty depends on your preparation. The questions are tricky, and some require the memorization of important facts and figures. The questions are designed in such a way that a candidate who does not read the question carefully, picks the incorrect answer. You should be well prepared for the exam, especially if you are taking the M6 as it is the toughest among all modules.
In the CMFAS and all other exams conducted by the IBC, there are three kinds of questions:
Multiple Choice Questions have one correct answer. Multiple Response Questions have multiple correct answers, and to score a point you have to select all the correct answers. Case study questions are usually asked in Module 6 and 6A. These questions have a case study and 2-3 MCQ or MRQ relevant to the scenario. Most of the questions are application-based. These questions will test your knowledge in real-life situations.
Please refer to below table issued by MAS: Notice SFA 04-N22 Competency Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions (Page 37)
The course content for all modules is different. Module 1B covers financial crimes, market conduct, and CPFIS while module 1A has an additional topic of the trading infrastructure. Module 3 covers rules for fund management. Module 4A and 4B cover rules for advising on corporate finance. Module 6 and 6A cover investments, risks, REIT, foreign exchange, CFDs, and ETFs. Module 10 covers financing, pricing, and investing in Real Estate Investment Trusts.
The CMFAS exam has many modules. These are:
If you want to pursue a career as a financial adviser in Singapore, it is mandatory for you to get the CMFAS certification. The CMFAS exam is quite tricky and requires a lot of effort but all the effort is worth it once you get the certification.
For more information on the implementation of the new CMFAS Exams, please refer to the announcement on IBF Exams Webpage and Examinations FAQs on Transitional Arrangements for the Implementation of the new CMFAS Exams.
You need to fulfill these requirements before you enroll for the CMFAS exam:
The M5, M9, and M9A modules cover the rules and regulations of financial advisory and policies regarding investment and life insurance.
There are many alternatives like CFP (Certified Financial Planner), AFC (Associate Financial Consultant), and CLU (Chartered Life Underwriter). These certifications are recognized internationally. The CMFAS is necessary if you want to pursue your career as a financial expert in Singapore
The IBF has developed various policies to uphold the standards, these include:
Yes, for USD 75 (excluding GST), you can reschedule your exam. You must reschedule one working day before (by noon) your exam. You can only change the exam date; changing the module is not allowed.
Yes, the exam is electronic and once you submit your exam, your transcript will be displayed instantly. Apart from the grade, your transcript will also display a detailed analysis of your performance where you will be able to tell the chapters where you did not perform well.
Follow these tips and tricks and ace the CMFAS exam on your first try:
The recommended time to prepare for the CMFAS exam is 50-80 hours. Based on your experience and expertise, these hours can differ.
If you have enough time, it’s smart to start learning from chapter one. If you don’t have enough time, we recommend you use the official study guide and practice questions. This will make you well prepared even if you don’t have enough time to study.
Anthony is the Senior Exam Consultant in CMFASExam
General Inquiries
Dedicated Support
We are currently hiring Software Development Engineers, Exam Content Specialist, Customer Service Manager, and Business Development Associate CMFASExam is an Equal Opportunity Employer – LGBT / Religious / Minority / Women / Disability / Veteran / Gender Identity / Sexual Orientation / Elderly.
© CMFASExam All Rights Reserved.
CMFASExam is a third party vendor and has no affiliation with IBF, MAS or any official organization. The official exam organization has not endorsed any vendor as their official exam preparation provider.