CMFAS Exam Guide: Modules, Format & How to Prepare

What is the CMFAS exam?

CMFAS stands for Capital Markets and Financial Advisory Services. It is a set of licensing examinations for Singapore financial services roles, rather than one exam that every candidate takes. Your first task is to confirm the modules relevant to your intended activity and products with your employer or compliance department.

This guide explains how to approach the modules, format and revision. For a comparison with private banking and wholesale market assessments, see which CMFAS, CACS, RES or FMRP exam you need. For booking steps, use the CMFAS registration checklist.

How do I choose the right CMFAS module?

Start with the activity you will perform, rather than choosing a paper by its name alone. The IBF CMFAS module finder groups requirements by specialisation and distinguishes rules, ethics and skills modules from product knowledge modules.

• Rules, ethics and skills: look for the relevant RES module, such as RES 1B, RES 3 or RES 4. RES5 is administered by SCI.
• Capital markets product knowledge: check whether your requirements specify CM-EIP, CM-SIP or CM-CMP.
• Financial advisory products: check the relevant SCI module, such as CM-CIS, CM-LIP or CM-LIC, alongside your rules, ethics and skills requirements.

Older articles and study materials may refer to legacy module numbers. Do not assume an old paper name maps to one current exam for every role. Confirm the exact module and any exemption before booking or buying revision materials.

What is the CMFAS exam format?

The question count, duration and passing standard depend on the module. The examples below illustrate why you should check the individual exam page before planning a timed mock.

Sources: IBF CMFAS examination details and SCI RES5 examination details, checked on 18 October 2026.

How should I prepare for the CMFAS exam?

1. Confirm the syllabus and study-text version. Use the official materials applicable to your exam date as the basis for revision.
2. Build a topic checklist. Split the syllabus into manageable sessions and leave space for reviewing difficult areas.
3. Practise after each topic. Explain why an answer is correct and record the rule, calculation or concept behind mistakes.
4. Check each part separately. Where an exam has separate passing requirements, track your performance for each part.
5. Finish with timed practice. Use the correct question count and duration to rehearse pacing, then revisit weak topics.

Where can I find study guides and practice questions?

Once your module is confirmed, use a matching guide and practice page. CMFASExam provides independent revision resources; purchasing access here does not register you for an official exam.

• RES 1B: read the RES 1B study guide, then try the RES 1B practice test.
• CM-CMP: use the CM-CMP study guide with CM-CMP practice questions.
• RES5: review the RES5 study guide and RES5 practice test.
• CM-CIS: pair the CM-CIS study guide with the CM-CIS practice test.

Where do I register, check fees and confirm exemptions?

Use the official IBF CMFAS pages or the SCI website for your module. Confirm the current fee, available session, examination instructions and study-material access before payment.

Passing a paper does not by itself authorise you to carry out regulated activities. Check appointment requirements, exemptions and any return-to-industry requirements with your compliance department and the relevant official guidance.