Everything About CMFAS / CACS / FMRP / RES Exams
What does CMFAS, CACS, FMRP, RES stand for, respectively?
CMFAS stands for Capital Markets and Financial Advisory Services.
CACS stands for Client Advisor Competency Standards.
FMRP stands for Financial Markets Regulatory Practices.
RES stands for Rules, Ethics and Skills. This is not to be confused with the Real Estate Salesperson exam.
What are these exams about?
The Monetary Authority of Singapore (MAS) is the central bank of Singapore. Candidates must lodge a notification (usually through their employers) with MAS before they can carry out regulated activities after completing the relevant examination modules of the CMFAS examinations. These exams ensure that licensed practitioners are qualified and competent.
You need to pass some of these regulatory exams before you can be licensed to work in the financial industry.
| Exam | Exam Fee (SGD) | Pass Mark | Exam Duration | Category | Full Name |
|---|---|---|---|---|---|
| CACS Paper 1 | 410 or 490 (IBF) | 60/80 | 2 hrs | Private Banking | Legislations, Regulations & Industry Codes of Practice |
| CACS Paper 2 | 410 to 490 (IBF) | 56/80 | 2.5 hrs | Private Banking | Industry & Product Knowledge |
| FMRP | 190 to 230 (IBF) | 75/100 | 2 hrs | Foreign Exchange | Financial Markets Regulatory Practices (FMRP) |
| RES 1A | 190 to 230 (IBF) | 60/80 | 2 hrs | Securities | Rules, Ethics and Skills for Securities Exchange Dealers |
| RES 1B | 190 to 230 (IBF) | 45/60 | 1.5 hrs | Securities | Rules, Ethics and Skills for Securities Dealers of Non-Exchange Members |
| RES 2A | 230 to 270 (IBF) | 75/100 | 2.5 hrs | Derivatives | Rules, Ethics and Skills for Derivatives Exchange Dealers |
| RES 2B | 190 to 230 (IBF) | 45/60 | 1.5 hrs | Derivatives | Rules, Ethics and Skills for Derivatives Dealers of Non-Exchange Members |
| RES 3 | 230 to 270 (IBF) | 75/100 | 2.5 hrs | Fund Management | Rules, Ethics and Skills for Fund Management |
| RES 4 | 230 to 270 (IBF) | 45/60 | 1.5 hrs | Corporate Finance | Rules, Ethics and Skills for Corporate Finance |
| RES 5 | 170 to 200 (SCI) | 107*/150 | 3 hrs | Financial Advisory | Rules, Ethics And Skills For Financial Advisory Services |
| CM-EIP (formerly M6) | 190 to 230 (IBF) | 63/90 | 2.5 hrs | Securities | Capital Markets – Excluded Investment Products – Securities, Collective Investment Schemes (EIP) and Foreign Exchange |
| CM-SIP (formerly M6A) | 190 to 230 (IBF) | 56/80 | 2.5 hrs | Securities, Futures | Capital Markets – Specified Investment Products – Derivatives and Collective Investment Schemes (SIP) |
| CM-CIS (M8 + M8A) | 260 (SCI) | 70*/100 | 2 | Life Insurance | Collective Investment Schemes |
| CM-LIP (M9 + M9A) | 260 (SCI) | 105*/150 | 3 hr | Life Insurance | Life Insurance and Investment-linked Policies |
| CM-LIC (M8+M8A+M9+M9A) | 500 (SCI) | 140*/200 | 4 hrs | Life Insurance | Life Insurance, Investment-Linked Policies And Collective Investment Schemes |
| RESP 10 | 320 to 380 (IBF) | 75/100 | 2.5 hrs | REIT | Rules, Ethics, Skills and Product Knowledge for REIT Management |
| Module 8 | 80 to 137 (SCI) | 35/50 | 1 | Life Insurance: CIS | Collective Investment Schemes |
| Module 8A | 80 to 137 (SCI) | 35/50 | 1 hr | Life Insurance: CIS | Collective Investment Schemes II |
| Module 9 | 80 to 137 (SCI) | 70/100 | 2 hrs | Life Insurance, ILP | Life Insurance & Investment-linked Policies |
| Module 9A | 80 to 137 (SCI) | 35/50 | 1 hr | Life Insurance, ILP | Life Insurance & Investment-linked Policies II |
| HI | 80 to 137 (SCI) | 35/50 | 1.25 hrs | Life Insurance: HI | Health Insurance |
| BCP | 35 to 38.5 (SCI) | 28/40 | 45 mins | General Insurance | Basic Insurance Concepts & Principles |
| PGI | 70 to 76 (SCI) | 35/50 | 1.15 hrs | General Insurance | Personal General Insurance |
| ComGI | 70 to 76 (SCI) | 35/50 | 1.15 hrs | General Insurance | Commercial General Insurance |
Should I take RES 1B + 2B separately instead of taking RES 12B?
Should I take M9 + M9A separately instead of taking CM-LIP?
Should I take M8 + M8A separately instead of taking CM-CIS?
Should I take 4 of them separately instead of taking CM-LIC?
We strongly recommend you take them separately. There are too many disavantages in taking the new combined exams. The most important disadvantage is that you are required to attain 70% in every part of the exam, failing which you shall fail the entire exam and has to pay the full fee to retake all parts again.
Furthermore, one is likely to perform better in shorter runs than in a marathon paper.
How do I schedule for the exams?
The exams have to be booked and paid for through the respective websites. You have to sit for the exams personally in Singapore.
Singapore College of Insurance (SCI): www.scicollege.org.sg
Institute of Banking & Finance (IBF): www.ibf.org.sg
Take note that the exam fees are separate from the course fees you invest here on CMFAS Academy. The exam fees shown are exclusive of tax.
Can I be exempted from some of the exams?
Yes! Your employer may not point it out to you on the exams which you could be exempted from. Check through this list to avoid wasting precious time and money on exams you are exempted from. Take note that "M" means "Module" i.e. "M6" refers to "Module 6".
| Qualification (listed in alphabetical order) | Exemption(s) |
|---|---|
| 3 years of relevant and continuous working experience in respect of the financial advisory service within the past 5 years. Refer to Notice SFA 04-N22 or FAA-N26 for details) | CM-EIP (M6), M8, M9 |
| ACA - The Chartered Accountant Qualifications | CM-EIP (M6), M8 |
| ACCA - The Association of Chartered Certified Accountants Qualifications | CM-EIP (M6), M8 |
| Advanced Diploma in Financial Planning awarded by UKCII | M8 |
| Advanced Financial Planning Certificate awarded by UKCII | M8 |
| Associate Financial Consultant awarded by Insurance and Financial Practitioners Association of Singapore (previously known as Life Underwriters Association of Singapore) ("IFPAS") | M8 |
| Associate Financial Planner or Associate Wealth Planner awarded by the Financial Planning Association of Singapore | M8 |
| Associate Member of CPA Australia | CM-EIP (M6), M8 |
| Associate/Fellow of the Casualty Actuarial Society, USA | CM-EIP (M6), M8, M9 |
| Associate/Fellow of the Faculty of Actuaries, Scotland | CM-EIP (M6), M8, M9 |
| Associate/Fellow of the Institute of Actuaries of Australia | CM-EIP (M6), M8, M9 |
| Associate/Fellow of the Institute of Actuaries, England | CM-EIP (M6), M8, M9 |
| Associate/Fellow of the Society of Actuaries, USA | CM-EIP (M6), M8, M9 |
| Banking or Financial Studies Diploma from ifs School of Finance (previously known as the Chartered Institute of Bankers), UK | M8 |
| Certificate in Financial Needs Analysis & Plan Construction awarded by Singapore College of Insurance, Singapore | M8 |
| Certificate in Financial Planning awarded by UKCII | M8 |
| Certificate in Life Insurance (Investment-Linked Policies) by SCI | M9 |
| Certificate in Private Banking awarded by The Wealth Management Institute Pte Ltd, Singapore | M8 |
| Certificate in Securities, Derivatives or Securities and Financial Derivatives by the Securities Investment Institute, recognised by the UK Financial Services Skills Council and Financial Services Authority (previously known as the Registered Persons Examination by the Financial Services Authority, UK) | M8 | Certified Financial Planner (CFP) by the Financial Planning Standards Board or the Certified Financial Planner Board of Standards | M8, M9 |
| Chartered Financial Analyst conducted by the CFA Institute, USA | CM-EIP (M6), CM-SIP (M6A), M8, M8A, M9A, CACS Paper 2 |
| Chartered Financial Consultant by the American College, USA or Chartered Financial Consultant Singapore by SCI | M8, M9 |
| Chartered Life Underwriter by American College, USA or Chartered Life Underwriter Singapore by SCI | M8, M9 |
| Degree or higher qualification in actuarial science | CM-EIP (M6), M8, M9 |
| Degree or higher qualification in finance, financial engineering or computational finance | CM-EIP (M6), CM-SIP (M6A), M8, M8A, M9A |
| Degree or higher qualification in insurance | M9 |
| Degree or higher qualification, with emphasis on accountancy, business/business administration/business management/business studies, capital markets, commerce, economics. | CM-EIP (M6), M8 |
| Diploma in Banking and Finance (previously conducted by IBF) | M8 |
| Diploma in Banking and Finance from SHRI | M8 |
| Diploma in banking, finance, accountancy, business or business administration from all polytechnics in Singapore | M8 |
| Diploma in Business Administration from the University of Singapore | M8 |
| Diploma in Financial Planning awarded by UKCII | M8 |
| Diploma in Financial Planning from IBF/Singapore College of Insurance ("SCI") | M8 |
| Diploma in Financial Planning from the Financial Planning Association of Australia | M8 |
| Diploma in Investment (previously conducted by IBF) | M8 |
| Diploma in Investment Analysis (previously conducted by the Singapore Securities Research Institute) | M8 |
| Diploma in Investment conducted by The Singapore Human Resources Institute ("SHRI") | M8 |
| Fellow Chartered Financial Practitioner (Modular) awarded by IFPAS | M8 |
| Financial Planning Certificate awarded by UK Chartered Insurance Institute ("UKCII") | M8 |
| Graduate Diploma in Financial Management from Singapore Institute of Management ("SIM") | M8 |
| Investment Advice Diploma (where candidate holds 3 modules including the derivatives module) administered by the Chartered Institute for Securities and Investment (CISI) | CM-EIP (M6) |
| Investment Advice Diploma (where candidate holds 3 modules including the securities module) administered by the Chartered Institute for Securities and Investment (CISI) | CM-EIP (M6) |
| Investment Representatives' Examination Paper II (previously conducted by IBF) | M8 |
| Masters in Wealth Management (Post 2010 examination standards) administered by the Chartered Institute for Securities and Investment (CISI). | CM-EIP (M6) |
| Module 1 of the Investor Contact Competency Examination (ICCE Module 1) administered by the Securities and Exchange Commission, Thailand | CM-EIP (M6), M8 |
| Royal Melbourne Institute of Technology's Diploma of Financial Services conducted by SIM | M8 |
| Series 6 or Series 7 of the National Association of Securities Dealers, USA | CM-EIP (M6), M8 |
| Skills Certificate – Investment (previously awarded by IBF) | M8 |
| Skills Certificate – Investment awarded by SHRI | M8 | Trading Representatives' Examination Paper II (previously conducted by IBF) | M8 |
The exemption rules may change without prior notice. CMFAS Academy is in no capacity to answer to queries pertaining to exemptions. You should consult your company's Compliance Department or HR manager.
This list includes all CMFAS exams, CACS papers and the FMRP exam. There is no exemption available to these exams: CACS Paper 1, FMRP, M1A, M1B, M2A, M3, M4A, M4B, M5, M10, Health Insurance, BCP, ComGI, PGI, ACAMS Singapore AML Regime.
Official sources for information on exemptions:
Notice FAA-N26 - Competency Requirements for Representatives of Financial Advisers
How do I apply for the exemptions?
You should submit the supporting documents to the Compliance Department of your employer, or the HR manager. If you are not yet employed, you have to wait till you get employed so that your employer will apply the exemptions for you while applying for you to be licensed.
Are there classroom trainings I can sign up for?
CMFAS Academy has managed to free candidates from boring classroom trainings by offering effective online self-paced learning to help you pass, with guarantee. Through our 3 main products, namely Practice Questions, E-Learning and Mathathon, we are confident of helping you pass the exams.
Meanwhile, you may also check out the free explainer videos and audio course at the Free Zone.
Where can I download the official textbook / study guide?
If you have booked for an exam date, you can download the study guide in PDF format from your IBF or SCI account. If you have signed up or planning to sign up for an online package with CMFAS Academy, it is optional for you to have the study guide at all.
This is because our programs are designed in such a way that candidates NEED NOT read through the study guide. Our e-learning will fill you in with the big pictures while our practice questions will fill you in with the details. The explanations provided in the practice questions, along with our innovative SpeedRef™ feature, will help you understand why the answers are as such, without requiring you to waste time finding the referencing portion in the study guide. For exams that involve math topics, Mathathon will give you infinite calculation practices.
Help! English is not my native language.
We have built-in translation feature to help you with your learning! Available in Silver plans and above.
There are many similar-sounding websites purportedly to offer exam questions. How do I avoid being scammed?
You should look out for the 3 basic elements before parting your money. The company should:
1. be registered with ACRA, and has an office and telephone number.
2. have a good track record.
3. have real reviews collected independently.
CMFAS Academy is a brand managed by KLOGE LLP (UEN: T12LL1126K), which is incorporated with ACRA in 2008. Our administration office is located at 8 Marina Boulevard #11-00 Marina Bay Financial Centre Tower 1, and you may call us at 6653-4118. You may google "cmfas academy" to see the 388 genuine google reviews as of today.
I am from AIA. How can I access the materials using my company's corporate subscription?
Please login to your employee account on AIA Learning Management System (LMS).
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