The Module 3 Exam applies all persons who wish to conduct fund management in Singapore.

Exam Syllabus

- The Capital Markets and Fund Management Industry in Singapore
- Fund Management Rules, Regulations and Guidelines
- Licensing
- Regulatory Requirements for Conduct of Business
- Regulatory Requirements for Market Conduct
- Collective Investment Schemes (CIS)
- Central Provident Fund Investment Scheme (CPFIS)
- Guidelines on Product Highlights Sheet (PHS)
- Prevention of Financial Crimes

About the Exam

- 100 MCQs (computer-based)
- Duration: 2 hours
- Passing score: 75%
- Fee: $200 for Non-Members ($20 off if Corporate Members). Additional $20 off if it is not the first attempt.

There is no exemption for M3 because it is a Rules & Regulations examination.


Multi-Response Questions

Since 2019, all IBF exams will come with Multiple-Response questions. They are questions which require you to choose more than one option (with a hint what's the maximum you should choose) in order to score correctly. Such questions are more difficult than those that come with 4 fixed combinations (e.g. "I & II only", "II, III, IV"). Click here to read IBF's exam FAQ.

Relevant Products

- 555 unique practice (mock exam) questions in all packages
- 6 Hrs of E-Learning tutorial video content offered in Success package or higher

A recommended study time of 34 Hrs is recommended to prepare for this exam.

Up to Date, Latest Edition

CMFAS Academy has always been the first in the industry to update its material and content to align to any change or update in the official exam syllabus. We are so confident with our content that we offer the Pass Guarantee.

Exam Prerequisites / Resitting

There is no prerequisite to take this exam. You may also retake it immediately and with no restriction as to the number of times you take it before you pass.

Certificate of Completion

CMFAS Certificate of Completion Sample

Obtain a Certificate of Completion for your learning efforts, even before you pass the exam! This is especially useful when you need to convince potential employers of your readiness for the job.

Pricing Information

For full pricing information, click here: Pricing

How to start preparing for this Exam:

1. Registering an account by itself is FREE. It can be done either by using your Facebook account, Google account, or completing a sign up form using your e-mail address. A free member may get free trials to our content and access to free resources.
2. After logging in to your account, click on "Subscribe".
3. Choose the exams you need to clear, pick the desired package(s) for each exam.
4. Pick the desired payment method. You will only be billed one time (non-recurring).

Official Study Guide and Booking of Exam Date

CMFAS Academy is a private institution offering online e-learning programs to help candidates pass the exams. The official administrator of the exams are Institute of Banking & Finance (IBF) and Singapore College of Insurance.

Candidates who are unsure which exam to take should check with the compliance department of the company. To book for the exam, please register online through the official websites of IBF or SCI.

For more info on the exams, please read up this article: Everything About CMFAS/CACS/FMRP Exams

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