The Module 6 Exam applies all persons who wish to deal in securities products in Singapore.

Exam Syllabus

- Investments And Financial Markets
- Risk And Return
- Investment Analysis - Understanding Financial Statements
- Investment Analysis - Macroeconomic Analysis
- Technical Analysis & Quantitative Analysis
- Portfolio Management
- Equity Securities
- Fixed Income Securities
- Unit Trusts, REITs and Exchange-Traded Funds
- Warrants
- Foreign Exchange
- Case Studies

About the Exam

- 100 MCQs (computer-based)
- Duration: 2 hours
- Passing score: 70%
- Fee: $230 for Non-Members, $190 for Corporate Members.

Multi-Response Questions

Since 2019, all IBF exams will come with Multiple-Response questions. They are questions which require you to select all options that apply (with a hint what's the maximum you should choose). 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

- 880 unique practice (mock exam) questions in all Plans

- 6 Hrs of E-Learning tutorial video content offered in Silver Plan or higher

- Infinite practice questions involving math formulas via patent-pending Mathathon, offered in Gold Plan or higher

A recommended study time of 53 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:

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2. After logging in to your account, click on "Subscribe".
3. Choose the exams you need to clear, pick the desired plan(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


We strive to provide the most up to date information about the exams administered by third parties. However, the information published here might at certain point of time be out of date and I ask for your kind understanding. To confirm the most accurate and precise information, please check with the relevant organization or authorities.

Exemption for Module 6

Persons possessing any of the following qualifications (which must be attained through passing the specific respective exams) or working experience are not required to pass Module 6:

1. Degree or higher qualification, with emphasis on accountancy, actuarial science, business/business administration/business management/business studies, capital markets, commerce, economics, finance, financial engineering, financial planning, or computational finance;

2. Chartered Financial Analyst (CFA) by the CFA Institute, USA; (Exempted from Module 6A, 8, 8A, 9A etc too)

3. The Association of Chartered Certified Accountants (ACCA) Qualifications;

4. Associate Chartered Accountant (ACA) of the Institute of Chartered Accountants in England and Wales;

5. Associate/Fellow of the Institute of Actuaries, England;

6. Associate/Fellow of the Faculty of Actuaries, Scotland;

7. Associate/Fellow of the Society of Actuaries, USA;

8. Associate/Fellow of the Institute of Actuaries of Australia;

9. Associate/Fellow of the Casualty Actuarial Society, USA;

10. Associate/Fellow of CPA Australia;

11. Investment Company Products/Variable Contracts Limited Representative Examination (Series 6) or General Securities Representative Examination (Series 7) administered by the Financial Industry Regulatory Authority (FINRA), USA;

12. Module 1 of the Investor Contact Competency Examination (ICCE Module 1) administered by the Securities and Exchange Commission, licensed by the Securities and Futures Commission of Thailand;

13. 3 years relevant and continuous working experience in respect of the regulated activity to be conducted provided there is no break-in-service of more than three years between the specific representative’s last working experience in the regulated activity and the date of his licence application prior to 26 November 2010, or entry into the industry prior to 26 November 2010, or his principal’s lodgment with the Authority of documents under section 99H of the Act in relation to his appointment as an appointed representative, as the case may be. However, this does not apply to persons who fall within paragraph 7(a)(ii) of this Notice;

14. Investment Advice Diploma (where candidate holds 3 modules including the securities module) administered by the Chartered Institute for Securities and Investment (CISI);

15. Investment Advice Diploma (where candidate holds 3 modules including the derivatives module) administered by the Chartered Institute for Securities and Investment (CISI);

16. Masters in Wealth Management (Post 2010 examination standards) administered by the Chartered Institute for Securities and Investment (CISI).

For the most up to date list of exemptions, please click "View Notice" on this official page here and look for Annex 1A.

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