The Module 8 Exam applies to all persons who wish to provide financial advice on and / or market collective investment schemes are required to pass this Module 8, together with Module 5 - Rules And Regulations For Financial Advisory Services, in compliance with the requirements as laid down by the Monetary Authority of Singapore (MAS).

Exam Syllabus (7th Edition)

- Types Of Investment Assets
- Financial Markets
- Risk and Return
- Time Value Of Money
- Considerations For Investments
- Unit Trusts
- Fund Products

About the Exam

- 50 MCQs (computer-based)
- Duration: 1 hours
- Passing score: 70%
- Fee: $185.30 (Mon-Fri 9-6pm) or $203.83

Relevant Products

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

- 3 Hrs of E-Learning tutorial or audio course content offered in Silver Plan or higher

A recommended study time of 34 hours 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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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/RES 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 8

Persons possessing any of the following qualifications (which must be attained through passing the specific respective exams) or work experience are not required to pass Module 8:

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. Trading Representatives’ Examination Paper II (previously conducted by IBF);

3. Investment Representatives’ Examination Paper II (previously conducted by IBF);

4. Diploma in Investment (previously conducted by IBF);

5. Diploma in Investment Analysis (previously conducted by the Singapore Securities Research Institute);

6. Diploma in Investment conducted by The Singapore Human Resources Institute (“SHRI”);

7. Diploma in Banking and Finance (previously conducted by IBF);

8. Diploma in Banking and Finance from SHRI;

9. Diploma in Financial Planning from IBF/Singapore College of Insurance (“SCI”);

10. Diploma in Financial Planning from the Financial Planning Association of Australia;

11. Diploma in banking, finance, accountancy, business or business administration from all polytechnics in Singapore;

12. Diploma in Business Administration from the University of Singapore;

13. Graduate Diploma in Financial Management from Singapore Institute of Management (“SIM”);

14. Royal Melbourne Institute of Technology’s Diploma of Financial Services conducted by SIM;

15. Banking or Financial Studies Diploma from ifs School of Finance (previously known as the Chartered Institute of Bankers), UK;

16. Skills Certificate – Investment (previously awarded by IBF);

17. Skills Certificate – Investment awarded by SHRI;

18. Certificate in Private Banking awarded by The Wealth Management Institute Pte Ltd, Singapore;

19. Financial Planning Certificate awarded by UK Chartered Insurance Institute (“UKCII”);

20. Certificate in Financial Planning awarded by UKCII;

21. Certificate in Financial Needs Analysis & Plan Construction awarded by Singapore College of Insurance, Singapore;

22. Advanced Financial Planning Certificate awarded by UKCII;

23. Diploma in Financial Planning awarded by UKCII;

24. Advanced Diploma in Financial Planning awarded by UKCII;

25. Chartered Financial Analyst Level 1 Examination conducted by the CFA Institute, USA;

26. Associate Financial Consultant awarded by Insurance and Financial Practitioners Association of Singapore (previously known as Life Underwriters Association of Singapore) (“IFPAS”);

27. Fellow Chartered Financial Practitioner (Modular) awarded by IFPAS;

28. Associate Financial Planner or Associate Wealth Planner awarded by the Financial Planning Association of Singapore;

29. Series 6 or Series 7 of the National Association of Securities Dealers, USA;

30. Investment Management Certificate of the UK Society of Investment Professionals (previously known as UK Institute of Investment Management & Research Examinations);

31. Chartered Life Underwriter by American College, USA; or Chartered Life Underwriter Singapore by SCI;

32. Chartered Financial Consultant by the American College, USA; or Chartered Financial Consultant Singapore by SCI;

33. Certified Financial Planner by the Financial Planning Standards Board or the Certified Financial Planner Board of Standards;

34. 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);

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

36. The Chartered Accountant (ACA) Qualifications;

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

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

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

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

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

42. Associate Member of CPA Australia;

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

44. 3 years of relevant and continuous working experience in respect of the financial advisory service to be provided with no break in service of more than 3 years between the individual’s last working experience and the date of his application for a representative’s licence prior to 26 November 2010, or of commencement of the provision of financial advisory services prior to 26 November 2010, or his principal’s lodgement with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be.

For the most up to date list of exemptions, please click "View Notice" on this official page here and look for Annex 3.

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