Everything About CMFAS / CACS / FMRP Exams



What does CMFAS, CACS, FMRP 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.

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 1 310 to 400 (IBF) 60/80 2 hrs Private Banking Legislations, Regulations & Industry Codes of Practice
CACS Paper 2 310 to 400 (IBF) 56/80 2.5 hrs Private Banking Industry & Product Knowledge
FMRP 130 to 180 (IBF) 75/100 2 hrs Foreign Exchange Financial Markets Regulatory Practices (FMRP)
Module 1A 130 to 170 (IBF) 75/100 2 hrs Securities Rules & Regulations for Dealing in Securities (SGX-ST)
Module 1B 130 to 170 (IBF) 45/60 1.25 hrs Securities Rules & Regulations for Dealing in Securities (Non-SGX-ST)
Module 2A 160 to 200 (IBF) 75/100 2 hrs Futures Rules & Regulations for Trading in Futures Contracts (for SGX-DT)
Module 3 160 to 200 (IBF) 75/100 2 hrs Fund Management Rules & Regulations for Fund Management
Module 4A 160 to 200 (IBF) 38/50 1.25 hrs Corporate Finance Rules & Regulations for Advising on Corporate Finance
Module 4B 160 to 200 (IBF) 38/50 1.25 hrs Corporate Finance Rules & Regulations for Advising on Corporate Finance (Solely Debt Securities)
Module 5 80 to 137 (SCI) 75/100 2 hrs Financial Advisory Rules & Regulations for Financial Advisory Service
Module 6 130 to 170 (IBF) 70/100 2 hrs Securities Securities Products & Analysis
Module 6A 130 to 170 (IBF) 53/75 2 hrs Securities, Futures Securities & Futures Product Knowledge
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
Module 10 210 to 290 (IBF) 75/100 2 hrs REIT Rules & Regulations For REIT Management, with Product Knowledge & Analysis
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

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 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 (refer to the relevant MAS notice, e.g. Notice SFA 04-N09, for details) M6, M8, M9
ACA - The Chartered Accountant Qualifications M6, M8
ACCA - The Association of Chartered Certified Accountants Qualifications 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 M6, M8
Associate/Fellow of the Casualty Actuarial Society, USA M6, M8, M9
Associate/Fellow of the Faculty of Actuaries, Scotland M6, M8, M9
Associate/Fellow of the Institute of Actuaries of Australia M6, M8, M9
Associate/Fellow of the Institute of Actuaries, England M6, M8, M9
Associate/Fellow of the Society of Actuaries, USA 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 M6, 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 M6, M8, M9
Degree or higher qualification in finance, financial engineering or computational finance M6, 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. 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) M6
Investment Advice Diploma (where candidate holds 3 modules including the securities module) administered by the Chartered Institute for Securities and Investment (CISI) 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). M6
Module 1 of the Investor Contact Competency Examination (ICCE Module 1) administered by the Securities and Exchange Commission, Thailand 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 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-N13 - Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers

Notice SFA 04-N09 - Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services licence and Exempt Financial Institutions under the SFA

IBF - CACS Paper 2 Exemptions

MAS Notice 211 - Minimum and Best Practice Training and Competency Standards for Direct General Insurers

MAS Notice 502 - Minimum Standards and Continuing Professional Development for Insurance Brokers and their Broking Staff

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 provide translated explanations in 3 foreign languages at the moment, namely Chinese, Japanese and Vietnamese. We can add your preferred language upon request.

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 operated by KLOGE LLP (UEN: T12LL1126K) incorporated with ACRA in 2008. Our office is 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 more than 200 genuine google reviews.

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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