We are thrilled to support you on
your journey to become a financial adviser
At Insurance Career, we understand the significance of your career goals. That’s why we offer sponsorship for insurance exams and complimentary training
for qualified candidates, helping to make your path a little smoother.
If you’re ready to take the first step, reach out to us—we’re here to support you in starting your career journey
CMFAS Exam Guide
Need help getting started? You can register for the CMFAS Exams (RES5, M8, M8A, M9, and F3) at the Singapore College of Insurance or check suggested answers from The Institute of Banking and Finance for other exams.
Insurance Career is here to support your journey by sponsoring essential exams and providing free coaching for aspiring insurance agents. We know that exams can be daunting, but we’re here to guide you through it. Clear the four key courses, and you’re on your way to becoming a certified financial advisor. Let us be part of your success story!
To become a certified financial advisor, there are four key courses you need to pass:
RES5 – Rules & Regulations for Financial Advisory
Module 9 (M9) – Life Insurance and Investment-Linked Policies
Module 9A (M9A) – Life Insurance and Investment-Linked Policies II
Health Insurance (HI)
Without passing of the CMFAS Exams, which is pretty much a certification for all financial advisors in Singapore to begin their practice there will not be any basic knowledge you need to service your future clients. Remember, here is a quick rundown of what to expect.
Sign Up Today!
CMFAS M5 Exam – Rules, Ethics and Skills for Financial Advisory Services
In accordance with the updated MAS requirements detailed in MAS Notice FAA-N26, the CMFAS M5 examination module will be renamed to RES5: Rules, Ethics, and Skills for Financial Advisory Services.
For Whom:
The M5 exam is intended for those who are looking to:
1. advise others concerning:
Securities;
Units in a collective investment scheme;
Exchange-traded derivatives contracts (include futures contracts or not futures contracts);
Spot foreign exchange contracts for leveraged foreign exchange trading;
Over-the-counter derivatives contracts.
2. provide advice on and/or arrange life insurance policies (whether or not including investment-linked policies),
You are required to pass this Module 5 on Rules and Regulations for Financial Advisory Services, in compliance with the requirements as laid down by the Monetary Authority of Singapore (MAS).
Candidates are also advised to check with their Compliance Department for their applicable CMFAS examination modules.
Objectives of M5
The objective of this course is to test candidates on their knowledge and understanding of the:
Regulatory framework governing financial advisers and representatives under the FAA;
Financial Advisers Regulations (FAR);
Notices and Guidelines governing all financial advisory activities in respect of investment products;
Distribution or marketing of specific functionally similar investment products, namely, life insurance policies and collective investment schemes, including unit trusts.
process of conducting a proper clients’ needs analysis; CPF and its schemes.
The contents of the course include:
Chapter 1: The Regulatory Bodies and Associations
Chapter 2: Financial Advisers Act And Financial Advisers Regulations – Financial Advisers And Representatives
Chapter 3: Financial Advisers Act And Financial Advisers Regulations – Conduct of Business, Powers Of Authority And Offence
Chapter 4: MAS Notices – Part I [Notice Nos: FAA-N16; FAA-N03 & FAA-N11]
Chapter 5: MAS Notices – Part II [Notice Nos: FAA-N02; FAA-N10; FAA-N12; FAA-N13; FAA-N14; FAA-N15 & FAA-N20]
Chapter 6: MAS Notice No: FAA-N06 – Prevention Of Money Laundering And Countering The Financing Of Terrorism – Financial Advisers
Chapter 7: MAS Notices -Part III [Notice Nos: FAA-N17; FAA-N18; FAA-N19 & FAA-N21]
Chapter 8: MAS Notice Nos: MAS 302 And MAS 307
Chapter 9: MAS Guidelines – Part I [Guideline Nos: FAA-G01; FSG-G01; FAA-G04; FAA-G05; FAA-G06 & FAA-G07] And Circular No: CMI 01/2011
Chapter 10: MAS Guidelines – Part II [Guideline Nos: FAA-G08; FAA-G09; FAA-G10; FAA-G11 & FAA-G14]
Chapter 11: MAS Guidelines – Part III (Guideline Nos: FAA-G13; FAA-G15; FAA-G16; CMG-G02 & FSG-G02]
Chapter 12: Revised Code On Collective Investment Schemes
Chapter 13: Central Provident Fund (CPF)
Chapter 14: Needs Analysis
Structure & Format
100 multiple-choice questions.
Duration
2 hours.
Minimum Passing Grade & Result Slip
Passing Grade: 75%
*One mark will be awarded for each correct answer.
*No mark will be awarded or deducted for any wrong or blank answer.
*No certificate will be issued. Only Result Slip will be issued.
Study Materials / Updates
Candidates are asked to use the eBook to prepare for their examinations. Hard-copy study texts will no longer be issued. Any updates to the contents of the study text will be incorporated into the eBook.
Examination Mode
English Medium – Computer Screen Examination (CSE)
The candidate can self-study for the closed-book examination.
CMFAS M9 Exam – Life Insurance And Investment-Linked Policies
For Whom
The M9 exam is intended for those who are looking to provide advice on and/or arrange life insurance policies (whether or not including investment-linked policies)
You are required to pass this module, together with Module 5 on Rules And Regulations For Financial Advisory Services, in compliance with the requirements as laid down by the Monetary Authority of Singapore (MAS).
Candidates are also advised to check with their Compliance Department for their applicable CMFAS examination modules.
Objectives of M9
The objective of this course is to test candidates on their knowledge and understanding of the:
– Life insurance and life insurance concepts, including setting life insurance premiums and classification of life insurance products;
– Different types of traditional life insurance products;
– Various types of riders; investment-linked policies; and annuities;
– Industry practices including the application and underwriting process; policy services and claims practices; and
– Contractual provisions and legal issues such as the law of agency and other relevant aspects such as income tax, insurance nomination, wills, and trust.
The contents of the course include:
Chapter 1 – Risk And Life Insurance
Chapter 2 – Setting Life Insurance Premium
Chapter 3 – Classification Of Life Insurance Products
Chapter 4 – Traditional Life Insurance Products
Chapter 5 – Riders (Or Supplementary Benefits)
Chapter 6 – Participating Life Insurance Policies
Chapter 7 – Investment-linked Life Insurance Policies (ILPS): Types, Features, Benefits, And Risks
Chapter 8 – Investment-linked Sub-Funds
Chapter 9 – Investment-linked Life Insurance Products: Computational Aspects
Chapter 10 – Annuities
Chapter 11 – Application And Underwriting
Chapter 12 – Policy Services
Chapter 13 – Life Insurance Claims
Chapter 14 – The Insurance Contract
Chapter 15 – Law Of Agency
Chapter 16 – Income Tax And Life Insurance
Chapter 17 – Insurance Nomination, Wills And Trusts
Structure & Format
100 multiple-choice questions.
Duration
2 hours
Minimum Passing Grade & Result Slip
Passing Grade: 70%
* One mark will be awarded for each correct answer.
* No mark will be awarded or deducted for any wrong or blank answer.
* No certificate will be issued. Only Result Slip will be issued.
Study Materials / Updates
Candidates are asked to use the eBook to prepare for their examinations.
Hard-copy study texts will no longer be issued. Any updates to the contents of the study text will be incorporated into the eBook.
Examination Mode
English Medium – Computer Screen Examination (CSE)
The candidate can self-study for the closed-book examination.
CMFAS M9A Exam -Life Insurance And Investment-Linked Policies II
For Whom
The M9A is intended for new or existing representatives of financial advisers who need to comply with the MAS requirement to possess the requisite knowledge to advise others and/or arrange Investment-linked Life Insurance Policies (ILPs).
Candidates are also advised to check with their Compliance Department for their applicable CMFAS examination modules
Objectives of M9A
The objective of this course is to test candidates on their knowledge and understanding of the:
– Features, types, advantages, and disadvantages of structured products, comparison with other investment options, governance structure;
– Documentation and risks associated with the investment of structured products, particularly Structured ILPs;
– Structured ILPs on product features, inherent risks, and performance under various market conditions in determining product suitability for the clients;
– Various types of derivatives in the market, both on-the-exchange and over-the-counter; and
– Applications of structured funds relating to product features, inherent risks, and performance of such funds under various market conditions in determining product suitability for the clients’
The contents of the course include:
Chapter 1 – Introduction To Structured Products
Chapter 2 – Risk Considerations Of Structured Products
Chapter 3 – Understanding Derivatives
Chapter 4 – Introduction To Structured ILPs
Chapter 5 – Portfolio Of Investments With An Insurance
Chapter 6 – Case Studies
Structure & Format
50 multiple-choice questions.
Duration
1 hour.
Minimum Passing Grade & Result Slip
Passing Grade: 70%
*One mark will be awarded for each correct answer.
*No mark will be awarded or deducted for any wrong or blank answer.
*No certificate will be issued. Only Result Slip will be issued.
Study Materials / Updates
Candidates are asked to use the eBook to prepare for their examinations.
Hard-copy study texts will no longer be issued. Any updates to the contents of the study text will be incorporated into the eBook.
Examination Mode
English Medium – Computer Screen Examination (CSE)
The candidate can self-study for the closed book examination.
CMFAS HI Exam – Health Insurance
For Whom
The HI exam is intended for all life and general insurance intermediaries and company staff members who are involved in advising and/or selling any Health Insurance products including:
– Medical Expense Insurance
– Disability Income Insurance
– Long-Term Care Insurance
– Critical Illness Insurance
– Managed Healthcare Insurance
Those who provide advice on and/or arrange contracts of insurance in respect of the Health Insurance products that contain only critical illness benefits and/or hospital income benefits are not required to comply with such requirements, provided that they have obtained passes in the Certification in General Insurance – Basic Insurance Concepts & Principles and Personal General Insurance, or Capital Markets & Financial Advisory Services (CMFAS) Module 9: Life Insurance and Investment-Linked Policies.
Objectives of HI
The objective of this course is to ensure insurance intermediaries and company staff members who are involved in advising and/or selling Health Insurance products have the requisite knowledge of the healthcare environment in Singapore, as well as the various types of Health Insurance products in the insurance market.
The contents of the course include:
Chapter 1 – Overview Of Healthcare Environment In Singapore
Chapter 2 – Medical Expense Insurance
Chapter 3 – Group Medical Expense Insurance
Chapter 4 – Disability Income Insurance
Chapter 5 – Long-Term Care Insurance
Chapter 6 – Critical Illness Insurance
Chapter 7 – Other Types of Health Insurance
Chapter 8 – Managed Healthcare
Chapter 9 – Healthcare Financing
Chapter 10 – Common Policy Provisions
Chapter 11 – Health Insurance Pricing
Chapter 12 – Health Insurance Underwriting
Chapter 13 – Notice No: MAS 120 – Disclosure And Advisory Process Requirements For Accident And Health Insurance Products
Chapter 14 – Financial Needs Analysis
Chapter 15 – Case Studies
Structure & Format
50 multiple-choice questions.
Duration
1 hour 15 minutes.
Minimum Passing Grade & Result Slip
Passing Grade: 70%
*One mark will be awarded for each correct answer.
*No mark will be awarded or deducted for any wrong or blank answer.
*No certificate will be issued. Only Result Slip will be issued.
Study Materials / Updates
Candidates are asked to use the eBook to prepare for their examinations.
Hard-copy study texts will no longer be issued. Any updates to the contents of the study text will be incorporated into the eBook.
Examination Mode
English Medium – Computer Screen Examination (CSE)
The candidate can self-study for the closed-book examination.