List of examinations in Singapore
|Exam||Long Name||Organization||Number of Questions||Duration (Minutes)||Passing Grade||Chapters||Type|
|BCP||Basic Insurance Concepts and Principles||SCI||40||45||70%||9||Product Knowledge Examinations|
|PGI||Personal General Insurance||SCI||50||75||70%||7||Rules and Regulatory Examinations|
|CGI||Commercial General Insurance||SCI||50||75||70%||9||Rules and Regulatory Examinations|
|HI||Health Insurance (HI) Module||SCI||50||75||70%||15||Rules and Regulatory Examinations|
|CACS Paper 1||Client Advisor Competency Standards Paper 1||IBF||80||120||75%||5||Rules and Regulatory Examinations|
|CACS Paper 2||Client Advisor Competency Standards Paper 2||IBF||80||150||70%||10||Product Knowledge Examinations|
|CMFAS M1A||Rules & Regulations for Dealing in Securities (SGX-ST Members)||IBF||100||120||75%||6||Rules and Regulatory Examinations|
|CMFAS M1B||Rules & Regulations for Dealing in Securities (Non- SGX-ST Members)||IBF||60||75||75%||5||Rules and Regulatory Examinations|
|CMFAS M2A||Rules & Regulations for Trading in Futures Contracts (SGX-DT Members)||IBF||100||120||75%||5||Rules and Regulatory Examinations|
|CMFAS M3||Rules & Regulations for Fund Management||IBF||100||120||75%||9||Rules and Regulatory Examinations|
|CMFAS M4A||Rules & Regulations for Advising on Corporate Finance||IBF||50||75||75%||7||Rules and Regulatory Examinations|
|CMFAS M4B||Rules & Regulations for Advising on Corporate Finance (Solely Debt Securities)||IBF||50||75||75%||5||Rules and Regulatory Examinations|
|CMFAS M5||Rules And Regulations For Financial Advisory Services||SCI||100||120||75%||14||Rules and Regulatory Examinations|
|CMFAS M6||Securities Products & Analysis||IBF||100||120||70%||12||Product Knowledge Examinations-Excluded Investment Products|
|CMFAS M6A||Securities & Futures Product Knowledge||IBF||75||120||70%||14||Product Knowledge Examinations-Specified Investment Products|
|CMFAS M8||Collective Investment Schemes||SCI||50||60||70%||8||Product Knowledge Examinations-Excluded Investment Products|
|CMFAS M8A||Collective Investment Schemes II||SCI||50||60||70%||6||Product Knowledge Examinations-Specified Investment Products|
|CMFAS M9||Life Insurance And Investment-Linked Policies||SCI||100||120||70%||17||Product Knowledge Examinations-Excluded Investment Products|
|CMFAS M9A||Life Insurance and Investment-Linked Policies II||SCI||50||60||70%||6||Product Knowledge Examinations-Specified Investment Products|
|CMFAS M10||Rules & Regulations for REIT Management, with Product Knowledge & Analysis||IBF||100||120||75%||15||Rules and Regulatory Examinations-Excluded Investment Products|
|FMRP||Financial Markets Regulatory Practices||IBF||100||120||75%||8||Rules and Regulatory Examinations|
A career in the insurance and financial sector often necessitates the completion of a number of examinations that ensure an individual is well-versed in both product knowledge and the rules and regulations that govern these industries. Here, we explore several of these examinations in more detail, including their structure, the institution that provides them, and their focus area.
Basic Insurance Concepts and Principles (BCP)
Offered by the SCI, the BCP examination consists of 40 multiple choice questions (MCQs) that are to be completed within a 45-minute time frame. As the name suggests, this examination focuses on fundamental insurance concepts and principles and is a part of the Product Knowledge Examinations series.
Personal General Insurance (PGI) and Commercial General Insurance (CGI)
Like the BCP, both the PGI and CGI exams are offered by the SCI. Each consists of 50 MCQs to be completed within 1 hour and 15 minutes. These exams concentrate on rules and regulations associated with personal and commercial general insurance, respectively.
Health Insurance (HI) Module
Another offering from SCI, the HI module also requires candidates to answer 50 MCQs within 1 hour and 15 minutes. This exam delves into the rules and regulatory aspects of health insurance.
Client Advisor Competency Standards (CACS) Papers
The Institute of Banking and Finance (IBF) offers the CACS Paper 1 and Paper 2. Both examinations consist of 80 MCQs but differ in duration, with Paper 1 requiring 2 hours to complete and Paper 2 necessitating 2.5 hours. Both are considered part of the Rules and Regulatory Examinations series, although Paper 2 also includes a focus on product knowledge.
The CMFAS examinations, again provided by the IBF, comprise a series of exams that cover a broad range of financial and investment subjects. Each exam consists of MCQs, varying in number from 50 to 100, and focuses on different aspects of securities trading, fund management, financial advisory services, product knowledge, and more.
Financial Markets Regulatory Practices (FMRP)
The FMRP, also provided by the IBF, consists of 100 MCQs to be completed within 2 hours. This exam focuses on the regulatory practices within the financial markets, offering valuable insight into the rules and regulations governing these markets.
In conclusion, these examinations offer a comprehensive overview of the knowledge required to operate successfully in the insurance and financial sectors. They cover both fundamental product knowledge and a deep understanding of the complex regulatory frameworks that govern these industries, ensuring individuals are well-equipped to provide quality service and advice in their respective roles.