What is CMFAS ?
Capital Markets and Financial Advisory Services ( CMFAS ) Examinations are used to give the licensing mandates to
professionals or industry newcomers in the capital markets and financial advisory services industry in Singapore .
Capital market services relate to the execution of the client’s trade , and are governed by the Securities and Futures Act ( SFA ) .
The CMFAS exams cover capital market products , corporate finance , fund management , real estate investment , product
financing , custodial services , and credit rating services .
Financial advisory services refer to the professional advice that helps the client to make sound financial decisions , and it is
regulated by the Financial Advisers Act ( FAA ) .
Conrad has been living in Singapore for 38 years and wants to invest in shares from the Singapore Exchange ( SGX ) .
Upon identifying the most suitable stocks to invest in , he can visit the Bank of Singapore to execute the trades .
Cindy is a Singapore resident who wants to invest in bonds from Singapore Exchange ( SGX ) . She can visit the CGS
CIMB Securities International Pte . Ltd. ( CGS – CIMB ” ) to execute the trade .
In the above cases , Bank of Singapore and CGS – CIMB Securities International Pte . Ltd are where investors like Conrad
and Cindy execute their investments or seek financial advisory . Hence , staff members who serves them in such
financial services will have to take the CMFAS examinations .
• Eg . Meher is married with 5 children and wants to take up a healthcare policy for her family . She can visit Pacific
Insurance Brokers Pte Ltd in Singapore , where the staff member of Pacific Insurance will be advising Meher about the
most suitable healthcare policies . In this case , Meher as an investor does not need to take the exam . But staff
members who advises Meher will have to take the relevant CMFAS exam .
Before Conrad executes his stock trade , he can seek advice on the most suitable stock to trade on from the Bank of
Under what situation do I need to do the exam ?
In order to begin offering the capital markets and financial advisory services , one is mandated to take the relevant CMFAS
exams and licenses .
For example :
Mia completed a bachelor’s degree in actuarial science from Singapore Management University ( SMU ) and wants to
join the financial sector as an insurance agent . For example , Mia should take and pass the CMFAS M5 exam and apply
for the financial adviser representative license in order to begin practicing . Here is the link to registering for CMFAS
Module 5 Examination : https://www.scicollege.org.sg/Exam/ExamDetails/M5
• Similarly , Joey just graduated with a bachelor’s degree in finance from Murdoch University Singapore and wants to
start providing capital market services as a securities trading agent . Therefore , Joey should register , sit , and pass
( either CMFAS Module 1A or 18 ) + module 6 + module 6A exams and then be registered as a capital markets services
( CMS ) representative to begin practicing . These modules can be found here :
M1A : https : //wwwiborgsg/programmes/examination/Pages/Module-1A-Details.aspx
M1B : https://www.ibf.org.sg/programmes/examination/Pages/Module-18-Details.aspx
M6 : https://www.ibf.org.sg/programmes/examination/Pages/Module-6.aspx
M6A : https://www.ibf.org.sg/programmes/examination/Pages/Module-6A-Details.aspx
List of examinations in Singapore Exam Long Name Organization Number of Questions Duration (Minutes) Passing