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 .
• 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 .
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 ) .
. 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