How to Pass CMFAS Exams on Your First Try
The financial services industry in Singapore is a highly regulated one and rightfully so as Singapore’s repute as a financial hub in Asia depends on competent financial professionals.
To expand my knowledge and solution offerings to clients, I have taken 11 CMFAS examinations and passed them all on my first attempt - M5, M9, M9A, HI, M8, M8A, PGI, ComGI, BCP, M6, M6A. Some modules have since been reconfigured to RES5, CM-LIC, CGI, CM-EIP, CM-SIP. CM-LIC is essentially CM-ILP and CM-CIS, and HI remained.
When we sign up for these papers, self-study materials are also included. I realised that passing papers on the first attempt was not necessarily a norm. I have seen people struggle with the study materials and retake the exams multiple times. It can be disheartening to start your financial advisory business with failure after failure, and I applaud their tenacity in attempting the exams until they pass.
Even the most studious of us may not pass on the first attempt. The ability to pass has little to do with your past academic success, and more to do with your effort to study smart.
I have shared with many people self-study strategies to increase their chance of passing each exam with some success. Hopefully you will find them useful too.
Make Time to Study
This may sound ironic, but many people don’t actually make time to study! They are either too busy with their work or family commitments. Or tend to be over confident with their knowledge on the modules.
As a rule of thumb, set aside 1hr for each chapter in the study material. If there are 12 chapters in the textbook, set at least 12 hours to self-study, and this excludes the time you use to practise and seek clarifications. Generally, 1 paper a week is doable if you have the time. Else, aim for 1 paper every 2 weeks. The longer you take, the more you will tend to forget.
Employ a study method that works best for you. For better retention, I find studying 45-15-45 (45mins study, 15 mins break) more effective than trying to cramp it all in a 2-hr sitting.
Practise with Mock Exam Papers
Mock exams are the single most useful way to test your understanding on the materials. They also give you a sense of how questions may be phrased and how tricky they can get. Some people misunderstand the questions and give the wrong answers. Get your hands on as many mock exam papers as you can to practise. Re-do them if necessary to make sure you understand the concepts.
Practice helps with retention of knowledge. This is why practitioners find it easier to pass the exams, they are already applying the knowledge daily.
Understand Concepts not Answers
A lot of the study materials are dry, and rote memorization can only get us that far. I find that it is much easier to study when I can understand the how behind the materials. For example, some modules provide a formula booklet during the exam for reference. I will try to understand how the concepts relate to the formula and I can refer to the formulas instead of relying on memorizing.
If the study materials don’t help with your understanding of the concepts, google it. There are plenty of resources in all forms (eg. blogs, videos, illustrations, etc.) that can help with your understanding. Use them.
Understanding the concepts can also help when you start your financial advisory business. What we learnt is applicable to work. I have seen FCs who forget the materials after passing!
Seek Clarifications
You will have many questions as you study and google can’t help. Do seek clarifications from a mentor. Not only can your mentor explain it to you from a practical perspective, you can also test your understanding with your mentor. Even if you think you understood the materials 100%, your mentor can test your understanding. Some may even have access to more mock papers for you to practise. Set a weekly time slot where you can seek clarifications with your mentor.
If you don’t have someone to seek clarifications, PM me, I will help when possible.
Know the CMFAS Exam Passing Criteria
This is about being exam smart. Each exam has a passing criteria between 70% to 80%. With the pencil and paper provided at the exams, I will take note of the question numbers when I am not so confident with my answers. Instead of spending too much time on a question, I move on to complete all questions then go back to them after. I am also able to gauge how many questions I am not confident of, and if they are less than the passing grade required, I should be alright.
It is also possible to seek clarifications with the invigilator if the questions are not clear. I have done this a couple of times when I find the questions ambiguous. So raise your hand when you need to clarify.
Be Early to the Examination
Aim to be at the examination room at least 15mins early. This gives you ample time to settle down and start the exam calmly. This allows you to maximise the time allotted for the exam. There are examples where people couldn’t find the examination room (especially when it is your first time), or had to use the restroom and that ate into their exam time. So don’t be punctual, be early for your exams.
These 6 strategies have worked well for me and others to pass on their first attempt. The earlier we pass our papers, the sooner we can get licensed and apply what we learnt on our advisory business. Remember to celebrate with each paper you pass! All the best for your papers!
PS: Do you know it is possible to get a preferred (lower) rate when you sign up for your CMFAS papers? PM me to know how or book a quick Zoom with me.
