Which CMFAS Exam Paper Should I Take First?

Are you really sure you want to be a FAR? There are countless stories of people “tricked” into being insurance agents. I prefer to begin a new career path with some research for a better understanding of what I am getting myself into. If you feel the same way too, DM for an unfiltered chat about the FA industry.

If you are set on finding your success building an advisory business, this starter CMFAS exam guide is for you.

What CMFAS Exams Are There?

I have taken 11 CMFAS examinations - M5, M9, M9A, HI, M8, M8A, BCP, PGI, ComGI, M6, M6A, and managed to pass them all on my first attempt. In 2024, these exams have been revamped and you will need to clear the following papers depending on the MAS license you are applying for:

1. To Market and Advise Life Insurance: RES5 + HI + CM-ILP.
2. To Market and Advise Unit Trusts: CM-CIS. Or you can take CM-LIC that combines CM-CIS and CM-ILP.
3. To Market and Advise General Insurance: CGI, consisting of BCP + PGI + ComGI.
4. To Market and Advise ETFs: CM-CMP (This is under IBF).

You can only apply for the appropriate MAS license after you have passed the required papers.

All exams are MCQ and require a passing grade of 70% to 80%. This is a high passing grade requirement. Add to the fact that the study materials contain hundreds of pages, are dry/boring, and you need to self-study, it is no surprise that some people need multiple attempts to pass each paper.

To ensure you stay motivated throughout your study journey, we need to strategize how we sign up for the exams. Most people dedicate 1 to 2 weeks per exam for full-time self-study. For example, if you intend to market and advise Life Insurance and Unit Trust (this is the most common combination in my company), you need to pass 3 exams - RES5, HI and CM-CIS. Here are the common feedback we hear from candidates who have took these exams:

1. RES5: This covers rules and regulations and many find this module dry and boring.
2. HI: This covers Singapore’s healthcare landscape, policies and approach and how insurance plays a part. Many find this most informative and interesting compared to the others.
3. CM-CIS: This covers investment concepts and tests for some advanced finance calculations. Those good with mathematics or have a finance background will find this interesting.

You only need to clear 3 exams compared to the 6 I had to do during my time. However, these 3 exams are not going to be easy. Let’s make it work together by being smart about how you should sign up for these exams.

The 8-Steps Approach to Signing Up for CMFAS Exams

1. Before you begin, check if you are exempted for any exams! If you have a finance background academically or professionally, you might be exempted from some of them.
2. Know which papers you need to clear in order to apply for the MAS license you want.
3. It is possible to get preferred (cheaper) rates for each CMFAS exam. DM to know how.
4. At the start, sign up for 1 exam only. Don’t sign up for all of them at one go. Give yourself at least 2 weeks to self-study the first exam.
5. Your first exam should be the one you are most confident to pass. If you are good with mathematics, go for CM-CIS first. If you are unsure, sign up for HI first because the study materials are easier to understand and informative.
6. Make sure you do everything you can to pass your first exam. Nothing hits our confidence more than failing our first paper. Read this post for tips to pass your CMFAS exams on your first try.
7. If you fail at your first attempt (💩 can happen), immediately sign up for the nearest date to re-take the exam. We want to re-take the exam while your memory is still fresh, and meet your mentor/manager for revision.
8. After your first pass, you would have gotten a good feel for the exam format, time needed to self-study, and be more confident about this approach. You can now sign up for your 2nd and 3rd exams. Remember to give yourself ample time for self-study and revision to pass it on your first try.

That’s it! Be smart about the sequence of exams to sign up for to boost your confidence in your journey. Confidence is everything here.

Should I Also Take the Exams for General Insurance and ETFs?

Yes, you should when you are ready to. However, you do not need them to apply for your MAS license, and can “add” to your MAS license whenever you pass the exams in the future.

Generally, I don’t recommend you take them at the start, as it might be overwhelming for someone new to the advisory business. DM for personalized advice about this.

There are other aspects of the advisory business you need to learn and skills you need to develop beyond these regulatory-required exams. Passing your RES5, HI and CM-CIS exams is a fantastic start to your advisory business.

You can leverage your company and team for a broader offering to your clients as a start, and decide later if these exams are important to your offering as a financial consultant. Orion Wealth Partners unique offerings make it easier for you to differentiate yourself.

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