ProSyllabus JournalCACS Paper 1 Exam (Singapore Private Banking)

CACS Paper 1 and Paper 2: fees, pass marks, exemptions, which to sit first

CACS Paper 1 and Paper 2 side by side from IBF’s own pages: format, pass marks, fees with GST, who is exempt from Paper 2, what a retake costs and which paper to sit first.

Updated 2 hours agoIBF Singapore · Private banking · Exam guide
#CACS Paper 1 and 2#CACS exam#CACS Paper 2#CACS Paper 1#CACS exam fee#CACS Paper 2 exemption#CACS pass mark#CFA exemption CACS#IBF CACS#Client Advisor Competency Standards
CACS Paper 1 and Paper 2: fees, pass marks, exemptions, which to sit first

Checked 13 November 2026. Every exam figure (format, pass marks, fees, exemptions, resit and reschedule rules, study guide versions) was read on IBF’s own pages on 13 November 2026, and the competency rules in the ABS Private Banking Code of Conduct (effective 1 September 2020) on the same day. IBF changes fees and study guides from time to time: check its CACS Examination Details page before you book a 2027 sitting.

CACS has two papers, and IBF gives them the same format and the same fee: 80 computer-based multiple-choice questions in 2.5 hours, at S$446.90 for IBF corporate members or S$534.10 for others, including GST. What differs is the pass mark (75% for Paper 1, 70% for Paper 2), the subject (rules and codes against products and markets) and the exemption: IBF says there are none for Paper 1, while CFA charterholders are exempted from Paper 2 from 1 January 2019. A failed paper can be rebooked straight away, at the full fee again. The table below sets every figure side by side, each from IBF’s own pages, read on 13 November 2026. ProSyllabus is an independent study site. It is not affiliated with IBF, the Association of Banks in Singapore (ABS) or MAS, and nothing here is official.

ItemPaper 1Paper 2
Paper nameLegislations, Regulations & Industry Codes of PracticeIndustry & Product Knowledge
Format80 MCQs, computer based80 MCQs, computer based
Time2.5 hours2.5 hours
Pass mark75% (60 of 80, our arithmetic)70% (56 of 80, our arithmetic)
Syllabus headings on IBF’s page610
Fee, IBF corporate member (incl. GST)S$446.90S$446.90
Fee, non-corporate member (incl. GST)S$534.10S$534.10
ExemptionsNone: “a Rules and Regulations exam”CFA charterholders, from 1 January 2019
After a failRebook immediately; same fee as the first attemptRebook immediately; same fee as the first attempt
ResultOn screen after the exam; result slip in the IBF Portal the next working dayOn screen after the exam; result slip in the IBF Portal the next working day
Study guide (PDF in the IBF Portal once registered)Version 1.2, Nov 2026Version 1.4, Oct 2026
Annual CACS CPD for Covered PersonsExpected minimum of 15 hours a year, including at least 8 hours of IBF-STS accredited training in Private Banking and Wealth Management, Future-Enabled Skills or Critical Core Skills, and at least 4 hours related to Rules & Regulations, Compliance or EthicsThe same annual requirement (IBF sets one CACS CPD requirement, not one per paper)

From IBF’s CACS Examination Details page, its Exams FAQs (questions 7 and 9), its Study Guide Updates table and its CACS CPD page, all read 13 November 2026. The question counts at the pass mark are our arithmetic.

80 / 80
MCQs in Paper 1 / Paper 2
75% / 70%
pass marks
S$446.90
per paper, IBF member rate (incl. GST)
S$534.10
per paper, other candidates (incl. GST)

IBF, CACS Examination Details, read 13 November 2026.

FreeTests: Overview of Wealth Management · Client Due Diligence · Wealth Transfers and Succession Planning · Ethical Conduct

CACS Paper 1 Practice Test: free sample

Answer 4 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 8 minutes · free · no sign-in.

4 questions to answer

Start nowabout 8 min

This one is free · no sign-in needed

Your result shows how long each question took you.

Who has to sit the CACS papers

IBF says the CACS Assessment “is applicable to private banking professionals (or “Covered Persons”) who are in a client-facing role and provide financial advisory services to accredited investors”, and points to the Private Banking Code of Conduct issued through the Association of Banks in Singapore (ABS). The PB Code defines a Covered Person more widely: an individual in a client-facing role who provides financial or wealth advisory, banking transactional (deposit taking or payments), brokerage or credit services to accredited investors on behalf of a Covered Entity. It names relationship managers, client advisors, investment advisors and consultants, product specialists and wealth planners as examples.

Paragraph 2.1.1 of the PB Code says the Covered Person “is expected to pass the Client Advisor Competency Standards (“CACS”) before he/she provides any financial/wealth advisory service to AIs on behalf of his/her Covered Entity”, and paragraph 2.2.1 says a Covered Person who does not pass “should not advise clients”. Paragraph 2.1.2 adds that this applies even where the employer has its own IBF-accredited programme. We found no deadline in months for passing CACS in the PB Code. Our suggestion: ask your employer’s compliance or HR team what timeline it works to.

WhoPaper 1Paper 2Where it comes from
A Covered Person outside the groups in 2.1.3, with no exemptionExpected to pass before giving financial or wealth advisory servicesExpected to pass before giving financial or wealth advisory servicesPB Code 2.1.1; IBF: no exemptions to Paper 1
A CFA charterholder outside the groups in 2.1.3Expected to pass before giving financial or wealth advisory servicesExempt (IBF: “are exempted”; PB Code 2.1.5: “can be exempted”)IBF Examination Details; PB Code 2.1.5
FICS-certified for “Relationship Management – High Net Worth, Job Role IV” or above as at 1 September 2011Not expected to pass CACSNot expected to pass CACSPB Code 2.1.3(a)
At least 15 years of relevant financial services experience as at 1 September 2011Not expected to pass CACSNot expected to pass CACSPB Code 2.1.3(b); 2.1.4 expected a specified non-examinable course instead, within 18 months of 1 September 2011
A wealth planner representing Covered Entities as at 31 December 2018Not expected to pass CACSNot expected to pass CACSPB Code 2.1.3(c)

From section 2 of the ABS Private Banking Code of Conduct (effective 1 September 2020) and IBF’s CACS Examination Details page, read 13 November 2026. The PB Code says the Covered Entity’s compliance or HR department determines whether a person has the experience in 2.1.3(b).

Who is exempt from CACS Paper 2

IBF’s wording is one line: “From 1 January 2019, CFA Charterholders are exempted from CACS 2.” The PB Code, paragraph 2.1.5, puts it as “can be exempted”. Both refer to CFA charterholders, and neither page we read extends it to candidates who have passed some CFA levels but are not charterholders; if that is you, ask IBF before you rely on it. There is no matching exemption for Paper 1: IBF says “There are no exemptions to CACS 1 paper as it is a Rules and Regulations exam.”

Our suggestion: confirm your Paper 2 exemption before you book Paper 2, not after. IBF’s FAQs list registering for an exam and later realising you “do not need to sit for the examination”, for example because of an exemption, among the cases where it gives strictly no refund. IBF’s public pages we read do not set out how the CFA exemption is recorded or applied for, so confirm the step with IBF or your employer.

What each paper tests

The two papers share a format but not a subject. Paper 1 is about the rules a private banker works under; Paper 2 is about the products and markets a client’s money goes into. IBF lists the headings below; we found no question counts or weights by heading on the IBF pages we read.

#Paper 1 headings (IBF)Paper 2 headings (IBF)
1Overview of Wealth ManagementMacroeconomic Analysis and Key Drivers of Asset Prices
2Private Banking Code of ConductPortfolio Management Process and Performance Measurement
3Client Due DiligenceForeign Exchange Analysis
4Client AdvisoryFixed Income Analysis and Strategies
5Wealth Transfers and Succession PlanningEquity Analysis and Strategies
6Ethical ConductFunds Solutions
7Alternative Investments
8Derivatives Market
9Structured Products
10Credit and Leverage

Headings as listed on IBF’s CACS Examination Details page, read 13 November 2026 (IBF’s page spells the fifth Paper 2 heading “Equity Analysis ad Strategies”). The rows only line the lists up; a Paper 1 heading has no link to the Paper 2 heading beside it.

IBF’s 5 May 2024 announcement of the new CACS exams, available from 6 August 2024, lists what changed: more content on ethics and professional conduct in the Paper 1 study guide, updated product content and new products in the Paper 2 study guide, an “Increase in application-based questions”, and Paper 1’s time raised from 2 hours to 2.5 hours. Paper 2 “remains unchanged at 2.5 hours”, and the pass marks stayed at 75% and 70%.

For the public rules behind each Paper 1 heading and a 3-week Paper 1 plan, see our CACS Paper 1 study guide page.

What the pass marks mean in questions

Correct answers needed out of 80 to reach the pass mark
Paper 1 (75%)60 of 80
Paper 2 (70%)56 of 80

Pass marks from IBF’s CACS Examination Details page, read 13 November 2026; the question counts are our arithmetic (75% and 70% of 80).

On 80 questions, Paper 1’s 75% means 60 correct answers and room for 20 wrong; Paper 2’s 70% means 56 correct and room for 24 wrong. Both papers give 2.5 hours, an average of 112.5 seconds a question (our arithmetic).

FreeTests: Overview of Wealth Management · Client Due Diligence · Wealth Transfers and Succession Planning · Ethical Conduct

CACS Paper 1 Practice Test: free sample

Answer 4 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 8 minutes · free · no sign-in.

4 questions to answer

Start nowabout 8 min

This one is free · no sign-in needed

Your result shows how long each question took you.

What a fail costs

IBF’s FAQs say you “may register for another examination slot to re-sit your examination immediately after your failed examination attempt”. There is no cheaper resit fee. Since 1 April 2023, IBF says it has “standardised the fees for both the first attempt and subsequent attempts”, and “There will be no discounts for subsequent attempts.” Before that change, IBF’s fee announcement shows, a CACS resit was cheaper than a first attempt.

EventCost (incl. GST)Source
One sitting of either paper, IBF corporate memberS$446.90 (S$410 before GST)IBF Examination Details; fee announcement of 17 Feb 2023
One sitting of either paper, non-corporate memberS$534.10 (S$490 before GST)IBF Examination Details; fee announcement of 17 Feb 2023
Each resit after a failThe same full fee againIBF Exams FAQs, Q7
Each ordinary reschedule (by 12pm, 1 business day before the exam)S$81.75IBF Exams FAQs, Q22 to Q24
Reschedule for exceptional circumstances under rule 4.5 (sickness or ill health with a valid medical certificate; compassionate reasons, for example bereavement of an immediate family member; a disabling accident or injury to yourself; your own court appearance; or national service under the Enlistment Act)A free reschedule, if you write to IBF Examinations with the reason and supporting documents within 3 business days from the scheduled exam date, then reschedule in the Portal by 2 weeks from the end date in the document. Miss that and the waiver expires: you pay full fees to re-register.IBF Exam Rules (June 2026), rule 4.5
Both papers once each, non-memberS$1,068.20 (our arithmetic)2 × S$534.10
Both papers, one fail and resit, non-memberS$1,602.30 (our arithmetic)3 × S$534.10

Fees from IBF’s pages, read 13 November 2026. The fees before GST are from IBF’s 17 February 2023 fee announcement (new fees from 1 April 2023). IBF does not refund exam fees except in extenuating circumstances, and never for an exam already taken or graded “Absent”.

What CACS could cost you

IBF charges the same fee for every attempt at a paper, and S$81.75 for each ordinary reschedule (all including GST); a reschedule granted free under rule 4.5 costs nothing, so leave it out. Enter how many sittings you are planning for, including any you would need after a fail. Put 0 sittings for Paper 2 if you are exempt.

Fees from IBF’s CACS Examination Details page and Exams FAQs, read 13 November 2026; the totals are our arithmetic. Onsite sittings at the IBF Assessment Centre; IBF lists separate fees for the online sessions it runs only in exceptional circumstances. Your employer may pay; ask before you book.

The member rate is not only for company bookings. IBF’s FAQs say an employee of an IBF member company can get it when registering as an individual online, by giving the company’s UEN and their own corporate email address, and entering the one-time password sent to that address. IBF also lists separate fees for online CACS sessions, S$1,438.80 for members and S$1,744.00 for others per paper; it runs those only in exceptional circumstances, and the employer registers the candidate.

We found no limit on the number of CACS attempts, and no CACS pass rate, on the IBF pages we read. Nor did we find a validity period for a CACS pass. IBF’s FAQs do say FMRP results have no validity period, but that is a different exam and says nothing about CACS. Treat each of these as unknown rather than assume an answer.

Which paper to sit first

We found no required order for the two papers on the IBF pages we read or in the PB Code. IBF’s FAQs allow you to register for several papers in one transaction, as long as each is in a different exam session, and say you can view and book exam dates up to 2 months ahead. The table is ours, built on the facts above.

Your situationOur suggestionWhy
You are a CFA charterholderConfirm the Paper 2 exemption first, then book Paper 1 only.Paper 1 has no exemptions; a Paper 2 booking you turn out not to need is not refunded.
New to private banking, with product or markets study behind you (CMFAS, a finance degree)Paper 1 first.It has the higher pass mark, it has no exemptions, and in our view its private banking rules are likely to be less familiar than products and markets.
Moving from investments or advisory into a private banking rolePaper 1 first, then Paper 2 while the product content is fresh.The product syllabus overlaps your work; the private banking rules may not.
New to finance altogetherPaper 1 first, but leave more time for Paper 2.IBF lists 10 Paper 2 headings, from fixed income to structured products and credit, against 6 for Paper 1.
Your employer has set an order or a dateFollow it.The PB Code leaves monitoring to the Covered Entity (paragraph 2.2.2).

Our suggestions, not IBF’s. We found no required paper order on the IBF pages we read or in the PB Code.

A realistic plan for both papers

We found no recommended study hours for either paper on the IBF pages we read (13 November 2026), so the timings below are ours. One fact shapes any plan: IBF says candidates who have successfully registered for an exam are given access to a PDF of its study guide through the IBF Portal, and that the access expires on the day of the registered exam. Our plan assumes you use the access that comes with each paper’s registration.

WeeksDoCheck
1Book Paper 1 for about 3 weeks out (at the member rate if your employer is an IBF member). Open the Paper 1 study guide in the Portal and map its six syllabus headings onto your weeks.Write down your reschedule deadline: 12pm, one business day before the exam.
1–3Work through the six Paper 1 headings, then two timed 80-question mocks.Aim to clear 60 of 80 with time to spare before the exam.
3Sit Paper 1. If you pass, book Paper 2; if not, rebook Paper 1 (full fee) and plan around your weakest headings.The result is on screen; the slip is in the Portal the next working day.
4–7Paper 2: open its study guide once booked, and work through the ten headings, leaving the most time for the ones furthest from your own work.Practise calculations as well as definitions under time.
7–8Timed Paper 2 mocks, then sit Paper 2.Aim to clear 56 of 80 with a margin.

Our plan; we found no recommended study hours on the IBF pages we read. About 7 to 8 weeks for both papers is our estimate for someone working full time; give Paper 2 more time if markets and products are new to you. The 2-month booking window, the study guide access and the reschedule cut-off are IBF’s.

Two worked CACS Paper 1 questions

IBF’s 2024 announcement says the new exams have more application-based questions. Here are two questions from the independent ProSyllabus CACS Paper 1 practice test, printed exactly as the test shows them, with its explanation.

Question 1 · Client Due Diligence

A serving government minister of another country wishes to open an account. Besides normal CDD, which enhanced measures does MAS Notice 626 require at a minimum?

  1. Enhanced monitoring only, since the PEP's identity is public and easily verified by the bank
  2. Establishing source of funds only, plus a declaration from the PEP that the funds are lawful
  3. Senior management approval, establishing source of wealth and funds, and enhanced monitoring
  4. Senior management approval and a reference letter from the PEP's own government department

Answer: C. Paragraph 8.3 of MAS Notice 626 sets the minimum enhanced CDD where a customer is a politically exposed person: senior management approval to establish or continue the relationship, establishing by appropriate and reasonable means the source of wealth and source of funds, and enhanced monitoring during the relationship. The risk-based approach in paragraph 8.4 covers domestic and international organisation PEPs and PEPs who have stepped down, not a serving foreign minister. Each of the other options leaves at least one of the three out.

From the ProSyllabus CACS Paper 1 practice test: an original question, not an IBF exam or study-guide question. It is one of that test’s four free questions.

Question 2 · Ethical Conduct

At lunch, the CFO of a corporate client tells an RM about an unannounced takeover. Later, another client asks the RM whether now is a good time to buy the target's shares. What should the RM do?

  1. Share the news only with clients who are accredited investors
  2. Not act on the information, including not nudging the client to buy
  3. Suggest a purchase without saying why, so nothing is disclosed
  4. Buy the shares only for clients' discretionary portfolios instead

Answer: B. Paragraph 5.1.3 of the PB Code says a Covered Person in possession of inside information should not act upon it, including by influencing or inducing any client or third party to enter into a transaction. Steering a client to buy without explaining why is still inducing a trade on that information.

From the ProSyllabus CACS Paper 1 practice test: an original question, not an IBF exam or study-guide question. It is one of that test’s four free questions.

QuestionSyllabus headingAnswer
1Client Due DiligenceC: Senior management approval, establishing source of wealth and funds, and enhanced monitoring
2Ethical ConductB: Not act on the information, including not nudging the client to buy

The table repeats the two answers for readers on a version of this page that does not show the cards.

For booking, ID rules and the exam day, see our CACS Paper 1 registration guide; for Paper 2 notices, the CACS Paper 2 updates page; and for where CACS sits in a private banking career, how to become a private banker in Singapore. Two more worked Paper 1 questions are on our practice questions page.

What we could not find

QuestionWhat we found (13 November 2026)
CACS pass ratesNone on the IBF pages we read, so none is quoted here.
Questions per syllabus heading, for either paperThe IBF pages we read list the headings; we found no question counts or weights by heading.
Recommended study hoursNone on the IBF pages we read; the plan above is ours.
A limit on attempts, or a validity period for a passNeither is stated for CACS on the IBF pages we read.
How the CFA exemption from Paper 2 is applied forNot described on the public IBF pages we read; ask IBF or your employer.

FreeTests: Overview of Wealth Management · Client Due Diligence · Wealth Transfers and Succession Planning · Ethical Conduct

CACS Paper 1 Practice Test: free sample

Answer 4 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 8 minutes · free · no sign-in.

4 questions to answer

Start nowabout 8 min

This one is free · no sign-in needed

Your result shows how long each question took you.

Frequently asked questions

Who is exempt from CACS Paper 2?

CFA charterholders. IBF says: from 1 January 2019, CFA Charterholders are exempted from CACS 2; the PB Code says they can be exempted. There is no exemption from Paper 1. Separately, the PB Code does not expect three grandfathered groups to pass CACS at all: certain FICS-certified relationship managers and people with at least 15 years of relevant experience, both as at 1 September 2011, and wealth planners as at 31 December 2018.

What is the passing score for CACS Paper 1?

75%, which is 60 correct answers out of 80 (our arithmetic). Paper 2’s pass mark is 70%, or 56 of 80. Both pass marks are from IBF’s CACS Examination Details page, read 13 November 2026.

Is CACS Paper 2 difficult?

We found no CACS pass rates on the IBF pages we read, so we cannot say from official figures how many candidates fail it. What IBF does publish: Paper 2 has a lower pass mark than Paper 1 (70% against 75%) and ten listed syllabus headings against Paper 1’s six, running from macroeconomics and fixed income to derivatives, structured products and credit. In our view, how hard it feels depends mostly on how much of that you already work with.

How long to study for CACS Paper 1?

We found no recommended study hours on the IBF pages we read. Our own plan for Paper 1 takes about three weeks, roughly 40 hours, starting on the day you register and the study guide opens in the IBF Portal. Allow longer if the Singapore rules are new to you.

How much is the CACS exam fee?

S$446.90 per paper for IBF corporate members and S$534.10 for others, including GST, on IBF’s page read 13 November 2026. Both papers cost the same, and every resit costs the full fee again.

Can I take CACS Paper 2 before Paper 1?

We found no required order on the IBF pages we read. IBF lets you register for several papers in one transaction, as long as each is in a different exam session. Check whether your employer wants a particular order.

How soon can I resit a failed CACS paper?

IBF says you may register for another slot immediately after a failed attempt, subject to the dates open in the IBF Portal. The fee is the same as the first attempt.

Do I get the results straight away?

Yes. IBF says the result is displayed on screen after the exam, and the result slip can be printed from the IBF Portal on the next working day.

  • 2 mocks of 80 questions, 2.5 hours each
  • A 12-question drill for each of IBF's six syllabus headings
  • The rule behind every answer: PB Code, MAS notice, guideline or Act
  • Score by heading and the rules to re-read after each attempt
  • Application-based questions, as IBF's 2024 update describes
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Independent practice: original questions, not IBF items