Alerts and Updates for CACS Paper 2 Exam (Singapore Private Banking)

CACS Paper 2 against CACS Paper 1

Both papers cost S$446.90 for corporate members and S$534.10 for non-corporate members, inclusive of GST, and both are booked through the IBF Portal. Together they make up the Client Advisor Competency Standards assessment required of Covered Persons under the Private Banking Code of Conduct.

Dates and windows

CACS has no fixed examination season; seats are taken from what the IBF Portal offers. The only hard deadline attached to Paper 2 itself is the reschedule cut-off, and the only recent content change is the move to study guide version 1.3 in December 2025.

What this means for your preparation

Two assumptions cost candidates money here. The first is that Paper 2, with the lower pass mark, is the easier paper; it carries ten technical topics against Paper 1's six conduct topics. The second is that a CFA charter removes the CACS obligation altogether. It removes Paper 2 only, and the paper that remains is the one with no exemption and the higher threshold.

Ten topics, and no single dominant one

Paper 2 covers macroeconomic analysis and key drivers of asset prices, the portfolio management process and performance measurement, foreign exchange analysis, fixed income analysis and strategies, equity analysis and strategies, funds solutions, alternative investments, the derivatives market, structured products, and credit and leverage. Across 80 questions, that averages roughly eight questions per topic, so no area can be safely abandoned and no area alone can carry a pass. A candidate from a fixed income desk who knows chapters four and ten cold still needs to survive alternatives, funds and structured products. The practical implication is breadth-first revision: get to a competent baseline on all ten before deepening any one.

Why 70 per cent is not generous

Seventy per cent of 80 questions means 56 correct and a 24-error allowance. That looks comfortable against Paper 1's 75 per cent, but the comparison is misleading because the content is quantitative and conceptually denser. Performance measurement, derivatives and structured products questions reward exact understanding rather than recall, and credit and leverage sits at the intersection of product mechanics and risk. The lower threshold is a recognition of difficulty, not an invitation to underprepare. Candidates should also note the 2.5 hour limit is identical to Paper 1's despite the heavier computational element, leaving under two minutes per question.

The CFA exemption and what it does not cover

IBF states CFA charterholders are exempted from CACS 2, effective from 1 January 2019, and the Private Banking Code records the same position. The exemption is specific: it removes Paper 2, the industry and product knowledge paper, and nothing else. Paper 1 has no exemption at all, so a charterholder joining a private bank still has one examination to pass at 75 per cent before advising accredited investors. The broader exclusions from CACS as a whole are historical rather than qualification-based, covering those FICS-certified at Relationship Management, High Net Worth, Job Role IV or above as at 1 September 2011, those with at least 15 years of relevant experience as at that date, and wealth planners as at 31 December 2018.

Work from version 1.3, not an older text

IBF lists the current Paper 2 study guide as version 1.3, dated December 2025, replacing version 1.2 of November 2024. Paper 2 has therefore been revised twice while Paper 1 has stayed on version 1.1 of October 2024, which tells you where the moving content is. Borrowed notes, a colleague's PDF or a course pack assembled in 2024 will be at least one edition behind on the product material. IBF gives registered candidates electronic access to the guide through the portal, and that access expires on the registered examination date, so plan around losing the text rather than assuming it remains available for a re-sit.

Sequencing, booking and the ongoing CPD load

Both papers cost the same and both are booked on demand through the IBF Portal, so sequencing is a preparation decision rather than a cost one. If you hold a CFA charter, Paper 1 is the only paper in play. Otherwise the argument for taking Paper 2 first is that its content overlaps most with prior market experience; the argument for Paper 1 first is that it cannot be exempted and gates client contact. Rescheduling either paper costs S$81.75 inclusive of GST and must be done by 12 noon one business day before. Once both are passed, the annual obligation is 15 CACS CPD hours, with at least 8 in IBF-STS accredited training and at least 4 in rules, compliance or ethics.

Common questions

What is the difference between CACS Paper 1 and Paper 2?

Paper 1 is Legislations, Regulations and Industry Codes of Practice, with six topics centred on the Private Banking Code of Conduct, client due diligence, client advisory, wealth transfers and ethical conduct, and it requires 75 per cent. Paper 2 is Industry and Product Knowledge, with ten topics running from macroeconomic analysis and portfolio management through foreign exchange, fixed income, equities, funds, alternatives, derivatives and structured products to credit and leverage, and it requires 70 per cent. Both are 80 computer-based multiple-choice questions over 2.5 hours.

Are CFA charterholders exempt from CACS?

From Paper 2 only. IBF states that CFA charterholders are exempted from CACS 2, effective 1 January 2019, and the Association of Banks in Singapore Private Banking Code of Conduct records the same exemption. There is no exemption from Paper 1; IBF states plainly that none is available. A CFA charterholder joining a Covered Entity therefore still has to pass CACS Paper 1, at the higher 75 per cent threshold, before providing financial or wealth advisory services to accredited investors.

How much does CACS Paper 2 cost?

S$446.90 for corporate members and S$534.10 for non-corporate members, both inclusive of GST. The fee is identical to Paper 1's. Registration is through the IBF Portal. Rescheduling also goes through the portal, costs an administrative fee of S$81.75 inclusive of GST, must be done by 12 noon one business day before the examination and is subject to availability. IBF states candidates cannot change the examination module or transfer a registration to another candidate.

Which study guide version should I use for CACS Paper 2?

Version 1.3, dated December 2025. IBF lists it as the latest, replacing version 1.2 of November 2024. Registered candidates get electronic access to the guide through their IBF Portal account, and that access expires on the registered examination date. Anyone preparing from a 2024 copy of the Paper 2 text, or from a course pack built around it, is a version behind. For comparison, the Paper 1 guide remains at version 1.1, dated October 2024.

When do I get my CACS Paper 2 result?

Immediately. IBF states that examination results are displayed on the computer screen after the examination, and that candidates can print their result slips from their IBF Portal account on the next working day. There is no separate results release date to wait for, which is consistent with CACS being booked on demand rather than run to a fixed examination calendar. Note that access to the electronic study guide expires on the examination date itself, so download or note anything you need before then.

What happens after I pass both CACS papers?

The continuing education requirement begins. IBF requires Covered Persons to complete a minimum of 15 CACS CPD hours per year, of which at least 8 hours must be IBF-STS accredited training in private banking and wealth management, future-enabled skills or critical core skills, and at least 4 hours must be in rules and regulations, compliance or ethics training. A Covered Person who attains IBF Certification is deemed to have fulfilled CACS CPD for two years. Covered Entities submit annual fulfilment reports through the IBF Portal by 31 January.