Alerts and Updates for CMFAS M8A Collective Investment Schemes Exam (Singapore)

M8A and the combined CM-CIS paper compared

M8A is the technical half of the collective investment schemes syllabus, concentrated on structured products, derivatives and structured funds. CM-CIS is the same ground as M8 and M8A in one sitting at a lower pass threshold per part than RES5. Night and weekend slots cost 18.53 Singapore dollars more than weekday daytime slots for every paper listed.

Dates and windows

There is no examination season for this module. Slots run every weekday and are booked when the candidate is ready, so the only dates that matter are regime and fee changes. Study material is issued as an eBook after payment, with amendments tracked in a Version Control Record at the back rather than by a dated syllabus edition.

What this means for your preparation

The single most common error is booking M8A alone and assuming it covers collective investment schemes. It does not. M8A is the second, technical half of that syllabus, dealing with structured products, derivatives and structured funds. M8 carries the rest. SCI's own guidance for advising on collective investment schemes points to CM-CIS, the combined paper, taken together with RES5.

Decide between two sittings and one

For a member, M8 and M8A booked separately at 109.00 Singapore dollars each come to 218.00 dollars for a weekday daytime slot, against 239.80 dollars for CM-CIS. The separate route is about 22 dollars cheaper but requires two bookings, two trips and two sets of nerves, and each paper is passed or failed on its own at 70 per cent. CM-CIS is one two-hour sitting of 100 questions, 50 per part, still needing 70 per cent in each part, so a weak half sinks the whole paper rather than just one module. Candidates who are confident on structured products should prefer CM-CIS; those who expect to struggle with the derivatives material may prefer to isolate the risk in a standalone M8A re-sit.

M8A is the calculation-heavy half

The six M8A chapters are Introduction to Structured Products, Risk Considerations of Structured Products, Understanding Derivatives, Introduction to Structured Funds, Examples of Structured Funds and Case Studies. That is a narrow, technical syllabus: payoff structures, embedded optionality, principal protection mechanics and the risks that attach to them. Fifty questions in sixty minutes leaves about seventy seconds each, and the case study chapter means some of those questions come attached to a scenario that has to be read first. Marking is one point per correct answer with no deduction for a wrong or blank answer, so no question should be left unanswered even when the arithmetic has to be abandoned.

The product paper is only half the licensing requirement

SCI states that those advising on collective investment schemes must pass CM-CIS together with RES5 under MAS Notice FAA-N26, for both licensed and exempt financial advisers. RES5 is the rules, ethics and skills paper: 150 questions in three hours with a much harsher standard of 75 per cent on Part I and 80 per cent on Part II. A candidate who passes the product paper and then discovers RES5 still stands between them and an appointment has sequenced the work badly. Confirm the full set of papers your intended regulated activity requires with the firm's compliance department before paying for the first booking.

Fees no longer punish a re-sit

From 1 April 2024 SCI stopped differentiating between first attempt and subsequent attempt fees, so a re-sit of M8A costs the same 109.00 Singapore dollars for a member in a weekday day session as the original attempt. Night and weekend sittings cost 127.53 dollars, an 18.53 dollar premium that applies uniformly across the CMFAS papers. SCI has stated for the equivalent papers that there is no limit to the number of times a candidate may sit. The revised fees published on 1 August 2026 apply to registrations from that date but list the BCP, PGI, ComGI and HI modules, so the collective investment scheme papers remain on the April 2024 schedule.

Use the eBook version record before revising

Hard copy study texts have been discontinued across SCI's regulatory examinations. The M8A eBook is issued after payment and updates are incorporated into it, with a Version Control Record at the back showing what changed. For a technical product paper this matters less than for a rules paper, but structured fund examples and risk disclosure expectations do get refreshed, and past-paper style questions circulating online may test a superseded edition. Check the Version Control Record first, then work the case studies chapter last, once the derivatives and structured product mechanics in chapters one to three are secure, because the cases assume them.

Common questions

Is M8A still offered, or has it been replaced like M5?

It is still offered. SCI lists M8A on its exam registration page and states that the examination in English is conducted daily on weekdays. This is different from M5, which was withdrawn and renamed RES5 with effect from 1 April 2024. What changed for M8A is that SCI added a combined alternative: CM-CIS brings M8 and M8A together into one paper, and CM-LIC brings M8, M8A, M9 and M9A together. Candidates may still book the individual modules.

Should I take M8A alone or the combined CM-CIS paper?

CM-CIS covers both M8 and M8A in a single two-hour paper of 100 questions, 50 per part, needing at least 70 per cent in each part. Taking M8 and M8A separately costs 218.00 Singapore dollars for a member on weekday daytime slots against 239.80 dollars for CM-CIS, so separate bookings are marginally cheaper but need two sittings. SCI's guidance for those advising on collective investment schemes points to CM-CIS taken together with RES5, so check the requirement with compliance first.

What does M8A actually cover?

Six chapters: Introduction to Structured Products, Risk Considerations of Structured Products, Understanding Derivatives, Introduction to Structured Funds, Examples of Structured Funds, and Case Studies. It is the technical second half of the collective investment schemes syllabus, focused on structured products, derivatives and structured funds rather than the general fund and unit trust material. The CM-CIS syllabus spans fourteen topics across two parts, including investment assets, financial markets, risk and return, unit trusts, structured products, derivatives and structured funds.

What is the pass mark and format for M8A?

M8A is 50 multiple-choice questions in one hour with a passing grade of 70 per cent, which is 35 correct answers. Each correct answer scores one mark and there is no deduction for a wrong or blank answer, so every question should be attempted. The combined CM-CIS paper is 100 questions in two hours with 50 in each part and requires at least 70 per cent in Part I and at least 70 per cent in Part II. Both are computer screen examinations in English.

How much does M8A cost in Singapore dollars?

Under the fee standardisation effective 1 April 2024, an SCI or IBF member pays 109.00 dollars for a weekday day session and 127.53 dollars for a night or weekend session, both inclusive of the registration fee and GST. Non-member rates are higher. The same schedule prices CM-CIS at 239.80 dollars by day and 258.33 dollars at night or weekends for members, and CM-LIC at 457.80 and 476.33 dollars. Since April 2024 there is no separate re-sit fee.

Do I need RES5 as well as the collective investment schemes paper?

Yes, for an appointment as a representative. SCI's CM-CIS page states that those advising on collective investment schemes must pass CM-CIS along with RES5 under MAS Notice FAA-N26, and that this applies to representatives of both licensed and exempt financial advisers. RES5 is a separate 150-question, three-hour paper with a stricter standard of at least 75 per cent on Part I and at least 80 per cent on Part II. Confirm the exact combination your regulated activity requires with your firm's compliance department.