| INTRODUCTION
CMFAS Exam
In line with the introduction of a new licensing framework under the Securities and Futures Act (SFA) and Financial Advisers Act (FAA), the MAS has launched a new modular examination structure, known as the Capital Markets and Financial Advisory Services Examination (CMFAS Exam).
The CMFAS Exam comprises the following Modules:
Rules & Regulations
Module 1A - Rules and Regulations for Dealing in Securities (SGX-ST Members)
Module 1B - Rules and Regulations for Dealing in Securities (Non-SGX-ST Members)
Module 2 - Rules and Regulations for Trading in Futures Contracts
Module 3 - Rules and Regulations for Fund Management
Module 4A - Rules and Regulations for Advising on Corporate Finance
Module 4B - Rules and Regulations for Advising on Corporate Finance (Solely Debt Securities)
Module 5 - Rules and Regulations for Financial Advisory Services
Module 10 - Rules & Regulations For REIT Management, with Product Knowledge & Analysis
Product Knowledge & Analysis
Module 6 - Securities Products and Analysis
Module 7 - Futures Products and Analysis
Module 8 - Collective Investment Schemes
Module 9 - Life Insurance and Investment-linked Policies
The Institute of Banking & Finance (IBF) will administer Modules 1A, 1B, 2, 3, 4A, 4B, 6, 7 and 10.
The Singapore College of Insurance (SCI) will administer Modules 5, 8 and 9.
Click here for more information on the Modules.
Objectives of CMFAS
To test candidates on their knowledge and understanding of:
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the regulatory framework including the laws and regulations and associated codes, notices, practice notes and guidelines governing the capital markets and life insurance intermediaries |
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the product characteristics as well as the tools and techniques to analyse the products |
Candidates who pass the examinations are eligible to apply to the MAS for a representative's licence under the Securities and Futures Act or the Financial Advisers Act. Such application is subject to the approval of the MAS. |