1.1 In 2021, IBF and the private banking industry commenced an exercise to enhance the CACS Exams.  This was arising from MAS’ call to review the CACS Exams to ensure that they remain up-to-date and to reflect similar enhancements made for the new Capital Markets and Financial Advisory Services (CMFAS) exams[1] so as to raise the competency standards of appointed representatives and build a culture of high ethical standard in the financial services industry.  

1.2 With the review to keep CACS content updated and in line with the development in the industry, the following key revisions were made to the new CACS exam modules: 

a) Enhancement of content relating to ethics and professional conduct in CACS Paper 1 - Legislations, Regulations & Industry Codes of Practice study guide;

b) Update of product-related content and inclusion of new products in CACS Paper 2 - Industry & Product Knowledge study guide; 

c) Increase in application-based questions to test candidates’ understanding and application of concepts; and

d) Increase in exam duration for CACS 1 Exam from the current 2 hours to 2.5 hours to accommodate the increase in the number of application-based questions. Exam duration for CACS 2 remains unchanged at 2.5 hours. 

1.3 The CACS Exams contents, including the study guide and exam questions, have been reviewed and approved by an industry panel, comprising experienced industry practitioners, to ensure the relevancy of the content and that the exam questions are appropriately written to test candidates’ understanding and application of the relevant knowledge and skills.

1.4 The passing marks for the new CACS Exam modules remain unchanged and are as follows: 

a) 75% for CACS Paper 1 - Legislations, Regulations & Industry Codes of Practice; and

b) 70% for CACS Paper 2 - Industry & Product Knowledge.


2.1 The implementation timelines for the new CACS Exams are as follows:


3.1 IBF will cease to offer the current CACS Exams after 30 July 2024. Candidates who do not pass these exams by 30 July 2024 would have to register for the new CACS Exams, which will be available for exam sittings from 6 August 2024.

3.2 In the event that you are unable to sit for the current CACS Exams which you have registered for by 30 July 2024 due to exceptional reasons (e.g. medical leave or on compassionate grounds), you may write to IBF on the reason with a copy of the relevant supporting documents within 3 business days from the original exam date.  On an exceptional basis, IBF may refund you the exam fee and you may register to take the new CACS Exams. 

For more details, please refer to the FAQ on Transitional Arrangements for the Implementation of the new CACS Exams or email us at [email protected]


Refer to https://www.mas.gov.sg/regulation/notices/notice-sfa-04-n22 and https://www.mas.gov.sg/regulation/notices/notice-faa-n26