Module 3 (M3) - Rules & Regulations for Fund Management

The M3 Examination is applicable for all persons who wish to conduct fund management in Singapore. 

Please refer to the MAS Notice SFA 04-N09 for more information. Candidates are also advised to check with their compliance department for their applicable CMFAS exam modules.

  • - The Capital Markets and Fund Management Industry in Singapore
  • - Fund Mangement Rules, Regulations and Guidelines
  • - Regulatory Requirements for Licensing 
  • - Regulatory Requirements for Conduct of Business
  • - Regulatory Requirements for Market Conduct
  • - Collective Investment Schemes
  • - Central Provident Fund Investment Scheme (CPFIS)
  • - Guidelines on Product Highlights Sheet
  • - Prevention of Financial Crimes
  • Format: 100 MCQs (computer-based)
  • Duration: 2 hours
  • Pass mark: 75%


The exam results will be displayed on the computer screens after the exam. Printed result slips will not be issued.

  Fees before GST
  1st Attempt Subsequent Attempt
Corporate Members $180 $160
Non-Members $200 $180

There are no exemptions for M3 because it is a Rules & Regulations examination.

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