Preparation Guide & Module Overview

  • Step 1: Chapter Notes

    Build Core Understanding - Work methodically through the Notes for each Chapter together with Study Guide.

  • Step 2: Mock Exams

    Testing & Diagnostic - Practice with the 10 Full-Length Mock Exams under timed, simulated exam conditions.

  • Step 3: Cheat Sheet

    Final Consolidation - In the final 48–72 hours before your exam, switch focus to the rapid review 10-Page Cheat Sheet.

IBF Exams (Capital Markets)


Rules, Ethics and Skills (RES Modules):

  • RES 1A / RES 2A: For dealers with SGX member firms (Securities / Derivatives).   

  • RES 1B / RES 2B (or the combined RES 12B): For dealers with non-exchange member firms.   

  • RES 3: Fund Management.   

  • RES 4: Corporate Finance Advisory.   

  • RESP 10: REIT Management (combines rules, ethics, and product knowledge).   


Capital Markets Product Modules:

  • CM-EIP (replaced Module 6): Excluded Investment Products (Equities, simple bonds, basic CIS, spot FX).   

  • CM-SIP (replaced Module 6A): Specified Investment Products (Derivatives, structured warrants, synthetic CIS).   

  • CM-CMP: A combined paper covering all product categories (Securities, Derivatives, CIS, and FX).   

SCI Exam (Financial Advisory)


RES 5 (formerly Module 5): Rules, Ethics and Skills for Financial Advisory Services.   

  • Primary prerequisite for retail financial advisers.   

  • 150 multiple-choice questions (180 minutes). It features a dual pass hurdle requiring both an overall passing mark and a minimum score specifically in the Ethics and Skills segment. 


Product Knowledge Modules:

  • Module 9 (M9): Life Insurance and Investment-Linked Policies (General).

  • Module 9A (M9A): Investment-Linked Life Insurance Policies.

  • Module 8 (M8) & 8A (M8A): Collective Investment Schemes (Unit Trusts).

  • BCP (Basic Insurance Concepts and Principles): Covers fundamental insurance concepts, legal principles, and market regulations.

  • PGI (Personal General Insurance): Focuses on personal coverage like motor, travel, home, and health insurance.

  • CGI (Commercial General Insurance): Focuses on business policies like commercial property, liability, and marine insurance.

  • Note: Representatives offering health policies will also sit HI (Health Insurance), which is administered by SCI alongside the CMFAS suite

Helpful Q & A

  • Is it difficult?

    Not conceptually, but it is notoriously dry. You don't need a math degree; you need the discipline to read dense regulatory text and memorize specific timelines, penalties, and definitions. Most failures happen not because the material is complex, but because people skimmed the study guide assuming common sense would carry them through.

  • How long should I realistically study?

    Two to three weeks of focused revision per module is generally enough for someone working or studying full-time. If you have an uninterrupted weekend and high caffeine tolerance, one intensive week per regulatory module (like RES 5) is doable, but not recommended.

  • Can I just spam mock exam questions and skip the textbook?

    Risky strategy. The exam software draws from a massive question bank, and questions are regularly updated to test niche statutory details. Practice questions help you adapt to question phrasing and pacing, but you need to read through the official study guide at least once to cover your blind spots.

  • What if I fail?

    You book another slot, pay the fee again, and re-sit. There is no official limit to attempts, but exam slots fill up fast and re-take fees add up quickly. Treat attempt #1 as your only attempt.

  • Do these certifications expire?

    Passing the exam gives you the qualification, but you only receive an official MAS representative license once you are formally appointed by a licensed financial institution. Generally, you need to be appointed within 3 years of passing, or your exam results may lapse and require retaking.