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Home  >  Examinations >  M9A
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  • Objective
  • Contents
  • Structure & Format
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  • Minimum Passing Grade
  • Examination & Registration Fees
  • Study Materials / Supplementary Notes
  • Examination Mode
  • Examination Frequency & Schedule
  • Examination Resitting
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  • Examination Schedule
    Register for M9A Examination

    M9A - Life Insurance And Investment-Linked Policies II

    For Whom
    This examination is for new and existing representative of financial advisers who need to comply with MAS requirement to possess the requisite knowledge to advise or sell Investment-Linked Life Insurance Policies (ILPs).

    The objectives of the CMFAS Exam for Module 9A – Life Insurance And Investment–Linked Policies II are to test candidates on their knowledge and understanding of the features, types, advantages and disadvantages of structured products, comparison with other investment options, governance structure, documentation and risks associated with the investment of structured products, particularly Structured ILPs, as well as to evaluate some examples of Structured ILPs on product features, inherent risks, and performance under various market conditions in determining product suitability for the clients. It also discusses the various types of derivatives in the market, both on-the-exchange and over-the-counter.

    Total No. of pages: 108(including a page of Notice)
    Chapter No. of pages for
    each chapter
    1 – Introduction To Structured Products 24
    2 – Risk Considerations Of Structured Products 11
    3 – Understanding Derivatives 32
    4 – Introduction To Structured ILPs 26
    5 – Portfolio Of Investments With An Insurance Element 5
    6 – Case Studies 9

    Structure & Format
    50 multiple-choice questions.

    1 hour.

    Minimum Passing Grade & Result Slip
    One mark will be awarded for each correct answer. No mark will be awarded or deducted for any wrong or blank answer.

    No certificate will be issued. Only Result Slip will be issued.

    Examination & Registration Fees (Inclusive of 7% GST)
    For details, please click here.

    Study Materials / Supplementary Notes
    Candidate can access the Study Guide (E-book format) after the candidate has successfully submitted the examination registration and made the necessary payment. The candidate is solely responsible for obtaining the correct edition of the Study Guide (E-book format) and the latest supplementary notes, etc, where applicable. The M9A Study Guide (Hardcopy version) consists of 108 pages (excluding Supplementary Notes) whereas the M9A E-Book consists of 108 pages (with Supplementary Notes incorporated).

    Please note that Supplementary Notes (if any) which update the Study Guide (E-book format) are testable materials applicable to the relevant examination.

    Those candidates however who still prefer a hardcopy version of the study guide may indicate on their registration form. They will need to come down personally to the SCI or authorise someone to collect the version. Candidates using the hardcopy version to study for the examination will need to check the SCI website regularly on the latest updates and supplementary notes that have to be read in conjunction. They can access the Revisions / Updates / Supplementary Notes to Textbooks, Study-Guides by using the following link:

    For details, please click here.

    Examination Mode
    English Medium - Computer Screen Examination (CSE)
    The candidate can self-study for the closed book examination.

    Examination Frequency & Schedule
    The examination in English is conducted daily on weekdays.

    Candidates representing the life insurance companies may refer directly to their respective Training Department for the Examination Schedule. For other candidates, please refer to the Examination Registration in SCI Website.

    For details of the examination dates, please refer to the Examination Schedule.

    Examination Resitting
    There is no limit on the number of times that a candidate can sit for an examination. However, a candidate will not be permitted to sit for any examination if the candidate has either passed or been exempted from it.

    The candidate may attempt the modules under the Capital Markets & Financial Advisory Services (CMFAS) examinations in any order of preference.

    For a list of approved exemptions, please refer directly to MAS Website at under MAS Notice No. FAA-N13: Notice on Minimum Entry and Examination Requirements for Representatives for Financial Advisers and Exempt Financial Advisers.

    Registration must be made online via SCI Website

    For details, please refer to the Examination Registration Policies.

    Candidates who represent life insurance companies will have to register using their respective company's user ID and password. Please check directly with the respective Agency / Training Department for the registration details.

    Candidates who represent only General Insurance Companies, Banks / Securities Firms, Insurance Broking Firms, Independent Financial Advisers and others can register online via SCI Website.

    CPD Hours
    Upon passing the examination for this module, you are entitled to 1 CPD Hour.

    Programme Changes
    SCI solely reserves the right whether or not to accept any candidate, or to make any changes (including the fees) owing to any unforeseen circumstances, or when it considers necessary or appropriate to do so.

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