CM-EIP vs CM-SIP: which module do you need first?
CM-EIP (formerly M6) covers excluded investment products: shares, bonds, plain funds and FX. CM-SIP (formerly M6A) covers specified investment products: futures, options, structured products, CFDs and complex funds. Bank and brokerage reps often need both.
CM-EIP vs CM-SIP at a glance
| CM-EIP | CM-SIP | |
|---|---|---|
| Full name | CM-EIP: Capital Markets – Excluded Investment Products (formerly Module 6) | CM-SIP: Capital Markets – Specified Investment Products (formerly Module 6A) |
| Questions | 90 multiple-choice questions | 80 multiple-choice questions |
| Time | 2 hours 30 minutes | 2 hours 30 minutes |
| Passing score | 70% (63 out of 90) | 70% (56 out of 80) |
| Format | Closed book, computer-based | Closed book, computer-based |
| Cost | Set by IBF (listed at roughly S$190 to S$230 before GST); check IBF before you register | Set by IBF (listed at roughly S$190 to S$230 before GST); check IBF before you register |
| Languages | English | English |
| Where | IBF-appointed computer-based examination centre, Singapore | IBF-appointed computer-based examination centre, Singapore |
| Level | Capital markets | Capital markets |
What each exam covers
CM-EIP
- Capital Markets and Products
- Trading, Clearing and Settlement in Singapore
- Analysis and Valuation of Securities
- Collective Investment Schemes (EIP)
- Foreign Exchange
- Market Conduct and Dealing with Clients
CM-SIP
- Futures and Forwards
- Options and Warrants
- Structured Products, CFDs and Leveraged FX
- Specified Investment Product Funds
- Risk Management and Suitability of SIPs
Which should you take?
CM-EIP (formerly M6) covers excluded investment products: shares, bonds, plain funds and FX. CM-SIP (formerly M6A) covers specified investment products: futures, options, structured products, CFDs and complex funds. Bank and brokerage reps often need both.
Try both, free
Each free practice test takes about 10 minutes and shows your score by topic. No signup.
FAQ
What is the difference between CM-EIP and CM-SIP?
CM-EIP (formerly M6) covers excluded investment products: shares, bonds, plain funds and FX. CM-SIP (formerly M6A) covers specified investment products: futures, options, structured products, CFDs and complex funds. Bank and brokerage reps often need both.
Which is harder, CM-EIP or CM-SIP?
CM-EIP: 90 multiple-choice questions in 2 hours 30 minutes. CM-SIP: 80 multiple-choice questions in 2 hours 30 minutes. The longer exam covers more ground, but the harder one is the one further from your daily work. Take both free practice tests to see where you stand.
Can I hold both CM-EIP and CM-SIP?
Yes. CMFAS modules are separate exams, and most representatives need several, matched to the products they'll advise on.
How do I prepare for CM-EIP and CM-SIP?
Start with the free practice test for each, then study by topic. Premium is per exam (S$187 a month each), so most people start with the exam they'll sit first and add the second when they're ready.
More comparisons
Exam details are summarized from SCI's and IBF's published information as of October 2026. Confirm with SCI or IBF before you book. CMFASQuizBank is not affiliated with MAS, SCI or IBF.