M8 vs CM-EIP: which module do you need first?
M8 is the SCI module on collective investment schemes, often taken by insurance-based advisers. CM-EIP is IBF's capital markets module covering securities, plain funds and FX, usually taken by bank and brokerage reps. Your firm's licence and your activities decide which one MAS requires.
M8 vs CM-EIP at a glance
| M8 | CM-EIP | |
|---|---|---|
| Full name | CMFAS Module 8: Collective Investment Schemes | CM-EIP: Capital Markets – Excluded Investment Products (formerly Module 6) |
| Questions | 50 multiple-choice questions | 90 multiple-choice questions |
| Time | 1 hour | 2 hours 30 minutes |
| Passing score | 70% (35 out of 50) | 70% (63 out of 90) |
| Format | Closed book, computer-based | Closed book, computer-based |
| Cost | Set by SCI (single product modules have been listed at roughly S$80 to S$137); check SCI 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 | SCI computer-based examination centre, Singapore | IBF-appointed computer-based examination centre, Singapore |
| Level | Investment funds | Capital markets |
What each exam covers
M8
- Introduction to Collective Investment Schemes
- Asset Classes and Fund Types
- Pricing, Charges and Dealing
- Risk, Return and Performance
- Regulation, Disclosure and CPFIS
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
Which should you take?
M8 is the SCI module on collective investment schemes, often taken by insurance-based advisers. CM-EIP is IBF's capital markets module covering securities, plain funds and FX, usually taken by bank and brokerage reps. Your firm's licence and your activities decide which one MAS requires.
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 M8 and CM-EIP?
M8 is the SCI module on collective investment schemes, often taken by insurance-based advisers. CM-EIP is IBF's capital markets module covering securities, plain funds and FX, usually taken by bank and brokerage reps. Your firm's licence and your activities decide which one MAS requires.
Which is harder, M8 or CM-EIP?
M8: 50 multiple-choice questions in 1 hour. CM-EIP: 90 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 M8 and CM-EIP?
Yes. CMFAS modules are separate exams, and most representatives need several, matched to the products they'll advise on.
How do I prepare for M8 and CM-EIP?
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.