M8 vs M8A: which module do you need first?
M8 covers plain collective investment schemes: structure, pricing, charges and regulation. M8A covers complex funds: derivatives, structured and hedge funds, ETFs and SIP suitability rules. Advisers selling unit trusts usually need both, or the combined CM-CIS.
M8 vs M8A at a glance
| M8 | M8A | |
|---|---|---|
| Full name | CMFAS Module 8: Collective Investment Schemes | CMFAS Module 8A: Collective Investment Schemes II |
| Questions | 50 multiple-choice questions | 50 multiple-choice questions |
| Time | 1 hour | 1 hour |
| Passing score | 70% (35 out of 50) | 70% (35 out of 50) |
| 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 SCI (single product modules have been listed at roughly S$80 to S$137); check SCI before you register |
| Languages | English | English |
| Where | SCI computer-based examination centre, Singapore | SCI computer-based examination centre, Singapore |
| Level | Investment funds | Investment funds |
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
M8A
- Derivatives Used by Funds
- Structured Funds and Capital Protection
- Hedge Funds and Alternative Strategies
- Exchange-Traded Funds
- Risks of Complex Funds and Suitability
Which should you take?
M8 covers plain collective investment schemes: structure, pricing, charges and regulation. M8A covers complex funds: derivatives, structured and hedge funds, ETFs and SIP suitability rules. Advisers selling unit trusts usually need both, or the combined CM-CIS.
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 M8A?
M8 covers plain collective investment schemes: structure, pricing, charges and regulation. M8A covers complex funds: derivatives, structured and hedge funds, ETFs and SIP suitability rules. Advisers selling unit trusts usually need both, or the combined CM-CIS.
Which is harder, M8 or M8A?
M8: 50 multiple-choice questions in 1 hour. M8A: 50 multiple-choice questions in 1 hour. 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 M8A?
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 M8A?
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.