CM-EIP Exam Study Guide (2026)
Everything the CM-EIP: Capital Markets – Excluded Investment Products (formerly Module 6) tests, topic by topic: what each section covers, the facts that come up most, and how to study it. Pair it with the free 15-question practice test.
The exam at a glance
| Questions | 90 multiple-choice questions |
|---|---|
| Time | 2 hours 30 minutes |
| Passing score | 70% (63 out of 90) |
| Format | Closed book, computer-based |
| Certifying body | Institute of Banking and Finance (IBF) |
| Test provider | IBF-appointed computer-based examination centre, Singapore |
Mind map: the whole exam on one screen
Read the complete CM-EIP study notes for “Capital Markets and Products”
Our first full set of comprehensive notes, about 10 minutes of reading: Shares · Bonds · REITs and other listed products · Excluded vs specified, a worked exam example, the traps examiners use and a one-minute recap. Create a free account to read it and see how premium notes work before you decide.
1. Capital Markets and Products
Shares, bonds, REITs and other excluded investment products traded in Singapore's capital markets.
Key facts
- Ordinary shares give ownership, votes and dividends; preference shares rank ahead of ordinary shares.
- Bonds pay coupons and return the face value at maturity; bondholders rank ahead of shareholders.
- REITs own income-producing property and distribute most taxable income.
- Excluded Investment Products are simpler products; Specified Investment Products have complex features.
- Primary markets issue new securities; secondary markets trade existing ones.
- SGX operates Singapore's main securities and derivatives exchanges.
Flashcards
Exam tip: Priority-of-claims questions are free marks: creditors always come before shareholders.
2. Trading, Clearing and Settlement in Singapore
How trades are placed, cleared and settled on SGX.
Key facts
- SGX securities settle on T+2.
- The Central Depository (CDP) holds securities and runs clearing and settlement for SGX.
- The standard board lot is 100 shares.
- Orders include limit and market orders; limit orders set a maximum buy or minimum sell price.
- Contract notes confirm each trade.
- Brokers must handle client money and assets under the SFA rules.
Flashcards
Exam tip: Board lot (100) and settlement (T+2) are two numbers worth memorising today.
3. Analysis and Valuation of Securities
Fundamental ratios and bond pricing basics.
Key facts
- P/E = share price ÷ earnings per share.
- Dividend yield = dividend per share ÷ share price.
- Bond prices move inversely to yields.
- Yield to maturity is the total return if held to maturity.
- Credit ratings indicate default risk; investment grade is BBB- (S&P/Fitch) or Baa3 (Moody's) and above.
- Duration measures a bond's price sensitivity to rate changes.
Flashcards
Exam tip: Ratio questions give you the numbers; just divide carefully.
Test yourself on these topics
Take the free 15-question CM-EIP test, then save your results to unlock your Readiness Score and the mistakes bank.
4. Collective Investment Schemes (EIP)
Plain funds that count as excluded investment products, and how they're priced.
Key facts
- Plain unit trusts that don't use derivatives for investment are generally EIPs.
- NAV per unit = net assets ÷ units in issue.
Flashcards
Exam tip: If a fund uses derivatives only to hedge, it can still be an EIP; investment use makes it an SIP.
5. Foreign Exchange
Reading FX quotes, spot and forward deals, and the risks of currency exposure.
Key facts
- In USD/SGD the first currency (USD) is the base.
- Banks buy the base at the bid and sell it at the offer.
Flashcards
Exam tip: Always ask which side the bank is on: it sells to you high (offer) and buys from you low (bid).
6. Market Conduct and Dealing with Clients
Market misconduct offences under the Securities and Futures Act and fair treatment of clients.
Key facts
- Insider trading: dealing while in possession of material non-public information.
- False trading and market rigging create a misleading appearance of trading or prices.
Flashcards
Exam tip: In conduct questions, the client's order and the market's integrity always come first.
How to pass
- 90 questions in 2.5 hours is 1 minute 40 seconds each: time for the calculation questions on bond prices and FX.
- Know the Singapore market plumbing: SGX trading, CDP accounts and T+2 settlement.
- Learn the market misconduct offences under the Securities and Futures Act by name: false trading, market rigging, insider trading.
- Many degrees exempt you from CM-EIP. Check with your firm before you book.
Frequently asked questions
How long should I study for the CM-EIP exam?
Most working candidates need 4 to 8 weeks at 45 to 60 minutes a day. Book your exam once your Readiness Score has stayed at 80 or higher for about a week.
Can I take the CM-EIP exam online?
CMFAS modules are computer-based exams sat in person at the examination body's centre in Singapore. Format: closed book, computer-based. Check the current candidate information from Institute of Banking and Finance for the rules.
What score do I need to pass the CM-EIP exam?
70% (63 out of 90). The exam has 90 multiple-choice questions and a time limit of 2 hours 30 minutes.
What are the most tested topics?
The outline covers 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. Use the free practice test to see which ones you need most.
The premium CM-EIP study path
Premium CM-EIP prep is studied one topic at a time. Each step starts with that topic's key notes and flashcard deck, then its own question sets of 25, so you master one topic before you move to the next. When every topic is strong, the 6 full mock exams show you're ready.
Your step-by-step study path
- 1Capital Markets and Products10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25Notes free with an account
- 2Trading, Clearing and Settlement in Singapore10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25Premium
- 3Analysis and Valuation of Securities10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25Premium
- 4Collective Investment Schemes (EIP)10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25Premium
- 5Foreign Exchange10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25Premium
- 6Market Conduct and Dealing with Clients10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25Premium
- Final step: 6 full mock exams90 questions each, timed like test day. Pass them, then book your exam.Premium
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- 3,000 practice questions + 6 full mock exams per exam
- 800 flashcards + 60 key notes per exam, by topic, plus mind maps
- Spaced repetition + mistakes bank
- Readiness Score & detailed reports
- Video lessons as they release
- Content updates during your access
- 5 bonuses: key numbers sheet, formula sheet, study planner and more
- Pass Guarantee: complete the prep, pass or 100% back
Renews once a year until you cancel. We email you before each renewal. Cancel any time from your account; you keep access until the end of the year you've paid for.
Summarized from SCI's and IBF's official candidate information and the rules cited, checked October 2026. Confirm current requirements with Institute of Banking and Finance (IBF).