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Capital markets · Last updated October 2026

CM-SIP: Capital Markets – Specified Investment Products (formerly Module 6A): free practice test

The product knowledge module for derivatives and complex funds, formerly Module 6A: futures, options, warrants, structured products, CFDs, leveraged FX and Specified Investment Product funds, plus the suitability rules that apply to them.

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About the CM-SIP exam

The product knowledge module for derivatives and complex funds, formerly Module 6A: futures, options, warrants, structured products, CFDs, leveraged FX and Specified Investment Product funds, plus the suitability rules that apply to them.

What's on the exam

CM-SIP
Futures and Forwards
6 key facts
Options and Warrants
6 key facts
Structured Products, CFDs and Leveraged FX
6 key facts
Specified Investment Product Funds
6 key facts
Risk Management and Suitability of SIPs
6 key facts

Each branch is a topic in the official outline. Members see every key fact on the full mind map. Read the free study guide →

How to pass the CM-SIP exam

  • 80 questions in 2.5 hours is almost 2 minutes each, so you have time to draw payoff diagrams for option questions.
  • Learn margin terms: initial margin, maintenance margin and margin calls.
  • Know which suitability check applies: CKA for unlisted SIPs, CAR for listed SIPs.
  • You need 56 out of 80 to pass.

Save your results and get your Readiness Score

Create a free account after the test: your score by topic, a mistakes bank, the complete study notes for the first topic, flashcards and the CMFAS Key Numbers Sheet.

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What's in the premium CM-SIP prep

Premium CM-SIP 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.

3,000practice questions, every answer explained
6full-length mock exams, 80 questions each, timed
800flashcards with spaced repetition, sorted by topic
60comprehensive key notes across 5 topics

Your step-by-step study path

  1. 1
    Futures and Forwards12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25
    Notes free with an account
  2. 2
    Options and Warrants12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25
    Premium
  3. 3
    Structured Products, CFDs and Leveraged FX12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25
    Premium
  4. 4
    Specified Investment Product Funds12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25
    Premium
  5. 5
    Risk Management and Suitability of SIPs12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25
    Premium
  6. Final step: 6 full mock exams80 questions each, timed like test day. Pass them, then book your exam.
    Premium
Free with an account

Read the complete CM-SIP study notes for “Futures and Forwards”

Our first full set of comprehensive notes, about 10 minutes of reading: What a futures contract is · Margin and mark-to-market · Leverage · Futures vs forwards, 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.

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Study tools included

3,000 practice questions

3,000 exam-style questions per exam, organized topic by topic in sets of 25. Every answer explained, with the rule it comes from.

6 full mock exams

6 full-length timed mock exams per exam, with real question counts and time limits, so test day feels like practice day.

Exam Readiness Score

One 0 to 100 number that tells you when you're ready to book. Reach 80 and you're covered by our Pass Guarantee.

800 flashcards + spaced repetition

800 flashcards per exam, in a deck for each topic, that come back right before you'd forget them. Five minutes a day keeps every number fresh.

60 comprehensive key notes

60 key notes per exam, split across its topics and each explained in full: the concepts, worked exam examples, the traps examiners use and a quick recap. Your first set is free with an account.

Mind maps

See the whole exam on one screen: every topic and the facts under it.

Sample questions with answers

These are the questions in the free test above, with answers. Try the test first. You'll learn more by getting some wrong.

1. An investor buys one futures contract. If the price of the underlying falls, the investor:
Answer: Loses, because a long futures position profits only when prices rise. A long futures position gains when the price rises and loses when it falls. Losses can exceed the initial margin.
2. When a futures account falls below the maintenance margin, the investor receives:
Answer: A margin call to top the account back up to the initial margin. Futures are marked to market daily; a margin call requires more funds to restore the margin.
3. What is the maximum loss for the buyer of a put option?
Answer: The premium paid. An option buyer can lose no more than the premium paid. Writers of uncovered options face much larger losses.
4. A call option has a strike price of S$10 and the stock trades at S$12. The option is:
Answer: In the money. A call is in the money when the market price is above the strike; its intrinsic value here is S$2.
5. Structured warrants listed on SGX are issued by:
Answer: Third-party financial institutions. Structured warrants are issued by banks or other financial institutions over an underlying share or index, not by the company itself.
6. A contract for differences (CFD) allows an investor to:
Answer: Gain exposure to price movements with leverage, without owning the underlying. CFDs settle the difference in price between opening and closing, typically on margin, so losses can be magnified.
7. A structured note promises a high coupon unless an underlying share falls below a knock-in level. This is most like:
Answer: A reverse convertible or equity-linked note, where capital is at risk. Equity-linked notes pay higher coupons in exchange for the risk of receiving shares or reduced capital if the knock-in is hit.
8. Leveraged foreign exchange trading is risky mainly because:
Answer: Small exchange-rate moves can cause large gains or losses relative to the margin. With high leverage, a small adverse move can wipe out the margin and more.
9. A fund that uses derivatives for investment purposes beyond hedging would usually be classified as:
Answer: A Specified Investment Product. Using derivatives to seek returns, rather than only to hedge or manage efficiently, makes a fund an SIP.
10. A leveraged and inverse product aims to deliver:
Answer: A multiple (or the inverse) of an index's daily return. These products target a multiple of the daily return. Over longer periods, compounding can make results differ greatly from the multiple.
11. Before a retail client buys a listed SIP (such as a structured warrant) for the first time, the firm must generally carry out:
Answer: A Customer Account Review (CAR). The CAR applies to listed SIPs; the CKA applies to unlisted SIPs. Both check whether the client has relevant knowledge or experience.
12. If a client doesn't meet the CKA criteria but still wants an unlisted SIP, the adviser should:
Answer: Give advice on the product's suitability before the client proceeds, and document it. Clients who fail the CKA must receive advice before proceeding, so they understand the product and its risks.
13. Which risk is common to all over-the-counter derivatives?
Answer: Counterparty risk. OTC derivatives rely on the counterparty to perform, unlike exchange-traded contracts guaranteed through a clearing house.
14. Time decay (theta) affects option holders because:
Answer: An option's time value falls as expiry approaches, all else equal. Time value erodes as expiry nears, which hurts option buyers and helps option writers.
15. A key difference between futures and forwards is that futures are:
Answer: Standardised and traded on an exchange, with a clearing house. Exchange trading and central clearing reduce counterparty risk for futures.

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CM-SIP exam FAQ

How many questions are on the CM-SIP exam?

80 multiple-choice questions, with a time limit of 2 hours 30 minutes. Format: closed book, computer-based.

What is the passing score for CM-SIP?

70% (56 out of 80).

How much does the CM-SIP exam cost?

Set by IBF (listed at roughly S$190 to S$230 before GST); check IBF before you register. Fees can change, so confirm on the SCI or IBF website before you register.

Which languages is the CM-SIP exam offered in?

English.

Where do I take the CM-SIP exam?

IBF-appointed computer-based examination centre, Singapore.

Is this CM-SIP practice test free?

Yes. The 15-question practice test on this page is free, with an explanation for every answer and no signup. A free account also unlocks the complete study notes for the first topic. The full CM-SIP prep is Premium at S$187 a month for this exam.

What's in the premium CM-SIP prep?

3,000 practice questions organized topic by topic (Futures and Forwards: 600; Options and Warrants: 600; Structured Products, CFDs and Leveraged FX: 600; Specified Investment Product Funds: 600; Risk Management and Suitability of SIPs: 600), 6 full-length timed mock exams of 80 questions, 800 flashcards and 60 comprehensive key notes split across all 5 topics, plus a mistakes bank and the Readiness Score.

Compare CM-SIP with other CMFAS modules

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15 free questions3,000 premium Qs · 6 mocks · 800 flashcards · 60 key notes
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Exam details are summarized from the official candidate information available in October 2026. SCI or IBF changes formats and fees, so confirm with Institute of Banking and Finance (IBF) before you book. CMFASQuizBank is not affiliated with MAS, SCI or IBF.

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