M9A Exam Study Guide (2026)
Everything the CMFAS Module 9A: Life Insurance and Investment-Linked Policies II 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 | 50 multiple-choice questions |
|---|---|
| Time | 1 hour |
| Passing score | 70% (35 out of 50) |
| Format | Closed book, computer-based |
| Certifying body | Singapore College of Insurance (SCI) |
| Test provider | SCI computer-based examination centre, Singapore |
Mind map: the whole exam on one screen
Read the complete M9A study notes for “Investment Fundamentals for ILPs”
Our first full set of comprehensive notes, about 10 minutes of reading: Risk and return · The main asset classes · Diversification · What moves sub-fund prices, 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. Investment Fundamentals for ILPs
Risk and return, asset classes, diversification and the economic forces that move ILP sub-funds.
Key facts
- Higher expected return generally requires accepting higher risk.
- Main asset classes: cash, bonds, equities and property, each with its own risk profile.
- Diversification reduces specific risk but not market risk.
- Inflation reduces real returns; equities have historically offered more inflation protection than cash.
- Interest-rate rises push bond prices down.
- Currency movements affect funds investing overseas.
Flashcards
Exam tip: When asked which risk diversification can't remove, the answer is market (systematic) risk.
2. ILP Sub-Funds and Structures
The types of ILP sub-funds, how they're structured and how policyholders switch between them.
Key facts
- Sub-funds range from money market and bond funds to balanced and equity funds.
- Some sub-funds feed into a single master fund; funds of funds hold several underlying funds.
- Fund switching moves value between sub-funds, sometimes with free switches each year.
- Premium redirection changes where future premiums go without moving existing units.
- Sub-fund objectives and risk ratings help match funds to clients.
- Single-premium and regular-premium ILPs suit different cash flows.
Flashcards
Exam tip: Switch (existing units) vs redirection (future premiums) is a frequent trick.
3. Charges, Unit Pricing and Valuation
How units are priced and every charge an ILP can carry.
Key facts
- Units are bought at the offer price and sold at the bid price; the gap is the bid-offer spread.
- Forward pricing deals at the next valuation after the order.
- Fund management fees are taken inside the fund and reduce unit prices.
- Insurance charges and policy fees are often deducted by cancelling units.
- Surrender charges may apply in early years.
- Units = amount invested ÷ offer price.
Flashcards
Exam tip: Do the unit calculation on every charge question: it makes the answer obvious.
Test yourself on these topics
Take the free 15-question M9A test, then save your results to unlock your Readiness Score and the mistakes bank.
4. Disclosure and Policy Documents
What advisers must disclose about ILPs and the documents clients receive.
Key facts
- The Product Highlights Sheet summarises features, risks and fees in plain language.
- Fund information explains each sub-fund's objective, risks and charges.
Flashcards
Exam tip: Anything that sounds like a guarantee of ILP returns is wrong.
5. Risks and Suitability of ILPs
Matching ILPs to clients and explaining their risks properly.
Key facts
- ILPs suit clients who accept investment risk and have a long time horizon.
- Market, currency, liquidity and manager risk all affect sub-funds.
Flashcards
Exam tip: Suitability questions: read the client's age, horizon and risk tolerance first; the answer follows from those.
How to pass
- 50 questions in 1 hour leaves 1 minute 12 seconds each. Calculation items (unit numbers, charges) are quick if you've practised them.
- Learn which charges are deducted where: bid-offer spread on purchase, management fees inside the fund, insurance charges by cancelling units.
- Know the documents and what each contains: the Product Highlights Sheet, product summary and fund information.
- You need 35 out of 50 to pass.
Frequently asked questions
How long should I study for the M9A 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 M9A 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 Singapore College of Insurance for the rules.
What score do I need to pass the M9A exam?
70% (35 out of 50). The exam has 50 multiple-choice questions and a time limit of 1 hour.
What are the most tested topics?
The outline covers investment fundamentals for ilps, ilp sub-funds and structures, charges, unit pricing and valuation, disclosure and policy documents, risks and suitability of ilps. Use the free practice test to see which ones you need most.
The premium M9A study path
Premium M9A 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
- 1Investment Fundamentals for ILPs12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25Notes free with an account
- 2ILP Sub-Funds and Structures12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25Premium
- 3Charges, Unit Pricing and Valuation12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25Premium
- 4Disclosure and Policy Documents12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25Premium
- 5Risks and Suitability of ILPs12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25Premium
- Final step: 6 full mock exams50 questions each, timed like test day. Pass them, then book your exam.Premium
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- Spaced repetition + mistakes bank
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- Video lessons as they release
- Content updates during your access
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Summarized from SCI's and IBF's official candidate information and the rules cited, checked October 2026. Confirm current requirements with Singapore College of Insurance (SCI).