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Rules and ethics · Last updated October 2026

RES5: Rules, Ethics and Skills for Financial Advisory Services: free practice test

The rules, ethics and skills module every financial adviser representative in Singapore must pass. It replaced M5 on 1 April 2024 and is longer and harder: 150 questions in 3 hours, with 75% needed in Part I and 80% in Part II.

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About the RES5 exam

The rules, ethics and skills module every financial adviser representative in Singapore must pass. It replaced M5 on 1 April 2024 and is longer and harder: 150 questions in 3 hours, with 75% needed in Part I and 80% in Part II.

What's on the exam

RES5
The Financial Advisory Regulatory Framework
6 key facts
Representatives and Licensing
6 key facts
Advising Clients and Recommending Products
6 key facts
Fair Dealing and Market Conduct
6 key facts
AML/CFT and Data Protection
6 key facts
Ethics and Professional Skills
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 RES5 exam

  • 150 questions in 3 hours is 1 minute 12 seconds each. Don't lose time on one tricky question: flag it and move on.
  • Part II needs 80%, the highest pass mark in CMFAS. Ethics and skills questions often have two reasonable answers; pick the one that puts the client first and follows the process.
  • There's no aggregate score. 95% in Part I won't save a 78% in Part II, so practise both parts to their own pass marks.
  • A RES5 pass lapses if you aren't appointed as a representative within 3 years, so sit it when you have a firm in view.

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 RES5 prep

Premium RES5 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, 150 questions each, timed
800flashcards with spaced repetition, sorted by topic
60comprehensive key notes across 6 topics

Your step-by-step study path

  1. 1
    The Financial Advisory Regulatory Framework10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Notes free with an account
  2. 2
    Representatives and Licensing10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  3. 3
    Advising Clients and Recommending Products10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  4. 4
    Fair Dealing and Market Conduct10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  5. 5
    AML/CFT and Data Protection10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  6. 6
    Ethics and Professional Skills10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  7. Final step: 6 full mock exams150 questions each, timed like test day. Pass them, then book your exam.
    Premium
Free with an account

Read the complete RES5 study notes for “The Financial Advisory Regulatory Framework”

Our first full set of comprehensive notes, about 12 minutes of reading: The laws that matter · MAS and its rulebook · Who may advise · Who runs the exams, 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. Which law is the main statute regulating financial advisory services in Singapore?
Answer: The Financial Advisers Act 2001. The Financial Advisers Act 2001 (FAA) regulates who may provide financial advisory services and how. MAS issues notices and guidelines under it.
2. Which body regulates and supervises financial advisers in Singapore?
Answer: The Monetary Authority of Singapore (MAS). MAS is Singapore's central bank and integrated financial regulator. SCI and IBF run the CMFAS examinations; the LIA is an industry association.
3. Before a person can act as a representative of a financial adviser, what must happen?
Answer: Their principal firm must notify MAS and the person must be listed on the public register of representatives. Under the Representative Notification Framework the principal lodges a notification with MAS, and the representative appears on the public register before advising clients.
4. A candidate passed RES5 but has not started as an appointed representative. After how long does the pass stop being valid?
Answer: 3 years. Under FAA-N26 a RES5 pass ceases to be valid if the person doesn't start providing financial advisory services as a representative within 3 years of passing.
5. Before recommending an investment product, a representative must have a reasonable basis for the recommendation. This mainly requires:
Answer: Considering the client's investment objectives, financial situation and particular needs. The reasonable-basis requirement means the recommendation must fit the information gathered about the client: objectives, financial situation and needs.
6. A client wants to buy an unlisted Specified Investment Product (SIP) through a financial adviser. What assessment applies?
Answer: A Customer Knowledge Assessment (CKA). The CKA applies to unlisted SIPs such as complex funds and investment-linked policies with SIP sub-funds; the CAR applies to listed SIPs traded on an exchange.
7. A client declines to give information about their financial situation. What should the representative do?
Answer: Explain the risks of not providing it, and document the client's decision before going further. The client may decline, but the representative must warn that the recommendation may not suit them and keep a record. The client takes responsibility for proceeding.
8. How many outcomes are set out in MAS's Guidelines on Fair Dealing?
Answer: Five. There are five Fair Dealing Outcomes, covering corporate culture, suitable products, competent representatives, clear information and fair complaint handling.
9. Which statement reflects one of the Fair Dealing Outcomes?
Answer: Customers receive clear, relevant and timely information to make informed decisions. Outcome 4 is about clear, relevant and timely information. The others cover culture, suitability, competent representatives and independent, prompt complaint handling.
10. Where can a retail customer take an unresolved dispute with a financial institution in Singapore, without going to court?
Answer: The Financial Industry Disputes Resolution Centre (FIDReC). FIDReC handles disputes between consumers and financial institutions through mediation and adjudication.
11. A representative suspects a client's funds come from crime. To whom is a suspicious transaction report made?
Answer: The Suspicious Transaction Reporting Office (STRO). STRs go to STRO, part of the Commercial Affairs Department of the Singapore Police Force.
12. After filing a suspicious transaction report, the representative tells the client about it. This is:
Answer: Tipping off, an offence. Disclosing information likely to prejudice an investigation is tipping off, an offence under Singapore's anti-money laundering law.
13. Under the Personal Data Protection Act, before using a client's personal data for a new purpose, a firm should generally:
Answer: Obtain the client's consent for that purpose. The PDPA requires consent, notification of purpose and reasonable use. A new purpose generally needs fresh consent unless an exception applies.
14. A representative is offered a large gift by a product provider to promote its products over others. The ethical response is to:
Answer: Decline it or follow the firm's gifts policy and declare it, so it doesn't influence recommendations. Conflicts of interest must be avoided or managed and disclosed. Recommendations must rest on the client's needs, not inducements.
15. A client asks the representative to sign a form on the client's behalf to save time. The representative should:
Answer: Refuse, and ask the client to sign it personally. Signing on a client's behalf, even with permission, is forgery and serious misconduct. Clients must sign their own documents.

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Certification guide

RES5 exam guide (2026): RES5, Rules, Ethics and Skills for Financial Advisory Services, is the module every financial adviser representative in Singapore must pass. It replaced M5 on 1 April 2024 and is longer and stricter: 150 questions in 3 hours, with separate pass marks of 75% for Part I and 80% for Part II.

RES5 exam FAQ

How many questions are on the RES5 exam?

150 multiple-choice questions: Part I (110) and Part II (40), with a time limit of 3 hours. Format: closed book, computer-based.

What is the passing score for RES5?

75% for Part I and 80% for Part II (each part passed separately).

How much does the RES5 exam cost?

S$150 (SCI members) or S$180 (non-members) before GST, plus a S$21.80 registration fee per attempt. Fees can change, so confirm on the SCI or IBF website before you register.

Which languages is the RES5 exam offered in?

English.

Where do I take the RES5 exam?

SCI computer-based examination centre, Singapore.

Is this RES5 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 RES5 prep is Premium at S$187 a month for this exam.

What's in the premium RES5 prep?

3,000 practice questions organized topic by topic (The Financial Advisory Regulatory Framework: 500; Representatives and Licensing: 500; Advising Clients and Recommending Products: 500; Fair Dealing and Market Conduct: 500; AML/CFT and Data Protection: 500; Ethics and Professional Skills: 500), 6 full-length timed mock exams of 150 questions, 800 flashcards and 60 comprehensive key notes split across all 6 topics, plus a mistakes bank and the Readiness Score.

Compare RES5 with other CMFAS modules

Related practice tests

Exam details are summarized from the official candidate information available in October 2026. SCI or IBF changes formats and fees, so confirm with Singapore College of Insurance (SCI) before you book. CMFASQuizBank is not affiliated with MAS, SCI or IBF.

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