RES5 Exam Study Guide (2026)
Everything the RES5: Rules, Ethics and Skills for Financial Advisory Services 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 | 150 multiple-choice questions: Part I (110) and Part II (40) |
|---|---|
| Time | 3 hours |
| Passing score | 75% for Part I and 80% for Part II (each part passed separately) |
| 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 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.
1. The Financial Advisory Regulatory Framework
Who regulates financial advice in Singapore, under which laws, and how MAS rules are layered: Acts, regulations, notices and guidelines.
Key facts
- The Financial Advisers Act 2001 (FAA) regulates financial advisory services; MAS administers it.
- MAS issues subsidiary legislation, notices (legally binding) and guidelines (expected standards whose breach can affect MAS's assessment).
- Financial advisory services include advising on investment products, issuing analyses or reports, and arranging life policies.
- Licensed financial advisers and exempt financial advisers (such as banks and insurers) may provide these services through appointed representatives.
- The Securities and Futures Act 2001 and the Insurance Act 1966 also apply to the products advisers deal in.
- Breaches can lead to fines, prohibition orders and removal from the representatives register.
Flashcards
Exam tip: When two answers look right, the one that names MAS and the FAA framework precisely is usually correct.
2. Representatives and Licensing
How people become appointed representatives, the competency rules in MAS Notice FAA-N26, and ongoing obligations.
Key facts
- Under the Representative Notification Framework, the principal notifies MAS and the person appears on the public register before advising.
- The principal must check the person is fit and proper: honest, competent and financially sound.
- FAA-N26 sets the CMFAS modules required for each activity, and the minimum academic qualifications.
- A RES5 pass lapses if the person isn't appointed within 3 years, or stops practising for 3 continuous years.
- Representatives must meet continuing professional development requirements each year.
- Principals are responsible for their representatives' conduct and supervision.
Flashcards
Exam tip: Questions on timing (3 years) and who notifies MAS (the principal, not the representative) are classic traps.
3. Advising Clients and Recommending Products
Gathering client information, having a reasonable basis for recommendations, disclosure and the extra checks for Specified Investment Products.
Key facts
- A recommendation must have a reasonable basis: it must consider the client's objectives, financial situation and particular needs.
- If the client declines to give information, warn them of the consequences and document their decision.
- Disclose product features, risks, fees and the representative's remuneration basis as required.
- Unlisted SIPs need a Customer Knowledge Assessment (CKA); listed SIPs need a Customer Account Review (CAR).
- Switching a client's policy or product needs care: compare costs and benefits and explain any disadvantages.
- Keep proper records of advice, recommendations and client decisions.
Flashcards
Exam tip: CKA (unlisted) vs CAR (listed) is one of the most tested distinctions. Remember: C-A-R for exchange 'cars' that are listed.
Test yourself on these topics
Take the free 15-question RES5 test, then save your results to unlock your Readiness Score and the mistakes bank.
4. Fair Dealing and Market Conduct
MAS's Fair Dealing Guidelines, conflicts of interest, complaint handling and disputes resolution.
Key facts
- The Fair Dealing Guidelines set five outcomes, from corporate culture to complaint handling.
- Outcome 2: products and services suitable for the target customer segments.
Flashcards
Exam tip: If a question asks what fair dealing requires, the answer is about the customer's outcome, not the firm's sales.
5. AML/CFT and Data Protection
Customer due diligence, suspicious transaction reporting, tipping off, and the Personal Data Protection Act.
Key facts
- Financial advisers must do customer due diligence and ongoing monitoring under MAS Notice FAA-N06.
- Enhanced due diligence applies to higher-risk customers such as politically exposed persons.
Flashcards
Exam tip: In AML scenarios, the right answer reports to STRO and keeps quiet. Anything that alerts the client is wrong.
6. Ethics and Professional Skills
Part II of RES5: applying ethical standards and advisory skills to client situations. It needs 80% to pass.
Key facts
- Put the client's interests first in every recommendation and action.
- Never sign documents for a client or pre-sign blank forms.
Flashcards
Exam tip: Part II answers often have two plausible choices. Pick the one that is honest, client-first and follows the firm's process.
How to pass
- 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.
Frequently asked questions
How long should I study for the RES5 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 RES5 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 RES5 exam?
75% for Part I and 80% for Part II (each part passed separately). The exam has 150 multiple-choice questions: part i (110) and part ii (40) and a time limit of 3 hours.
What are the most tested topics?
The outline covers the financial advisory regulatory framework, representatives and licensing, advising clients and recommending products, fair dealing and market conduct, aml/cft and data protection, ethics and professional skills. Use the free practice test to see which ones you need most.
The premium RES5 study path
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.
Your step-by-step study path
- 1The Financial Advisory Regulatory Framework10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25Notes free with an account
- 2Representatives and Licensing10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25Premium
- 3Advising Clients and Recommending Products10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25Premium
- 4Fair Dealing and Market Conduct10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25Premium
- 5AML/CFT and Data Protection10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25Premium
- 6Ethics and Professional Skills10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25Premium
- Final step: 6 full mock exams150 questions each, timed like test day. Pass them, then book your exam.Premium
Get every note, flashcard and question
Premium Monthly
- One CMFAS module of your choice, from RES5 to M9A, HI or CM-SIP
- 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 monthly until you cancel. Cancel in two clicks from your account; you keep access until the end of the month you've paid for. No minimum term.
Premium Yearly
- One CMFAS module of your choice, from RES5 to M9A, HI or CM-SIP
- 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 Singapore College of Insurance (SCI).