CMFAS Exam Brochure - IBF

1 CMFAS Exam Brochure (March 2015) The Institute of Banking & Finance 10 Shenton Way #13-07/08 MAS Building Singapore 079117 T: +65 6220 8566 F: +65 6224 4947 W: 1 CMFAS Exam Brochure (March 2015) CONTENT Introduction ---------------------------------------- ------------------ 2 Examination ---------------------------------------- ------------------ 3 Objectives of CMFAS Which Module to Enrol Types of Activities Exemptions ---------------------------------------- ----------------- 4 Examination Duration ---------------------------------------- ------ 5 Examination Venue ---------------------------------------- ------ 5 Exam Registration ---------------------------------------- ------ 6 Enrolment Examination Fee Appendix - Examination Syllabus ----------------------------------- 7 2 CMFAS Exam Brochure (March 2015)

2 Introduction The capital Markets and Financial Advisory Services Examination ( CMFAS Exam) is a modular examination structure effective since 1 December 2002 in accordance with the Notices issued by MAS under the Securities & Futures Act (SFA) and Financial Advisors Act (FAA). The CMFAS Exam comprises the following Modules: Rules & Regulations Module 1A Rules and Regulations for Dealing in Securities (SGX ST Members) Module 1B Rules and Regulations for Dealing in Securities (Non- SGX ST Members) Module 2A Rules and Regulations for Trading in Futures Contracts (SGX- DT Members) Module 2B Rules and Regulations for Trading in Futures Contracts (SMX Members) Module 3 Rules and Regulations for Fund Management Module 4A Rules and Regulations for Advising on Corporate Finance Module 4B Rules and Regulations for Advising on Corporate Finance (Solely Debt Securities)

3 Module 5 Rules and Regulations for Financial Advisory Services Module 10 Rules and Regulations for REIT Management, with Product Knowledge and Analysis Product Knowledge & Analysis Module 6 Securities Products and Analysis Module 6A Securities & Future Product Knowledge Module 8 Collective Investment Schemes Module 8A Collective Investment Schemes II Module 9 Life Insurance and investment-linked Policies Module 9A Life Insurance and investment-linked Policies II Candidates who wish to act as appointed CMFAS representatives are required to pass the applicable CMFAS examinations prior to lodgment of the notification to act as appointed representatives with MAS. 3 CMFAS Exam Brochure (March 2015) Objectives of CMFAS To test candidates on their knowledge and understanding of the: Regulatory framework including the laws and regulations and associated codes, notices, practice notes and guidelines governing the capital markets and life insurance intermediaries; and Product characteristics as well as the tools and techniques to analyse the products.

4 Candidates who pass the examinations are eligible to apply to MAS for a representative s license under the SFA or FAA. Such application is subject to the approval of the MAS. Which Module to Enrol Unless otherwise exempted, candidates applying for a representative s license in each regulated activity must attempt the relevant modules. The requirements are summarized as follows: Regulated Activity Module Rules & Regulations Product Knowledge & Analysis 1A 1B 2A 2B 3 4A 4B 10 6 6A Dealing in Securities (SGX-ST Members) Dealing in Securities (Non SGX-ST Members) Either Module Trading in Futures Contracts (SGX-DT Members) Trading in Futures Contracts (SMX Members) Trading in Futures Contracts (Non SGX-DT & Non SMX Members) Either Module Fund Management REIT Management Advising on Corporate Finance Advising on Corporate Finance (Solely Debt Securities) Leveraged Foreign Exchange Trading Any of these Modules For more details on the examination requirements, please refer to the notices issued by MAS at 4 CMFAS Exam Brochure (March 2015)

5 Exemptions Module 6 Persons possessing any of the following qualifications (which must be attained through passing the specific respective examination(s)) or working experience are not required to pass Module 6: 1. Degree or higher qualification, with emphasis on accountancy, actuarial science, business/business administration/business management/business studies, capital markets, commerce, economics, finance, financial engineering and financial planning, or computational finance; 2. Chartered Financial Analyst (CFA) by the CFA Institute, USA; 3. The Association of Chartered Certified Accountants (ACCA) Qualifications; 4. Associate Chartered Accountant (ACA) of the Institute of Chartered Accountants in England and Wales1; 5. Associate/Fellow of the Institute of Actuaries, England; 6.

6 Associate/Fellow of the Faculty of Actuaries, Scotland; 7. Associate/Fellow of the Society of Actuaries, USA; 8. Associate/Fellow of the Institute of Actuaries of Australia; 9. Associate/Fellow of the Casualty Actuarial Society, USA; 10. Associate/Fellow of CPA Australia2; 11. Investment Company Products/Variable Contracts Limited Representative Examination (Series 6) or General Securities Representative Examination (Series 7) administered by the Financial Industry Regulatory Authority (FINRA), USA; 12. Module 1 of the Investor Contact Competency Examination (ICCE Module 1); administered by the Securities and Exchange Commission, Thailand3; or 13. 3 years of relevant and continuous working experience in respect of the regulated activity to be conducted provided there is no break-in-service of more than 3 years between the specific representative s last working experience in the regulated activity and the date of his license prior to 26 November 2010, or commencement of the provision of financial advisory services prior to 26 November 2010, or his principal s lodgment with the Authority of documents under section 99H of the Act in relation to his appointment as an appointed representative, as the case may be.

7 However, this does not apply to persons who fall within paragraph 7(a)(ii) of Notice No: SFA 04-N09. Module 6A A specific representative who possesses any of the following qualifications, is not required to pass Module 6A: 1. A degree or higher qualification in finance, financial engineering; or 2. Chartered Financial Analyst (CFA) by the CFA Institute, USA. [SFA 04-N09 (Amendment) 2011] 1 Qualification attained by membership is recognized. 2 Qualification attained by membership is recognized. 3 Person has to be licensed by the Securities and Exchange Commission of Thailand and needs to submit documentary evidence to his proposed principal certifying his license or authorization status in Thailand. 5 CMFAS Exam Brochure (March 2015) Examination Duration Duration of the examination in respect of each Module administered by IBF is as follows: Module No.

8 Of Questions Time (Hrs) 1A Rules and Regulations for Dealing in Securities (SGX-ST Members) 100 2 1B Rules and Regulations for Dealing in Securities (Non-SGX-ST Members) 60 2A Rules and Regulations for Trading in Futures Contracts (SGX-DT Members) 100 2 2B Rules and Regulations for Trading in Futures Contracts (SMX Members) 100 2 3 Rules and Regulations for Fund Management 100 2 4A Rules and Regulations for Advising on Corporate Finance 50 4B Rules and Regulations for Advising on Corporate Finance (Solely Debt Securities) 50 6 Securities Products and Analysis 100 2 6A Securities & Futures Product Knowledge 90 2 10 Rules and Regulations for REIT Management, with Product Knowledge and Analysis 100 2 The minimum pass mark for Rules and Regulations Modules is 75% and for Product Knowledge Modules it is 70%.

9 Candidates will be issued their result slips at the end of the examinations. Examination Venue The CMFAS Exam is conducted at the Assessment Centre of IBF at: 10 Shenton Way #13-07/08 MAS Building Singapore 079117 6 CMFAS Exam Brochure (March 2015) Exam Registration The institute of Banking and Finance (IBF) administers Modules 1A, 1B, 2A, 2B, 3, 4A, 4B, 6, 6A and 10. All registration can be done online via For candidates enrolling for Modules 5, 8, 8A, 9 & 9A with the Singapore College of Insurance (SCI), please contact SCI s Examination Department for registration details. Please visit their website at or contact them at 62212336 Examination Fees Module Fees before GST Corporate members Non- Members 1st attempt Subsequent 1st attempt Subsequent 1A Rules and Regulations for Dealing in Securities (SGX-ST Members) $150 $130 $170 $150 1B Rules and Regulations for Dealing in Securities (Non-SGX-ST Members) $150 $130 $170 $150 2A Rules and Regulations for Trading in Futures Contracts (SGX-DT Members) $180 $160 $200 $180 2B Rules and Regulations for Trading in Futures Contracts (SMX Members)

10 $180 $160 $200 $180 3 Rules and Regulations for Fund Management $180 $160 $200 $180 4A Rules and Regulations for Advising on Corporate Finance $180 $160 $200 $180 4B Rules and Regulations for Advising on Corporate Finance (Solely Debt Securities) $180 $160 $200 $180 6 Securities Products and Analysis $150 $130 $170 $150 6A Securities & Futures Product Knowledge $150 $130 $170 $150 10 Rules and Regulations for REIT Management, with Product Knowledge and Analysis $250 $210 $290 $250 E-book/ PDF versions of the Study Guides can be accessed online upon successful registration of exams . Candidates who wish to purchase hard copies of the Study Guides will have to pay an additional fee as shown below: $20 + GST per copy (for Modules 1A, 1B, 2A, 2B, 3, 4A, 4B, 6, 6A); and $40 + GST per copy (for Module 10).