Best CMFAS M8A Mock Exams & Study Guides (2026 Comparison)

If you are following a proper M8A Study Strategy, you know that the challenge isn't the volume (only 6 chapters)—it's the concepts.

M8A requires you to visualize Derivative Payoffs and analyze complex Structured Product term sheets.

A quick search yields dozens of options, from cheap PDF notes to expensive classroom courses. But can a static PDF really teach you how a "Knock-In" barrier works?

In this guide, we compare the three main types of M8A mock exams available in Singapore to help you decide which one prevents you from failing this high-stakes paper.

The M8A Comparison Table

Here is how the different study materials stack up against the technical requirements of the M8A exam.

Option 1: Buying Notes on Carousell

Best for: Candidates with an existing Derivatives background.

You can find plenty of seniors selling their "Old M8A Notes."

• The Math Problem: M8A involves calculating Present Value (PV) of bond components and applying derivative payoff formulas. Carousell notes rarely include the actual workings, leaving you guessing where you went wrong.

• The Risk: Structured Products are sensitive to current interest rates and regulatory details. Old notes carry the high risk of containing outdated figures that will lead to a wrong answer on the exam.

Option 2: Traditional Providers

Best for: Candidates who want fixed papers for final practice.

Established providers offer high-quality mock papers. They are reliable.

• The Limitation: A static mock paper cannot teach you derivatives. If the question asks for the payoff of a combined Long Call and Short Put, a PDF can only give you the answer. It cannot show you how the combined P&L curve is generated dynamically when the underlying price changes.

• The Issue: Since you need to drill hundreds of payoff scenarios for Chapter 3 and 4, buying limited "Sets" means you will quickly memorize the answers without mastering the underlying concepts.

Option 3: The Online Simulator (ExamPrep.sg)

Best for: Candidates who must master complex math and visualization fast.

We built ExamPrep.sg to solve the explanation and calculation barrier in M8A.

Why "Dynamic" Beats "Static" for M8A

• Instant Feedback & Explanations: Get instant feedback and explanations for every question.

See exactly how Long/Short positions combine to form complex structured product payoffs.

• Calculation Walkthroughs: For questions like the one in our free mock paper, we show you the multi-step workings for questions involving calculations, for example, converting FX gains/losses back to SGD.

Master the tricky calculations questions.

• Practice by Chapter Mode: Focus on specific chapters and drill on your weak spots.

Practice by Chapter Mode to focus on specific chapters and drill on your weak spots.

• Progress Tracking: Track your progress and monitor your improvements over time.

Track your progress and monitor your improvements over time.

• AI Weakness Detection: Identify your weak spots and focus on them.

Identify your weak spots and focus on them.

The Economics of Failure:

The Retake Cost: If you fail M8A, SCI charges you ~$150-$180 to retake.

The "Insurance" Cost: For $39.90, ExamPrep.sg gives you the dynamic tools to pass on the first try.

The Verdict: Smart candidates invest $39 to save $150.

(For a guide on the passing score and format, read our M8A Passing Score and Registration Guide here).

Conclusion: Master the Mechanics

• If you want cheap notes and are willing to risk a retake: Carousell.

• If you want static practice papers but struggle with visualization: Traditional Providers.

• If you want unlimited dynamic practice, visualization tools, and data-driven study tools for the same price: ExamPrep.sg.

M8A is a pure test of technical understanding. Don't risk your score by using tools that can't show you the math.