CMFAS M8A Passing Score & Exam Format: The "Technical Paper" Trap

The CMFAS M8A (Collective Investment Schemes II) exam is a complex paper covering Derivatives and Structured Products. Before you dive into the syllabus, you need to understand the fundamental rules of the exam itself.

Knowing the exact passing score and the fee structure is the first step in building a confident study plan.

This guide breaks down all the logistics for the M8A paper. We have also put together free mock questions (the most common and difficult ones) for you to practice here.

1. The M8A "Technical Paper" Trap

M8A is 50 questions in 60 minutes. While this sounds short and manageable, the pace required is intense, especially for a paper focused on Financial Engineering.

• The Trap: Unlike M8, which has more definition-based questions, M8A contains 5-10 complex calculation and payoff analysis questions. If you spend more than 3 minutes on a single Derivative payoff question, you will run out of time for the Case Studies.

• The Solution: You need to achieve muscle memory for the math sections (Chapter 3 & 4) so you can solve them in under 60 seconds. Every mock exam you take must be timed precisely (If you're still wondering whether to buy notes from Carousell, read our guide on the best M8A mock exams and study guides here).

Read our full 2026 study guide on the M8A exam here.

2. The M8A Passing Score

The passing score for the CMFAS M8A is standard across most CMFAS modules: 70%.

• 50 Questions Total

• You need 35 correct answers (70% of 50) to pass.

3. Exam Fees and Registration (SCI)

The M8A examination is administered by the Singapore College of Insurance (SCI).

Step-by-Step Registration:

• Set Up Account: If you are a first-time user, register an account on the SCI website.

• Select Module: Select the examination module: CMFAS Module 8A – Collective Investment Schemes II.

• Choose Date & Time: Select your date, and time slot. Bookings can usually be made up to 2-3 months in advance.

• Pay Fees: Pay the examination fee online.

• For a list of approved calculators, refer to the official SCI website.

SCI Examination Fees (Approximate)

Choose Your Slot (Day vs. Evening):

There is a price difference depending on when you take the exam.

• Day Session (Mon-Fri, 9:00 AM - 5:00 PM): S$130.80 (Non-Member)

• Evening (After 5:00 PM) or Weekend: S$149.33 (Non-Member)

Pro-Tip: Save the ~$19 and book a weekday morning slot. Our data shows candidates perform better on calculation questions when their mind is fresh.

4. Pay & Download eBook

• Payment: SCI only accepts Credit Card (VISA or MasterCard) for online registration.

• Study Text: Hard copy books are no longer issued. Once payment is successful, check your email immediately for the eBook Access Link. If you are contemplating whether to buy notes from Carousell, read our guide on the best M8A mock exams and study guides here.

Check Spam: The email often lands in Junk folders.

Warning: CM-CIS Trap

If you are planning to take both M8 and M8A, be aware of the "CM-CIS" designation. Some agencies refer to the combination as the CM-CIS qualification. You must register for M8 and M8A as two separate exams. Passing both earns the qualification.

5. The M8A Question Breakdown

Based on the official syllabus, you should dedicate your time based on the likely distribution:

This breakdown shows why Chapters 1 to 5 must be mastered to secure at least 60% of your passing score.

Use ExamPrep.sg's "Practice by Chapter" mode to focus on specific chapters.

To find out more about the exam difficulty, as well as to understand which chapters are the "killer" chapters, read our guide: Is the CMFAS M8A exam difficult?