Free CMFAS M9A Mock Exam Questions & Papers (2026 Derivative Examples)
Looking for free M9A mock exam questions? We break down 5 tricky Derivative and Structured Product examples (Options, Futures, ELNs) from the 2026 syllabus.
If you are sitting for M9A, you already know the theory. The problem is applying it. (Read our guide on passing the M9A exam here.)
M9A questions are notoriously "visual." You won't just be asked "What is a Call Option?" You will be given a scenario and asked to calculate the Payoff.
Most candidates fail because they cannot visualize the difference between a "Long Call" and a "Short Put" under pressure. This is because they are using static PDF notes that only give them the definition, but not the explanation. Read our blog comparison of M9A mock exams here.
Below, we have created a free mini-mock covering the hardest concepts: Derivative Payoffs and Structured Notes.
✨ TL;DR: The "Concept" Trap
- The Math: You must calculate "In-the-Money" vs "Out-of-the-Money" value.
- The Structure: Understanding "Knock-In" events for Equity Linked Notes (ELNs) is critical.
- The Fix: Draw the payoff diagram before you answer.
📈 Question 1: Options Trading (Chapter 3)
Scenario:
Investor A buys a Call Option on DBS shares with a Strike Price of $30. The premium paid is $1.00.
At expiry, the DBS share price is $28.00.
What is Investor A's net profit/loss?
- A) Loss of $1.00
- B) Loss of $3.00
- C) Profit of $2.00
- D) Zero
The Trap: Thinking the investor must exercise the option.
The Correct Answer: A (Loss of $1.00)
The Logic: A Call Option gives the right (but not obligation) to buy at $30. Since the market price ($28) is lower than the Strike ($30), the option is Out-of-the-Money. The investor will simply let it expire worthless. The only loss is the Premium paid ($1.00).
ExamPrep.sg's "Practice by Chapter" mode allows you to isolate specific chapters and practice them until you master them.
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📉 Question 2: Structured Notes (Chapter 4)
Scenario:
A client invests in an Equity Linked Note (ELN) linked to SingTel shares. The Strike Price is $2.50 (90% of Spot).
At maturity, SingTel shares are trading at $2.00.
What will the investor receive?
- A) 100% Principal in Cash.
- B) Physical delivery of SingTel shares valued at $2.50.
- C) Physical delivery of SingTel shares valued at $2.00.
- D) Cash payout equivalent to the Strike Price.
The Trap: Forgetting that ELNs are "Yield Enhancement" products, not "Principal Protected."
The Correct Answer: C
The Logic: Since the share price ($2.00) is below the Strike ($2.50), the "Knock-In" event has occurred. The issuer will deliver the physical shares to the investor. The investor effectively buys the shares at the Strike Price ($2.50) but receives an asset currently worth only $2.00, resulting in a paper loss.
Confused by ELNs and DCIs?
Structured Products make up ~20% of the exam. If you can't calculate the payout for a Reverse Convertible, you are at risk.
👉 Drill Structured Product Questions📅 Question 3: Futures Contracts (Chapter 3)
Question:
Which of the following features distinguishes a **Futures Contract** from a Forward Contract?
- A) It is traded Over-the-Counter (OTC).
- B) It has a non-standardized contract size.
- C) It is marked-to-market daily.
- D) It carries high counterparty credit risk.
The Trap: Confusing the features of Futures (Exchange-Traded) vs Forwards (OTC).
The Correct Answer: C
The Logic: Futures are traded on an exchange (like SGX). To prevent default, the exchange clearing house acts as the counterparty and requires daily mark-to-market margin adjustments. Forwards are OTC and do not have this daily settlement mechanism.
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Why M9A is the "Silent Killer"
As we discussed in our analysis of M9A difficulty, the danger isn't the volume—it's the complexity. Don't register for the exam until you can solve these calculation questions consistently.
One wrong understanding of "Call vs Put" can cost you 5 questions in a row during the Case Study section.
How to Fix It:
You need to practice seeing these products from different angles.
At ExamPrep.sg, our M9A Simulator includes:
- Instant Feedback: Get instant correct/wrong feedback and explanations after every single question.
- Practice by Chapter Mode: Dedicated practice for every single chapter.
- 2026 Syllabus: Updated for the latest Structured Product guidelines.
- Progress Tracking: See your progress and track your weak spots.
ExamPrep.sg's AI Recommendation Engine identifies your weak spots and creates a custom practice plan to help you master them.
Don't gamble with the derivatives section.
Frequently Asked Questions About M9A Mock Exam Questions
By The ExamPrep.sg Team
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Master M9A derivatives and structured products with step-by-step explanations. Practice until the payoff logic becomes second nature.