Is M9A harder than M9?

For most people, yes. M9 is about *volume* (memorizing 17 chapters). M9A is about *concepts* (understanding complex derivatives). If you have no finance background, M9A is significantly harder to grasp.

Can I take M9A before M9?

Yes, SCI allows you to take them in any order. However, most candidates take M9 first as it lays the foundation for insurance products, while M9A focuses on the investment link.

How much math is in M9A?

A lot. You will need to calculate payoffs for Options, Futures, and Structured Deposits (e.g., "Calculate the return if the index is below the strike price").

What do the M9A Case Studies look like?

The Case Study section (Chapter 6) typically presents a 1-page "Product Term Sheet" (e.g., for a Structured Note) followed by 3-5 linked questions. You will be asked to identify specific risks (Issuer vs Market), calculate potential returns in different scenarios, and determine if the product is suitable for a specific client profile.

Do I need to memorize formulas for M9A?

Yes, but fewer than M9. For M9A, you must memorize the payoff logic for Derivatives (e.g., Max[0, Index - Strike]) and the calculation steps for Structured Deposits. The exam will not provide these formulas.

How to Pass CMFAS M9A Exam Singapore: Complete 2026 Study Guide

If M9 is about memorizing laws, M9A (Life Insurance and Investment-Linked Policies II) is about understanding complex financial engineering.

Many candidates breeze through M9 and then hit a brick wall with M9A. Why? Because M9A deals with Derivatives, Structured Products, and Market Risk.

You cannot just "read and recall" how a Call Option works. You need to understand the mechanics of the payoff.

If you are preparing for the 2026 syllabus, here is your roadmap to conquering the most technical paper in the CMFAS suite.(Before you buy any prep materials, check our review of the best M9A mock exams to ensure you get the 2026 updates.)

✨ TL;DR: The M9A Survival Guide

The Scope: Only 6 Chapters (Short but dense).
The Killer: Chapter 3 (Derivatives) & Chapter 6 (Case Studies).
The Format: 50 Questions / 1 Hour.
The Risk: Each question is worth 2%. You can only afford 15 mistakes. /li>

The M9A Exam Format (2026 Update)

Unlike the marathon M9 exam, M9A is a sprint.

Format: 50 Multiple Choice Questions (MCQ).
Duration: 1 Hour (60 Minutes).
Passing Score: 70% (You need 35 correct answers).
Calculators: Allowed (and necessary). You must bring an approved model like the Casio FC 100V.

The Danger: Because there are only 50 questions, the weighting of each topic is heavy. If you skip "Derivatives" (Chapter 3), you could lose 10-15 marks instantly and fail. Read more about the M9A Passing Score & Exam Format here.

The "CM-LIP" Warning: Are you taking the combined paper?

Many candidates register for the CM-LIP (Combined M9 + M9A) exam to save time.

Warning: M9A is often the "Silent Killer" in the combined paper.

Because the M9 textbook is huge (300 pages) and M9A is small (100 pages), candidates often spend 80% of their time on M9 and only 20% on M9A.

The Result:

You score 85% on M9.
You score 68% on M9A (fail by 1 question).
Outcome: You fail the entire CM-LIP exam and must retake both parts.

Our Advice: Unless you are confident in Derivatives, take M9A separately to "lock in" your pass. (See our registration guide for details on fees).

The "Killer" Topics You Must Master

The M9A difficulty comes from abstract concepts.

1. Derivatives (Chapter 3)

You must understand the 4 main types: Forwards, Futures, Options, and Swaps.

The Hard Part: Understanding "Moneyness" (In-the-money vs Out-of-the-money) and the payoff diagram for a Call vs. Put option.
The Trap: Confusing the Buyer's right with the Seller's obligation.

2. Structured Products (Chapters 1, 2, 4)

This involves wrapping derivatives into deposits or notes.

Key Concepts: ELN (Equity Linked Notes), DCI (Dual Currency Investments), and Reverse Convertibles.
The Trap: Questions will give you a "Scenario" (e.g., Strike Price $50, Spot Price $45) and ask you to calculate the payout in cash or shares.

3. The "Case Study" Section (Chapter 6)

This is unique to M9A. Chapter 6 is dedicated entirely to Case Studies.

You will be given a "Product Fact Sheet" or a complex client scenario and asked to analyze the risks and suitability.

Strategy: You need to practice reading "Term Sheets" quickly to extract the relevant Strike Prices and Knock-in barriers.

The Secret Weapon: Surgical "Chapter" Practice

Because M9A is so "lopsided" (Chapter 6 is totally different from Chapter 1), doing full mock exams can be inefficient.

If you are already good at Risk (Chapter 2) but keep failing Case Studies (Chapter 6), you shouldn't waste time answering Chapter 2 questions.

This is why we built the "Practice by Chapter" mode.

ExamPrep.sg M9A Practice by Chapter Mode

Practice your weakest chapters to master them.

Instead of a random mix, our platform allows you to:

Isolate Chapter 3: Drill many "Derivative" questions in a row until the logic clicks.
Isolate Chapter 6: Practice just the "Case Studies" to improve your reading speed.

This "Surgical" approach is the fastest way to boost your score from 60% to 80%.

📉 Confused by Options & Futures?

Static notes can't explain how a derivative moves with the market. Our platform includes step-by-step logic breakdowns for complex structured products.

👉 Practice M9A Derivatives Questions

Your 3-Week M9A Study Plan

Since the book is shorter, you don't need 4 weeks. You need 3 weeks of intense conceptual study.

Week 1: The Foundation (Chapters 1, 2, 5)

Topics: Introduction to Structured Products, Risks, and Portfolio Management.
Goal: Understand the basics of "Principal Protected" vs "Non-Principal Protected" products.

Week 2: The "Derivative" Deep Dive (Chapters 3 & 4)

Topics: Futures, Options, Structured ILPs.
Goal: Spend 100% of your time here. Draw diagrams.

* Draw the payoff graph for buying a Call Option.

* Draw the payoff graph for selling a Put Option.

* If you can't draw it, you don't understand it. (Test your knowledge with these 3 tricky M9A derivative questions).

Week 3: Case Study Simulation (Chapter 6)

Goal: Speed and Accuracy.
Activity: Use our M9A Mock Exam Simulator to practice the Case Study questions. Get used to analyzing product risks under time pressure.

ExamPrep.sg M9A Dashboard View (Practice by Chapter Mode)

Practice by Chapter Mode in the M9A Dashboard.

Summary: Don't Underestimate the Small Book

M9A looks thin, but it bites.

Many candidates pass M9 (the thick book) and fail M9A (the thin book) because they treat it as a memorization test.

M9A is an IQ test. You need to understand the logic of investments.

Ready to test your logic?

Try our free diagnostic mock exam to see if you can handle the Derivative questions. (Unsure which study material to buy? Read our comparison of M9A mock exams here).