How much is the M8 exam fee?

For non-members, the M8 exam fee is S$130.80 for day sessions and S$149.33 for evening or weekend sessions (inclusive of GST).

What is the difference between M8 and CM-CIS?

M8 is a single module covering Collective Investment Schemes (Unit Trusts). CM-CIS is a combined exam that includes both M8 and M8A (CIS II). We generally recommend taking them separately to avoid the risk of failing both if you struggle with the derivatives section in M8A.

Can I reschedule my M8 exam?

Yes. If you request it **7 or more working days** before the exam, the first change is free. If you request it between **2-7 working days** before, there is an administrative fee of S$32.70. No changes are allowed within 2 working days.

How many questions are there in the M8 exam?

The M8 exam consists of 50 multiple-choice questions over 1 hour.

What is the passing score for the M8 exam?

You need to score at least 70% (35/50 questions) to pass the M8 exam.

How to Register for CMFAS M8 Exam (2026 Step-by-Step Guide)

Booking the M8 exam should be simple, but the SCI portal options can be confusing. There are codes for M8, M8A, and CM-CIS, and choosing the wrong one can cost you extra money and stress.

We have put together a plain-English guide to help you secure your M8 exam slot quickly so you can focus on studying the Risk calculations.

✨ TL;DR: Quick Registration Facts

Exam Body: Singapore College of Insurance (SCI).
Exam Code: Module 8 (M8): Collective Investment Schemes.
Fee (Non-Member): S$130.80 (Day) / S$149.33 (Evening/Weekend).
Booking Lead Time: Book at least 3-4 weeks in advance.

Step 1: The "CM-CIS" Warning ⚠️

Before you log in, decide if you are taking M8 alone or the Combined CM-CIS (M8 + M8A).

Our Advice: Register for M8 ONLY first.

Why: If you take the combined CM-CIS exam and fail one part (e.g., M8A Derivatives), you fail the entire paper. By taking M8 separately, you "lock in" your pass for the Unit Trust section.

Step 2: Create an Account

Go to the official SCI Website.

Look for "Candidate Login" or "Register Account".

Tip: Use your personal email so you retain your records even if you switch agencies later.

Step 3: Select the Correct Module

This is where candidates make mistakes.

Once logged in, click "Exam Registration".

Select "CMFAS" as the category.

In the dropdown, look for "Module 8 (M8): Collective Investment Schemes".

* *Warning: Do not select "CM-CIS" unless you intentionally want to take M8 and M8A together in one sitting.*

Step 4: 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 (Time Value of Money) when their mind is fresh.

Step 5: 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 M8 mock exams and study guides here.

* *Check Spam:* The email often lands in Junk folders.

Step 6: You're Booked. Now What?

You have a deadline. The M8 exam is short (50 questions) but technical. If you wait until the last week to study, you will likely fail the Risk & Return (Chapter 4) calculation section (Read the M8 passing score and format guide here).

💰 Retaking the exam costs ~$130.

Don't waste money on a retake. Use our platform to drill the Calculation and Fund Structure chapters today.

👉 Start Your M8 Preparation

Important Exam Day Logistics

Calculator Policy: SCI does NOT provide calculators. You must bring your own non-programmable calculator. View the list of approved calculators models here.

ID: Bring your physical NRIC or Employment Pass.

Arrival: Arrive 30 minutes early. Latecomers are turned away.

Summary

Booking is easy. Passing is hard.

The syllabus covers tricky risk calculations that trip up many candidates. We broke down 5 examples of these tricky questions here.

Ensure you are prepared for the Killer Chapters (Risk & TVM) before you walk into that exam hall.