CMFAS M9A Passing Score & Exam Format: The "High Stakes" Trap

If you just finished M9, the M9A (Life Insurance and Investment-Linked Policies II) exam format might seem like a relief.

• M9: 100 Questions / 2 Hours.
• M9A: 50 Questions / 1 Hour.

It sounds easier. "Half the questions, half the time."

This is a trap.

Because there are fewer questions, the "Weightage Risk" is doubled. Here is why the M9A format causes so many unexpected failures for unprepared candidates. (Before you buy any prep materials, check our review of the best M9A mock exams to ensure you get the 2026 updates.)

The "2% Rule": Why You Can't afford to Guess

In the M9 exam (100 questions), getting one wrong costs you 1%. You have a buffer of 30 questions.

In M9A, getting one wrong costs you 2%.

• You can only get 15 questions wrong in the entire paper.
• If you struggle with Derivatives (Chapter 3) and get 8 questions wrong there, you have almost blown your entire safety buffer.

The Strategy: You cannot "punt" a chapter. You need to be consistently strong across all 6 chapters because there aren't enough "filler questions" to save you.

The "Case Study" Danger (Chapter 6)

The biggest structural difference in M9A is the heavy focus on Case Studies.

You will often be presented with a Product Fact Sheet (e.g., a Structured Note Term Sheet) or a Client Scenario, followed by 3 to 5 linked questions.

Why this is dangerous:

If you misinterpret the Term Sheet (like this Structured Note example), you won't just get one question wrong.

• 5 Wrong Questions = 10% lost instantly.
• That takes you from 100% to 90% in seconds.

An example of ExamPrep.sg's M9A Chapter 6 Case Study Question.

Computer-Based Exam (CBE) Logistics

Just like M9, the exam is digital. However, time management is different here.

• Time per Question: 1.2 minutes (Same as M9).
• The Pacing: You will fly through the "Theory" questions (Chapters 1 & 5). You need to bank that time for the Calculation and Case Study questions, which can take 2-3 minutes each to analyze.

Pro-Tip: Do not get stuck calculating a complex "Reverse Convertible" payout early in the paper. Flag it and come back. You need those marks, but you shouldn't sacrifice the easy theory marks to get them.

Summary: Precision Over Speed

Passing M9A isn't about endurance; it's about precision.

With only 50 questions, every mistake hurts twice as much.

To pass, you need to master the Derivative concepts so well that you don't make careless errors on the definitions. Once you are confident, book your M9A exam slot to set a target date.

Not sure if you are precise enough?

Take a free diagnostic quiz to see if you can hit the 35/50 passing mark.