The CMFAS exams are the regulatory gatekeepers to a financial advisory career in Singapore. Without passing the relevant papers — RES5, M9, M9A, and HI — you cannot be appointed as a licensed representative and you cannot legally advise clients on financial products. There is no way around them.
What many people exploring the industry don’t realise is that they don’t necessarily have to pay for these exams themselves. Exam sponsorship — where a financial advisory firm or agency covers your exam fees in exchange for joining their team — is a standard arrangement in Singapore’s advisory industry.
InsuranceJobs.sg, for example, fully waives the exam fee for candidates who show promise and commitment upon clearing all papers.
But sponsorship is not charity — and not every sponsorship arrangement is equal. This guide explains how it works, what firms look for in candidates they’ll sponsor, what you should look for in a sponsor, and the clawback terms you need to understand before signing anything.
What Are the CMFAS Exams and Why Do They Cost Money?
CMFAS stands for Capital Markets and Financial Advisory Services. The examination framework is administered jointly by the Singapore College of Insurance (SCI) and the Institute of Banking and Finance (IBF), and it is mandated by MAS under the Financial Advisers Act.
For most financial advisors in Singapore, the four core papers are:
RES5
Rules, Ethics and Skills for Financial Advisory Services. This is the foundational regulatory paper covering the FAA framework, MAS notices, compliance standards, ethics, and conduct requirements.
Passing requirement: 75% overall, 80% for the ethics component.
M9
Life Insurance and Investment-Linked Policies. Covers life insurance structures and ILPs.
Passing score: 70%.
M9A
Life Insurance and Investment-Linked Policies II. Advanced ILP and investment content.
Passing score: 70%.
HI
Health Insurance. Covers hospitalisation, critical illness, disability, and related products.
Passing score: 70%.
The four papers total approximately $395.90, plus a non-refundable registration fee. If you fail and retake a paper, you pay again in full.
While the amount is not enormous, it represents a real upfront cost — especially for fresh graduates or mid-career switchers evaluating entry into the industry.
Who Typically Sponsors CMFAS Exams?
1. Tied Agencies of Major Insurers
Agencies affiliated with insurers such as AIA, Prudential, Great Eastern, Manulife, HSBC Life, Income Insurance, Singlife, and Tokio Marine commonly offer exam sponsorship as part of their recruitment package.
Sponsorship is usually conditional on your commitment to join that agency upon passing.
2. Independent Financial Advisory Firms (IFAs)
IFAs, which represent multiple insurers, also sponsor exams. Because IFAs compete on flexibility and product breadth, sponsorship is often part of their recruitment proposition.
Terms vary significantly — especially around clawbacks and production targets.
3. Structured Career Platforms
InsuranceJobs.sg operates a structured sponsorship programme designed to remove financial barriers for serious candidates. The programme supports exam registration and connects candidates with suitable agencies based on fit.
Check if you qualify for exam sponsorship →
What Firms Look For Before Sponsoring You
1. Genuine Intent
Firms want candidates who clearly intend to build a career — not those casually exploring. Being able to articulate why you’re entering advisory and what your first six months might look like signals seriousness.
2. Network Potential
You don’t need wealthy contacts — but you do need real relationships. Former colleagues, university peers, community networks, and family connections matter more than job titles.
3. Learning Commitment
Have you researched RES5? Do you understand the FAA framework? Do you have a study plan? Candidates who prepare seriously for the exams are more likely to be sponsored.
4. Professional Communication
Financial advisory is a relationship business. Firms evaluate whether you present yourself credibly and communicate clearly — because that predicts client trust.
5. Regulatory Eligibility
You must meet MAS minimum academic and age requirements (generally at least four GCE ‘O’ Level passes including English, and minimum age of 21). Singapore Citizens, PRs, and eligible pass holders may apply.
Some degrees (e.g., business, finance, accounting) may qualify for module exemptions — confirm with SCI before registering.
What You Should Look For in a Sponsoring Firm
The Clawback Terms
Most sponsorship agreements include a clawback clause. If you leave within a specified period, you may need to repay exam fees.
Ask clearly:
- How long is the clawback period (12? 18? 24 months?)
- Is repayment limited to exam fees only?
- Is it pro-rated over time?
- Does it apply if you’re terminated?
Reasonable clawbacks are standard. Excessive lock-ins are red flags.
Training & Mentorship
Passing exams makes you licensed — not competent. Ask about:
- 12-month structured curriculum
- Assigned mentor with case reviews
- Shadowing opportunities
- Early client meeting support
Establishment Allowance
Many firms provide a monthly allowance during the first 12–24 months subject to activity targets. Clarify:
- Monthly amount
- Production requirements
- Whether it’s a supplement or advance
Culture and Retention
Ask how many fresh advisors remain active at 24 months. Retention rates tell you more than recruitment energy does.
Product Range
Tied agencies limit you to one insurer’s products. IFAs offer multi-insurer access. Choose based on the type of clients you intend to serve.
Recommended Exam Order
- HI first – Easiest format; builds exam confidence.
- RES5 second – Mandatory regulatory paper.
- M9 third – Core life insurance module.
- M9A fourth – Advanced ILP content.
Typical preparation time: 50–80 hours total. Many candidates sit one paper per month.
After You Pass
Your firm submits your appointment through MAS’s Representative Notification Framework (RNF). Only after approval are you legally authorised to advise clients.
You must also complete annual Continuing Professional Development (CPD) hours to maintain your licence.
Apply for Exam Sponsorship Through InsuranceJobs.sg
InsuranceJobs.sg sponsors CMFAS exams for candidates who demonstrate seriousness and long-term intent. We work with both fresh graduates and mid-career switchers and match candidates to agencies aligned with their profile and goals.
We provide realistic guidance on first-year income expectations and help you evaluate sponsorship terms before committing.
Check if you qualify →
Talk to Us on WhatsApp |
View Current Financial Advisor Openings
Related reading:
- Fresh Graduate to Financial Advisor in Singapore
- Mid-Career Switch Guide
- How Much Do Financial Advisors Earn?
- Income Timeline Breakdown
- Part-Time Financial Advisor Guide
Disclaimer
Every effort has been made to ensure the accuracy of the information provided, but no liability will be accepted for any loss or inconvenience caused by errors or omissions. The information and opinions presented are offered in good faith and based on sources considered reliable; however, no guarantees are made regarding their accuracy, completeness, or correctness. The author and publisher bear no responsibility for any losses or expenses arising from investment decisions made by the reader.
