What is the CMFAS RES5 exam?
RES5 is the Rules, Ethics and Skills module for financial advisory services in the Capital Markets and Financial Advisory Services (CMFAS) examinations. It replaced the old Module 5 (M5) when the new CMFAS exams started on 1 April 2024. Under MAS Notice FAA-N26, a valid RES5 pass is part of the minimum examination requirements for most people who want to be appointed as representatives of a financial adviser, such as insurance agents and bank advisers. You usually take RES5 together with a product knowledge module, for example CM-LIP for life insurance.
The exam is run by the Singapore College of Insurance (SCI). TestReady SG is an independent practice platform and is not connected to SCI, IBF or MAS. Our questions are original practice questions written from the law and MAS documents, not past exam questions.
Exam format
| Part I | Part II | |
|---|---|---|
| Focus | Rules and regulations | Ethics and skills |
| Questions | 110 | 40 |
| Pass mark | At least 75% | At least 80% |
You answer all 150 multiple-choice questions in one 3-hour sitting. It is a closed-book, computer-based exam in English. You must reach the pass mark in both parts in the same attempt, so a strong Part I score cannot make up for a weak Part II. In practice, 75% of 110 means at least 83 correct answers in Part I, and 80% of 40 means at least 32 correct in Part II. SCI issues a result slip rather than a certificate.
What Part I covers
Part I is the larger, more technical part. Based on SCI's published syllabus, it covers:
- Financial Advisers Act 2001 and Financial Advisers Regulations: licensing and exempt financial advisers, appointed and provisional representatives, the public register, disclosure of product information (s 34), false or misleading statements (s 35), the reasonable basis rule for recommendations (s 36), and the use of the word "independent".
- MAS notices: including FAA-N16 on recommendations (know your client, Customer Knowledge Assessment and Customer Account Review, switching, and the selected client, trusted individual and Pre-Transaction Check rules in force since 29 December 2025), FAA-N03 on disclosure, FAA-N14 on misconduct reporting, FAA-N20 on the balanced scorecard, FAA-N26 on competency and CPD, and FAA-N06 on anti-money laundering.
- MAS guidelines, such as fit and proper criteria and fair dealing.
- Investment-linked policies under MAS Notice 307, and the Code on Collective Investment Schemes.
- Securities dealing and market conduct, such as insider trading and false trading.
- The Central Provident Fund, including the CPF Investment Scheme.
What Part II covers
Part II tests how you apply ethics and advisory skills. The syllabus topics include why professional ethics matter, professionalism, ethical and unethical behaviour, conflicts of interest, fair dealing, ethical marketing and sale of financial products, building client relationships, fact finding and needs analysis, analysing a client's financial position, developing and presenting solutions, reviewing portfolios, and a basic financial planning guide. Expect scenario questions where you choose what a representative should do, and simple calculations such as net worth, cash flow and compound growth.
How to prepare
- Learn the numbers that are easy to mix up. For example: notify MAS of a cessation by the next business day, misconduct reports within 14 days, a CKA is valid for one year and a Customer Account Review for three years, and many record-keeping periods are five years.
- Know who does what. Many questions turn on whether a duty sits with the financial adviser, the representative, senior management or the independent sales audit unit.
- Do not neglect Part II. It has only 40 questions but a higher pass mark, so every mistake costs 2.5 percentage points. Think "client's interests first, document everything, disclose conflicts".
- Practise under time pressure. 150 questions in 180 minutes is 72 seconds a question. Full timed mocks help you find your pace and spot weak topics.
- Use the official study guide. SCI publishes the syllabus and study materials. Use our questions to test yourself, not as a replacement for the study guide.
Rules change: our questions follow the law and MAS notices as in force on 5 October 2026, including the FAA-N16 and FAA-N20 changes that took effect on 29 December 2025. If your exam date is much later, check SCI's page for syllabus updates.
Three worked examples
One question from different sections of the full pack, with the answer and explanation.
A financial adviser suspects money laundering and believes that carrying on with CDD will tip off the customer. Under MAS Notice FAA-N06 it may:
- tell the customer about its concerns and ask for an explanation
- stop the CDD measures, document its reasons and file an STR
- complete the CDD and wait for further evidence before acting
- pass the matter to the customer's bank and take no other step
A client's monthly debt repayments total $2,000 and his gross monthly income is $8,000. What is his debt service ratio?
- 20%
- 25%
- 40%
- 16%