CMFAS Study Guide 2026
Everything you need to pass the CMFAS exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📚 CMFAS Topics to Study (39)
✍️ Sample CMFAS Questions & Answers
1. What is the maximum civil penalty MAS can impose for market misconduct?
Under the civil penalty regime of the SFA, MAS can seek civil penalties up to $2,000,000 for market misconduct offences.
2. What is the prohibition against market timing abuse in financial advisory?
Market timing abuse involves exploiting stale pricing or time zone differences in fund NAV calculations for unfair gains, which is prohibited.
3. What is a structured deposit?
A structured deposit has returns linked to the performance of underlying financial instruments like equities, interest rates, or currencies.
4. What does 'ex-dividend' mean?
When a stock goes ex-dividend, buyers after that date will not receive the declared dividend. The dividend goes to whoever held the shares before the ex-date.
5. Who is required to pass the CMFAS examinations?
Representatives who carry out regulated activities on behalf of licensed financial institutions must pass the relevant CMFAS modules.
6. What is a convertible term policy?
A convertible term policy gives the policyholder the option to convert it to a permanent (whole life or endowment) policy without needing to prove insurability.