CM-LIP, CM-CIS and CM-LIC: the combined CMFAS papers
CM-LIP, CM-CIS and CM-LIC explained: formats, the 70% rule in every part, SCI's fees against two singles, how often they run and who should combine.
CM-LIP, CM-CIS and CM-LIC are SCI's combined sittings. CM-LIP is M9 and M9A in one paper, CM-CIS is M8 and M8A, and CM-LIC is all four. You need at least 70% in every part, and failing any part fails the whole paper. They cost more than booking the singles separately, so they suit people who are strong in every part and want fewer trips.
The three combined papers at a glance
| Paper | What it replaces | Format and pass rule |
|---|---|---|
| CM-LIP | M9 and M9A | 150 questions in 3 hours: 100 in Part I, 50 in Part II; 70% in each |
| CM-CIS | M8 and M8A | 100 questions in 2 hours: 50 in each part; 70% in each |
| CM-LIC | M8, M8A, M9 and M9A | 200 questions in 4 hours, in four parts; 70% for each of M8, M8A, M9 and M9A |
All three are closed-book, on a computer screen at SCI, and a wrong or blank answer costs nothing beyond the mark. MAS treats a pass in a combined paper as meeting the requirement for the single papers it covers, which is in paragraph 4.4 of Notice FAA-N26 and repeated in MAS's FAQ on it.
The catch: every part has to pass
A combined paper isn't graded on your total. SCI's pass rule sets 70% for each part, so a strong M9 half can't carry a weak M9A half in CM-LIP. Miss the bar on one part and the paper is a fail. You then register for the whole combined paper again, or switch to the singles.
Compare that with sitting the papers apart. Pass M9 on Monday and fail M9A on Friday, and your M9 pass stands while you retake only M9A. That's the strongest reason to book the singles.
CM-LIC is shorter than the four papers it replaces
Sat separately, M8, M8A, M9 and M9A add up to 300 questions over 5 hours. CM-LIC is 200 questions in 4 hours. The difference is the overlap: M8A and M9A share their opening chapters on structured products, their risks and derivatives, and CM-LIC tests those chapters once.
That changes the shape of the paper. SCI splits CM-LIC into 50 questions for Part I, 40 for Part II, 100 for Part III and just 10 for Part IV. The contents list puts M8's chapters in Part I, M8A's in Part II, M9's in Part III and the chapters left over from M9A, on ILPs with structured features, portfolios with an insurance element and case studies, in Part IV. If that last part carries M9A's 70% rule, as the order suggests, you need 7 of its 10 questions right, so 4 wrong answers there would fail the whole paper. Treat Part IV's three chapters as seriously as any of the bigger parts.
What they cost
SCI's fee table, read the day this guide went up, includes GST. Members are candidates registered through an SCI or IBF member company.
| Paper | Member, weekday 9am to 5pm | Non-member, weekday 9am to 5pm |
|---|---|---|
| CM-LIP | S$239.80 | S$283.40 |
| CM-CIS | S$239.80 | S$283.40 |
| CM-LIC | S$457.80 | S$545.00 |
After-5pm and weekend sessions cost more: S$258.33 for members and S$301.93 for non-members on CM-LIP or CM-CIS, and S$476.33 and S$563.53 on CM-LIC. Each combined fee includes one S$21.80 registration fee.
The singles are cheaper. M8, M8A, M9 and M9A cost S$109.00 each at the member weekday rate, so two of them come to S$218.00 against S$239.80 for the combined sitting. SCI's schedule runs CM-LIC from 1pm to 5pm on weekdays, so the weekday rate applies there too, and at that rate four singles cost less than one CM-LIC. A retake of any of these costs the full fee again. Our CMFAS exam fees guide has every rate side by side.
How often they run
The singles run every weekday. The combined papers don't. SCI says CM-LIP and CM-CIS each run once a week and CM-LIC once every two weeks, with more sessions added when demand rises. On the current schedule, CM-LIP sits from 9am to 12pm, CM-CIS from 9am to 11am and CM-LIC from 1pm to 5pm.
That matters if your firm wants you licensed by a date. A failed CM-LIC can mean a fortnight's wait for the next sitting, plus the study time to fix the part that failed.
Who should take a combined paper
SCI's pages say who each paper is for. CM-LIP, with RES 5, covers people who advise on or arrange life policies, whether or not they include investment-linked policies. CM-CIS, with RES 5, covers people who advise on collective investment schemes. CM-LIC covers both. SCI grants no exemptions from any of the three.
Our view on whether to combine:
- Combine if you already work with structured products and derivatives, your mocks clear 70% on every part with room to spare, and one sitting saves you real time off work.
- Sit the singles if you're new to finance, if one half is clearly weaker, or if this is your first exam in years. You keep each pass as you earn it, and the singles cost less.
Passing earns CPD hours from SCI: 3 for CM-LIP, 2 for CM-CIS and 4 for CM-LIC.
How to prepare
The chapters are the same as the singles, so prepare the same way: test each chapter as you read it, then sit full timed mocks. For a combined sitting, practise both papers under time and check your score on each part separately, since that's how SCI marks it.
Our guides on M9 or M9A first and M8 or M8A first compare the two halves of each pair in detail. Paper Pair gives you two months of M9 and M9A together, or M8 and M8A, and the M9 page has a free sample question. Or start with M9 as a single paper for full 100-question mocks on the real 2-hour clock.
Sources
- SCI, CM-LIP exam details, fees and schedule, read 12 October 2026
- SCI, CM-CIS exam details, fees and schedule, read 12 October 2026
- SCI, CM-LIC exam details, fees and schedule, read 12 October 2026
- SCI, M9 exam details and fees, read 12 October 2026
- MAS, Notice FAA-N26 on competency requirements for representatives of financial advisers, read 12 October 2026
- MAS, FAQs on the competency requirements for representatives of financial advisers, read 12 October 2026
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Frequently asked questions
SCI's combined sitting of M9 and M9A: 150 questions in 3 hours, with 100 in Part I and 50 in Part II, and at least 70% needed in each part.
No. At the member weekday rate CM-LIP costs S$239.80, while M9 and M9A cost S$109.00 each, S$218.00 for the pair.
The whole paper is a fail, because SCI requires 70% in each part. You register for the combined paper again or switch to the singles.
Once every two weeks, with more sessions added when demand rises. CM-LIP and CM-CIS run once a week, and the single papers every weekday.
Yes. MAS treats a pass in a combined paper as meeting the requirement for the single papers it covers.
