CMFAS M9 vs M9A: What is the Difference? (2026 Comparison)

If you're becoming a financial adviser in Singapore, you've probably encountered two exams that sound almost identical: M9 and M9A. They're both CMFAS Life Insurance and Investment-Linked Policies papers, both administered by SCI, and both have a 70% pass mark.

So what's the difference? And should you take them together as CM-LIP or separately?

TL;DR: M9 vs M9A

• M9: Theoretical — Life Insurance, ILPs, Contract Law, Wills & Trusts
• M9A: Technical — Derivatives, Structured Products, Case Studies
• Take M9 first (it builds the foundation M9A requires)
• M9A is harder (more calculations, derivatives are confusing without finance background)
• CM-LIP: Combined paper — risky because failing M9A means losing your M9 pass too

The Core Difference: Theory vs. Technical

The fundamental distinction is clear:

Exam	Full Name	Focus
M9	Life Insurance and Investment-Linked Policies I	Life insurance products, law, premiums, ILP basics
M9A	Life Insurance and Investment-Linked Policies II	Derivatives, Structured Products, Case Studies

M9 is more theoretical. It covers a wide range of life insurance knowledge—from how premiums are set to contract law, nominations, wills, and trusts. It's heavy on content volume (17 chapters) but most of it is conceptual.

M9A is more technical. It builds on M9 and moves into complex territory—derivatives (futures, options, swaps), structured ILPs, and how to assess whether these products are suitable for a specific client. More calculations, more application.

Exam Format Comparison

Aspect	M9	M9A
Questions	100 MCQs	50 MCQs
Duration	2 hours	1 hour
Passing Score	70% (70 correct)	70% (35 correct)
Max Mistakes	30	15
Chapters	17	6
Calculator	Allowed (bring your own)	Allowed (bring your own)
Exam Body	SCI	SCI

Notice the key difference: M9 gives you 100 questions in 2 hours (1.2 min/question), while M9A gives you 50 questions in 1 hour (also 1.2 min/question). Same pace, but M9A's questions are more complex.

Exam Fees

Both M9 and M9A share a similar fee structure:

Session	SCI/IBF Member	Non-Member
Day (9am-5pm)	~$109.00	~$130.80
Evening (after 5pm)	~$127.53	~$149.33

Prices exclude GST. Since 1 April 2024, there is no differentiation between first-timer and retaker fees—all candidates pay the same amount per attempt.

Pro Tip: Book a day session and save ~$18. Morning sessions also tend to yield better focus than after a long day of work.

Syllabus Comparison

M9: 17 Chapters (Theoretical)

Chapter	Topic
1	Risk and Life Insurance
2	Setting Life Insurance Premium
3	Classification of Life Insurance Products
4	Traditional Life Insurance Products
5	Riders (Supplementary Benefits)
6	Participating Life Insurance Policies
7	Investment-Linked Life Insurance Policies (ILPs)
8	Investment-Linked Sub-Funds
9	ILP Computational Aspects
10	Annuities and Other Products
11	Application and Underwriting
12	Policy Services
13	Life Insurance Claims
14	The Insurance Contract
15	Law of Agency
16	Income Tax and Life Insurance
17	Insurance Nomination, Wills and Trusts

M9 is wide. It covers everything from how premiums are calculated to the legal framework of insurance contracts. The killer chapters are the calculation-heavy ones (Ch 2, 9) and the law chapters (Ch 14, 15, 17).

Pssst... looking to pass the M9 and M9A exam? CMFAS Prep has you covered with our M9A Mock Exam & Question Bank and M9 Mock Exam & Question Bank.

CMFAS Prep provides practice by chapter mode to help you focus on your weak spots.

M9A: 6 Chapters (Technical)

Chapter	Topic
1	Introduction to Structured Products
2	Risk Considerations of Structured Products
3	Understanding Derivatives
4	Introduction to Structured ILPs
5	Portfolio of Investments with Insurance
6	Case Studies

M9A is narrow but deep. Only 6 chapters, but Chapters 3-6 are all demanding. You need to understand how derivatives work, how structured ILPs are constructed, and how to assess suitability for clients.

Key Content Differences

Topic	M9	M9A
Life Insurance Products	Core topic	Assumed knowledge
Premium Calculations	NAV, Bid/Offer	Assumed knowledge
Contract Law	Agency, Wills, Trusts	Not covered
Derivatives	Not covered	Core topic
Structured Products	Not covered	Core topic
Payoff Diagrams	Not covered	Must-know
Client Suitability	Basic	Advanced case studies

CMFAS Prep provides instant feedback and explanations for every question.

Which Exam Is Harder?

Based on CMFAS Prep's content team sitting for both exams: M9A is harder.

Here's why:

M9 Difficulty

• Content is vast (17 chapters) but mostly theoretical
• Calculation questions (Ch 2, 9) are formula-based—learnable with practice
• Law chapters require memorization but are logical
• Most questions test recall and understanding
• Read our full M9 difficulty breakdown

M9A Difficulty

• Derivatives (futures, options, swaps) are conceptually challenging
• More calculation questions that require understanding mechanics, not just formulas
• Case studies (Chapter 6) require synthesis and judgment, not just recall
• Only 50 questions means each question is worth 2%—less room for error
• Read our full M9A difficulty breakdown

M9 is wide and theoretical. M9A is narrow and technical. If you don't have a finance background, M9A's derivatives content will be the bigger challenge.

Should You Take M9 First or M9A First?

Take M9 first. Here's why:

• M9 builds the foundation. You need to understand life insurance products, ILPs, and basic calculations before tackling derivatives and structured ILPs.

• M9A assumes M9 knowledge. M9A doesn't re-teach ILP basics, NAV calculations, or product types—it builds on them.

• Lock in M9 first. If you fail CM-LIP (combined), you lose your M9 pass too. Taking them separately lets you secure M9 before tackling M9A.

The CM-LIP Option: Combined M9 + M9A

You can take both exams as a single combined paper called CM-LIP.

Aspect	Separate	CM-LIP (Combined)
Questions	100 + 50	150
Duration	2 hrs + 1 hr	3 hours
Pass Mark	70% each	70% each part
Risk	Fail one, keep the other	Fail M9A = lose M9 too
Cost	2 × exam fee	1 × exam fee

When CM-LIP Makes Sense

• You have a strong finance background
• You're comfortable with derivatives and structured products
• You want to save one exam fee and get it done in one sitting

When to Take Separately (Recommended)

• You don't have a finance background
• Derivatives and structured products are new to you
• You want to secure your M9 pass first
• You prefer lower risk

Our Recommendation: Take Them Separately

The exam fee savings from CM-LIP aren't worth the risk of losing your M9 pass. Take M9 first to "save game," then focus 100% on M9A.

CMFAS Prep provides performance by chapter mode to help you track your progress.

Study Strategy: M9 Then M9A

M9 Study Plan (3-4 Weeks)

Week	Focus
Week 1	Chapters 1-6 (Insurance Products & Riders)
Week 2	Chapters 7-10 (ILPs & Annuities) + Chapter 9 Calculations
Week 3	Chapters 11-17 (Law, Tax, Claims)
Week 4	Mock exams + weakness drilling

Read our full guide: How to Pass CMFAS M9 Exam

M9A Study Plan (3-4 Weeks)

Week	Focus
Week 1	Chapters 1-2 (Structured Products intro)
Week 2	Chapter 3 (Derivatives — the critical chapter)
Week 3	Chapters 4-5 (Structured ILPs & Portfolios)
Week 4	Chapter 6 (Case Studies) + mock exams

Read our full guide: How to Pass CMFAS M9A Exam

Summary

Aspect	M9	M9A
Full Name	Life Insurance & ILPs I	Life Insurance & ILPs II
Focus	Insurance products, law, premiums	Derivatives, Structured ILPs
Questions	100 MCQs	50 MCQs
Duration	2 hours	1 hour
Pass Mark	70%	70%
Chapters	17	6
Difficulty	Wide but theoretical	Narrow but technical
Take First?	Yes	After M9
Killer Chapters	Premiums (Ch 2, 9), Law (Ch 14, 15)	Derivatives (Ch 3), Case Studies (Ch 6)

Not sure where to start? Take M9 first. It builds the foundation you'll need for M9A, and you can secure the pass before moving on to the harder paper.

Want to test yourself? Try our free sample questions for M9 or M9A.

M9 vs M9A FAQs

Ready to Put This Strategy Into Action?

Start with M9 practice, then progress to M9A.

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By The CMFAS Prep Team

Singapore's leading CMFAS and SCI exam preparation platform, helping thousands of candidates pass their regulatory exams on the first try.