CMFAS M9A practice papers in 2026: options compared

For the M9A paper, the prep that earns its keep is a question bank you can practise on over and over, with a written explanation after every question. M9A asks you to match an investment-linked policy to a client's situation, so the exam rewards understanding the reasoning rather than memorising a fixed answer key. A printed PDF can tell you the answer is B. It cannot tell you why the other three options were wrong for that particular client, and that is the part the exam grades.

This guide compares the kinds of M9A material sold in Singapore and shows which one fits how the paper is actually marked, so you spend your money on the format that prevents a resit.

What M9A actually tests

M9A is CM-LIP Part 2, the CMFAS paper on investment-linked policies (ILPs). You sit 50 multiple-choice questions in 1 hour and need 70% to pass. Registration is through the Singapore College of Insurance (SCI), and the exam fee runs about S$150 to S$250 including GST, depending on whether you book a peak or non-peak slot.

Most of the syllabus is principles, not product trivia. You are tested on ILP structures, fund types and fund selection, bid-offer spreads and ILP charges, fund allocation and switching, risk profiling, suitability, and the disclosure rules that apply when you recommend an ILP. The questions that trip candidates up are the application ones. Given a client with a stated goal and risk appetite, which fund allocation is appropriate, or which disclosure is required, or what the bid-offer spread does to the amount actually invested. If you have already decided M9A is the harder of the two CM-LIP papers, the breakdown in M9 vs M9A explains where that difficulty really sits.

The three kinds of M9A material, compared

Material type	Typical price	Explanations	Scenario variety	Syllabus currency	Weak-chapter tracking
Resold notes / marketplace PDFs	~S$10-20	Rarely included	Low	Often outdated	No
Traditional fixed mock papers	~S$40 per set	Limited	Fixed answer key	Updated	No
CMFAS Prep question bank	S$29.90 / month	Every question	300+ varied questions	Kept current	Yes

Resold notes and marketplace listings

These are the summary notes and old question sets that past candidates resell, usually for S$10 to S$20. If you already work with ILPs day to day and want a quick refresher on definitions, they can be enough on their own.

The gap is what they leave out. A note can define a bid-offer spread in one line, but M9A will ask you to work out what that spread does to a client's invested premium, and a bare answer key does not show that working. Resold sets also age badly. SCI revises the syllabus, and a paper sold by someone who sat the exam two intakes ago can have you rehearsing charges or disclosure rules that no longer match the current paper.

Traditional providers and fixed mock papers

Established course providers sell mock papers that are accurate and written to the syllabus. They are usually sold in fixed sets, for example two papers of 50 questions, at around S$40 a set.

The ceiling is the fixed answer key. After two or three runs through a set, you start recognising questions by their position on the page instead of reasoning through them. For a pure recall subject that might be acceptable. For M9A, where the suitability questions change the client's age, goal, and risk tolerance, a fixed bank of 100 questions does not give you enough different scenarios to rehearse the judgement the paper is testing. Once you have memorised the key, you stop learning.

An online question bank like CMFAS Prep

CMFAS Prep is built around the part fixed papers cannot cover: varied practice with feedback after every attempt. Each question carries a written explanation, so when you misread an ILP charge calculation you see the working, not just the correct letter. You get more than 300 M9A questions plus full-length mock exams, so there is no single answer key to memorise your way around.

Practice by Chapter mode lets you isolate one weak topic and drill it. If risk profiling and suitability are where you keep slipping, you can run only those questions until they stop catching you, then move to fund switching or disclosure. The performance analytics track which chapters you score worst on and send you back to them, which is study time you would otherwise waste re-reading topics you already know.

One month of that access is S$29.90, roughly the price of a single fixed paper set elsewhere, and it covers unlimited attempts rather than a closed set. You can try the questions first through a free M9A mock before you pay for anything.

The cost of failing against the cost of preparing

If you fail M9A, you book and pay the SCI exam fee again, another S$150 to S$250, plus the weeks of waiting for the next available slot. A month of structured practice is S$29.90. CMFAS Prep also runs a Pass Guarantee. Complete at least two full-length mock exams on the platform, and if you still fail the official M9A, send your SCI result slip and your access is extended for another month at no cost.

How to choose

If you already advise on ILPs daily and only want a definitions refresh, resold notes will do the job. If you like the feel of sitting a printed paper and want one or two clean practice runs, a fixed mock set works. If you want varied scenario questions with explanations and a way to find and close your weak chapters before exam day, an online question bank matches how M9A is marked more closely than either.

When you are ready to register, select the M9A module on the SCI portal and secure a slot four to six weeks ahead, since dates fill quickly.

Run a few questions on the M9A practice page and see where you stand before your exam date.