CMFAS Exam
I have cleared both Module 1A & Module 6 of the Capital Markets and Financial Advisory Services Examination (CMFAS Exam), the pre-requisite for a remisier licensing. Theoretically, I can be a remisier tomorrow. But I don't have immediate plan to do so yet. I have the next three years to exercise the option before I must re-sit for the module on "Rule & Regulation", which is Module 1A.
Both modules are pretty tough and required extensive preparation.
Module 1A - "Rules & Regulations For Dealing In Securities"
Chapter 1 - The regulatory bodies and self-regulatory organizations
Chapter 2 - Dealing mechanics and settlement procedures
Chapter 3 - Regulatory requirements relating to trading rep and operations
Chapter 4 - Regulatory requirements relating to market conduct & trading
Chapter 5 - Central Provident Fund investment scheme
Chapter 6 - Single stock future
Chapter 7 - Prevention of money laundering
This module is essentially the study of the "Securities and Futures Act (SFA) Cap 289", SGX-ST rules and SFR. 6~8 weeks of preparation time is necessary because there are so much to memorize ( line by line ). The mock question engine available in the market on paid subscription basis helps to a certain extend but don't expect many of them will turn out in the actual exam ( probably fewer than 6~8 question ).
Module 6 - "Securities Products And Analysis"
Chapter 1 - Investments and Financial Markets
Chapter 2 - Risk and Return
Chapter 3 - Financial Statement Analysis
Chapter 4 - Common Stock & Prefered Stock Analysis
Chapter 5 - Economic Analysis
Chapter 6 - Industry Analysis
Chapter 7 - Technical Analysis
Chapter 8 - Fundamentals of Fixed Income Securities
Chapter 9 - Bond Pricing, Return Measures and Interest Rates
Chapter 10 - Futures
Chapter 11 - Options
Chapter 12 - Warrants and Other Investment Products
Chapter 13 - Foreign Exchange and Swap Contracts
Chapter 14 - Unit Trust / Managed Funds
Chapter 15 - Portfolio Theory
Chapter 16 - Portfolio Management
Chapter 17 - Performance Measurement
8~10 weeks of preparation is recommended since the coverage is very wide and there is over 100 formula to remember. The actual exam has fewer than 15 questions required calculation but you never know which one will turn out so at the end of the day you will still require to memorize most of the 100 odds formula. The questions are not straight forward and often time very niche. Some of the questions are outside the scope of the booklet provided by IBF so some external study is recommended. Finally, the distribution of questions are not proportional to the number of chapters. That is, there is 17 chapters and you may expect each chapter to have around 6 questions. It does not work out that way. Some chapters like Technical Analysis has fewer than 3 questions while Unit Trust has more than 8. Again, the mock question engine helps to a certain extend but fewer than 5 questions came out exactly the same.
An excellent site for external study are :
http://thismatter.com/money/bonds/bond-yields.htm
http://www.khanacademy.org/
Both modules are pretty tough and required extensive preparation.
Module 1A - "Rules & Regulations For Dealing In Securities"
Chapter 1 - The regulatory bodies and self-regulatory organizations
Chapter 2 - Dealing mechanics and settlement procedures
Chapter 3 - Regulatory requirements relating to trading rep and operations
Chapter 4 - Regulatory requirements relating to market conduct & trading
Chapter 5 - Central Provident Fund investment scheme
Chapter 6 - Single stock future
Chapter 7 - Prevention of money laundering
This module is essentially the study of the "Securities and Futures Act (SFA) Cap 289", SGX-ST rules and SFR. 6~8 weeks of preparation time is necessary because there are so much to memorize ( line by line ). The mock question engine available in the market on paid subscription basis helps to a certain extend but don't expect many of them will turn out in the actual exam ( probably fewer than 6~8 question ).
Module 6 - "Securities Products And Analysis"
Chapter 1 - Investments and Financial Markets
Chapter 2 - Risk and Return
Chapter 3 - Financial Statement Analysis
Chapter 4 - Common Stock & Prefered Stock Analysis
Chapter 5 - Economic Analysis
Chapter 6 - Industry Analysis
Chapter 7 - Technical Analysis
Chapter 8 - Fundamentals of Fixed Income Securities
Chapter 9 - Bond Pricing, Return Measures and Interest Rates
Chapter 10 - Futures
Chapter 11 - Options
Chapter 12 - Warrants and Other Investment Products
Chapter 13 - Foreign Exchange and Swap Contracts
Chapter 14 - Unit Trust / Managed Funds
Chapter 15 - Portfolio Theory
Chapter 16 - Portfolio Management
Chapter 17 - Performance Measurement
8~10 weeks of preparation is recommended since the coverage is very wide and there is over 100 formula to remember. The actual exam has fewer than 15 questions required calculation but you never know which one will turn out so at the end of the day you will still require to memorize most of the 100 odds formula. The questions are not straight forward and often time very niche. Some of the questions are outside the scope of the booklet provided by IBF so some external study is recommended. Finally, the distribution of questions are not proportional to the number of chapters. That is, there is 17 chapters and you may expect each chapter to have around 6 questions. It does not work out that way. Some chapters like Technical Analysis has fewer than 3 questions while Unit Trust has more than 8. Again, the mock question engine helps to a certain extend but fewer than 5 questions came out exactly the same.
An excellent site for external study are :
http://thismatter.com/money/bonds/bond-yields.htm
http://www.khanacademy.org/
-------------- The below was added on January 18, 2011 ---------------
Module 5 - "Rules And Regulations For Financial Advisory Services"
3rd Edition - September 2010
Chapter 1 - The Regulatory Bodies And Associations
Chapter 2 - Financial Advisers Act and Financial Advisers Regulations
Chapter 3 - Notices - Part 1
Chapter 4 - Notices - Part 2
Chapter 5 - Guidelines - Part 1
Chapter 6 - Guidelines - Part 2
Chapter 7 - Product Development - Pricing of Insurance Products And ILP Policies
Chapter 8 - Financial Need Analysis
Chapter 9 - CPF MSS, CPFIS, SRS and Public Housing Scheme
Chapter 10 - Prevention of Money Laundering and Countering The Financing of Terrorism
The textbook is the combined thickness of Module 1a and Module 6. The content is extremely dry . The English is legal style. When I first gotten the textbook, I told myself it is impossible to pass. However, as it turns out, the exam was much easier than I thought and even easier than Module 1a. Up to half of the 100 questions are very obvious ( just use common sense, you can't go wrong ). There are, however, several questions seem to be out of the scope of the textbook. There is no question that prompt you for "all of the above" or "none of the above". All questions have a specific answer from the 4 choices.
6~8 weeks of preparation is recommended. Despite being very dry, it is recommended that candidates read through the textbook at least 3 times.
I have cleared all three modules by self study. So that answer whether attending the $600 / module of courses is necessary!
Website : http://www.marketwizards.com.sg
Blog : http://marketwizardsllp.blogspot.com
Email : admin@marketwizards.com.sg
Module 5 - "Rules And Regulations For Financial Advisory Services"
3rd Edition - September 2010
Chapter 1 - The Regulatory Bodies And Associations
Chapter 2 - Financial Advisers Act and Financial Advisers Regulations
Chapter 3 - Notices - Part 1
Chapter 4 - Notices - Part 2
Chapter 5 - Guidelines - Part 1
Chapter 6 - Guidelines - Part 2
Chapter 7 - Product Development - Pricing of Insurance Products And ILP Policies
Chapter 8 - Financial Need Analysis
Chapter 9 - CPF MSS, CPFIS, SRS and Public Housing Scheme
Chapter 10 - Prevention of Money Laundering and Countering The Financing of Terrorism
The textbook is the combined thickness of Module 1a and Module 6. The content is extremely dry . The English is legal style. When I first gotten the textbook, I told myself it is impossible to pass. However, as it turns out, the exam was much easier than I thought and even easier than Module 1a. Up to half of the 100 questions are very obvious ( just use common sense, you can't go wrong ). There are, however, several questions seem to be out of the scope of the textbook. There is no question that prompt you for "all of the above" or "none of the above". All questions have a specific answer from the 4 choices.
6~8 weeks of preparation is recommended. Despite being very dry, it is recommended that candidates read through the textbook at least 3 times.
I have cleared all three modules by self study. So that answer whether attending the $600 / module of courses is necessary!
Website : http://www.marketwizards.com.sg
Blog : http://marketwizardsllp.blogspot.com
Email : admin@marketwizards.com.sg
Labels: Trading Digest
posted by Market Wizards @ February 09, 2010
