Study plan
- Which exams do I have to pass to trade? Which exams should I prioritize?
- How are the exams? What do you recommend and how long do you need to prepare for them?
- Since FMRP and RES 12B have overlapping content, do you recommend taking them back-to-back? How much time should I leave between them and CM-SIP?
- How does this study plan look? What are your expectations / experience?
| Exam | Study window | Book by (4–6 wks out) | Target sit | Study load |
|---|---|---|---|---|
| RES 12B | 13 Oct – 27 Nov | ~w/c 2 Nov 2026 | w/c 30 Nov 2026 | ~68 h over 7 wks (~10 h/wk) |
| FMRP | 13 Oct – 18 Dec (parallel) | ~w/c 23 Nov 2026 | w/c 21 Dec 2026 | ~88 h over 10 wks (~9 h/wk) |
| CM-SIP | 1 Dec – 29 Jan | ~w/c 4 Jan 2027 | w/c 1 Feb 2027 | ~95 h over 9 wks (~11 h/wk) |
Financial Markets Regulatory Practices (FMRP) Examinations
Section titled “Financial Markets Regulatory Practices (FMRP) Examinations”- FMRP
- Examination Details: 100 MCQ, 2 hours, 70% passing mark
- Syllabus
- Introduction
- Ethics, Behavioural Standards and Professional Conduct
- Confidentiality and Information Sharing
- Governance, Risk Management and Compliance
- Execution and Handling of Orders
- Confirmation and Settlement
- Handling Market Disruptions
- Benchmark Rate Setting
CM-SIP - Derivatives and Collective Investment Schemes (SIP)
Section titled “CM-SIP - Derivatives and Collective Investment Schemes (SIP)”- CM-SIP
- Exam Details: 80 MCQ, 2.5 hours, 70% passing mark
- Syllabus
- Overview of Derivatives
- Futures, Forwards & Swaps
- Futures Strategies
- Options
- Structured Warrants and Daily Leveraged Certificates
- Barrier Options, Binary Options and Callable Contracts
- Structured Deposits and Other Structured Products
- Structured Notes
- Structured Funds
- Contracts for Differences (CFDs)
- Key Product and investment risks for Derivatives and Structured Products
- Case Studies
RES 12B - Rules, Ethics and Skills for Securities and Derivatives Dealers of Non-Exchange Memberst
Section titled “RES 12B - Rules, Ethics and Skills for Securities and Derivatives Dealers of Non-Exchange Memberst”- RES 12B
- Exam Details: 60 MCQ, 1.5 hours, 75% passing mark
- Syllabus
- Res 1B: Rules, Ethics and Skills for Securities and Derivatives Dealers of Non-Exchange Members
- The Capital Markets Industry in Singapore and Participants in the Capital Markets
- Licensing and Business Operations
- Market Conduct
- Ethics, Codes and Standards of Professional Conduct for Securities Dealing
- Securities Dealing Practices and Skills
- CPFIS
- Prevention of Financial Crimes
- Res 2B: Rules, Ethics and Skills for Securities and Derivatives Dealers of Non-Exchange Members
- The Capital Markets Industry in Singapore and Participants in the Capital Markets
- Licensing and Business Operations
- Market Conduct
- Over-the-Counter Derivatives
- Ethics, Codes and Standards of Professional Conduct for Derivatives Dealing
- Derivatives Dealing Practices and Skills
- Prevention of Financial Crimes
- Res 1B: Rules, Ethics and Skills for Securities and Derivatives Dealers of Non-Exchange Members
Research (compiled 2026-10-09)
Section titled “Research (compiled 2026-10-09)”All three exams are MAS-recognised, administered by IBF, and are on-demand computer-based tests (not fixed annual sittings). They are taken at the IBF Assessment Centre — 20 Anson Road, #05-01, Twenty Anson, Singapore 079912. You select a date/time slot when you book through the IBF Portal.
Summary comparison
Section titled “Summary comparison”| Exam | Format | Duration | Pass mark | Fee (non-member, incl. GST) | Exemptions |
|---|---|---|---|---|---|
| FMRP | 100 MCQ, computer-based | 2 h | 75% (75/100) | ~$250.70 ($207.10 corporate member) | None |
| CM-SIP (ex-M6A) | 80 MCQ incl. 6 case studies (18 Q) | 2.5 h | 70% (56/80) | ~$250.70 ($207.10 member) | Yes — per MAS Notice SFA 04-N22 |
| RES 12B (= RES 1B + RES 2B) | 60 MCQ, computer-based | 1.5 h | 75% (45/60) | ~$501.40 ($414.20 corporate member) | None |
Notes:
- Fees vary by source and whether GST (9%) is included. CMFAS Academy quotes ex-GST; IBF and ExamPrep.sg quote incl. GST. Always verify on the IBF portal.
- RES 12B is a combined paper. If you fail any part you fail the whole exam and pay full fees to retake. CMFAS Academy recommends sitting RES 1B and RES 2B separately.
- Since 1 April 2024, all IBF exams use 4-option MCQs (answers may be a mix, e.g. “B and C”).
Study period (no official “average” published — provider recommendations used as proxy)
Section titled “Study period (no official “average” published — provider recommendations used as proxy)”| Exam | Recommended study hours | Realistic calendar (part-time) |
|---|---|---|
| FMRP | 88 h (CMFAS Academy) / ~56 h (ExamPrep.sg) | 3–6 weeks |
| CM-SIP | 95 h (CMFAS Academy) — most technical | 4–6 weeks |
| RES 12B | 68 h combined (48 h 1B + 34 h 2B if separate) | 3–6 weeks |
Average ≈ 70–90 hours per exam → ~4–5 weeks part-time (compresses to ~2–3 weeks per paper for a finance-background candidate). All three sequentially ≈ ~240 h ≈ 10–12 weeks.
Dates and scheduling
Section titled “Dates and scheduling”- Rolling availability — slots open continuously on the IBF Portal (weekday + some weekend sessions). Book as soon as your account is activated. This applies equally to CM-SIP.
- Indicative nearest slots (observed Oct 2026 via CMFAS Academy; changes constantly): RES 12B ~13 Oct 2026, FMRP ~5 Nov 2026. No indicative next-available slot was published for CM-SIP — check the portal directly.
- Guidance: book 4–6 weeks out to create a study deadline.
- Rescheduling: up to 12pm one business day before; $81.75 incl. GST admin fee; subject to availability; cannot change module or transfer to another candidate.
- Study guide PDF: available in-portal after registration; access expires on exam day.
- Retakes: no waiting period — rebook immediately (full fee applies).
- Results: shown on screen immediately; printable result slip from portal next business day.
Practical plan (from 9 Oct 2026)
Section titled “Practical plan (from 9 Oct 2026)”Assumptions: full-time work at Leonteq from ~12 Oct 2026; ~10–15 h/week study capacity; employer sponsors and/or registers the exams (standard for a dealing/trading role). Adjust dates if the firm imposes its own deadlines — those override this plan.
Step 0 — Confirm requirements and funding FIRST (9–16 Oct 2026)
Section titled “Step 0 — Confirm requirements and funding FIRST (9–16 Oct 2026)”Do not pay for or book anything until this is settled. Registering under the firm’s corporate account gives the cheaper corporate-member fee and applies any exemptions.
Ask compliance/HR (or Bastien) these questions in week 1:
| # | Question | Why it matters |
|---|---|---|
| 1 | Which modules must I pass for my role, and by what deadline? | The firm’s deadline, not this plan, sets the schedule |
| 2 | Will the firm register me under its corporate account (corporate-member fee), or reimburse self-registration? | Corporate fee is ~$43 cheaper per exam; avoids double-paying |
| 3 | Do I qualify for exemptions — especially CM-SIP (MAS Notice SFA 04-N22) and CACS Paper 2? | A finance/financial-engineering/computational-finance degree or CFA can exempt CM-SIP; FMRP and RES have none |
| 4 | Is there study leave, in-house prep, or a preferred provider? | Free time and materials |
| 5 | Does the firm prefer RES 12B combined or RES 1B + 2B separately? | Combined: fail one part = fail all + full retake fee |
| 6 | Who lodges the MAS notification after I pass? | Required before carrying out regulated activity |
Also: create a personal IBF Portal account (free) now — it keeps your records independent of employer changes, but don’t book/ pay through it if the firm will register you corporately.
Recommended order of sitting
Section titled “Recommended order of sitting”- RES 12B (or RES 1B + 2B separately) — shortest, conduct-heavy, no maths.
- FMRP — conduct/regulatory; overlaps RES on market conduct, ethics and financial-crime content, so study it paired with RES.
- CM-SIP — most technical (options/derivatives/structured products, 6 case studies = 22.5%); hardest, leave it last.
Dated schedule
Section titled “Dated schedule”Recommended (“paired conduct track”) — done by ~mid-Feb 2027:
| Exam | Study window | Book by (4–6 wks out) | Target sit | Study load |
|---|---|---|---|---|
| RES 12B | 13 Oct – 27 Nov | ~w/c 2 Nov 2026 | w/c 30 Nov 2026 | ~68 h over 7 wks (~10 h/wk) |
| FMRP | 13 Oct – 18 Dec (parallel) | ~w/c 23 Nov 2026 | w/c 21 Dec 2026 | ~88 h over 10 wks (~9 h/wk) |
| CM-SIP | 1 Dec – 29 Jan | ~w/c 4 Jan 2027 | w/c 1 Feb 2027 | ~95 h over 9 wks (~11 h/wk) |
Conservative (fully sequential) — done by ~mid-Mar 2027:
| Exam | Study window | Book by | Target sit |
|---|---|---|---|
| RES 12B | 13 Oct – 4 Dec | ~w/c 2 Nov 2026 | w/c 7 Dec 2026 |
| FMRP | 7 Dec – 22 Jan | ~w/c 21 Dec 2026 | w/c 25 Jan 2027 |
| CM-SIP | 25 Jan – 12 Mar | ~mid-Feb 2027 | w/c 15 Mar 2027 |
Year-end caveat: the Assessment Centre likely has reduced slots around Christmas/New Year. If you want FMRP before year-end, book it by early November; otherwise push it to January 2027.
Booking rules and exam-day logistics
Section titled “Booking rules and exam-day logistics”- Book 4–6 weeks out — book before you feel ready; the fixed deadline drives study (ExamPrep.sg’s explicit advice).
- Reschedule up to 12pm one business day before — $81.75 incl. GST, subject to availability; can’t change module or transfer to another candidate.
- Study-guide PDF access expires on exam day — download/print it the day you register.
- Retake immediately if you fail (no waiting period), but full fee applies — so aim to pass first time.
- Pass marks: FMRP & RES = 75%; CM-SIP = 70%. No margin for guessing on the conduct papers.
- Exam day: bring original NRIC/Passport/Employment Pass; allowed a non-programmable calculator (essential for CM-SIP, rarely needed for FMRP/RES); arrive ~30 min early; phones/smartwatches/notes not allowed.
- Results: shown on screen immediately; printable slip from the portal next business day.
What to apply for / request
Section titled “What to apply for / request”- Confirmation of required modules and deadline from compliance (week 1).
- Corporate-account exam registration / reimbursement approval.
- Exemption application (CM-SIP only, if eligible) — submit supporting documents via compliance; can’t self-apply before employment.
- IBF Portal account (personal, free) — for record-keeping.
- Study leave / flexible start-time days with your manager (Bastien) for the week before each exam.
- (After passing) MAS notification lodged by the firm.
Key exams to trade (Leonteq Trading Asia)
Section titled “Key exams to trade (Leonteq Trading Asia)”To be licensed to deal / take orders, MAS requires the representative to pass the activity module(s) for the licence activity, plus product modules where relevant. Compliance decides the exact set — confirm first; it drives everything.
Leonteq Asia = equity structured investment solutions, non-exchange (OTC) market maker. Working from the role (“order taking and execution”, structured products, exotics):
| Priority | Exam | Why | Exemptible? |
|---|---|---|---|
| 1 — the gate | RES 12B (= RES 1B + 2B) | The “Rules, Ethics and Skills” module for dealing in securities & derivatives as a non-exchange member — the licence exam for order taking/execution | No |
| 2 | CM-SIP | Product knowledge for Specified Investment Products (derivatives & structured products) — the products the desk trades | Possibly (MAS Notice SFA 04-N22) |
| 3 — only if applicable | FMRP | Only if dealing in wholesale OTC FX / money market / rates | No |
| — | CACS Paper 1 / 2 | Private banking / wealth advisory only — not relevant | — |
- If Leonteq’s SG entity is an SGX member, the dealing module is RES 1A + RES 2A instead of RES 1B + 2B — confirm which.
- RES 12B is the hard gate (no exemption, 75% pass) — it is the one that unblocks dealing fastest.
- CM-SIP is the second key one; a quantitative degree exempts it only if it is specifically finance / financial engineering / computational finance — a statistics degree likely does not qualify, so assume you will sit it.
- FMRP is probably not required for an equity structured-products desk — it targets FX / rates / money-market dealers.
Fastest route to trading: RES 12B + CM-SIP (~6–8 weeks combined). RES alone clears the licence activity; CM-SIP covers the products. FMRP only if compliance confirms FX/rates are in scope.
Content overlap analysis
Section titled “Content overlap analysis”FMRP ↔ RES 12B — HIGH overlap (~50–60%). Both are MAS conduct/regulatory papers drawn from overlapping source material:
| Theme | FMRP chapter | RES 1B / 2B chapter |
|---|---|---|
| Market structure, participants, regulators | 1. Introduction | The Capital Markets Industry in Singapore and Participants |
| Ethics & professional standards | 2. Ethics, Behavioural Standards and Professional Conduct | Ethics, Codes and Standards of Professional Conduct (Securities / Derivatives) |
| Market conduct & misconduct | 2 / 5. Execution and Handling of Orders | Market Conduct |
| Licensing / regulated activity | 1 (framework) | Licensing and Business Operations |
| AML / financial crime | 4. Governance, Risk Management and Compliance | Prevention of Financial Crimes |
| Dealing practices incl. OTC derivatives | 5. Execution and Handling of Orders | Over-the-Counter Derivatives + Derivatives Dealing Practices and Skills |
- FMRP unique: Confidentiality & Information Sharing (3), Confirmation & Settlement (6), Handling Market Disruptions (7), Benchmark Rate Setting (8 — Blue Book / FX-fixing specific).
- RES unique: CPFIS and Securities Dealing Practices (RES 1B, securities side) + the combined-paper structure.
- RES 1B ↔ RES 2B overlap ~70% internally (identical industry/licensing/market-conduct/ethics/financial-crime chapters; only the product-practice chapter differs). Sitting 1B first makes 2B significantly easier — and vice versa.
CM-SIP — the outlier (~10–20% overlap). It is product/technical knowledge of derivatives and structured products (options pricing, Greeks, payoffs, CFDs, barrier/binary options, structured notes/funds, 6 case studies = 22.5%), not conduct.
| Overlap with CM-SIP | Detail |
|---|---|
| CM-SIP 2 (Futures, Forwards & Swaps) & 4 (Options) ↔ RES 2B OTC Derivatives | Terminology/concepts only — RES tests conduct, CM-SIP tests valuation & mechanics |
| CM-SIP 11 (Investment Risks) ↔ FMRP 4 (risk mgmt) & RES dealing practices | Risk awareness overlaps; CM-SIP needs product-specific detail |
| CM-SIP has no ethics / market-conduct / AML content | Nothing shared with the conduct core |
Overlap matrix
Section titled “Overlap matrix”| FMRP | CM-SIP | RES 12B | |
|---|---|---|---|
| FMRP | — | Low (~10–15%) | High (~50–60%) |
| CM-SIP | Low | — | Low–Moderate (~15–20%) |
| RES 12B | High | Low–Moderate | — |
Can they be taken back-to-back?
Section titled “Can they be taken back-to-back?”Content-wise
Section titled “Content-wise”- Yes — RES 12B + FMRP, genuinely back-to-back. Study the shared conduct core once, then add only FMRP’s four unique chapters and RES’s CPFIS/securities chapters. Comfortably sat within the same week, even consecutive days.
- Caution — CM-SIP: no, not bundled with the others. Its ~95 h of technical prep shares little with the conduct papers, so pairing saves no study time but adds fatigue right when precision matters most.
- Note — RES 12B internally: prefer sitting RES 1B and RES 2B separately — with the combined 12B, failing any part fails the whole paper and forces full-fee retakes.
Logistically
Section titled “Logistically”- Same portal, same venue, same fee model → a batch booking is straightforward.
- IBF books per exam; back-to-back means separate slots (you cannot sit two at once). Same-day AM/PM is possible subject to availability, but FMRP (2 h) + RES (1.5 h) = 3.5 h of testing in one day is draining, and both require 75%.
- Study-guide access expires on each exam’s own day — sequence materials so you do not lose the second exam’s guide.
- Rescheduling is per exam — two back-to-back sittings = two independent $81.75 fees if plans change.
- If the firm registers you, it may book a batch to its own deadline.
Recommended sequence
Section titled “Recommended sequence”- RES 12B (or 1B + 2B) + FMRP — back-to-back, sharing one conduct study block.
- Gap of 4–6 weeks.
- CM-SIP as a standalone technical block.
Tight single push (all conduct first): RES 1B → RES 2B → FMRP within ~2–3 weeks, then CM-SIP after a gap.