Many people have been asking about how long to prepare for the CFMAS exam, whether it’s so difficult that you’ll need to take leave and such…
I’ve just posted a poll on which CFMAS Exam is the most difficult and requires most preparation time. Collectively, I think we have a better answer.
In my opinion, M5 is the driest, lot’s of memory work, best to do some cramming (2 full days before). M9 involves some calculation and understanding, thus spreading out the studying over 2 weeks (1-2hrs a day) would be better. Health insurance like M5 is a bit dry, questions can be quite tricky and not straight forward, so do lots of mock exams! M8 is not easy for those without a business diploma/degree background, so be prepared to spend 2-3 weeks of preparations, focus on practice of mock exams but understand the topic well. M6 difficulty is at least twice that of M8.
That’s just my feedback. Perhaps, collectively more light can be shed here.
Kindly participate in my poll if you have already taken the exams and help the newbies, ya?
What are the licensing requirements for Financial Advisers?
Well there are 3 types of Financial Advisory Firms which has different licensing requirements:
Personal Bankers are under the Exempt FA license, but personal bankers need to take M5, M9, HI, M8. M6 is usually required to market structured products, bonds & other securities. M7 only if you advise on futures & other derivatives.
Financial Planners under Insurance Companies need to take only M5, M9 before being able to market life insurance products or riders without Major Illness or Medical coverage. HI is needed to market with Major Illness and Medical. No need for the rest of the exams.
Financial Advisers Representatives (FAR) under Financial Advisory Companies (multi-tied or independent) have the same requirement as financial planners under insurance companies, but require additional M8 to market collective investment schemes. Under M8, the FAR is required to have a basic understanding of unit trusts and other collective investment schemes in order to competently market them. M6 and M7 are optional.
