Comparison of CMFAS Training Aid Providers

Summary of Comparison Findings between CMFAS Training Aids Providers

To work in the financial industry in Singapore, you may be required to take some exams. The CMFAS series is the most common exam, consisting from Module 1 to Module 10. There are also other exams such as the FMRP, CACS Paper 1 and 2, Health Insurance (HI) and for Personal (PGI) / Commercial General Insurance (CGI).

There are two main bodies that administer most of these exams, namely the Institute of Banking & Finance (IBF) and Singapore College of Insurance (SCI). You must schedule an exam on the respective websites and attend the exam personally in Singapore. The official textbook (a.k.a study guide) will be provided in electronic format (PDF) once you have booked for an exam date.

Due to the small market size in Singapore, there is currently no training provider which can provide scheduled instructor-led classes for public registration. Most of the major financial institutions have their own in-house training programs. For example, AIA Singapore delivers CMFAS Academy’s E-Learning and Practice Questions on its internal Learning Management System (LMS).

If your company does not provide adequate training for the exams, you can either self-study or invest in an online training aid. In this article we evaluate your available options and share our findings:

The image above shows a summary of how the different providers stack up against each other. The “Average Cost Per Question” is calculated based on the total chargeable amount divided by the total number of questions it offered.

  1. CMFAS Academy (

CMFAS Academy started operating in 2008 and is the market leader. It is the only provider in Singapore to also offer E-Learning tutorial slides.

It has a patent-pending product called “Mathathon” which generates infinite practices for questions involving calculations. They are also the only provider to offer Multi-Response Questions (MRS) as introduced by IBF in their exams.

The company has also published many short explainer videos on Youtube on various financial topics. It also has a 4.6 star rating over 118 Google reviews.

CMFAS Academy’s Google reviews captured on 23 Nov 2020


  • Closely up-to-date with the industry’s pace
  • Pass Guarantee available in selected packages
  • Availability of E-Learning
  • Quick response over WhatsApp
  • User interface similar to actual exam


  • Content are fully online and not print-friendly
  • Minimum spend of $194 per exam

2. Khinloke Education (

Khinloke Education is founded by Mr Chong Khinloke, a trainer with two decades of experience. He has delivered countless of in-class training to corporate clients.

Khinloke started offering “mock papers” in 2015 on, but have since moved to, a domain name which is very similar to CMFAS Academy’s. Unfortunately, the practice questions were “Updated in 2019” which rendered them risky to use.

Khinloke has talked about several exam tips in his Youtube videos.

There is only 1 Google review on Khinloke and it was 1-star rating:

Google review of Khinloke captured on 23 Nov 2020


  • None really, except that it is a legitimate company


  • Questions last updated in 2019
  • Content are fully online and not print-friendly
  • Minimum spend of $180 per exam
  • Fewer questions translate to higher cost per question

3. CMFAS Hub (

CMFAS Hub started operating since 2015. I am unable to find any personal or company information published on the website. It specializes in selling PDF files containing practice questions.

The minimum spending is only $29.90 for 80 to 100 questions which is affordable than other providers. Upon checking for external reviews, I found that CMFAS Hub has two 1-star reviews on


  • PDF files are print-friendly, good for learners who prefer hard copies
  • Minimum spending of $29.90 for 80 to 100 questions is ideal for learners who have a tight budget


  • Not a proper company — no recourse if being scammed


This website is the latest entrant to the market in 2018. The website appears to be run by a foreign company. It listed its company name as “Wallace Education Group”, although I am unable to find any information about this company.

I chatted with Emma on the live chat system on its website, but Emma didn’t seem to know what’s a Multiple Response Question (MRS). In the sample questions shown on its website, they do not offer MRS.

Just in case you do not know as well, I quote IBF’s Exam FAQ July 2020:

Multiple Response Questions (MRS) — These questions have multiple (between 2–4) correct answers. All correct answers must be selected to score 1 mark. Otherwise no marks will be awarded.

I am unable to find external review of this website, other than a website pointing out the website’s fake company name, address and employee. I am unable to confirm that.


  • Generous 90 days of online access


  • Not a proper company — no recourse if being scammed
  • Ignorance of and lack of Multiple Response Questions demonstrates the website’s inability to keep itself up to date
  • Minimum spend of $130

The Winner

CMFAS Academy offers E-Learning and Practice Questions for the following exams:

Administered by IBF Singapore

Administered by Singapore College of Insurance

  • Module 5: Rules and Regulations for Financial Advisory Service
  • Module 8: Collective Investment Schemes
  • Module 8A: Collective Investment Schemes II
  • Module 9: Life Insurance and Investment-linked Policies
  • Module 9A: Life Insurance and Investment-linked Policies II
  • HI: Health Insurance
  • BCP: Basic Insurance Concepts and Principles
  • PGI: Personal General Insurance
  • ComGI: Commercial General Insurance

This comparison was conducted on 23 Nov 2020.

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