CM-LIC vs. Taking M8, M8A, M9, M9A Separately

This is a great question that almost everyone entering the financial advisory industry in Singapore asks. Based on my experience clearing these papers in 2023, the choice between the CM-LIC (Capital Markets and Life Insurance Consultation) combined exam and taking M8, M8A, M9, and M9A separately is essentially a choice between "The Sprint" and "The Marathon."

If you’re deciding which path to take to get your license for Unit Trusts and Life Insurance, here’s how the two options stack up.

The All-in-One: CM-LIC

The CM-LIC is a "composite" paper. Instead of sitting for four separate exams, you take one massive paper that tests your knowledge across all four domains.

• The Structure: 100 MCQs (comprising content from M8, M8A, M9, and M9A).

• The Goal: You need a 70% overall score to pass.

• The "Vibe": This is for the person who wants to get licensed yesterday. It’s efficient and saves you multiple trips to the assessment center.
  
  

The Pro Tip: Because you only need a 70% overall, you can technically be "weaker" in one section (say, the calculations in M8A) if you are "stronger" in another (like the product knowledge in M9). It allows for a bit of a safety net across topics.

The Modular Approach: M8, M8A, M9, & M9A

This is the "slow and steady" route where you take each paper individually.

• The Structure: Four separate sittings (varying from 50 to 100 questions each).

• The Goal: You must pass each individual paper's threshold (usually 70%).

• The "Vibe": This is for the person who prefers to deep-dive into one topic at a time without the mental fatigue of a 100-question marathon.

The Pro Tip: If you fail one module, you only retake that module. If you fail the CM-LIC, you have to retake the entire thing, even if you actually knew the M9 stuff perfectly.

Comparison at a Glance: Which should you choose?

Option 1: The CM-LIC (The "All-In-One" Sprint)

This is best for those who want to get their licensing over with as quickly as possible.

• Study Load: High. You need to juggle and memorize the content of four different textbooks (M8, M8A, M9, M9A) all at once.

• Difficulty Level: 7.5/10. The content itself is manageable, but the mental fatigue of a 100-question marathon is a real challenge.

• Time Efficiency: High. You book one exam date, show up once, and you’re done.

• Risk Factor: High. It’s an "all-or-nothing" deal. If you have a bad day or struggle with just one topic, you fail the entire paper and have to retake the whole thing.

Option 2: Individual Modules (The "Modular" Marathon)

This is the recommended path if you prefer a steady, low-stress approach to learning.

• Study Load: Manageable. You get the luxury of focusing on one "theme" at a time (e.g., focusing only on Life Insurance before moving on to Unit Trusts).

• Difficulty Level: 5.0 to 6.5/10. Because each paper is shorter and more focused, they generally feel much easier to pass on the first try.

• Time Efficiency: Low. You have to coordinate four separate exam slots, which can take weeks depending on seat availability.

• Risk Factor: Low. You "bank" your wins. If you pass M9 but fail M8, you only need to retake M8. Your other passes remain valid and safe.

My Personal Take: Which is better?

If I were to give you a recommendation based on my journey through all these papers, here is how I would decide:

Choose CM-LIC if:

• You have a finance background: If you already know what a Sharpe Ratio (M8A) is or how a Trust Nomination (M9) works, the combined paper is a breeze. It saves you time and money.

• You are a "Crammer": If you prefer to lock yourself in a room for 5 days and just get it over with, go for the CM-LIC.

Choose the Individual Modules if:

• You are new to Finance: M8 and M9 are very different animals (Investments vs. Insurance). Trying to learn the nuances of both simultaneously can lead to "information overload."

• You want a guaranteed win: Passing HI (Health Insurance) or M8 gives you a confidence boost. Sometimes, seeing those "Pass" certificates early on keeps the momentum going.

• You have a busy schedule: It’s much easier to find 1 hour to study for M9A (Difficulty: 5/10) after work than it is to prepare for the "final boss" level of the CM-LIC.

Final Thoughts

In the industry, no one cares how you got the license, only that you have it.

If you’re feeling confident and want to start selling as soon as possible, CM-LIC is your best friend. But if you want to ensure you truly understand the products (which will help you when you’re actually talking to clients later!), taking M8, M8A, M9, and M9A separately is a much more thorough way to build your foundation.

Whichever path you choose, stay consistent with your practice papers—that's the real secret to passing!