0.1 FCE Exam Facts, Registration Rules and How to Use This Guide

FIMM Combined Examination FCE

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1 Introduction: The FIMM Combined Examination (FCE)

0.1 FCE Exam Facts, Registration Rules and How to Use This Guide

2 Chapter 1: Understanding Collective Investment Schemes in Malaysia

1.1 What a Collective Investment Scheme Is and How Malaysian CIS Are Classified 1.2 Investment-Linked Funds Are Not UTS; Industry Growth and History 1.3 Participants in the CIS Ecosystem: Unit Holders, Managers, Trustees, Distributors and Regulators

3 Chapter 2: Introduction to UTS and PRS

2.1 UTS and PRS as Investments: Mechanics, Unit Calculations and How They Compare 2.2 Types of Funds: By Asset Class, Fund Structure and Investment Objective 2.3 Methods of Investing and Dollar Cost Averaging 2.4 Benefits and Disadvantages of Investing in UTS and PRS 2.5 Understanding Risk and the Risks of Investing in Schemes 2.6 Shariah-Compliant Schemes, Their Risks and the Role of the Shariah Advisory Council

4 Chapter 3: Regulatory Framework

3.1 The Regulatory Framework: The SC, Other Regulators and FIMM's Dual Role 3.2 Legislation, SC Guidelines and FIMM Rules Governing UTS and PRS 3.3 Regulation of Scheme Providers and Oversight Functions 3.4 The Deed, the Prospectus or Disclosure Document, and the Product Highlights Sheet 3.5 Portfolio Constraints: Permitted Investments, Liquidity, Borrowing and Exposure Limits 3.6 Regulations for Other CIS: Real Estate Investment Trusts and Exchange-Traded Funds 3.7 Regulation and Duties of the Scheme Trustee 3.8 Regulation of Marketing and Distribution: Distributor Categories, Collection Points and Agency Structure 3.9 Registration of Consultants: Eligibility, Fit and Proper, Duration, Variation and Revocation

5 Chapter 4 (Part 1): Marketing and Distribution — Disclosure and Transactions

4.1 Servicing Investors and the Contents of the Prospectus and Disclosure Document 4.2 The Product Highlights Sheet, Advertising Standards and Account Maintenance 4.3 The Purchase Process and Suitability Assessment Before Personal Advice 4.4 Cooling-Off Rights, Repurchase of Units, Suspension and Switching 4.5 Financing the Purchase of UTS: Process, Safeguards and the Risk Disclosure Statement 4.6 EPF Transfers and Withdrawals for Investment in Approved Unit Trust Funds

6 Chapter 4 (Part 2): Marketing and Distribution — Distributions, Reporting and Service

4.7 Distributable Income, Distributions and NAV, "Buying" a Distribution and Taxation 4.8 Reporting to Investors: Confirmations, Statements, and Semi-Annual and Annual Reports 4.9 Marketing Principles, Delivering Quality Service and Handling Complaints 4.10 The Effect of Inflation, Taxation and Investment Costs on Returns 4.11 Investment Alternatives to UTS and PRS

7 Chapter 5: Code of Ethics

5.1 Compliance, Ethics and the Structure of the FIMM Code of Ethics 5.2 Core Principle 1: Honesty and Integrity 5.3 Core Principle 2: Professionalism 5.4 Core Principles 3 to 5 and Non-Compliance: Conflicts, Disclosure, Confidentiality and Misconduct

8 Chapter 6: Personal Financial Planning

6.1 Personal Financial Planning: Definition, Features, Five Areas and the Six Steps 6.2 Financial Planner Credentials, Skills, Remuneration, and How a Planner Differs from a Consultant 6.3 The Consultant's Role in Investment Planning and Advising Clients Through the Life Cycle

9 Chapter 7A: Features and Operations of UTS

7A.1 Structure of a UTS, the Trust Deed, the Parties and Modifying the Deed 7A.2 UTS Fees, Charges and Expenses, and the Management Expense Ratio 7A.3 Dealing in Units, Valuation, NAV Calculation and Unit Prices 7A.4 Forward and Historical Pricing, and the UTMC's Holding of Units 7A.5 Unit Splits, Distributions and Their Effect on NAV 7A.6 Measuring UTS Performance: Returns, Performance Tables, Risk Measures and Qualitative Factors 7A.7 Operational Aspects of Shariah-Compliant UTS and PRS and the Shariah Contracts Between the Parties 7A.8 Borrowing to Invest in UTS and the Risks of Loan Financing

10 Chapter 7B (Part 1): The Pension Landscape and the PRS Framework

7B.1 The Malaysian Pension Landscape and the Adequacy of Retirement Savings 7B.2 The World Bank's Five-Pillar Pension Framework in the Malaysian Context 7B.3 Key Players: EPF, KWAP, LTAT, Employer-Sponsored Schemes and Annuities 7B.4 Why Malaysia Needs PRS: Ageing, Longevity Risk and the Benefits of PRS 7B.5 The PRS Framework and the Private Pension Administrator (PPA) 7B.6 PRS Structure, the Trust and Deed, Advantages over Other Products, Eligibility and Contributions

11 Chapter 7B (Part 2): PRS Operations

7B.7 The PRS Default Option and Tax Incentives for Members and Employers 7B.8 The PRS Account Structure (Sub-Accounts A and B) and Vesting 7B.9 PRS Withdrawals: Pre-Retirement, Retirement, Permanent Departure, Incapacity and Death 7B.10 Switching Between Funds and Transferring Between PRS Providers (Portability) 7B.11 Unclaimed Monies, Death of a Member and PRS Nomination 7B.12 PRS Funds: Number, Core and Non-Core Funds, Objectives, Risk Profiles, Asset Classes, Authorisation and Naming 7B.13 PRS Fees, Charges and Expenses 7B.14 PRS Unit Creation, Forward Pricing, Valuation, Distributions, Performance Measurement and Electronic Communication

0.1 FCE Exam Facts, Registration Rules and How to Use This Guide

Key Takeaways Explain This Topic AI

The FCE has 60 multiple-choice questions, a 120-minute time limit and a passing mark of 75%, which means at least 45 correct answers.

The FCE started on 14 May 2025 and lets one sitting qualify a candidate for both UTS and PRS consultant registration.

FIMM's fee table lists RM350 for a new application examination or a resit, RM150 for exemption from the examination and RM100 to appeal an examination result.

To register as a Consultant, a person must be at least 21, be fit and proper, hold SPM with at least three credits (or an equivalent or higher qualification) and pass the FCE unless exempted.

A preliminary result is emailed when the session ends, and FIMM releases the official PASS or FAIL result in the FIMM Core System within three working days.

Last updated: October 2026

What the FCE Is

The FIMM Combined Examination (FCE) is the licensing examination run by the Federation of Investment Managers Malaysia (FIMM) for people who want to market and distribute Unit Trust Schemes (UTS) and Private Retirement Schemes (PRS) . It replaced two separate papers: the Computerised Unit Trust Examination (CUTE) and the Computerised PRS Examination (CPRE) . FIMM's FAQ states that the combined examination commenced on 14 May 2025 , and that a single sitting allows an applicant to register as both a UTS Consultant and a PRS Consultant.

Passing the exam is not the same as being registered. FIMM's FAQ is explicit: a candidate must not market or distribute any scheme until FIMM approves the registration as a Consultant .

Exam Format at a Glance

Item Rule (FIMM FAQ, Notes to Candidates, Rules of Examination)
Questions 60 multiple-choice questions
Duration 120 minutes (2 hours)
Pass mark 75%, i.e. 45 correct answers
Languages English or Bahasa Malaysia; the language choice is final once submitted
Delivery Online, remote-proctored through the exam site plus Microsoft Teams on a mobile phone
Sessions Wednesdays and Saturdays (except public holidays): 9.00–11.00 am, 12.00–2.00 pm, 3.00–5.00 pm
Fee RM350 for a new application examination or resit (excluding tax)

Results Preliminary result emailed at the end; official PASS/FAIL in the FIMM Core System within three working days

At 120 minutes for 60 questions you have two minutes per question. Most items test recall of rules (for example, cooling-off periods, the PRS 70:30 sub-account split or the 8% tax penalty) or short calculations such as NAV per unit, the Management Expense Ratio (MER) or dollar cost averaging. A non-programmable calculator is allowed.

Who Can Register as a Consultant

FIMM's Registration Manual (effective 31 October 2025) and its eligibility notice set the criteria for registering as a Consultant:

Age – at least 21 years old.

Fit and proper – meets the criteria in Chapter 4 of FIMM's Consolidated Rules (FCR): honesty, integrity and reputation; competence and capability; financial soundness and solvency.

Education – SPM with credits in at least three subjects , or an equivalent; the Registration Manual also accepts a recognised diploma, bachelor's or postgraduate degree.

Examination – a pass in the FCE, unless FIMM grants an exemption.

Exemptions exist for specific people, such as chief executives of UTMCs, IUTAs or CUTAs, directors with at least 10 years of industry experience, licensed fund managers, certain holders of financial-planning credentials (for example CFP, IFP, RFP, Shariah RFP or ChFC with the required modules and memberships), and former Consultants who re-register within three years and meet the CPD requirement. Anyone else who has been out of the industry for more than three years must re-sit.

Booking and Exam-Day Rules

Registration is done in the FIMM Core System (FCS) . The applicant selects a Distributor (the intended principal), which must accept the applicant; the fee is paid through that Distributor.

Candidates may choose up to three preferred dates . FIMM's FAQ says bookings close five calendar days before the exam date and seats are first-come, first-served.

Failing to attend is treated as Absent and the fee is forfeited.

Join the Microsoft Teams session at least 40 minutes before the start for identity checks. A candidate who joins 15 minutes or more after the start is marked Absent.

No one may leave in the first 15 minutes, and no toilet breaks are allowed once the exam begins, except verified emergencies with invigilator approval.

Only these items are allowed on the desk: NRIC or passport, a drink, two blank A4 sheets , one pen and a non-programmable calculator .

Formal or semi-formal dress is required; background filters, earphones, smartwatches and other devices are banned.

If the connection drops, you must log back in within five minutes or the session is terminated.

Breaching the Rules of Examination can lead to disqualification, withheld results and a ban from future FIMM exams. For an existing or former Consultant, a breach also goes to FIMM's Disciplinary Committee because it affects fit-and-proper status.

Results, Appeals and Fees

The preliminary result is emailed when the session ends; the official result appears in the FCS within three working days . A candidate who fails may lodge one appeal within 14 business days of the result. The fee table in the Registration Manual is:

Fee item Amount
New application – examination and resit RM350
Exemption from examination RM150
Variation of registration RM100
Appeal of examination result RM100
Replacement of examination certificate RM50

A candidate who fails because of a system error, hospitalisation, the death of an immediate family member or a natural disaster can appeal for a waiver of the resit fee, and must then re-sit within three months of the waiver.

How the Syllabus Is Organised

FIMM's FCE Study Guide (2025) is free to download in English and Bahasa Malaysia and contains practice questions at the end of each chapter. FIMM also tests the FIMM Code of Ethics . FIMM does not publish topic weights, so give every chapter proper attention. This guide follows the official chapters:

Official chapter Guide chapter
1 Understanding CIS in Malaysia Chapter 1
2 Introduction to UTS and PRS Chapter 2
3 Regulatory Framework Chapter 3
4 Marketing and Distribution Chapter 4 (Parts 1 and 2)
5 Code of Ethics (plus the FIMM Code itself) Chapter 5
6 Personal Financial Planning Chapter 6
7A Features and Operations of UTS Chapter 7A
7B Features and Operations of PRS Chapter 7B (Parts 1 and 2)

Where SC guidelines have been revised after the study guide was written (for example the cooling-off refund rules or EPF's Basic Savings schedule), this guide teaches the current rule and points out the study-guide wording.