PKMC exam guide: modules, format and fees

The four modules

You must pass all four modules within two years of admission as a member of FMAM. If you don't, FMAM ends the membership and the passes are nullified.

• Module I: The Regulatory Framework and Structure of the Malaysian Financial Markets
• Module II: The Money Market
• Module III: The Foreign Exchange Market
• Module IV: Risk Management & Basic Derivatives

Exam format

• Each module is a 2.5-hour multiple-choice exam, and the pass mark is 75%.
• Module I has 100 multiple-choice questions.
• Under the revised specifications, Modules II, III and IV have 80 questions: 60 independent multiple-choice questions and 20 scenario-based ones.
• Exams run monthly, either online-proctored at a secured venue or at an examination test centre. Results are released within 7 days of the exam.

Revised syllabus from December 2026

AICB has published revised module specifications. They apply to exams from 1 December 2026 for Modules I and II, and from 1 March 2027 for Modules III and IV. Check which specification applies to your exam date before you start studying.

How to register

• You need a valid FMAM (PPKM) membership. AICB membership is not required to sit the exams.
• Apply through the AICB Member Portal.
• Once approved, register for your module exams through the portal.

Fees and study time

AICB's published fee is RM1,000 per module and RM850 per resit, plus SST, and fees are non-refundable. The modules are self-study, and AICB recommends a three-month study period. AICB lists each module as HRD Corp claimable through HRD Corp's On-the-Job Training scheme.