SIDC Module 12 Exam Guide: Format and Syllabus
Updated · 6 min read
Module 12, Investment Management and Corporate Finance, is the practice paper for both advisory licences: advising on corporate finance (Modules 12 and 19, or 12, 19A and 19B) and investment advice (12 and 19, or 12 and 19A). It is the third most-sat module, with 308 sittings in 2024 (SIDC Annual Highlights 2024).
Format at a glance
| Item | Module 12 |
|---|---|
| Questions | 60 multiple-choice, 4 options each |
| Time | 1 hour 30 min |
| Pass mark | 70% (42 of 60 correct) |
| Book | Closed book; a non-programmable calculator is allowed |
| Fee | RM1,250 (resident), RM2,750 (non-resident) |
| Study guide | eGuide Module 12: Investment Management & Corporate Finance (Second Edition 2024) |
| SIDC's minimum study time | 120 hours |
| Latest published pass rate | 59% (2024 (Jan-Jun)) |
Eight sections
| Section | Topics | Maximum |
|---|---|---|
| 1 | fundamentals of economics | 20% (12 questions) |
| 2 | risks and returns | 20% (12 questions) |
| 3 | portfolio theory | 25% (15 questions) |
| 4 | portfolio management | 20% (12 questions) |
| 5 | debt financing | 25% (15 questions) |
| 6 | equity financing, dividend policy and valuation | 25% (15 questions) |
| 7 | options, futures and swaps | 20% (12 questions) |
| 8 | investment environment, strategy, financing decisions, restructuring and structured products | 25% (15 questions) |
Why the 70% mark matters
Modules 6 and 7 pass at 60%; Module 12 needs 70%, so you can afford only 18 wrong answers. The paper is wide rather than deep: no section can take more than a quarter of the questions, so a weak section cannot be carried by a strong one.
Trap
CFA charterholders are exempt from Module 12 (Licensing Handbook Table 3). For everyone else, start with the free mock and the Module 12 topics; SIDC Prep works every calculation in the explanation.
Takeaway
SIDC Prep is an independent study service. It is not affiliated with, endorsed by or connected to the Securities Industry Development Corporation (SIDC), the Securities Commission Malaysia (SC) or Bursa Malaysia. 'SIDC' is used only to describe the examinations. Figures are SIDC's and the SC's and can change; confirm on sidc.com.my.
Frequently asked questions
What is the pass mark for SIDC Module 12?
70%: 42 of 60 questions in 1 hour 30 min (SIDC's study outline for July to December 2026 examinations, checked 12 October 2026).
Which licences need Module 12?
Advising on corporate finance (with Module 19, or 19A and 19B) and investment advice (with Module 19 or 19A). CFA charterholders are exempt (Licensing Handbook Table 3).
Is Module 12 open book?
No. Module 12 is a closed-book product module; a non-programmable calculator is allowed (SCLE T&C 2026, clause 12.4).
Go deeper: the study notes
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