An electronic component 3 with a shielding function whose upper surface is held at a reference potential, an electronic component 13, and a semiconductor component 4 are mounted on a wiring board 2, and are covered with an insulating resin portion 5 while a conductive layer 6 is formed on an upper surface of the insulating resin portion 5. The conductive layer 6 is held at the reference potential by being connected to a portion, which is held at the reference potential, of the electronic component 3 with a shielding function exposed from the insulating resin portion 5. There can be provided a small-sized circuit module superior in an electromagnetic shielding function.