Exchangeable tips install onto compatible modular drill bits to form a cutting edge for creating holes workpieces. The tips have a stem that mounts to the end of the drill bits. They can be replaced with new tips of the same type or different types without removing the drill bits from the machine. Modular drills bits with exchangeable tips require fewer tool changes than solid tools in high-volume metalworking and fabrication applications with high speeds, high feeds, and difficult-to-machine materials.