IFC vs CSC Exam 1: which exam do you need?
The IFC is one 100-question exam focused on mutual funds, the usual route for mutual fund dealer reps. The CSC is two exams covering all securities. If you'll only sell mutual funds, the IFC is shorter; the CSC opens more doors in banking and exempt markets.
IFC vs CSC Exam 1 at a glance
| IFC | CSC Exam 1 | |
|---|---|---|
| Full name | Investment Funds in Canada (IFC) | Canadian Securities Course (CSC) Exam 1 |
| Questions | 100 multiple-choice questions | 100 multiple-choice questions |
| Time | 3 hours | 2 hours |
| Passing score | 60% | 60% |
| Format | Closed book, computer-based | Closed book, computer-based |
| Cost | Set by CSI as part of the IFC enrolment; check CSI before you enrol | Included in the CSC enrolment set by CSI (packages have been listed at roughly C$1,000 to C$1,400 for both exams); check CSI before you enrol |
| Languages | English and French | English and French |
| Where | Remote proctoring or an in-person test centre, booked through CSI | Remote proctoring or an in-person test centre, booked through CSI |
| Level | Mutual funds | Canadian Securities Course |
What each exam covers
IFC
- Introduction to Mutual Funds and the Regulatory Environment
- Know Your Client
- Investment Products and Portfolios
- The Modern Mutual Fund
- Analysis of Mutual Funds
- Alternative and Managed Products
- Evaluating and Selecting Mutual Funds
- Ethics, Compliance and Regulation
CSC Exam 1
- The Canadian Securities Marketplace
- The Canadian Economy
- Features of Fixed-Income Securities
- Pricing and Trading Fixed-Income Securities
- Common and Preferred Shares
- Equity Transactions
- Derivatives
- Corporations and Their Financial Statements
- Financing and Listing Securities
Which should you take?
The IFC is one 100-question exam focused on mutual funds, the usual route for mutual fund dealer reps. The CSC is two exams covering all securities. If you'll only sell mutual funds, the IFC is shorter; the CSC opens more doors in banking and exempt markets.
Try both, free
Each free practice test takes about 10 minutes and shows your score by topic. No signup.
FAQ
What is the difference between IFC and CSC Exam 1?
The IFC is one 100-question exam focused on mutual funds, the usual route for mutual fund dealer reps. The CSC is two exams covering all securities. If you'll only sell mutual funds, the IFC is shorter; the CSC opens more doors in banking and exempt markets.
Which is harder, IFC or CSC Exam 1?
IFC: 100 multiple-choice questions in 3 hours. CSC Exam 1: 100 multiple-choice questions in 2 hours. The longer exam covers more ground, but the harder one is the one further from your daily work. Take both free practice tests to see where you stand.
Can I hold both IFC and CSC Exam 1?
Yes. They're separate exams. Many candidates write more than one, for example the CIRE followed by the Retail Securities Exam, or both CSC exams.
How do I prepare for IFC and CSC Exam 1?
Start with the free practice test for each, then study by topic. Premium is per exam (C$207 a month each), so most people start with the exam they'll sit first and add the second when they're ready.
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Exam details are summarized from CSI's and CIRO's published information as of October 2026. Confirm with CSI or CIRO before you book. CSCQuizBank is not affiliated with CSI, CIRO or Fitch Learning.