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About the CSC Exams

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Canadian Securities Course CSC

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1 Introduction & Exam Overview

About the CSC Exams

2 Chapter 1: The Canadian Investment Marketplace

1.1 The Canadian Securities Industry & the Investment Dealer's Role 1.2 Financial Intermediaries: Banks, Trusts, Credit Unions, Insurers & Pension Funds 1.3 Financial Market Trends 1.4 Investment Capital, Financial Instruments & Financial Markets 1.5 Canadian Exchanges, ATSs, Dark Pools & the Order Protection Rule 1.6 Canadian Securities Regulators, the CSA & CIRO 1.7 Investor Protection: OSFI, CIPF and CDIC 1.8 Ethics, Standards of Conduct & the Client Focused Reforms 1.9 Conflicts of Interest, Complaint Handling & Remediation

3 Chapter 2: The Economy

2.1 Economics Foundations & Measuring Economic Growth 2.2 The Business Cycle & Economic Indicators 2.3 Inflation & Interest Rates 2.4 The Labour Market & Unemployment 2.5 The Bank of Canada & the Inflation-Control Target 2.6 Implementing Monetary Policy: The Operating Band, Market Operations & Transmission 2.7 Fiscal Policy, Deficits & the Challenges of Government Policy 2.8 International Finance & Trade: The Balance of Payments and the Canadian Dollar

4 Chapter 3: Features and Types of Fixed-Income Securities

3.1 The Fixed-Income Marketplace, Bond Terminology & Security 3.2 Protective Covenants, Retirement Provisions & Extendible/Retractable Features 3.3 Government of Canada Securities: T-Bills, Marketable Bonds & RRBs 3.4 Provincial & Municipal Debt and Strip Bonds 3.5 Corporate Bonds, Credit Spreads & Bond Ratings 3.6 Money Market Instruments, Floating-Rate Notes & International Bonds 3.7 Other Fixed-Income Securities & Reading Bond Quotes

5 Chapter 4: Pricing and Trading of Fixed-Income Securities

4.1 Bond Pricing, Price–Yield Relationships & Accrued Interest 4.2 Yield Calculations & Return Measures 4.3 The Term Structure of Interest Rates & Yield Curve Theories 4.4 Fundamental Bond Pricing Properties: Volatility Rules, Duration & Convexity 4.5 Bond Market Trading & Bond Indexes

6 Chapter 5: Common and Preferred Shares

5.1 Common Shares: Ownership Rights, Voting & Restricted Shares 5.2 Dividends, DRIPs, Stock Splits & Consolidations 5.3 Preferred Shares: Features, Cumulative Dividends & Taxation 5.4 Preferred Share Variations: Convertible, Callable, Retractable, Floating & Rate-Reset 5.5 Fundamental Equity Metrics & Ratios 5.6 Stock Indexes & Averages

7 Chapter 6: Equity Transactions

6.1 Order Types, Execution & Market Mechanics 6.2 Margin Trading: Long Accounts & Borrowing 6.3 Short Selling & Short-Margin Requirements 6.4 Trading & Settlement Procedures: T+1, CDS & Confirmations

8 Chapter 7: Derivatives

7.1 Derivatives: Role, Underlying Assets & Users 7.2 Options Fundamentals: Calls, Puts & Moneyness 7.3 Option Strategies & Risk Management 7.4 Forward & Futures Contracts 7.5 Rights & Warrants

9 Chapter 8: Corporations and their Financial Statements

8.1 Corporate Structures & Corporate Governance 8.2 The Annual Report, Accounting Standards & the Auditor's Report 8.3 The Balance Sheet & Income Statement 8.4 The Cash Flow Statement & Earnings Quality 8.5 Public Company Disclosure, Investor Rights, Take-Over Bids & Insider Trading

10 Chapter 9: Financing and Listing Securities

9.1 Government & Corporate Financing: Underwriting and Syndicates 9.2 The Prospectus Process, Stabilization & Purchaser Rights 9.3 The Exempt Market & Private Placements 9.4 The Listing Process: TSX, TSXV & Capital Pool Companies 9.5 Continuous Disclosure, Material Changes & Insider Reporting

11 Chapter 10: Investment Analysis

10.1 Methods of Equity Analysis & Macroeconomic Analysis 10.2 Fundamental Industry Analysis 10.3 Company Analysis: Competitive Advantages, Governance & the Dividend Discount Model 10.4 Discounted Cash Flow & Relative Valuation Multiples 10.5 Financial Statement Ratio Analysis 10.6 Assessing Preferred Share Investment Quality 10.7 Technical Analysis: Charts, Trends & Patterns 10.8 Technical Indicators, Volume, Breadth & Sentiment

12 Chapter 11: Portfolio Analysis

11.1 Measuring Investment Return 11.2 Measuring Risk: Types of Risk, Standard Deviation & Downside Measures 11.3 Portfolio Risk & Return: Correlation and Diversification 11.4 Beta, the Capital Asset Pricing Model & the Security Market Line 11.5 Portfolio Manager Styles: Equity & Fixed Income 11.6 The Portfolio Management Process: Objectives, Constraints & the IPS 11.7 Asset Mix, Monitoring, Performance Evaluation & Rebalancing

13 Chapter 12: Alternative Investments, Other Managed, and Structured Products

12.1 Alternative Investments: Structures, Fees & Liquid Alternatives 12.2 Alternative Strategies, Performance Measurement & Due Diligence 12.3 Segregated Funds, Labour-Sponsored Funds & Listed Private Equity 12.4 Income Trusts, REITs & Closed-End Funds 12.5 Structured Products: PPNs & Market-Linked GICs 12.6 Split Shares & Asset-Backed Securities

14 Chapter 13: Mutual Funds

13.1 Managed Products & Mutual Fund Structure 13.2 Pricing Mutual Fund Units: NAVPS & Forward Pricing 13.3 Mutual Fund Fees, Sales Charges & Unit Series 13.4 Mutual Fund Regulation, Fund Facts & Account Opening 13.5 Types of Mutual Funds & Fund Management Styles 13.6 Redemptions, Withdrawal Plans & Measuring Fund Performance

15 Chapter 14: Exchange-Traded Funds (ETFs)

14.1 ETF Origins, Structure, Tax Efficiency & ETF Facts 14.2 ETF Creation, Redemption & Arbitrage 14.3 Types of ETFs & Advanced Strategies 14.4 Comparing ETFs, Mutual Funds & Individual Securities

16 Chapter 15: Working with the Institutional Client

15.1 The Institutional Marketplace & Institutional Clients 15.2 Institutional Investment Guidelines, Styles & Restrictions 15.3 Buy Side & Sell Side: Trading Desks, Revenue, Clearing & Best Execution 15.4 Block Trading, Dark Pools & Algorithmic Trading

17 Chapter 16: Fee-Based Accounts and Working with the Retail Client

16.1 Fee-Based Accounts: Managed & Non-Managed Models 16.2 Fee Transparency, CRM2 & Total Cost Reporting, and MWRR vs. TWRR 16.3 The Financial Planning Approach & the Life Cycle 16.4 Behavioral Finance, Sequence-of-Returns Risk & Client Coaching 16.5 Estate Planning Basics

18 Chapter 17: Canadian Taxation

17.1 The Canadian Taxation System 17.2 Taxation of Investment Income 17.3 Capital Gains, Losses & The Superficial Loss Rule 17.4 Registered vs Non-Registered Tax-Advantaged Accounts 17.5 Tax Planning Strategies, Pension Plans & the RDSP

About the CSC Exams

Key Takeaways Explain This Topic AI

The CSC has two proctored exams, each with 100 multiple-choice questions, a 2-hour time limit and a 60% pass mark; both must be passed.

CSI allows up to three attempts per exam, there are no assignments, and the enrolment period is one year.

CSI estimates 135 to 200 hours of study for the whole course.

The largest Exam 2 topics are Investment Analysis (18%), Portfolio Analysis (18%) and Alternative, Other Managed and Structured Products (16%).

Since January 1, 2026, CSI states the CSC is no longer acceptable for CIRO approval with an investment dealer, but it remains a current CSI credential.

Last updated: October 2026

Quick answer: The Canadian Securities Course (CSC) is the Canadian Securities Institute's foundational securities course. You earn it by passing two proctored exams, each with 100 multiple-choice questions, a 2-hour time limit and a 60% pass mark. Exam 1 covers the marketplace, the economy, fixed income, equities, derivatives and corporate finance; Exam 2 covers investment and portfolio analysis, managed and structured products, taxation and working with clients.

What the CSC Is

The Canadian Securities Course (CSC) is offered by the Canadian Securities Institute (CSI) . It gives a broad grounding in Canadian financial markets: how capital is raised and traded, how securities are valued, how portfolios are built, and how advisors work with retail and institutional clients. Many people take it to start a career in banking, wealth management, mutual funds, insurance or financial operations, and it is a prerequisite for further CSI programs such as the Chartered Investment Manager (CIM) and Personal Financial Planner (PFP) designations.

Exam Format (CSI, 2026)

  • Item Detail
  • Number of exams 2 (Exam 1 and Exam 2), passed separately
  • Format Multiple choice, proctored remotely or in person at a test centre
  • Questions per exam 100
  • Time per exam 2 hours
  • Passing grade 60% on each exam
  • Attempts allowed 3 per exam
  • Assignments None
  • Suggested study time 135 to 200 hours
  • Enrolment period 1 year

With 100 questions in 120 minutes, you have about 72 seconds per question. Calculation questions take longer, so move quickly through definition questions to bank time.

Topic Weightings

CSI publishes the weight of each topic on each exam. This guide follows the same topic order, so each chapter below matches one weighted topic.

  • Exam 1 topic Weight Guide chapter
  • The Canadian Investment Marketplace 15% Chapter 1
  • The Economy 13% Chapter 2
  • Features and Types of Fixed-Income Securities 12% Chapter 3
  • Pricing and Trading of Fixed-Income Securities 11% Chapter 4
  • Common and Preferred Shares 13% Chapter 5
  • Equity Transactions 10% Chapter 6
  • Derivatives 10% Chapter 7
  • Corporations and their Financial Statements 8% Chapter 8
  • Financing and Listing Securities 8% Chapter 9
  • Exam 2 topic Weight Guide chapter
  • Investment Analysis 18% Chapter 10
  • Portfolio Analysis 18% Chapter 11
  • Alternative Investments, Other Managed, and Structured Products 16% Chapter 12
  • Mutual Funds 14% Chapter 13
  • Exchange-Traded Funds 10% Chapter 14
  • Working with the Institutional Client 10% Chapter 15
  • Fee-Based Accounts and Working with the Retail Client 8% Chapter 16
  • Canadian Taxation 6% Chapter 17

The CSC textbook itself is organized into 27 chapters. This guide groups those chapters under the 17 weighted exam topics, with one section for each major syllabus topic.

The CSC and CIRO's 2026 Proficiency Model

Until the end of 2025, completing the CSC was part of the path to becoming an approved investment dealer representative. On January 1, 2026 , the Canadian Investment Regulatory Organization (CIRO) moved to an exam-based proficiency model with its own exams, such as the Canadian Investment Regulatory Exam (CIRE) and the Retail Securities Exam (RSE). CSI states that the CSC is no longer acceptable for the purposes of CIRO approval with an investment dealer . Learners who enrolled under the old rules had a transition window, and CSI grants course extensions only to December 31, 2026.

The CSC remains a current CSI credential that employers recognize. CSI also lists continuing education credits that several professional bodies grant for the CSC exams. Check CSI's site for the current list.

Turning the Weights into a Study Plan

Each exam has 100 questions, so a topic's weight is roughly the number of questions it contributes. Investment Analysis and Portfolio Analysis together supply about 36 of Exam 2's 100 questions, while Canadian Taxation supplies about 6. Weights describe the exam blueprint, not how hard a chapter is, so plan your time by both weight and difficulty.

Approach Why it helps

Study the heavily weighted chapters thoroughly The Marketplace (15%) and Investment and Portfolio Analysis (18% each) carry the most marks

Practise every calculation Bond prices and yields, accrued interest, margin, financial ratios, NAVPS, returns and adjusted cost base appear as numerical questions

Learn the vocabulary precisely Many questions turn on the exact meaning of terms such as retractable, cumulative or forward pricing

  • Space your reviews Revisiting chapters over the enrolment year fixes facts better than cramming
  • Sit timed practice exams 100 questions in 2 hours leaves about 72 seconds per question

To pass, a candidate needs at least 60 correct answers on each exam. The exams are graded separately, so a strong result on Exam 1 cannot make up for a weak Exam 2.

How to Use This Guide

Follow the weights. Spend the most time on the heaviest topics, but do not skip the small ones: an 8% topic is still about 8 questions.

Master the calculations. Bond prices and yields, accrued interest, margin, rights values, ratios, portfolio statistics, NAVPS and tax calculations all appear. Each section works through examples step by step.

Learn the Canadian specifics. Expect questions on CIRO, CIPF and CDIC limits, the Bank of Canada's operating band, T+1 settlement, NI 45-106 exemptions, Fund Facts rights and the registered plans.

Test yourself. Each section ends with practice questions, and the related practice question bank gives more.

Review the official sources. CSI's course pages and exam FAQs are the authority on format, scheduling and policies.

Note

This is independent CSC preparation by ExamFinch. It is not affiliated with or endorsed by CSI or CIRO, and its questions are original practice items, not actual exam questions.