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Exam Information
Official specifications published by FINRA
Exam Format
60% per exam
Foundation
Registration
Prometric Test Centers or online proctoring
Validity
No expiry
CSC Exam Topics and Domains
CSC is organized into 17 weighted domains.
1
Exam One: The Canadian Investment Marketplace
15%
The Canadian Securities Industry
Overview of the Canadian Securities IndustryThe Investment Dealer's Role as a Financial IntermediaryFinancial Intermediaries Other than Investment DealersFinancial Market Trends
- Role of investment dealers
- Financial intermediation
- Market participants
- Industry trends
The Capital Market
Investment CapitalThe Financial InstrumentsThe Financial Markets
- Primary vs secondary markets
- Auction vs dealer markets
- Electronic trading systems
- Types of financial instruments
The Canadian Regulatory Environment
The RegulatorsRegulation and SupervisionRemediationEthical Standards in the Financial Services Industry
- Regulatory bodies
- Self-regulatory organizations
- Principles-based regulation
- Client remediation options
- Ethical standards
2
Exam One: The Economy
13%
Overview of Economics
Defining EconomicsMeasuring Economic GrowthBusiness CycleThe Labour MarketThe Role of Interest RatesThe Impact of InflationInternational Finance and Trade
- Microeconomics vs macroeconomics
- GDP and economic indicators
- Business cycle phases
- Employment statistics
- Interest rate impacts
- Inflation measurement
- International trade
Economic Policy
Fiscal PolicyThe Bank of CanadaMonetary PolicyThe Challenges of Government Policy
- Government spending and taxation
- Central bank functions
- Money supply management
- Policy implementation challenges
3
Exam One: Fixed-Income Securities: Features and Types
12%
Fixed-Income Securities: Features and Types
The Fixed-Income MarketplaceThe Basic Features and Terminology of Fixed-Income SecuritiesGovernment of Canada SecuritiesProvincial and Municipal Government SecuritiesTypes of Corporate BondsOther Fixed-Income SecuritiesHow to Read Bond Quotes and Ratings
- Bond terminology
- Government securities
- Corporate bonds
- Municipal bonds
- Bond ratings
- Yield calculations
4
Exam One: Fixed-Income Securities: Pricing and Trading
11%
Fixed-Income Securities: Pricing and Trading
Calculating Price and Yield of a BondTerm Structure of Interest RatesFundamental Bond Pricing PropertiesBond Market TradingBond Indexes
- Bond pricing formulas
- Yield curve
- Duration and convexity
- Bond trading mechanics
- Bond index construction
5
Exam One: Equity Securities: Common and Preferred Shares
13%
Equity Securities: Common and Preferred Shares
Common SharesPreferred SharesStock Indexes and Averages
- Common share features
- Preferred share types
- Stock market indexes
- Canadian, US, and global indexes
6
Exam One: Equity Transactions
10%
Equity Securities: Equity Transactions
Cash Accounts and Margin AccountsMargin Account TransactionsTrading and Settlement ProceduresHow Securities Are Bought and Sold
- Cash vs margin accounts
- Long and short positions
- Short selling rules
- Order types
- Settlement procedures
7
Exam One: Derivatives
10%
Derivatives
The Role of DerivativesTypes of Underlying AssetsThe Users of DerivativesOptionsForwards and FuturesRights and Warrants
- Options terminology
- Futures contracts
- Forward contracts
- Rights offerings
- Warrants
- Hedging strategies
8
Exam One: Corporations and their Financial Statements
8%
Corporations and their Financial Statements
Corporations and Their StructureFinancial Statements of a CorporationThe Annual ReportPublic Company Disclosures and Investor RightsTakeover Bids and Insider Trading
- Corporate structure
- Financial statement analysis
- Disclosure requirements
- Investor rights
- Takeover regulations
- Insider trading rules
9
Exam One: Financing and Listing Securities
8%
Financing and Listing Securities
Government and Corporate FinanceThe Corporate Financing ProcessBringing Securities to the MarketOther Methods of Distributing Securities to the PublicThe Listing Process
- IPO process
- Prospectus requirements
- Underwriting
- Private placements
- Exchange listing requirements
10
Exam Two: Investment Analysis
18%
Fundamental and Technical Analysis
Methods of Equity AnalysisFundamental Macroeconomic AnalysisFundamental Industry AnalysisTechnical Analysis
- Fundamental vs technical analysis
- Economic indicators
- Industry analysis
- Chart patterns
- Technical indicators
Company Analysis
Performing Company AnalysisInterpreting Financial StatementsAnalyzing Financial RatiosAssessing Preferred Share Investment Quality
- Financial ratio analysis
- Profitability ratios
- Liquidity ratios
- Leverage ratios
- Valuation metrics
11
Exam Two: Portfolio Analysis
18%
Introduction to the Portfolio Approach
Risk and ReturnRelationship Between Risk and Return in a PortfolioThe Portfolio Manager Styles
- Risk measurement
- Expected return
- Portfolio diversification
- Management styles
- Modern portfolio theory
The Portfolio Management Process
Step 1: Determine Investment Objectives and ConstraintsStep 2: Design an Investment Policy StatementStep 3: Develop the Asset MixStep 4: Select the SecuritiesStep 5: Monitor the Client, the Market, and the EconomyStep 6: Evaluate Portfolio PerformanceStep 7: Rebalance the Portfolio
- Investment policy statement
- Asset allocation
- Security selection
- Performance measurement
- Portfolio rebalancing
12
Exam Two: Mutual Funds
14%
Mutual Funds: Structure and Regulation
Overview of Managed ProductsOverview of Mutual FundsPricing Mutual Fund UnitsMutual Fund RegulationOther Forms and RequirementsThe Know Your Client RuleRequirements For Opening and Updating an Account
- Mutual fund structure
- NAV calculation
- KYC requirements
- Suitability assessment
- Regulatory framework
Mutual Funds: Types and Features
Types of Mutual FundsFund Management StylesRedemption of Mutual Fund Units or SharesMeasuring Mutual Fund Performance
- Fund categories
- Active vs passive management
- Performance metrics
- Tax implications
13
Exam Two: Exchange-Traded Funds
10%
Exchange-Traded Funds
The Regulation and Structure of Exchange-Traded FundsKey Features of Exchange-Traded FundsThe Various Types of Exchange-Traded FundsThe Risks of Investing in Exchange-Traded fundsComparing Exchange-Traded Funds and Mutual FundsTaxation of Investors in Exchange-Traded FundsInvestment Strategies Using Exchange-Traded FundsOther Related Products
- ETF structure
- Creation and redemption
- ETF vs mutual funds
- Tax efficiency
- Trading strategies
14
Exam Two: Alternative Investments and Other Managed Products
16%
Alternative Investments: Benefits, Risks, and Structure
Introduction to Alternative InvestmentsInvesting in Alternatives — Benefits and RisksAlternative Investment StructuresComparing Alternative Mutual Funds with Conventional Mutual Funds and Hedge Funds
- Hedge funds
- Alternative mutual funds
- Liquid alternatives
- Risk-return profiles
Alternative Investments: Strategies and Performance
Alternative Investment StrategiesAlternative Strategy Fund Performance MeasurementDue Diligence and Suitability of Alternative Strategies
- Long/short strategies
- Market neutral
- Arbitrage strategies
- Performance measurement
Other Managed Products
Segregated FundsLabour-Sponsored Venture Capital CorporationsClosed-End FundsIncome TrustsListed Private Equity
- Segregated fund guarantees
- LSVCC tax benefits
- Closed-end fund discounts
- Income trust taxation
Structured Products
Overview of Structured ProductsPrincipal-Protected NotesMarket-Linked Guaranteed Investment CertificatesSplit SharesAsset-Backed Securities
- Principal protection
- Market-linked returns
- Structured product risks
- Asset securitization
15
Exam Two: Canadian Taxation
6%
Canadian Taxation
The Canadian Taxation SystemCapital Gains and LossesTax Deferral and tax-free PlansTax Planning Strategies
- Tax brackets
- Capital gains taxation
- RRSP and TFSA
- Tax-efficient investing
16
Exam Two: Fee-Based Accounts and Working with the Retail Client
8%
Fee-Based Accounts
Overview of Fee-Based AccountsManaged Fee-based AccountsNon-Managed Fee-based Accounts
- Fee structures
- Discretionary vs non-discretionary
- Account types
Working with the Retail Client
The Financial Planning ApproachThe Life Cycle HypothesisEstate PlanningEthics and the Advisor's Standards of Conduct
- Financial planning process
- Life cycle investing
- Estate planning basics
- Ethical standards
- Client-focused reforms
17
Exam Two: Working with the Institutional Client
10%
Working with the Institutional Client
The Sell Side and the Buy Side of the MarketThe Responsibilities of a Buy-Side Portfolio Manager and TraderThe Organizational Structure of a Sell-Side Trading FirmThe Revenue Sources for Sell-Side Trading FirmsInstitutional Clearing and SettlementRoles and Responsibilities in the Institutional MarketInvestment Styles, Guidelines, and RestrictionsAlgorithmic Trading
- Buy-side vs sell-side
- Institutional trading
- Algorithmic trading
- High-frequency trading
- Dark pools
How do I earn this certification?
Passing CSC earns the CSC Certification certification. It sits in the Canadian Securities track.
Current Level Exams
IFC - Investment Funds in Canada
Next Level Options
- CPH - Conduct and Practices Handbook
- WME - Wealth Management Essentials
- DFC - Derivatives Fundamentals Course
- PDO - Partners, Directors and Senior Officers Course
Alternative Paths
- DFOL - Derivatives Fundamentals and Options Licensing Options trading qualification
- MTL - Mutual Funds Licensing Direct mutual funds dealing
- CIFC - Canadian Investment Funds Course Focus on investment fund products
Practice with Precision
The PlanetCert Simulator mirrors the real exam environment with authentic questions and timed pressure.
How to study for this exam?
The most effective way to prepare for CSC is by using the PlanetCert Simulator to practice questions and review detailed explanations.
What's changed on this exam?
Current Status
- ACTIVE
- Last content update: 2024-01-01
Updates
- Algorithmic Trading Current Chapter 27 covers algorithmic and high-frequency trading • Release date: 2024-01-01
- ESG Investing Enhanced Integrated throughout portfolio management sections • Release date: 2024-01-01
- Cryptocurrency/Digital Assets Limited Basic coverage in alternative investments section • Release date: 2024-01-01
Who should take this exam?
This exam is typically taken by Individuals seeking positions in Canadian financial services and Professionals requiring mutual funds license.
- Basic understanding of financial markets
- High school mathematics
- Interest in Canadian financial services industry