Investment Funds in Canada (IFC)
The Investment Funds in Canada course from CSI is the standard course for people who want to sell mutual funds in Canada. It covers know-your-client rules, investment products, fund analysis, and ethics and regulation. The real exam has 100 multiple-choice questions in 3 hours, and you need 60% to pass.
Official exam: Investment Funds in Canada (IFC) Exam, by Canadian Securities Institute (CSI).
The real exam
What the exam body publishes. Checked 2026-10-17.
| Questions | 100 multiple choice |
|---|---|
| Time | 180 minutes |
| Pass mark | 60% (official) |
| Delivery | proctored — remote online or in person at a test centre |
| Attempts | 3 attempts within a 1-year enrolment; second and later attempts $300 each |
| Language | English, French |
What the exam covers
- The mutual funds marketplace (13%)
- The know-your-client communication process (19%)
- Investment products and portfolios (18%)
- The modern mutual fund (5%)
- Analysis of mutual funds (10%)
- Alternative managed products (3%)
- Evaluating and selecting mutual funds (16%)
- Ethics, compliance and mutual fund regulation (16%)
Sample questions
In our own words, from this exam area. Try five more on the home page.
Which self-regulatory organization oversees mutual fund dealers across Canada?
- The Canadian Investment Regulatory Organization (CIRO)
- The Bank of Canada
- The Canada Deposit Insurance Corporation (CDIC)
- The Office of the Superintendent of Financial Institutions (OSFI)
Show the answer
A. CIRO oversees investment dealers and mutual fund dealers nationally.
How is a mutual fund's net asset value (NAV) per unit worked out?
- Fund assets, less fees, expenses and taxes, divided by units outstanding
- Total fund assets divided by the number of investors
- The last price a unit traded at on a stock exchange
- The price the fund manager sets each year
Show the answer
A. That is how NAV per unit is found.
Questions about IFIC
Is this the real Canadian Securities Institute exam?
No. This is practice built to the published format of the official exam. The real exam is run by Canadian Securities Institute (CSI).
What is the pass mark?
60% (official)
How long do I have access?
30 days from when your access is activated. Need more time? You can buy the course again.
When does it open?
Tap "Notify me when it opens" and we message you as soon as this course is ready.