Use this syllabus as your coverage checklist for AIS. Topic weightings and exam structure are from CSI’s official Exam & Credits page; chapter mapping follows the official Curriculum page.
What’s covered
Understanding the Client and the Portfolio Management Process (19%)
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Chapter 1 - The Canadian Wealth Accumulation Market
- Define wealth management and describe how it differs from basic investment product sales.
- Explain why understanding client life context is central to long-term wealth accumulation planning.
- Describe wealth accumulation classification schemes at a high level and what they are used for.
- Differentiate age cohorts from wealth accumulation stages and explain why both matter.
- Define wealth accumulation stages and identify typical financial priorities in each stage conceptually.
- Define life stages and life transitions and explain how transitions can change constraints and suitability.
- Identify common client constraints influenced by life transitions (liquidity needs, risk capacity, and time horizon).
- Explain what wealth transfer means and why it can materially affect a client’s financial plan.
- Identify common wealth transfer events and the planning considerations they trigger (conceptual).
- Recognize how demographic trends can affect client needs, product demand, and advice conversations.
- Describe how a client’s employment stage can affect savings capacity and risk tolerance conceptually.
- Given a client profile, identify which wealth accumulation stage best fits the facts provided.
- Identify what additional information a wealth advisor should gather to refine stage-based planning assumptions.
Chapter 2 - Wealth Accumulation, Discovery, and Marketing
- Describe an objectives-based planning approach to client discovery.
- Differentiate goals, objectives, and constraints and explain why constraints must be captured explicitly.
- Identify discovery questions that uncover needs at each accumulation stage (conceptual).
- Explain how to discover time horizon and liquidity needs using client-friendly questions.
- Describe how a wealth advisor can discuss risk with clients in a clear, non-technical way.
- Differentiate risk tolerance from risk capacity when discussing risk with clients.
- Recognize common client misunderstandings about risk and return and how to correct them.
- Identify disclosures and documentation that should follow key discovery conversations (conceptual).
- Describe how to translate discovery findings into a planning agenda and next steps.
- Identify ethical and compliance considerations in marketing and client acquisition (fair and not misleading).
- Describe how a wealth advisor can market their business to today’s wealth accumulators at a high level.
- Differentiate educational content from promotional claims and identify what makes messaging balanced.
- Given a scenario, select the discovery follow-up action that improves fact quality and suitability readiness.
Chapter 3 - Understanding a Client's Risk Profile
- Define behavioural finance and explain how it challenges fully rational investor assumptions.
- Explain why behavioural finance is relevant to a wealth advisor’s recommendations and client outcomes.
- Describe risk profile questionnaires and identify key limitations (context effects, self-report bias, and instability).
- Define common investor biases (loss aversion, overconfidence, anchoring, confirmation bias, and herding).
- Identify investor personality types and describe how they can influence decisions under stress.
- Describe how a wealth advisor can diagnose biases from client behaviour and communications.
- Explain how bias diagnosis can influence asset allocation structure at a high level.
- Identify practical techniques to reduce behavioural errors (education, pre-commitment, and rules-based rebalancing).
- Explain why “risk capacity” can dominate “risk tolerance” in suitability decisions when constraints are tight.
- Recognize how recency bias can lead to return chasing and inappropriate risk changes.
- Describe the role of robo-advisors and how automation can mitigate or amplify behavioural biases.
- Given a client scenario, identify the bias most likely influencing the decision and the best advisor response.
- Identify documentation elements that help reinforce a client’s long-term commitment to the plan.
Chapter 4 - The Portfolio Management Process
- Describe how investment portfolios are managed from policy setting through implementation and monitoring.
- Outline the major steps of the portfolio management process and the purpose of each step.
- Explain how a wealth advisor can develop a client’s asset allocation by accumulation stage at a high level.
- Differentiate strategic asset allocation (policy) from tactical adjustments (temporary tilts).
- Explain why diversification and correlation matter when building a client allocation.
- Identify key inputs to an allocation decision (objectives, horizon, liquidity, taxes, and risk capacity).
- Recognize how constraints can require deviation from standard model portfolios.
- Describe how the advisor’s role differs when recommending direct securities versus managed solutions conceptually.
- Explain how an Investment Policy Statement (IPS) supports disciplined decision-making and consistent monitoring.
- Identify common causes of portfolio drift and why rebalancing rules are needed.
- Describe how benchmarking supports performance evaluation and expectation setting.
- Given a client stage and constraints, select an allocation change that is directionally consistent with the facts.
- Identify monitoring triggers that should cause the advisor to revisit the client’s objectives and constraints.
Fundamental and Technical Analysis (15%)
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Chapter 5 - Fundamental Analysis
- Define fundamental analysis and describe the types of inputs it uses (macro, industry, company, and financial statements).
- Explain the purpose of economic analysis in forming equity and portfolio views.
- Identify key economic indicators and describe their conceptual impact on markets (growth, inflation, rates, and currency).
- Explain how economic analysis can influence investment strategy development at a high level.
- Describe industry analysis and key factors that drive industry attractiveness (competition, cyclicality, regulation).
- Differentiate IFRS and GAAP at a high level and recognize implications for comparing firms.
- Describe core elements of company analysis (business model, strategy, management quality, and financial health).
- Explain what financial statement analysis attempts to determine (profitability, liquidity, leverage, and cash flow quality).
- Calculate and interpret common ratios at a basic level (P/E, ROE, margins, and debt-to-equity).
- Explain valuation intuition: why price paid relative to fundamentals matters for long-term returns.
- Identify common red flags in financial statements (unsustainable earnings, aggressive accounting, weak cash flow).
- Describe how resource companies are analyzed at a high level and what makes them different (commodity sensitivity).
- Given a scenario, identify which fundamental driver (macro, industry, or company) is most relevant to the investment decision.
Chapter 6 - Technical Analysis
- Define technical analysis and describe its core assumptions at a high level.
- Explain chart analysis concepts (trends, support/resistance, and pattern recognition) conceptually.
- Identify common technical indicators and what they attempt to signal (moving averages, momentum, and volume).
- Describe statistical approaches used in technical analysis (momentum and mean reversion) at a high level.
- Explain sentiment indicators and how they can reflect positioning and investor psychology conceptually.
- Describe overall equity market analysis using technical tools at a high level (breadth, volatility, and trend).
- Explain intermarket analysis and how cross-asset relationships can inform risk regime thinking.
- Identify practical uses of technical analysis (timing, risk management) and key limitations (false signals, regime shifts).
- Explain how technical and fundamental analysis can be combined coherently (confirmation and risk controls).
- Recognize behavioural pitfalls technical rules aim to reduce (chasing, anchoring, and overtrading).
- Given a scenario, identify whether the question is testing trend-following or risk-control logic.
- Select language that communicates technical views without implying certainty or guarantees.
- Identify when low liquidity or event risk reduces the reliability of technical signals.
Analyzing and Selecting Debt and Mutual Fund Securities (12%)
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Chapter 7 - Analyzing and Selecting Debt Securities
- Identify the main reasons clients hold debt securities (income, stability, and diversification) conceptually.
- Differentiate key bond features (coupon, maturity, yield, issuer, and seniority) and why they matter.
- Identify major fixed-income risks (interest rate, credit, inflation, liquidity, and reinvestment).
- Explain the inverse relationship between yields and bond prices and apply it directionally.
- Describe the term structure of interest rates and common yield curve shapes at a high level.
- Explain credit spreads conceptually and what widening or tightening can imply.
- Define duration as a measure of interest-rate sensitivity and apply duration intuition.
- Differentiate ladder, barbell, and bullet strategies conceptually and when each may be appropriate.
- Explain how embedded options (callable/puttable) can change bond behaviour conceptually.
- Describe key due diligence considerations for selecting bonds (issuer quality, structure, liquidity, and fit).
- Calculate a simple current yield or yield approximation using basic arithmetic.
- Given a scenario, identify whether interest-rate risk or credit risk is the dominant concern.
- Select the most suitable fixed-income approach given time horizon, liquidity needs, and risk capacity cues.
Chapter 8 - Analyzing and Selecting Mutual Funds
- Describe why mutual funds may be selected versus direct securities (diversification, access, and professional management).
- Differentiate key fund attributes (mandate, style, benchmark, and risk profile) conceptually.
- Identify cost components and explain how fees and turnover can reduce net returns over time.
- Explain performance evaluation basics: benchmark relevance, consistency, and time horizon alignment.
- Recognize style drift and why it can create suitability and monitoring issues.
- Describe qualitative manager due diligence factors at a high level (process, people, and risk controls).
- Explain the role of asset allocation in fund selection (how the fund fits the overall portfolio).
- Identify liquidity and redemption considerations relevant to mutual fund suitability conceptually.
- Describe how taxes and distributions can affect after-tax returns in taxable accounts conceptually.
- Given two funds, identify which is more appropriate based on mandate fit and cost/turnover considerations.
- Recognize common selection errors (performance chasing and ignoring mandate mismatch).
- Identify monitoring triggers that should prompt a review (manager change, mandate change, persistent underperformance).
- Select a client-friendly explanation of why a fund was chosen and what risks are most relevant.
Analysis of Alternative Investment Products (13%)
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Chapter 9 - Analyzing Non-Conventional Asset Classes and Their Structures
- Define what constitutes an asset class and distinguish asset classes from investment vehicles conceptually.
- Define alternative investments and explain why investors allocate to them (diversification and inflation sensitivity) conceptually.
- Describe hedge fund strategies at a high level and identify key risks (leverage, liquidity, and model risk).
- Describe commodities as an asset class and identify typical drivers of return and risk conceptually.
- Describe real estate as an asset class and common access structures at a high level.
- Describe infrastructure as an asset class and identify typical characteristics (cash flows, inflation linkage) conceptually.
- Describe private markets at a high level and identify key constraints (illiquidity and valuation opacity).
- Describe collectibles and digital assets conceptually and identify unique risks (custody, valuation, governance).
- Identify common ways to invest in alternatives and trade-offs (fees, transparency, liquidity terms).
- Explain how commodity producers manage financial risk conceptually and how hedging relates to commodity exposure.
- Identify suitability considerations for alternatives (horizon, liquidity, risk capacity, and client understanding).
- Recognize why alternative valuations and correlations can behave differently in stressed markets.
- Given a scenario, identify which alternative risk is most relevant (liquidity, leverage, or valuation).
International Investing and Taxation (11%)
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Chapter 10 - International Investing
- Explain the theoretical basis for international diversification and the potential benefit of a broader opportunity set.
- Describe the size of the global equity market and common regional exposures at a high level.
- Identify major international equity benchmarks and what they represent at a high level.
- Explain primary advantages of international investing (diversification and access to different drivers) conceptually.
- Identify primary disadvantages and risks of international investing (currency, political, regulatory, and settlement).
- Describe common foreign investment vehicles at a high level (funds, ETFs, and depositary receipts).
- Explain currency exposure and currency hedging as concepts and when hedging may be considered.
- Identify skills necessary for effective international investing (country analysis, governance awareness, currency awareness).
- Explain why asset allocation models may mis-estimate international opportunities when assumptions are wrong.
- Given a scenario, identify whether the key international risk is currency, country, or liquidity/settlement related.
- Select a suitable international exposure approach given client constraints and risk capacity cues.
- Explain international diversification to a client using balanced, non-promotional language.
- Identify monitoring triggers specific to international positions (currency moves, country risk events, and policy changes).
Chapter 11 - International Taxation
- Define international tax conflicts and explain how double taxation can arise in cross-border investing.
- Describe sources of international tax law and how they interrelate (domestic law and treaties) conceptually.
- Explain jurisdiction to tax at a high level (residence and source) and why it matters for investors.
- Describe source country taxation concepts (withholding taxes) and the role of treaties conceptually.
- Describe residence country taxation concepts and how foreign tax credits may reduce double taxation conceptually.
- Recognize how tax considerations can influence vehicle selection and account choice at a high level.
- Identify common cross-border tax frictions that can reduce after-tax return (withholding and reporting complexity).
- Given a scenario, estimate the direction of after-tax impact when withholding taxes apply.
- Identify when tax uncertainty should be escalated to qualified professionals or firm resources rather than guessed.
- Select compliant language that avoids making definitive tax promises while still explaining the concept clearly.
- Explain the difference between pre-tax return and after-tax return and why the latter is what matters to clients.
- Recognize that tax rules change and must be verified using current official sources.
- Document key tax assumptions used in an international recommendation at a high level.
Portfolio Solutions Fundamentals (12%)
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Chapter 12 - Portfolio Solutions Fundamentals
- Identify main categories of portfolio solutions programs conceptually and what problems they solve for clients.
- Explain the role of portfolio solutions in a client’s overall investment plan (implementation and governance).
- Describe how an advisor can take an active role in asset allocation when using portfolio solutions.
- Differentiate common fee structures for portfolio solutions and identify what drives all-in cost.
- Identify selection criteria for portfolio solutions (mandate fit, risk controls, transparency, and service model).
- Describe how to monitor and evaluate portfolio solution performance using appropriate benchmarks and time horizons.
- Explain tax considerations for portfolio solutions at a high level (turnover, distributions, and after-tax return).
- Identify practical dos and don’ts for recommending portfolio solutions (avoid performance chasing; document rationale).
- Define overlay management and explain how overlays can be used to manage risk or exposures conceptually.
- Recognize style drift and mandate mismatch risk within portfolio solutions and how to detect it.
- Given a scenario, choose the portfolio solution approach that best fits constraints (liquidity, complexity, and governance).
- Describe client communication best practices when setting expectations for portfolio solutions.
- Identify monitoring triggers that should prompt a review (manager changes, mandate changes, or persistent underperformance).
Protecting Client's Investments (9%)
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Chapter 13 - Managing Your Client's Investment Risk
- Identify common investment risks and classify them at a high level (market, credit, liquidity, currency, and inflation).
- Describe methods of measuring investment risk conceptually (volatility, beta, and value-at-risk).
- Explain how diversification can reduce portfolio risk and the role of correlation conceptually.
- Explain how asset allocation contributes to risk control across market regimes conceptually.
- Describe how options can be used to reduce investment risk conceptually (protective puts and collars).
- Describe how futures contracts can be used to reduce investment risk conceptually (index and rate hedges).
- Describe contracts for difference (CFDs) at a high level and identify key risks (leverage and counterparty).
- Recognize trade-offs of hedging (cost, basis risk, and foregone upside) and how to communicate them.
- Identify suitability and disclosure considerations when using derivatives for risk management in retail contexts.
- Given a scenario, identify the most appropriate first risk-control action (reduce concentration, rebalance, or hedge).
- Explain why “simple risk controls” may be preferred when client understanding is limited.
- Identify monitoring triggers for risk controls (volatility changes, margin requirements, and expiry dates).
- Document the risk rationale and key disclosures in a clear, regulator-friendly way.
Impediments to Wealth Accumulation (9%)
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Chapter 14 - Impediments to Wealth Accumulation
- Identify the main burdens of wealth accumulation conceptually (taxes, inflation, fees, and behavioural errors).
- Explain why compounding makes small differences in net return meaningful over long horizons.
- Describe tax-minimization portfolio management strategies at a high level (deferral, asset location, and loss realization).
- Identify characteristics of tax-efficient investments at a high level (low turnover and tax-aware distributions).
- Explain inflation risk and identify common inflation-sensitive assets conceptually.
- Describe cost-efficient investment principles and how to compare costs across products and structures.
- Recognize behavioural impediments that damage wealth accumulation (panic selling and return chasing).
- Explain how disciplined rebalancing can support both risk control and behavioural discipline.
- Calculate the impact of fees on ending wealth using a simplified compounding example.
- Differentiate nominal return from real return and explain why real return matters to purchasing power.
- Given a scenario, identify which impediment is most likely harming outcomes (fees, taxes, inflation, or behaviour).
- Select an action plan that prioritizes the highest-impact impediments first (costs and behaviour).
- Document the expected benefit and assumptions behind tax/cost changes in a client-friendly way.
Tip: If you can (1) restate the client constraint, (2) pick the correct tool/formula, and (3) explain the trade-off in one sentence, you’re ready for most AIS questions.
Sources: https://www.csi.ca/en/learning/courses/ais/curriculum and https://www.csi.ca/en/learning/courses/ais/exam-credits