DFOL FAQ — Common Questions (Payoffs, Breakevens, Margin)

What is the official DFOL exam format and structure?

CSI publishes DFOL exam structure on the official Exam & Credits page:

• Exam format: Proctored (remote or in-person at a test centre)
• Exam duration: 3 hours
• Question format: Multiple Choice
• Questions per exam: 100*
• Passing grade: 60%
• Attempts allowed: 3

Source: https://www.csi.ca/en/learning/courses/dfol/exam-credits

\* If you enrolled before December 6, 2023, your DFOL exam will consist of 110 questions. (CSI)

What are the official topic weightings?

From CSI’s official weighting table (DFOL is currently 100 questions, so % ≈ target questions):

• An Overview of Derivatives — 3%
• Futures Contracts — 11%
• Exchange Traded Options — 14%
• Swaps — 7%
• How Investment Funds and Structured Products Use Derivatives — 6%
• A Review of the Risk and Reward Profiles of Common Option Strategies — 16%
• Opening and Maintaining Option Accounts — 25%
• The Role of Clearing Corporations and Exchanges in Listed Options Trading — 10%
• Contract Adjustments and Special Considerations and Risks of Non-Equity Options — 8%

Source: https://www.csi.ca/en/learning/courses/dfol/exam-credits

What should I memorize first?

Memorize the payoff shapes and breakevens for long/short calls and puts, plus the intent of core strategies (covered call, protective put).

Do I need advanced pricing math?

Usually no. Focus on payoff logic, hedging intent, and risk trade-offs.

How should I practice?

Short drills, frequent review, and redraw payoff sketches until they’re automatic.