IFC is a mutual-funds exam, but it’s also a client process exam: you’re expected to know products and terminology and how a representative should act (KYC, suitability, documentation, and compliance).
Official exam snapshot (CSI)
- 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
- Hours of study (CSI guidance): 90 – 140 Hours
- Enrolment period: 1 Year
Source: https://www.csi.ca/en/learning/courses/ifc/exam-credits
Official topic weightings (IFC)
Because the exam has 100 questions, the weighting percentage maps directly to a target question count.
| Topic (CSI) | Weight | Target questions | CSI chapters (curriculum) |
|---|
| Introduction to the Mutual Funds Marketplace | 13% | 13 | 1–3 |
| The Know Your Client Communication Process | 19% | 19 | 4–6 |
| Understanding Investment Products and Portfolios | 18% | 18 | 7–9 |
| The Modern Mutual Fund | 5% | 5 | 10 |
| Analysis of Mutual Funds | 10% | 10 | 11–12, 14 |
| Understanding Alternative Managed Products | 3% | 3 | 13 |
| Evaluating and Selecting Mutual Funds | 16% | 16 | 15–16 |
| Ethics, Compliance, and Mutual Fund Regulation | 16% | 16 | 17–18 |
Curriculum source: https://www.csi.ca/en/learning/courses/ifc/curriculum
What IFC is really testing
IFC questions typically test whether you can:
- Conduct a clean KYC + suitability process (facts → constraints → recommendation).
- Recognize product types and how they are traded (bonds, equities, mutual funds, ETFs, alternatives).
- Reason about risk and return at an exam-appropriate level (diversification, volatility language, basic return math).
- Interpret mutual fund performance comparisons and why benchmark/universe choice matters.
- Understand fees and services and how costs compound against outcomes (concept).
- Choose the compliant/ethical answer when client pressure conflicts with rules.
Common pitfalls
- Confusing fund distributions with performance (distribution ≠ “extra return”).
- Missing that process is testable: KYC completeness, account opening steps, prohibited practices.
- Treating “best answer” questions like pure memorization (look for the dominant constraint).
- Ignoring fees when comparing funds (costs matter in real outcomes).
- Overloading a client with product detail instead of matching the recommendation to objectives and capacity.
How to prepare (a simple loop)
- Use the Syllabus as your checklist.
- After each chapter, review the matching section in the Cheatsheet and write 5–10 “if you see X, think Y” rules.
- Do short, targeted Practice sets (untimed → timed).
- Keep a “miss log”: every miss becomes a rule or flashcard.
- Finish each week with a mixed set to force transfer across topics.
✅ Next: follow the Study Plan or jump to the Syllabus.