IFC Exam Passing Grade (CSI)

What Is the Passing Grade for the IFC Exam?

To pass the IFC exam, you need to reach a passing grade of 60%. This percentage is applied uniformly for each of the three permitted attempts, meaning you must score at least 60% on each attempt for your certification to be valid.

The exam result is calculated from the raw score — the total number of correct answers converted to a percentage. So if you answer 60 out of 100 questions correctly, your raw score is 60%, which is exactly the required passing grade.

Most candidates who prepare effectively and work on their weak points are able to reach this threshold. To better understand where you stand compared to other candidates and learn about the factors that influence success, check out our article on the IFC exam pass rate.

Format and Structure of the IFC Exam

The IFC (Investment Funds in Canada) exam is an essential step for anyone seeking a certification in financial services. It's structured to assess your knowledge across various topics related to investing and mutual funds. Here's an overview of its format and structure.

Total Number of Questions and Question Type

The exam includes a total of 100 multiple-choice questions. Each question generally offers four answer options, from which you must select the correct one. This format assesses not only your knowledge, but also your ability to apply it to practical situations. To get familiar with the style of questions asked, check out our IFC exam question examples.

Exam Duration and Delivery Mode

You have 180 minutes to complete the exam. This time is designed to let you read each question carefully and think before answering. The exam can be taken either at a physical test centre or as a remotely proctored exam. This flexibility is especially appreciated by candidates, since it lets them choose whichever format suits them best.

Remote Proctoring vs. Physical Test Centre

Each exam delivery mode has its own pros and cons.

Remotely proctored exam:

• Advantages:

  • Location flexibility, ideal for people who prefer to study and take the exam from home.
  • Less travel time.

• Disadvantages:

  • Requires a stable internet connection and adequate equipment (camera, microphone).
  • Some people feel less comfortable in a less formal setting.

Test centre exam:

• Advantages:

  • A controlled exam environment that can help reduce stress.
  • On-site support in case of a technical issue.

• Disadvantages:

  • Requires travel, which can be inconvenient for some candidates.
  • Limited availability depending on your geographic location.

Weighing these factors, it's important to choose the format that best fits your personal situation. To dig deeper into each section's content, feel free to explore our dedicated chapters, such as the one on the mutual fund industry or the one on investment products.

The Chapters and Subjects Covered by the Exam

The IFC exam is divided into several sections representing key chapters of the curriculum. In total, there are 18 chapters, each covering essential themes for candidates. Here's an overview of the subjects covered, grouped by section based on content weighting.

Section 1 — The Mutual Fund Industry

1. Chapter 1: The Mutual Fund Industry This chapter introduces the fundamental concepts of mutual funds, including the different types of investment fund organizations.

2. Chapter 2: The Financial Sector You'll discover the different components of Canada's financial sector, along with their roles and how they interact.

3. Chapter 3: An Economic Overview This chapter covers the impact of economic conditions on the mutual fund industry and investments.

Section 2 — Investment Products

4. Chapter 4: Fixed-Income Securities You'll be introduced to the different types of fixed-income securities, along with their features and mechanics.

5. Chapters 5 to 11: Other Products and Analysis You'll explore various investment products, such as stocks and derivatives, along with how to analyze them.

6. Chapter 12: Fund Analysis and Selection This chapter teaches you how to analyze and select funds based on relevant criteria.

Section 3 — Professional Practice

13. Chapter 13: Know Your Client (KYC) and Suitability This chapter covers the importance of knowing your client when distributing financial products.

14. Chapter 14: Portfolio Construction You'll learn the principles of building an effective investment portfolio, tailored to client needs.

15. Chapter 15: Presenting and Selling Products This chapter covers best practices when presenting and selling financial products.

16. Chapter 16: Systematic Withdrawal Plans You'll study systematic withdrawal strategies and how investors use them.

17. Chapter 17: Mutual Fund Dealer Regulation This chapter examines the regulations governing mutual fund dealers and their obligations.

18. Chapter 18: Ethics and Professional Conduct Finally, this chapter covers the ethical and professional standards governing practice in the field.

For effective preparation for this important exam, we recommend immersing yourself in each of these chapters to master the essential concepts. For a structured review plan, check out our exam preparation section. If you have questions about specific chapters, our FAQ section further below can also help.

How Long Does It Take to Prepare for the Exam?

Preparation for the IFC exam can vary considerably depending on each candidate's profile. To plan your studying properly, it's essential to factor in your prior experience in financial services.

Beginner Profile

For a candidate with no prior experience, an estimated study time of 150 to 200 hours is generally recommended. That works out to roughly 10 to 15 weeks, at a rate of 10 to 15 hours per week. This timeline will let you build the necessary knowledge in depth and get familiar with the fundamental concepts, particularly those related to mutual funds and investment products.

Experienced Profile

For candidates who already have some experience in financial services, 80 to 120 hours of preparation may be enough. That's roughly 6 to 8 weeks, at a rate of 10 to 15 hours per week. This amount of time can be enough to review concepts you already know and target the areas where you feel less comfortable.

An Effective Preparation Strategy to Reach the Passing Grade

Successful preparation for the IFC exam relies on a structured approach. Here's a proven study plan:

1. Read the official guide: get familiar with the content of every chapter, which covers essential themes like professional practice or diversification. Take notes as you read.

2. Chapter-by-chapter quizzes: after finishing each chapter, test your knowledge with quizzes. These exercises will help you absorb the material better and identify your weak points.

3. Timed mock exams: about three weeks before your exam date, start taking mock exams. This will help you get used to the exam format and manage your time effectively.

4. Targeted review of weak points: after analyzing your mock exam results, focus on the concepts that need more work. Use the resources available on our platform to dig deeper into these topics.

If you'd rather follow a detailed week-by-week calendar instead of a general approach, our 8-week IFC exam study plan can serve as a starting point.

By adopting this strategy, you'll increase your chances of reaching the passing grade and approach the exam with confidence. Feel free to check out our practice questions if you have other concerns.

What Happens If You Fail the Exam?

Here's what you need to know about the retake process, the wait time between attempts, and any additional costs.

The Retake Process

If you don't reach the passing grade, you'll have the opportunity to retake the exam. To do so, you simply need to register again through the CSI's portal (ficexamen.ca is an independent preparation platform and is not affiliated with the CSI — registering again happens directly with the institute). You'll need to choose a new exam date, which gives you additional time to review the material. Take the time to identify your weak points and focus on them during your preparation. For a complete overview of the steps to follow, check out our guide on what to do if you fail the IFC exam.

Wait Times Between Attempts

Generally, after a failed attempt, you can register again, but a 30-day waiting period is imposed before you can take the exam again. It's advisable to use this time to properly absorb the necessary knowledge. Many candidates choose to give themselves a longer gap between attempts in order to strengthen their skills and improve their understanding of the concepts covered in the curriculum's chapters, particularly those related to investment products or professional practice.

Additional Costs

Every attempt at the IFC exam comes with registration fees, which can vary. It's wise to check the pricing section of our site to get an idea of the associated costs. In addition, if you plan to take courses or access additional study material, that could lead to further expenses. Feel free to explore the different resources available to maximize your chances of success, such as the guides and tips available on our site.

Failing doesn't stop you from trying again: with a well-thought-out review plan and preparation targeted at your weak points, you'll be able to approach your next attempt with more confidence. For more information on preparation and strategies to adopt, check out our article on how to pass the IFC exam.

When and How Do You Get Your Results?

The exact turnaround time for receiving your results can vary depending on the time of year and the volume of candidates. Check the CSI's portal for the current timeline at the time of your exam.

Results are delivered through two main channels: you can check your performance directly on the CSI's portal, or receive a notification by email. It's recommended to regularly check your inbox as well as your personal space on the certification portal so you don't miss the announcement of your results.

This communication often includes details about your performance, including a raw score and your percentage grade, letting you understand where you stand relative to the passing grade.

Frequently Asked Questions

What is the passing grade for the CSI's IFC exam?

The passing grade to pass the IFC exam is 60%. This threshold is the same for all three attempts, meaning each candidate must reach this percentage to be considered as having passed.

How many questions does the IFC exam have, and how long does it last?

The IFC exam has a total of 100 multiple-choice questions. You have 180 minutes to complete it, giving you a reasonable amount of time to think through each question.

How long does it take to prepare for the IFC exam?

To prepare properly for the IFC exam, it's generally recommended to invest between 80 and 120 hours of studying. Preparation time can vary based on the candidate's prior experience. Someone with minimal experience might plan for 8 to 12 weeks of preparation, while someone more experienced might need less time.

What should you do if you fail the CSI's IFC exam?

If you fail the IFC exam, you must wait a minimum of 30 days before you can register again. Re-registering requires paying new fees. It's advisable to review your mistakes to ensure better preparation for your next attempt.

How many times can you retake the IFC exam if you fail?

You have three attempts to pass the IFC exam. If you fail all three, you'll need to wait 6 months before you can register for the exam again.

What chapters or subjects are covered by the IFC exam?

The IFC exam covers a total of 18 chapters, divided into three main sections:

• The mutual fund industry (chapters 1 to 3)
• Investment products (chapters 4 to 12)
• Professional practice (chapters 13 to 18)

You need to master these subjects to reach the passing grade.

How much does registering for the CSI's IFC exam cost?

Registration fees for the IFC exam vary, but they can run to a few hundred dollars. It's therefore wise to budget for this to optimize your preparation.

When do you receive your IFC exam results?

IFC exam results are normally available on the CSI's portal a few days after taking the exam, but the exact timeline can vary. You'll also receive an email notification informing you of your results.