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100+ Free CPH Practice Questions

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Key Facts: CPH Exam

100 questions

The CPH is assessed by one proctored exam of 100 multiple-choice questions

CSI - CPH Exam & Credits

3 hours

The CPH exam has a 3-hour time limit

CSI - CPH Exam & Credits

60%

The passing grade for the CPH exam is 60%

CSI - CPH Exam & Credits

3 attempts

Candidates are allowed up to three attempts at the CPH exam

CSI - CPH Exam & Credits

40-55 hours

CSI estimates 40 to 55 hours of study for the CPH course

CSI - CPH Exam & Credits

23%

Standards of Conduct and Ethics is the largest CPH exam topic at 23%

CSI - CPH Exam & Credits

January 1, 2026

CIRO no longer accepts the CPH for new Approved Person approval from this date

CSI / CIRO Proficiency

100

Free original CPH practice questions available here

OpenExamPrep

The Conduct and Practices Handbook Course (CPH) is a CSI conduct and compliance licensing course assessed by one proctored exam of 100 multiple-choice questions over 3 hours, with a 60% passing grade and up to 3 attempts. CSI estimates 40 to 55 hours of study across the seven weighted topics: Standards of Conduct and Ethics (23%), the Canadian Regulatory Framework (12%), Working with Clients (13%), Client Discovery and Account Opening (13%), Product Due Diligence (13%), Trading and Settlement (13%), and Maintaining Client Accounts (13%). It has historically been a CIRO proficiency requirement for registered representatives. Effective January 1, 2026, CIRO no longer accepts the CPH for new Approved Person approval, but pre-2026 learners keep transition windows. This 100-question bank gives original practice across ethics, KYC, suitability, prohibited activities, AML and supervision using current CIRO-era terminology.

Sample CPH Practice Questions

Try these sample questions to test your CPH exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the CPH, which of the following best states the first and most fundamental standard of conduct expected of a registered representative?
A.Maximise the firm's trading commissions
B.Place the interests of the client first
C.Avoid all contact with compliance staff
D.Recommend only proprietary products
Explanation: A central principle of the CPH standards of conduct is that the registrant must put the client's interests ahead of their own and the firm's. This duty underlies KYC, suitability and conflict-of-interest rules.
2An advisor learns a client is being financially exploited by a relative. The advisor is unsure whether to act because the client has not complained. Applying an ethical decision-making framework, what should the advisor do FIRST?
A.Do nothing because the client did not complain
B.Identify the ethical issue and the duties owed to the client
C.Immediately freeze the account without any review
D.Resign from servicing the account
Explanation: An ethical decision-making framework begins by clearly identifying the ethical issue and the obligations owed, before gathering facts and evaluating options. Recognising the conflict between client welfare and inaction is the necessary first step.
3Which standard of conduct is MOST directly breached when a registrant makes a recommendation without taking reasonable steps to ensure it suits the client?
A.Duty of care
B.Confidentiality of personal data
C.Maintaining adequate office hours
D.Compensation disclosure to the firm
Explanation: The duty of care requires registrants to act diligently and ensure recommendations are suitable based on KYC information. Recommending without assessing suitability is a failure of that duty.
4A registrant is offered a paid speaking engagement by a product issuer whose funds the registrant recommends. What does ethical conduct primarily require?
A.Refuse all outside income permanently
B.Identify the conflict and disclose and manage it appropriately
C.Accept it secretly to avoid embarrassment
D.Recommend the issuer's funds more heavily as thanks
Explanation: A potential conflict of interest must be identified, disclosed and managed in the client's best interest, with firm approval where required. Hidden incentives that bias recommendations are prohibited.
5Which of the following best describes 'integrity' as an ethical value expected of registrants?
A.Generating the highest possible trading volume
B.Being honest and consistent between words and actions
C.Keeping all client information private from the firm
D.Outperforming market benchmarks every quarter
Explanation: Integrity means honesty and consistency between what a registrant says and does, including dealing fairly and truthfully with clients and the firm. It is foundational to the standards of conduct.
6A client asks an advisor to guarantee that a mutual fund will not lose value. The most appropriate ethical response is to:
A.Provide a written guarantee of no losses
B.Explain that returns are not guaranteed and discuss risk
C.Promise to personally cover any losses
D.Switch the client to a different advisor
Explanation: Registrants must not guarantee against loss or future performance. Honest communication about risk and the absence of guarantees is required to keep the client properly informed.
7Which scenario BEST illustrates a registrant failing the standard of 'professionalism' through conduct unbecoming?
A.Completing required continuing education on time
B.Making disparaging, misleading public statements about a competitor to win business
C.Disclosing fees clearly before a transaction
D.Documenting client instructions accurately
Explanation: Professionalism requires registrants to conduct themselves with dignity and avoid conduct unbecoming, including misleading or disparaging statements that harm public confidence. The other options are examples of proper professional behaviour.
8When a rule does not give a clear answer to a difficult situation, the CPH suggests an ethical decision should be guided by:
A.Whichever choice earns the most commission
B.Values such as trust, integrity, justice and care for the client
C.The preference of the most profitable client only
D.Avoiding any decision until forced to act
Explanation: Where rules are silent or ambiguous, ethical reasoning relies on core values such as trustworthiness, integrity, justice and care for clients to reach a defensible decision. This is the purpose of an ethical framework.
9An advisor discovers they made an error that benefited the client but harmed the firm. Ethical conduct requires the advisor to:
A.Hide the error since the client benefited
B.Report the error promptly so it can be corrected properly
C.Reverse the trade secretly without telling anyone
D.Wait to see if anyone notices
Explanation: Integrity and the duty to comply with firm procedures require prompt reporting of errors regardless of who benefited, so the matter is corrected through proper channels and supervision.
10Which of the following is the clearest example of putting the client's interest first?
A.Recommending the product that pays the advisor the highest commission regardless of fit
B.Recommending a lower-cost suitable fund even though it pays the advisor less
C.Trading frequently to generate commissions
D.Selling the client a product the firm wants to clear from inventory
Explanation: Recommending a suitable, lower-cost option even when it reduces the advisor's compensation directly demonstrates placing the client's interests ahead of personal gain.

About the CPH Exam

The Conduct and Practices Handbook Course (CPH) is a conduct, ethics and compliance licensing course offered by the Canadian Securities Institute (CSI). It has historically been a CIRO proficiency requirement for registered representatives sponsored by an investment dealer, taken alongside or after the Canadian Securities Course (CSC). The course is assessed by one proctored exam of 100 multiple-choice questions over 3 hours, with a 60% passing grade and up to three attempts. It teaches the five standards of conduct, a structured ethical decision-making framework, the Canadian regulatory framework (CSA, provincial administrators, CIRO and CIPF), Know-Your-Client and suitability obligations, account opening and AML/ATF rules, trading and settlement, prohibited activities such as insider trading and front-running, complaint handling, privacy, and ongoing supervision and compliance. Effective January 1, 2026, CIRO moved to an assessment-centric proficiency model and no longer accepts the CPH for new Investment Dealer Approved Person approval, though learners enrolled before 2026 retain CIRO transition windows.

Assessment

One proctored exam of 100 multiple-choice questions covering seven weighted topic areas, from standards of conduct and ethics through to maintaining client accounts.

Time Limit

3 hours for the single exam.

Passing Score

60% is required to pass; up to 3 attempts are permitted.

Exam Fee

Set by CSI as course tuition (recently in the range of roughly C$500 plus applicable taxes); confirm the current fee with CSI. Effective January 1, 2026, CIRO no longer accepts the CPH for new Approved Person approval. (Canadian Securities Institute (CSI))

CPH Exam Content Outline

23%

Standards of Conduct, Ethics and Ethical Decision Making

The five standards of conduct (duty of care, trustworthiness, professionalism, conduct in accordance with securities acts, and complying with rules), putting clients' interests first, and a structured ethical decision-making framework applied to grey-area conduct scenarios.

12%

The Canadian Regulatory Framework

The Canadian Securities Administrators (CSA), provincial and territorial securities administrators, CIRO as the national self-regulatory organization, the Canadian Investor Protection Fund (CIPF), registration categories, and the interplay of securities legislation and self-regulation.

13%

Working with Clients

Relationship disclosure, fair dealing, client communications and advertising rules, identifying and addressing conflicts of interest, and the complaint-handling process.

13%

Client Discovery and Account Opening

Know-Your-Client (KYC) information, new account application forms, account types (cash, margin, registered, corporate, trust), trusted contact persons, and AML/anti-terrorist-financing obligations under FINTRAC.

13%

Product Due Diligence, Recommendations and Advice

Know-Your-Product (KYP) and product due diligence, suitability determinations, putting the client's interest first, and documenting recommendations and unsolicited orders.

13%

Trading, Settlement and Prohibited Activities

Order types and handling, the T+1 standard settlement cycle, good delivery, and prohibited activities including front-running, insider trading, market manipulation, gunslinging and improper use of client information.

13%

Maintaining Client Accounts and Relationships

Ongoing account supervision and tiered compliance review, privacy and PIPEDA obligations, record-keeping, handling unusual activity, and the responsibilities of supervisors and compliance staff.

How to Pass the CPH Exam

What You Need to Know

  • Passing score: 60% is required to pass; up to 3 attempts are permitted.
  • Assessment: One proctored exam of 100 multiple-choice questions covering seven weighted topic areas, from standards of conduct and ethics through to maintaining client accounts.
  • Time limit: 3 hours for the single exam.
  • Exam fee: Set by CSI as course tuition (recently in the range of roughly C$500 plus applicable taxes); confirm the current fee with CSI. Effective January 1, 2026, CIRO no longer accepts the CPH for new Approved Person approval.

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

CPH Study Tips from Top Performers

1Learn the five standards of conduct well enough to apply them, not just list them; many CPH questions are short scenarios that test which standard a registrant has breached.
2Practise the ethical decision-making framework as a step-by-step process so you can work through grey-area scenarios where no rule gives a single clear answer.
3Distinguish the regulators clearly: the CSA coordinates provincial administrators, CIRO is the self-regulatory organization for dealers, and CIPF protects client assets if a member becomes insolvent.
4Memorise the difference between KYC, KYP and suitability, and remember that suitability ties client information to product knowledge before any recommendation.
5Know the prohibited activities cold: front-running, insider trading, market manipulation and trading on undisclosed material information, and be able to spot them in a fact pattern.
6Update legacy facts to current rules: the standard settlement cycle is now T+1, and FINTRAC and PIPEDA govern AML reporting and client privacy respectively.

Frequently Asked Questions

How many questions are on the CPH exam and how long is it?

The CPH is assessed by one proctored exam of 100 multiple-choice questions with a 3-hour time limit. Up to three attempts are permitted.

What is the passing grade for the CPH exam?

The passing grade is 60%. CSI delivers the exam as a proctored test, either remotely or in person at a test centre.

How long does it take to study for the CPH?

CSI estimates 40 to 55 hours of study. The enrolment period is one year, and the course covers seven weighted topic areas from ethics to maintaining client accounts.

Is the CPH still required by CIRO?

Effective January 1, 2026, CIRO moved to an assessment-centric proficiency model and no longer accepts the CPH for new Investment Dealer Approved Person approval. Learners enrolled before 2026 retain CIRO transition windows to complete their requirements.

What topics does the CPH cover?

Standards of conduct and ethics (23%), the Canadian regulatory framework (12%), working with clients (13%), client discovery and account opening (13%), product due diligence (13%), trading and settlement (13%), and maintaining client accounts (13%).

Are these official CSI CPH exam questions?

No. These are original OpenExamPrep practice questions modelled on the CPH topics and current CIRO-era rules. CSI provides the official course materials and exam separately.