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100+ Free CSC Practice Questions

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Key Facts: CSC Exam

2 exams

The CSC is assessed by two separate proctored multiple-choice exams

CSI - CSC Exam & Credits

100 questions

Each CSC exam contains 100 multiple-choice questions

CSI - CSC Exam & Credits

2 hours

Each CSC exam has a 2-hour time limit

CSI - CSC Exam & Credits

60%

Passing grade required on each CSC exam, scored separately

CSI - CSC Exam & Credits

3 attempts

Maximum number of attempts allowed per CSC exam

CSI - CSC Exam & Credits

135-200 hours

CSI's estimated study time across the two CSC volumes

CSI - CSC Exam & Credits

Jan 1, 2026

Date the CSC stopped being accepted for CIRO Investment Dealer approval

CSI - Canadian Securities Course overview

100

Free original CSC practice questions provided here

OpenExamPrep

The Canadian Securities Course (CSC), offered by the Canadian Securities Institute (CSI), is Canada's foundational securities credential. It is assessed by two proctored multiple-choice exams of 100 questions each, with a 2-hour time limit and a 60% pass mark per exam; up to three attempts are allowed per exam and CSI estimates 135-200 hours of study. Exam 1 covers the Canadian investment marketplace, the economy, fixed-income securities and equities; Exam 2 covers derivatives, financing and listing, financial statement analysis, investment and portfolio analysis, mutual funds, ETFs, alternative and managed products, Canadian taxation and working with clients. As of January 1, 2026 the CSC is no longer accepted for CIRO Investment Dealer approval, but it remains a current, widely recognized credential. This 100-question bank gives original practice spread across both exams' topic weightings.

Sample CSC Practice Questions

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

1In Canada, the self-regulatory organization that oversees investment dealers and mutual fund dealers and their registered representatives is:
A.The Bank of Canada
B.CIRO (Canadian Investment Regulatory Organization)
C.The CDIC
D.The Department of Finance
Explanation: CIRO, the Canadian Investment Regulatory Organization, is the national self-regulatory organization that supervises investment dealers, mutual fund dealers and trading on Canadian debt and equity marketplaces. It was formed by the 2023 amalgamation of IIROC and the MFDA.
2An investor buys newly issued shares directly from a company through an underwriter. This transaction takes place in the:
A.Secondary market
B.Primary market
C.Money market
D.Over-the-counter market
Explanation: When securities are issued to investors for the first time and the proceeds go to the issuer, the transaction occurs in the primary market. Later trades between investors occur in the secondary market.
3Which of the following best describes the role of a financial intermediary in the capital markets?
A.It guarantees a profit to all investors
B.It channels funds from savers/lenders to users of capital
C.It sets monetary policy
D.It insures all securities against loss
Explanation: Financial intermediaries such as banks, dealers and investment funds bring together suppliers of capital (savers) and users of capital (borrowers/issuers), making the markets more efficient. They do not guarantee profits or insure against market loss.
4A retail investor's eligible deposits at a member bank are protected up to a limit by:
A.CIRO
B.CDIC (Canada Deposit Insurance Corporation)
C.CIPF
D.The Bank of Canada
Explanation: CDIC insures eligible deposits held at member financial institutions up to prescribed limits if the institution fails. It is distinct from CIPF, which protects client assets if an investment dealer becomes insolvent.
5Gross Domestic Product (GDP) measures:
A.The total value of a country's accumulated debt
B.The total market value of final goods and services produced in an economy over a period
C.The number of people employed in an economy
D.The level of the country's stock market index
Explanation: GDP is the total market value of all final goods and services produced within a country over a specific period, and is the broadest measure of economic output. Rising real GDP signals economic expansion.
6The Bank of Canada's primary tool for implementing monetary policy is:
A.Setting income tax rates
B.Adjusting the target for the overnight rate
C.Issuing common shares
D.Approving corporate mergers
Explanation: The Bank of Canada conducts monetary policy mainly by setting a target for the overnight rate, which influences short-term interest rates throughout the economy. Tax rates are a fiscal policy tool set by the government.
7All else equal, when the Bank of Canada raises its target for the overnight rate, the most likely short-term effect is:
A.Higher borrowing costs and slower economic activity
B.Lower borrowing costs and faster inflation
C.No effect on interest rates
D.An automatic rise in stock prices
Explanation: Raising the overnight rate increases short-term borrowing costs, which tends to dampen consumer and business spending and slow economic activity, helping to restrain inflation. This is a contractionary monetary stance.
8During which phase of the business cycle does economic output decline for at least two consecutive quarters?
A.Expansion
B.Peak
C.Recession
D.Recovery
Explanation: A recession is commonly defined as a decline in real GDP for two or more consecutive quarters, marked by falling output, rising unemployment and reduced spending. Expansion and recovery are growth phases.
9Fiscal policy refers to a government's use of:
A.The overnight rate and money supply
B.Taxation and government spending
C.Foreign exchange reserves only
D.Stock exchange listing rules
Explanation: Fiscal policy is the use of government taxation and spending decisions to influence the economy. Monetary policy, by contrast, involves the central bank's control of interest rates and the money supply.
10A bond's coupon rate is best described as:
A.The annual interest paid as a percentage of the bond's face value
B.The bond's current market price
C.The total return earned if the bond is held to maturity
D.The credit rating assigned to the issuer
Explanation: The coupon rate is the fixed annual interest the issuer pays, expressed as a percentage of the bond's par (face) value. It is set at issuance and does not change as the market price fluctuates.

About the CSC Exam

The Canadian Securities Course (CSC) is the foundational securities credential offered by the Canadian Securities Institute (CSI). It provides the core knowledge needed to work in Canadian financial services, covering the investment marketplace, the economy, fixed-income and equity securities, derivatives, corporate finance and financial statement analysis, investment and portfolio analysis, mutual funds, ETFs, alternative and structured products, Canadian taxation and working with retail and institutional clients. The credential is assessed through two proctored multiple-choice exams of 100 questions each, with a 2-hour limit and a 60% pass mark per exam. As of January 1, 2026, the CSC is no longer accepted for CIRO Investment Dealer approval (the CIRO Proficiency Model and CIRE apply to new investment-dealer registrants), but the CSC remains a current, widely recognized credential for mutual funds, banking, financial planning and employer recognition, and it feeds into further CSI designations.

Assessment

Two proctored multiple-choice exams. Exam 1 (100 questions) covers the Canadian investment marketplace, the economy, fixed-income securities and equities; Exam 2 (100 questions) covers derivatives, financing and listing, corporate financial analysis, investment and portfolio analysis, mutual funds, ETFs, alternative/managed products, Canadian taxation and working with clients.

Time Limit

2 hours per exam (4 hours total across Exam 1 and Exam 2).

Passing Score

60% on each exam, with both exams passed separately. Up to three attempts are permitted per exam.

Exam Fee

Pricing is bundled into CSI course enrolment (roughly C$1,200, one-year enrolment), which includes both exams; CSI periodically offers a 10% enrolment discount. Verify current pricing with CSI. (Canadian Securities Institute (CSI))

CSC Exam Content Outline

15%

The Canadian Investment Marketplace

Exam 1. Capital market participants, financial intermediaries, dealers and advisors, the primary and secondary markets, self-regulatory organizations (CIRO) and securities regulators, and how funds flow between savers and users of capital.

13%

The Economy

Exam 1. Economic growth, GDP, the business cycle, inflation, interest rates, exchange rates, fiscal policy and the Bank of Canada's monetary policy tools and economic indicators.

23%

Fixed-Income Securities (Features, Pricing and Trading)

Exam 1. Bond and debenture features, coupon and maturity, government and corporate issues, accrued interest, current yield and yield to maturity, the inverse price-yield relationship, term structure and bond trading.

23%

Equity Securities and Transactions

Exam 1. Common and preferred shares, dividends and shareholder rights, preferred-share types, long and short positions, margin accounts, order types and equity trading mechanics.

16%

Derivatives, Corporate Finance and Financial Statements

Exams 1 and 2. Options and forwards/futures basics and uses (hedging, income, speculation), corporate structures, financing and listing of securities, and reading the income statement, balance sheet and cash flow statement with key ratios.

36%

Investment Analysis and Portfolio Management

Exam 2. Fundamental and technical analysis, valuation ratios, the portfolio management process, investment policy, asset allocation styles, diversification, and measuring risk and return.

40%

Managed Products, Taxation and Clients

Exam 2. Mutual funds and their structures and fees, ETFs, alternative and structured products, hedge funds, principal-protected notes, Canadian taxation (RRSP, TFSA, capital gains, dividend tax credit) and serving retail and institutional clients.

How to Pass the CSC Exam

What You Need to Know

  • Passing score: 60% on each exam, with both exams passed separately. Up to three attempts are permitted per exam.
  • Assessment: Two proctored multiple-choice exams. Exam 1 (100 questions) covers the Canadian investment marketplace, the economy, fixed-income securities and equities; Exam 2 (100 questions) covers derivatives, financing and listing, corporate financial analysis, investment and portfolio analysis, mutual funds, ETFs, alternative/managed products, Canadian taxation and working with clients.
  • Time limit: 2 hours per exam (4 hours total across Exam 1 and Exam 2).
  • Exam fee: Pricing is bundled into CSI course enrolment (roughly C$1,200, one-year enrolment), which includes both exams; CSI periodically offers a 10% enrolment discount. Verify current pricing with CSI.

Keys to Passing

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

CSC Study Tips from Top Performers

1Study to the published CSI weightings: in Exam 1, fixed income (about 23%) and equities (about 23%) carry the most marks, so master bond pricing, yield calculations and share features first.
2Practise the inverse relationship between bond prices and interest rates, and be able to compute current yield and approximate yield to maturity by hand without a financial calculator dependency.
3Learn the difference between the dividend tax credit, capital gains inclusion, and interest income, plus how RRSPs and TFSAs are taxed, because Canadian taxation appears in Exam 2 and recurs in client suitability questions.
4For Exam 2, build a clear mental map of managed products: mutual fund versus ETF structures, NAVPS, MERs, trailing commissions, hedge funds and principal-protected notes.
5Memorise the portfolio management process and the main asset-allocation styles (strategic, tactical, dynamic), and be ready to match a client's objectives and constraints to an asset mix.
6Use practice questions to drill terminology that CIRO, IFIC and CSI use precisely, such as marketable versus non-marketable securities, callable versus extendible bonds, and cumulative versus participating preferred shares.

Frequently Asked Questions

How many exams does the Canadian Securities Course (CSC) have?

The CSC has two exams. Each is a proctored multiple-choice exam with 100 questions and a 2-hour time limit, and each must be passed separately at 60% to earn the credential.

What is the passing grade for the CSC exams?

The passing grade is 60% on each exam. Exam 1 and Exam 2 are scored separately, so you must reach 60% on both. You are allowed up to three attempts per exam.

What does CSC Exam 1 cover versus Exam 2?

Exam 1 covers the Canadian investment marketplace, the economy, fixed-income securities and equities. Exam 2 covers derivatives, financing and listing, financial statement analysis, investment and portfolio analysis, mutual funds, ETFs, alternative and managed products, Canadian taxation and working with clients.

Is the CSC still accepted by CIRO after January 1, 2026?

No. As of January 1, 2026, the CSC is no longer accepted for CIRO Investment Dealer approval; new investment-dealer registrants write the CIRO exams (the CIRE). The CSC course and credential are not retired and remain widely recognized for mutual funds, banking, planning and broad employer recognition.

How long does it take to study for the CSC?

The Canadian Securities Institute estimates 135 to 200 hours of study across the two volumes. The enrolment period is one year, so most candidates spread study over several months before writing each exam.

Who administers the CSC and how is it written?

The CSC is offered by the Canadian Securities Institute (CSI). The two exams are proctored and can be written remotely with online proctoring or in person at a CSI test centre.