IFC vs RSE: which exam do you need?
The IFC qualifies mutual fund dealer representatives; the RSE qualifies retail representatives at investment dealers under CIRO's 2026 Proficiency Model. Your dealer type decides which you need.
IFC vs RSE at a glance
| IFC | RSE | |
|---|---|---|
| Full name | Investment Funds in Canada (IFC) | Retail Securities Exam (RSE) |
| Questions | 100 multiple-choice questions | 120 multiple-choice questions |
| Time | 3 hours | 3 hours |
| Passing score | 60% | Set by CIRO (the pass mark isn't published) |
| Format | Closed book, computer-based | Closed book, computer-based |
| Cost | Set by CSI as part of the IFC enrolment; check CSI before you enrol | C$475 for the first attempt and C$300 for each retake (up to 3 attempts in 12 months) |
| Languages | English and French | English and French |
| Where | Remote proctoring or an in-person test centre, booked through CSI | Prometric test centres in Canada or Prometric remote proctoring |
| Level | Mutual funds | CIRO Proficiency Model |
What each exam covers
IFC
- Introduction to Mutual Funds and the Regulatory Environment
- Know Your Client
- Investment Products and Portfolios
- The Modern Mutual Fund
- Analysis of Mutual Funds
- Alternative and Managed Products
- Evaluating and Selecting Mutual Funds
- Ethics, Compliance and Regulation
RSE
- Know Your Client and Suitability
- Fixed-Income Products
- Equity Products
- Managed Products: Mutual Funds and ETFs
- Derivatives and Structured Products
- Portfolio Construction and Risk
- Retirement, Tax and Registered Plans
- Account Types and Trading
- Economics and Markets
Which should you take?
The IFC qualifies mutual fund dealer representatives; the RSE qualifies retail representatives at investment dealers under CIRO's 2026 Proficiency Model. Your dealer type decides which you need.
Try both, free
Each free practice test takes about 10 minutes and shows your score by topic. No signup.
FAQ
What is the difference between IFC and RSE?
The IFC qualifies mutual fund dealer representatives; the RSE qualifies retail representatives at investment dealers under CIRO's 2026 Proficiency Model. Your dealer type decides which you need.
Which is harder, IFC or RSE?
IFC: 100 multiple-choice questions in 3 hours. RSE: 120 multiple-choice questions in 3 hours. The longer exam covers more ground, but the harder one is the one further from your daily work. Take both free practice tests to see where you stand.
Can I hold both IFC and RSE?
Yes. They're separate exams. Many candidates write more than one, for example the CIRE followed by the Retail Securities Exam, or both CSC exams.
How do I prepare for IFC and RSE?
Start with the free practice test for each, then study by topic. Premium is per exam (C$207 a month each), so most people start with the exam they'll sit first and add the second when they're ready.
More comparisons
Exam details are summarized from CSI's and CIRO's published information as of October 2026. Confirm with CSI or CIRO before you book. CSCQuizBank is not affiliated with CSI, CIRO or Fitch Learning.