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Canadian Securities Course · Last updated October 2026

Canadian Securities Course (CSC) Exam 2: free practice test

The second CSC exam turns from products to advice: analysing companies, building portfolios, mutual funds and ETFs, alternative and structured products, Canadian investment taxation, fee-based accounts and institutional clients.

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About the CSC Exam 2 exam

The second CSC exam turns from products to advice: analysing companies, building portfolios, mutual funds and ETFs, alternative and structured products, Canadian investment taxation, fee-based accounts and institutional clients.

What's on the exam

CSC Exam 2
Fundamental and Technical Analysis
5 key facts
The Portfolio Approach
5 key facts
Mutual Funds
5 key facts
Exchange-Traded Funds
5 key facts
Alternative, Managed and Structured Products
5 key facts
Canadian Taxation
5 key facts
Fee-Based Accounts and Retail Clients
5 key facts
Working with the Institutional Client
5 key facts

Each branch is a topic in the official outline. Members see every key fact on the full mind map. Read the free study guide →

How to pass the CSC Exam 2 exam

  • Investment analysis and the portfolio approach are 36% of the exam together. Know the ratios (P/E, dividend yield, debt-to-equity) and what beta and standard deviation measure.
  • Tax questions are only about 6% but are easy points: RRSP vs TFSA vs RESP vs FHSA, capital gains inclusion, the dividend tax credit, attribution rules.
  • You need 60% to pass, with up to three attempts within your enrolment period.
  • Learn the difference between a mutual fund trust and a mutual fund corporation, and between NAVPS pricing and ETF market pricing.

Save your results and get your Readiness Score

Create a free account after the test: your score by topic, a mistakes bank, the complete study notes for the first topic, flashcards and the Canadian Securities Key Numbers Sheet.

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What's in the premium CSC Exam 2 prep

Premium CSC Exam 2 prep is studied one topic at a time. Each step starts with that topic's key notes and flashcard deck, then its own question sets of 25, so you master one topic before you move to the next. When every topic is strong, the 6 full mock exams show you're ready.

3,000practice questions, every answer explained
6full-length mock exams, 100 questions each, timed
800flashcards with spaced repetition, sorted by topic
60comprehensive key notes across 8 topics

Your step-by-step study path

  1. 1
    Fundamental and Technical Analysis8 key notes, 100 flashcards, then 375 practice questions in 15 sets of 25
    Notes free with an account
  2. 2
    The Portfolio Approach8 key notes, 100 flashcards, then 375 practice questions in 15 sets of 25
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  3. 3
    Mutual Funds8 key notes, 100 flashcards, then 375 practice questions in 15 sets of 25
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  4. 4
    Exchange-Traded Funds8 key notes, 100 flashcards, then 375 practice questions in 15 sets of 25
    Premium
  5. 5
    Alternative, Managed and Structured Products7 key notes, 100 flashcards, then 375 practice questions in 15 sets of 25
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  6. 6
    Canadian Taxation7 key notes, 100 flashcards, then 375 practice questions in 15 sets of 25
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  7. 7
    Fee-Based Accounts and Retail Clients7 key notes, 100 flashcards, then 375 practice questions in 15 sets of 25
    Premium
  8. 8
    Working with the Institutional Client7 key notes, 100 flashcards, then 375 practice questions in 15 sets of 25
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  9. Final step: 6 full mock exams100 questions each, timed like test day. Pass them, then book your exam.
    Premium
Free with an account

Read the complete CSC Exam 2 study notes for “Fundamental and Technical Analysis”

Our first full set of comprehensive notes, about 10 minutes of reading: Fundamental analysis: top down · Ratios you must know · Technical analysis · Efficient markets, a worked exam example, the traps examiners use and a one-minute recap. Create a free account to read it and see how premium notes work before you decide.

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Study tools included

3,000 practice questions

3,000 exam-style questions per exam, organized topic by topic in sets of 25. Every answer explained, with the rule it comes from.

6 full mock exams

6 full-length timed mock exams per exam, with real question counts and time limits, so test day feels like practice day.

Exam Readiness Score

One 0 to 100 number that tells you when you're ready to book. Reach 80 and you're covered by our Pass Guarantee.

800 flashcards + spaced repetition

800 flashcards per exam, in a deck for each topic, that come back right before you'd forget them. Five minutes a day keeps every number fresh.

60 comprehensive key notes

60 key notes per exam, split across its topics and each explained in full: the concepts, worked exam examples, the traps examiners use and a quick recap. Your first set is free with an account.

Mind maps

See the whole exam on one screen: every topic and the facts under it.

Sample questions with answers

These are the questions in the free test above, with answers. Try the test first. You'll learn more by getting some wrong.

1. A company's shares trade at C$45 and its earnings per share are C$3. Its price-to-earnings (P/E) ratio is:
Answer: 15. P/E = price ÷ EPS = 45 ÷ 3 = 15. Investors are paying C$15 for each C$1 of annual earnings.
2. A technical analyst would most likely focus on:
Answer: Price charts, trends and trading volume. Technical analysis studies market data (price and volume patterns) to forecast price moves. Fundamental analysis studies the business and the economy.
3. A stock with a beta of 1.4 is expected to:
Answer: Move about 40% more than the market, in the same direction. Beta measures systematic risk relative to the market (beta 1.0). A beta of 1.4 suggests the stock rises or falls about 1.4 times as much as the market.
4. Which statement about diversification is correct?
Answer: It reduces non-systematic (company-specific) risk. Combining assets that aren't perfectly correlated reduces company-specific risk. Systematic (market) risk remains.
5. A mutual fund has net assets of C$50 million and 4 million units outstanding. Its NAVPS is:
Answer: C$12.50. NAVPS = (assets − liabilities) ÷ units outstanding = C$50M ÷ 4M = C$12.50.
6. Under Canadian rules, a mutual fund buyer can generally withdraw from the purchase within:
Answer: 2 business days after receiving the Fund Facts. Investors have a right of withdrawal within two business days after receiving the Fund Facts document (or after the purchase, if it was delivered earlier).
7. Compared with a conventional mutual fund, an ETF:
Answer: Trades on an exchange throughout the day at market prices. ETFs trade intraday on exchanges like shares. Conventional mutual funds are bought and redeemed at the NAVPS calculated at the end of the day.
8. Segregated funds differ from mutual funds mainly because they:
Answer: Are insurance contracts with maturity and death benefit guarantees. Segregated funds are individual variable insurance contracts issued by insurers, guaranteeing 75% to 100% of deposits at maturity or death.
9. A principal-protected note typically gives the investor:
Answer: The return of principal at maturity plus a return linked to an underlying asset. PPNs promise principal back at maturity (subject to the issuer's credit) plus a variable return tied to an index or basket. Early sale can mean a loss.
10. An investor realizes a C$10,000 capital gain in a non-registered account. How much is included in taxable income?
Answer: C$5,000. Half of a capital gain (the 50% inclusion rate) is added to taxable income. The proposed increase to two-thirds was cancelled in 2025.
11. Which statement about a TFSA is correct?
Answer: Withdrawals are tax-free and the amount is added back to contribution room the next calendar year. TFSA contributions aren't deductible, but growth and withdrawals are tax-free, and withdrawn amounts are restored to contribution room on 1 January of the next year.
12. RRSP contributions are deductible from income for a given tax year if made by:
Answer: 60 days after the end of that year. Contributions made in the first 60 days of the next year can be deducted for the previous tax year.
13. A fee-based account typically charges the client:
Answer: An annual fee based on a percentage of assets. Fee-based accounts charge an asset-based fee instead of per-trade commissions, aligning the advisor's pay with account growth. They suit clients who trade or need advice regularly.
14. Deferred sales charge (DSC) options on mutual funds in Canada:
Answer: Were banned by securities regulators from June 2022. The CSA banned the sale of mutual funds with DSC options from 1 June 2022 because of the conflicts and costs they created for investors.
15. Institutional clients such as pension funds and insurers differ from retail clients mainly because they:
Answer: Trade in large volumes and usually have in-house expertise. Institutional clients trade in size, often through the institutional desk, and rely on their own analysts. Different suitability and documentation rules can apply.

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Certification guide

CSC exam guide (2026): The Canadian Securities Course is split into two exams. Each has 100 multiple-choice questions, 2 hours and a 60% pass mark. Exam 1 covers markets, the economy and the main products; Exam 2 covers analysis, portfolios, managed products, tax and working with clients.

CSC Exam 2 exam FAQ

How many questions are on the CSC Exam 2 exam?

100 multiple-choice questions, with a time limit of 2 hours. Format: closed book, computer-based.

What is the passing score for CSC Exam 2?

60%.

How much does the CSC Exam 2 exam cost?

Included in the CSC enrolment set by CSI (packages have been listed at roughly C$1,000 to C$1,400 for both exams); check CSI before you enrol. Fees change, so confirm with CSI or CIRO before you enrol.

Which languages is the CSC Exam 2 exam offered in?

English and French.

Where do I take the CSC Exam 2 exam?

Remote proctoring or an in-person test centre, booked through CSI.

Is this CSC Exam 2 practice test free?

Yes. The 15-question practice test on this page is free, with an explanation for every answer and no signup. A free account also unlocks the complete study notes for the first topic. The full CSC Exam 2 prep is Premium at C$207 a month for this exam.

What's in the premium CSC Exam 2 prep?

3,000 practice questions organized topic by topic (Fundamental and Technical Analysis: 375; The Portfolio Approach: 375; Mutual Funds: 375; Exchange-Traded Funds: 375; Alternative, Managed and Structured Products: 375; Canadian Taxation: 375; Fee-Based Accounts and Retail Clients: 375; Working with the Institutional Client: 375), 6 full-length timed mock exams of 100 questions, 800 flashcards and 60 comprehensive key notes split across all 8 topics, plus a mistakes bank and the Readiness Score.

Compare CSC Exam 2 with other Canadian licensing exams

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15 free questions3,000 premium Qs · 6 mocks · 800 flashcards · 60 key notes
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Exam details are summarized from the official candidate information available in October 2026. CSI or CIRO changes formats and fees, so confirm with Canadian Securities Institute (CSI) before you book. CSCQuizBank is not affiliated with CSI, CIRO or Fitch Learning.

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