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CISI IFC Exam Overview:

Certification Vendor:	CSI (Canadian Securities Institute)
Exam Name:	Investment Funds in Canada (IFC)
Exam Number:	IFC
Passing Score:	60%
Available Languages:	French, English
Real Exam Qty:	100
Exam Price:	CAD 520.00
Certificate Validity Period:	2 years
Exam Duration:	180 minutes
Exam Format:	Multiple Choice
Sample Questions:	CISI IFC Sample Questions
Exam Way:	Proctored (remote or in-person at a test centre)
Pre Condition:	None
Official Syllabus URL:	https://www.csi.ca/student/en_ca/courses/csi/ifc.xhtml

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IFC Related Exams, IFC Exam Introduction

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CISI IFC Exam Syllabus Topics:

Topic	Details
Topic 1	Evaluating and Selecting Mutual Funds: This domain covers the systematic process of choosing appropriate mutual funds based on client needs, including selection criteria, cost considerations, performance history, and ongoing portfolio monitoring and rebalancing.
Topic 2	Introduction to the Mutual Funds Marketplace: This domain covers the structure of Canada's mutual fund industry, including key participants like manufacturers, distributors, and regulators, along with distribution channels and the regulatory framework governing the industry.
Topic 3	The Modern Mutual Fund: This domain examines mutual fund structures, types, and operations, covering equity, fixed income, balanced, and specialty funds, their legal structures, pricing mechanisms, purchase processes, and associated fees.
Topic 4	Understanding Investment Products and Portfolios: This domain explores various investment products including stocks, bonds, and securities, along with portfolio construction principles, asset allocation strategies, and how different products work together to meet client objectives.
Topic 5	The Know Your Client Communication Process: This domain focuses on gathering and documenting client information to ensure suitable recommendations, including understanding financial situations, investment objectives, risk tolerance, and maintaining ongoing communication with clients.
Topic 6	Ethics, Compliance, and Mutual Fund Regulation: This domain addresses ethical standards and regulatory requirements for advisors, covering professional conduct, compliance obligations, conflicts of interest, disclosure requirements, and rules established by regulators and self-regulatory organizations.

CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q388-Q393):

NEW QUESTION # 388
Evan owns retractable preferred shares of Ingram Corp. Which statement CORRECTLY describes a key feature of Evan's shares?

A. Gives Evan the option to convert the Ingram Corp preferred shares into a fixed number of common shares at a predetermined price within a specified period.
B. Entitles Evan to sell the shares back to Ingram Corp at a pre-determined price and time in the future.
C. Allows Ingram Corp to buy back the preferred shares at a pre-determined price within a defined period.
D. Offers Evan the opportunity to receive additional dividends if Ingram Corp's profit exceeds a stated level.

Answer: C

Explanation:
Retractable preferred shares are a type of preferred stock that lets the issuer force the redemption of the shares at a set price and time. The issuer can pay cash or common shares to the retractable preferred shareholders.
References = Retractable Preferred Shares: What it is, How it Works, Example, What are Retractable Preferred Shares? Definition, And How Does it Work? - CFAJournal, Retractable Preferred Shares | Example
| Feature - Accountinguide

NEW QUESTION # 389
Zofia has held units of the ABC Monthly Income fund for many years and has reinvested all distributions by purchasing additional units. During this period, she received $2,500 in reinvested dividends. She originally purchased $10,000 of fund units, and after several years, the portfolio value rose to $15,000. What is the tax consequence if Zofia decides to sell her units?

A. The NAVPS will be increased by the amount of the cumulative distributions.
B. The adjusted cost base would be $12,500.
C. The cumulative distributions will be taxed separately as an investment dividend when she sells her units.
D. The capital gain will be $5,000.

Answer: B

Explanation:
When distributions from a mutual fund are reinvested (rather than taken in cash), they are not taxed again at the time of reinvestment. Instead, they increase the adjusted cost base (ACB) of the investment. This is important because when the investor eventually sells the mutual fund units, the capital gain (or loss) is calculated as:
Capital Gain = Proceeds of Disposition - Adjusted Cost Base - Expenses Incurred to Sell In Zofia's case:
* Original investment = $10,000
* Reinvested distributions = $2,500 (which increases the ACB)
* Therefore, ACB = $10,000 + $2,500 = $12,500
* Proceeds of sale = $15,000
* Capital gain = $15,000 - $12,500 = $2,500
Thus, the correct answer is D, because $12,500 is the adjusted cost base and the capital gain on sale would be
$2,500, not $5,000.
This is clearly stated in the Investment Funds in Canada material where it explains that reinvested distributions increase the investor's ACB and are not separately taxed at the time of disposition.

NEW QUESTION # 390
A risk-averse investor is meeting with their advisor to discuss investment solutions. Traditionally, the investor has considered GICs only, but they are open to considering other alternatives. To what emotional bias is the investor most susceptible?

A. Loss aversion
B. Endowment
C. Status quo
D. Hindsight

Answer: C

NEW QUESTION # 391
One of your clients, Sheldon, is 65 years old. He has $30,000 to invest. He has a low risk profile, and an investment objective of receiving regular income. He has a time horizon of 5 years.
Based on Sheldon's risk profile and investment objective, which of the following investment recommendations is MOST appropriate for Sheldon?

A. ABC common shares which had a 20% annual yield during the previous 5 years.
B. FEG Labour-Sponsored Fund which will give him a tax benefit.
C. Debentures of XYZ Corporation will give Sheldon a regular income and an attractive yield.
D. 3% Government of Canada Bonds at par, which have a maturity that coincides with Sheldon's time horizon.

Answer: D

Explanation:
Government of Canada Bonds are fixed income securities issued by the federal government that pay a fixed rate of interest (coupon) and return the principal amount (par value) at maturity. They are considered low risk investments, as they are backed by the full faith and credit of the government. They also provide regular income to investors, as they pay interest semi-annually. For Sheldon, who has a low risk profile and an investment objective of receiving regular income, 3% Government of Canada Bonds at par would be an appropriate investment recommendation, as they would match his time horizon of 5 years and provide him with a stable and predictable income stream. The other options are not suitable for Sheldon, as they involve higher risk, volatility, or complexity.
References = Canadian Investment Funds Course, Unit 5: Types of Investments, Lesson 2: Fixed Income Securities, Section 5.2.1: Government Bonds1; CIFC prepkit, Chapter 5: Types of Investments, Question
5.2.1 2

NEW QUESTION # 392
Loretta is looking for a well diversified equity fund. Her ideal mutual fund would hold investments within and outside Canada. Although she is seeking growth, Loretta also wants a mutual fund that invests in quality companies.
Which of the following mutual funds would be the best choice for Loretta?

A. Dominion International Growth Fund - this international equity fund invests in small and medium sized companies in countries all around the world.
B. Polar Global Blue Chip Equity Fund - this global equity fund invests in large, established companies in mostly stable and mature foreign markets.
C. Lennox Energy Fund - this sector fund invests primarily in Canadian oil and gas companies that sell both to domestic and foreign markets.
D. Auric Precious Metals Fund - this sector fund invests in Canadian companies that participate in the precious metals sector such as owning mines in foreign countries.

Answer: B

Explanation:
Loretta is looking for a well diversified equity fund that invests both within and outside Canada. She also wants a fund that invests in quality companies, which implies that she prefers lower risk and higher stability.
A global equity fund would meet her criteria, as it can invest in any country, including Canada, and diversify across different regions and markets. A global equity fund that focuses on large, established companies, also known as blue chip stocks, would also suit her preference for quality and stability, as these companies tend to have strong financial performance, competitive advantages, and consistent dividends. Therefore, the Polar Global Blue Chip Equity Fund would be the best choice for Loretta among the given options.
Canadian Investment Funds Course, Unit 6, Section 6.2

NEW QUESTION # 393
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