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Difference between IFC and IFIC

Courses for Working in Banking in Canada


Introduction

This section will outline the two main courses students can take to work in the banking sector in Canada, specifically providing mutual fund and investment advice. Notes will include details on course names, prices, requirements, and key terms.


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Difference between IFC and IFIC
Difference between IFC and IFIC



Canadian Investment Funds Course (CIFC)

- Also known as CIFC

- Offered through IFSI Institute

- Price is $385 for general enrollment, $285 for membership

- Additional costs for extras like web training, printed materials, notes

- Administered by CSI Learning


CIFC Requirements and Details

- Complete online or classroom course

- Pass final exam

- Provides licensing to advise on mutual funds

- Membership offers discount on course price


Investment Funds in Canada Course (IFC)

IFC Requirements and Details

- Offered through CSI Global Education

- Price is $549 for online self-study

- Includes all learning materials

- Provides licensing to advise on mutual funds

- Can be completed at your own pace online


Key Terms

- CIFC: Canadian Investment Funds Course

- IFSI: IFSI Institute

- CSI: CSI Learning and CSI Global Education

- IFC: Investment Funds in Canada Course

- Mutual funds: A type of investment that pools money from many investors and invests it in stocks, bonds, and money market securities


Difference between IFC and IFIC

Course Options and Requirements

Description: There are two options for taking the course - a basic online access or an online access plus additional materials. The basic online access allows you to take the course entirely online. The plus option provides additional study materials. Both options provide 1 year of access to complete the exam. The exam is 100 multiple choice questions to be completed in 3 hours. Difference between IFC and IFIC...

- Basic online access

- Online access plus additional materials

- 1 year to complete exam after enrolling

- 100 question multiple choice exam

- 3 hours to complete exam

Title: Time Commitment


Description: Students should plan to spend 60-90 hours studying for the exam. The amount of time needed depends on an individual's study habits and available time for preparation.

- 60-90 hours of recommended study time

- Depends on study habits and available time


Course Content Overview

Description: The course covers the regulatory environment, suitability, economic factors, different investment types, and an in-depth focus on mutual funds. Understanding various products is important as clients may bring different options.

- Regulatory environment and advisor responsibilities

- Suitability and advising suitable products

- Economic factors that affect interest rates and investments

- Types of investments including stocks, bonds, and other products

- In-depth coverage of mutual funds types and features

- Need to understand different product types clients may bring


Module Topics

Description: Specific topics covered in the modules include the regulatory environment, suitability, economic factors, investment types, and an in-depth focus on mutual funds.

- Regulatory environment and registration responsibilities

- Suitability and advising the suitable products

- Economic factors that affect interest rates and how they impact investments

- Different types of investments including stocks, bonds, and other products

- Mutual fund types, features, and mechanics


Mutual Fund Licensing Exam Preparation


Section 1: Mutual Fund Company Structure and Retirement Planning

Description: This section discusses the structure of mutual fund companies and how they should advise clients on retirement planning.

- Mutual fund company roles include portfolio management, retirement planning advice, and tax planning advice

- Advise clients to invest in broad market index funds like the S&P 500 for long-term growth and stability in retirement

- Consider clients' taxation situation and try to minimize taxes in retirement planning


Section 2: Exam Logistics

Description: Provides details on the format and requirements to pass the mutual fund licensing exam

- Multiple choice format with 100 questions over 3 hours

- Can be taken online or in person through Pearson's computer-based testing

- Requirement is to correctly answer 60% of questions to pass


Section 3: Exam Provider Options

Description: Discusses the two main providers that offer the mutual fund licensing exam

- Pearson VUE - Offers the exam online or in person with a proctored computer-based test

- Canadian Securities Institute (CSI) - Offers the Investment Funds Course (IFC) exam, which is equivalent to Pearson


Section 4: Canadian Investment Funds Course (CIFC)

Description: Provides more details on the CIFC exam offered through the CSI

- Full name is Canadian Investment Funds Course

- Also referred to by the acronym CIFC

- Covers the same curriculum and level of knowledge as Pearson's exam

- Gives candidates the same opportunities upon completion


Section 5: Exam Curriculum Overview

Description: Summarizes the main topics covered on the licensing exam

- Financial markets and the role of mutual fund sales representatives

- Know-Your-Client requirements and suitability of investments

- Analysis of different types of investments

- Portfolio management

strategies

- Types of mutual funds and their fee structures

- Operation of stock exchanges and clearinghouses


Section 6: Mutual Fund Structure and Fees

Description: Provides a high-level overview of mutual fund structures and fees

- Open-ended fund structure allows constant issuing/redeeming of shares

- Management fees charged as a percentage of assets under management

- Trailer fees paid by fund companies to distributors annually

- Sales commissions charged on front-end or back-end loads

- Redemption fees for short-term trading to discourage market timing


Chapter Topics


Chapter Overview

- 18 total chapters that will be covered throughout the course

- Details on what each chapter will focus on and what you will learn

Financial Mathematics

Study Tools

- Value pack includes online study tools for $715

- Practice questions

- Calculator

- E-tutorials for extra learning

- Online only with PDF textbook is $385

- Online with hardcopy textbook is $520


Practice Questions

Exam Prep

- 150 practice questions to help study for exams

- Can use financial calculator or basic calculator for some questions

- Calculator makes ratios and future/present value easier


Calculators

Study Time

- Plan to study 90-140 hours total for the course

- Calculator recommended but not required for all questions

- Practice questions and tutorials provide additional learning

Time Commitment


Course Costs

Enrollment Options

- Value pack with study tools is $715

- Online with PDF textbook is $385

- Online with hardcopy textbook is $520

- Pricing similar to other certification courses

- Employer may help cover costs if working in banking


Pricing Comparison

Textbook Format

Discounts for Bank Employees

Banking Careers in Canada

Getting a Job as a Bank Teller or Financial Advisor

Description: This section discusses the requirements and compensation for working as a bank teller or financial advisor in Canada. It notes that while experience is not required, certification exams can help advance your career.

- Certification exams (Canadian Securities Course, Wealth Management Essentials Course) can help you get hired and advance to higher paying roles quicker

- Exam costs $500-2000 but investment pays off quickly with higher salaries

- Bank tellers average $50,000 salary but hours may be long

- Financial advisors can earn over $100,000 advising on investments, mortgages, loans, retirement

- No degree or experience required to get into the banking sector

- Roles include advising clients, opening accounts, credit/loans, investments


Becoming a Bank Teller

- Teller salaries average $50,000 before taxes/deductions

- Hours can be long depending on the bank/location

- May get a discount on exam costs if already working as a teller

Returns on Certification Investment

- Exam costs $500-2000 in time/money

- Not a big investment considering potential returns

- Salary as advisor could cover investment cost in just one week

Reasons to Pursue Banking Certification

- Allows you to work as an investment/mutual fund representative

- Advise clients on investments, mortgages, loans, credit cards, accounts

- Can lead to higher paying role as a financial advisor


Roles of a Financial Advisor

- Advise on investments, retirement planning, credits cards, lines of credit

- Open new accounts and provide ongoing advice to clients

Requirements to Work in Canadian Banking

- No experience, degree, or other requirements needed

- Certification exams not mandatory but can help advancement

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