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IFSE Institute CIFC Exam Questions
- Topic 1: Regulatory Environment: This section of the exam measures the skills of compliance officers and covers the key laws, rules, and regulatory bodies that oversee the mutual fund industry. It ensures professionals understand the legal framework in which firms and representatives operate.
- Topic 2: Registrant Responsibilities: This section of the exam measures the skills of investment advisors and covers the obligations and ethical duties that come with being a registered professional. It includes understanding know-your-client procedures, disclosure rules, and the importance of acting in clients’ best interests.
- Topic 3: Suitability: This section of the exam measures the skills of financial planners and covers how to determine whether an investment product matches a client's profile. It focuses on risk tolerance, time horizon, and financial goals when offering investment choices.
- Topic 4: Economic Factors and Financial Markets: This section of the exam measures the skills of market analysts and covers the basic economic principles and financial market structures that impact investment performance. It includes interest rates, inflation, and economic cycles as they relate to investment decision-making.
- Topic 5: Types of Investments: This section of the exam measures the skills of wealth managers and covers the features, risks, and benefits of various investment products. It ensures understanding of stocks, bonds, ETFs, GICs, and other instruments typically included in diversified portfolios.
- Topic 6: Types of Mutual Funds: This section of the exam measures the skills of fund sales representatives and covers the structure, benefits, and objectives of different mutual fund categories. It includes equity, fixed income, balanced, index, and specialty funds.
- Topic 7: Portfolio Management This section of the exam measures the skills of portfolio advisors and covers the principles behind building and managing a diversified investment portfolio. It focuses on asset allocation, diversification strategies, and rebalancing techniques.
- Topic 8: Mutual Funds Administration: This section of the exam measures the skills of operations specialists and covers the processes that support the day-to-day functioning of mutual funds. It includes trading, recordkeeping, pricing, and compliance reporting.
- Topic 9: Retirement: This section of the exam measures the skills of retirement planners and covers the investment planning strategies and account types used to prepare for retirement. It includes registered plans, income needs, and withdrawal planning.
- Topic 10: Taxation: This section of the exam measures the skills of tax advisors and covers how different investments and accounts are taxed. It includes capital gains, interest income, dividend taxation, and the tax treatment of registered and non-registered accounts.
- Topic 11: Making Recommendations & Case Study: This section of the exam measures the skills of client advisors and covers the practical application of investment knowledge through real-world client scenarios. It involves synthesizing client information to make suitable investment recommendations.
Free IFSE Institute CIFC Exam Actual Questions
Note: Premium Questions for CIFC were last updated On Jul. 08, 2025 (see below)
If an investor was looking for an investment with a risk equal to that of the market, which factor would she want in an investment?
Sarah and Kyle are a married couple. They are both 34 years of age and work as teachers. Their combined annual income is $130,000. They are able to save $800 each month. They own a home worth $340,000 with a $120,000 mortgage. Since they work for the same employer, they have the same defined benefit pension plan. Other than a tax-free savings account (TFSA) in Kyle's name with $5,000, they do not have any other assets.
They are avid sailors and want to save towards a purchase of a sailboat. For the type of sailboat they want, they estimate it should cost around $65,000. They want you to recommend an investment for their monthly savings to help them achieve their goal faster.
What question should you ask them next?
10 years ago, Felipe opened a registered retirement savings plan (RRSP) account and purchased a mutual fund. The mutual fund purchased included a 7-year deferred sales charge (DSC). At the time of making his investment, him and his Dealing Representative agreed that he had a 25-year growth objective. Since Felipe knew that he was not planning to use his investment until he retired, he was not
concerned about the DSC. Although the rate of return did vary from year-to-year, he never noticed his mutual fund having a drop in value. This gave Felipe more confidence in the investment. As a result, he has never made any changes to his investment.
What category of Know Your Client (KYC) information has been given?
Nelson is a Dealing Representative with True Wealth Advisors Inc., a mutual fund dealer. Nelson follows proper procedures related to his firm's Relationship Disclosure Information (RDI). Which of the following CORRECTLY describes how Nelson is permitted to evidence that he satisfied his RDI obligation?
Which statement regarding the underwriting process and over-the-counter (OTC) markets is CORRECT?
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