Earlier tonight, I started a course to prepare me to take the Canadian Securities Course offered by the Canadian Securities Institute (this is the Canadian equivalent of the US Series 7 exam offered by the Financial Industry Regulatory Authority). As I understand it, passing this exam is a professional/legal requirement for those that want to sell stocks and mutual funds in Canada. That is not why I am taking it though. As I am currently doing information management consulting for an investment management firm (and I’m deeply interested in economics and want to understand how “the market” works better), I’ve decided to take this course to deepen my understanding. Tonight, we covered some basics of the stock market very quickly such as an overview of derivatives, currency trading and the business cycle. I found the business cycle aspect of tonight’s session to be the most interesting and accessible section.
In conducting some background research into the course, I found it interesting (and frustrating) to see how tightly information about the course is controlled. None of the libraries I consulted in my area had any materials relating to the CSC; neither the official textbooks published by the Institute nor any study aids for those wishing to deepen their understanding. The closest I came to finding any information about it was some posts on the Red Flag Deals website of people offering to sell their old textbooks. I suspect this may be a broader Canadian trend. I recall walking through a British bookshop once and noticing a plethora of titles offering to explain how to pass or even garner excellent grades on the UK Civil Service exams; as far as I can tell, there is nothing like that for the equivalent exams in Canada. Perhaps this post (and possibly some following it) will serve to address this lack of information on how financial services people are licensed and what they actually have to study before they can be unleashed on the markets.
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Hi Bruce! I’ve thought about taking this course as well – and noticed that there was a lack of information out there as well. I was also surprised at the lack of support from the CSC in terms of studying for the exam – it seems as though all the courses that are offered are through a university or college. I’m hoping that by the time I want to take it I will be in a position to ask my employer to pay for it (as long as I pass!). Good luck!
Hi Julia,
My impression thus far is that 90-95% of the people take the course either get it paid for by their employer or simply have to take it to keep and/or obtain a position. I find it particularly strange that the Institute refuses to sell the textbook – either digital or paper – without the whole course. What I’m doing is taking a study / preparation course through the School of Continuing Studies at the University of Toronto.
But, strictly speaking, that is not required. As I understand it, you can register with the Institute and study their materials on your own and then take the exam whenever you feel ready. I find that I can learn better and enjoy the learning more with a live class rather than sitting at home trying to figure it all out myself. I know people that have passed the exam purely through self study so it is an option. I just didn’t think that option would work well for me though.
Hi Bruce,
I am actually debating whether I should take CSC preparation at U of T. I also rather prefer going to class. The only thing stopping me is that if I take the preparation courses at U of T, I still need to enroll with CSI for the full course to be eligible to write the exams, which I find odd but that is what CSI told me.I will end up paying 1290$ for UofT and approx. $900 for CSI. It is quite steep, considering I am paying from my own pocket.Was that the case with you? Thanks for the info in advance!
I found the in person course very valuable and stimulating. The question is partly one of budget and partly just what you think you learn better with: self study with the CSI materials or self-study combined with an in-person course. If you have some kind of background in stock market topics from courses or work, then I’d say you could probably get by without a prep course.
Bruce: I am a IT project manager, and similar to you am planning to take the CSI to deepen my understanding of the sophiscated final instruments. My hope is that it will help me to be more effective in my job. I am curious if you found the course has been helpful for you in your job?
I found the CSI to be valuable and interesting in several respects. First, it helps me to read the business pages of newspapers and understand them better. Second, I am more confident about understanding my own investments. Third, it does help me understand the role of other departments at my organization better.
I can’t say for certain if you would find the CSI helpful in your role but I do have some questions for you to consider. Does your role involve working with staff/departments involved in Capital Markets or Investment Banking? Does the technology/tech projects you manage involve securities? Are you looking to make a career move into capital markets/securities? I know that many Banks have specialized IT departments that serve the needs of traders, brokers and others like that. If your work involves that (or that is where you would like to move to), then the CSI would help.
If you opt to take the CSI course directly, it costs approximately $1000 (well, $1000 for volume 1, $1000 for volume 2). Your employer may well cover some or all of the costs though.
Thanks for reading!
[...] securities / investment industry by taking a CSI prep course through the University of Toronto (my blog post on the CSI course is the most popular on this blog!): [...]
Education is a business and CSI and other institutes operates with that in mind. I have four degrees from England and Canada. all with in the last 6 years. The latest designation is a MSc in Finance and Investment Management at the University of Hertfordshire. I am not allowed to practice my education in Canada with out the CSC.
I have to purchase the package, as you are aware 900-1200 to be able to challenge the exam. However, looking at the recognition of the CSC it is the course to take. The FSA UK also recognizes this course.
At one time I could have taken it through Okanagan College while studying my BBA as an elective course. However, as a business CSI no longer allows the write of the exam with out paying for their books. No different than any other regulatory professional body.
It just really sucks when you pay for it out of your pocket with out a company helping you out. Which is why the pricing is what it is. unfortunately banks have figured this out and ask for this course as a requirement for most positions….meaning you pay.
does this mean that there is no way to just appear for the CSC exam without having to register through the CSI and pay thousands of dollars for a set of books which you can buy for $40 on kijjii?