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IFC Exam Pass Mark, Fees and Retakes: What Happens If You Fail
The short answer: The IFC (Investment Funds in Canada) exam has a 60% pass mark, 100 multiple-choice questions and 3 hours. You get up to 3 attempts within your enrolment, and each rewrite costs $300. If you fail three times, your enrolment ends and you can re-enrol six months after your last attempt. CSI does not publish a pass rate. Here are the details, with sources.
IFC exam format and pass mark
| Feature | Detail (per CSI) |
|---|---|
| Exams | 1, proctored (remote or in person at a test centre) |
| Questions | 100 multiple-choice |
| Time | 3 hours |
| Pass mark | 60% |
| Attempts | 3 |
| Enrolment period | 1 year |
| Suggested study time | 90–140 hours |
With 100 questions, 60% means you need about 60 correct answers. Three hours for 100 questions is roughly 1 minute 48 seconds per question, so time pressure is usually manageable if you don't get stuck.
What about the IFC pass rate?
CSI does not publish a pass rate for the IFC. If you see a specific percentage quoted online, it isn't an official CSI figure. What you can control is preparation: the people who struggle are usually the ones who read the textbook once and never tested themselves.
Why candidates fall short of 60%
A 60% pass mark sounds forgiving, but the IFC covers a lot of ground — markets, products, fund analysis, client discovery and regulation. Common reasons people miss it:
- Under-studying the big topics. Know Your Client and regulation questions together carry more than a third of the marks.
- Memorising definitions without applying them. Many questions describe a client and ask what's suitable.
- Booking too early. CSI suggests 90–140 hours of study; rushing through in a couple of weekends rarely works.
IFC fees
| Item | Price (CSI) |
|---|---|
| Online interactive version with PDF textbook | $470 |
| Online interactive version with hard-copy textbook | $520 |
| Value Pack Combo (course plus extra study tools) | $715 |
| Second and subsequent exam attempts | $300 each |
| Exam no-show | $300 |
| 1-year course extension | $275 |
CSI's fee page also lists a $175 cancellation fee deducted if you cancel your course enrolment and qualify for a refund. Shipping costs apply to orders with printed materials — check csi.ca for taxes and the latest prices.
Failed the IFC? Here's how retakes work
- First fail: you can book a rewrite within your enrolment period, paying the $300 rewrite fee.
- Second fail: same again — one attempt left.
- Third fail: CSI's policy says your enrolment is terminated and you must re-enrol in the course. You're eligible to re-enrol six months from your last exam attempt.
All three attempts must fit inside your enrolment period (including any extension you buy). If your year is running out, an extension may be cheaper than starting over.
How to bounce back after a fail
- Find the pattern, not just the score. Compare your weak areas against the official weightings below. Losing marks in a 19% topic hurts far more than in a 3% one.
- Switch from reading to questions. Answer questions topic by topic, read every explanation, and redo the ones you miss a few days later.
- Re-sit only when you're consistently passing practice sets across all topics, not just your strong ones.
| IFC topic | Weighting |
|---|---|
| The Know Your Client Communication Process | 19% |
| Understanding Investment Products and Portfolios | 18% |
| Evaluating and Selecting Mutual Funds | 16% |
| Ethics, Compliance, and Mutual Fund Regulation | 16% |
| Introduction to the Mutual Funds Marketplace | 13% |
| Analysis of Mutual Funds | 10% |
| The Modern Mutual Fund | 5% |
| Understanding Alternative Managed Products | 3% |
After you pass: don't wait too long to register
Under National Instrument 31-103, an exam generally only counts if you passed it no more than 36 months before applying for registration (with exceptions for people recently registered or with relevant experience). Your dealer can confirm how this applies to you.
Practise smarter for the rewrite
SmartExam has an IFC bank of about 980 questions. Every answer has an explanation, and after each session a topic-by-topic report shows where you lost marks — exactly what you need after a fail. Choose 20, 50 or 100-question sessions and study offline. Try 10 free IFC practice questions first, or read our IFC exam prep guide.
👉 Download SmartExam on the App Store — All Access, CA$15.99/month with a 7-day free trial, all 12 exam banks. SmartExam home.
Frequently asked questions
What is the IFC exam pass mark?
60%, according to CSI. The exam has 100 multiple-choice questions and a 3-hour time limit.
What is the IFC exam pass rate?
CSI does not publish a pass rate for the IFC. Be cautious of any website quoting one.
How many times can you write the IFC exam?
Up to three times during your course enrolment period, including any extensions you've purchased, per CSI's policies.
What happens if I fail the IFC three times?
CSI's policy says your enrolment is terminated and you need to re-enrol in the course. You become eligible to re-enrol six months after your last exam attempt.
How much does an IFC rewrite cost?
CSI's fee schedule lists $300 for second and subsequent exam attempts.
Sources
- CSI — IFC exam details and weightings: csi.ca/en/learning/courses/ifc/exam-credits
- CSI — IFC enrolment options and prices: csi.ca/en/learning/courses/ifc/enrol
- CSI — Fees: csi.ca/en/support/fees
- CSI — Policies (exam attempts, re-enrolment): csi.ca/en/support/policies
- NI 31-103, s.3.3 (OSC unofficial consolidation): osc.ca
Information checked October 13, 2026. Fees and policies can change — confirm on csi.ca before you book.
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