What's the most common reply whenever you ask someone why they decided to take or not to take the Canadian Securities Course (CSC)?
Whatever answers that you receive reflect this fundamental principle — is it worth the time, the cost, and the effort?
If you find yourself at a crossroads, fret not. This article is for you, as we will compare the advantages and disadvantages of taking the CSC.
Advantage 1: Enhance Foundational Knowledge & Credibility
A professional qualification recognized by the Canadian Securities Institute (CSI), the CSC comprises a comprehensive learning syllabus with 8 Sections [27 chapters].
| Sections | Chapters |
|---|---|
| The Canadian Investment Marketplace | Chapter 1 - The Canadian Securities Industry Chapter 2 - The Capital Market Chapter 3 - The Canadian Regulatory Environment |
| The Economy | Chapter 4 - Overview of Economics Chapter 5 - Economic Policy |
| Investment Products | Chapter 6 - Fixed-Income Securities: Features and Types Chapter 7 - Fixed-Income Securities: Pricing and Trading Chapter 8 - Equity Securities: Common and Preferred Shares Chapter 9 - Equity Securities: Equity Transactions Chapter 10 - Derivatives |
| The Corporation | Chapter 11 - Corporations and their Financial Statements Chapter 12 - Financing and Listing Securities |
| Investment Analysis | Chapter 13 - Fundamental and Technical Analysis Chapter 14 - Company Analysis |
| Portfolio Analysis | Chapter 15 - Introduction to the Portfolio Approach Chapter 16 - The Portfolio Management Process |
| Analysis of Managed and Structured Products | Chapter 17 - Mutual Funds: Structure and Regulation Chapter 18 - Mutual Funds: Types and Features Chapter 19 - Exchange-Traded Funds Chapter 20 - Alternative Investments: Benefits, Risks, and Structure Chapter 21 - Alternative Investments: Strategies and Performance Chapter 22 - Other Managed Products Chapter 23 - Structured Products |
| Working with the Client | Chapter 24 - Canadian Taxation Chapter 25 - Fee-Based Accounts Chapter 26 - Working with the Retail Client Chapter 27 - Working with the Institutional Client |
From the detailed course syllabus, you'll realise that it offers a well-rounded foundational understanding of the Canadian financial services industry and system.
It is open to anyone (even non-Canadians) and even those without prior financial education can easily follow the syllabus and pass the course with the right studying techniques.
The CSC serves as a good starting point and stepping stone for finance professionals to pursue higher-level certifications such as the Chartered Investment Manager (CIM) designation, the Chartered Financial Analyst (CFA) designation, and the Personal Financial Planner (PFP) designation.
Additionally, it serves as a valuable credential for those who intend to work long-term in the Canadian financial industry. Interested candidates can enrol for the CSC course for 1 year via the CSI official portal where you can access a wide range of hard-copy textbooks and digital learning materials.
Depending on your learning pace and preference, you can complete the entire course in a 3-month, 6-month, 9-month or 12-month window based on the CSC online study planner. Once you have passed the course (by scoring 60% on two exams), you will receive a physical wall certificate and a digital badge from CSI.
Important note: Candidates can sit for each exam a maximum of three times (retake two times).
A mutual fund is a pool of money from many people that invests in stocks and bonds (but is managed by a professional like a mutual fund representative). As the funds are spread out across different investments, this helps individuals invest with less risk.
Advantage 2: Career Advancement In Finance & Investment
This is a clear reason why many aspiring Canadian financial professionals enrol in this course, particularly those aiming to work in the finance service industry in sectors and designations such as these:
Additionally, individuals with the CSC designation will have a competitive advantage, whether they are recent graduates applying for their first job in finance or investment, seeking a promotion to a specialized role in finance management, or considering a career switch within different financial sectors.
The course covers beyond theoretical knowledge, but it also teaches learners about the practical and realistic side of handling investment, funds, and the dynamics of the Canadian financial market.
Whether it's in the eyes of your future employers or clients, the CSC serves as a license to sell securities and offer financial advice, as certain job applications specifically seek candidates with CSC credentials.
For instance, major Canadian banks such as the Royal Bank of Canada (RBC) and Scotiabank favour hiring candidates who have completed the Canadian Securities Course (CSC) in terms of entry-level requirements.
In other words, a CSC certification can open doors to various job roles in the industry and also lead to higher-paying jobs (such as leadership roles) or a significant pay boost in the finance sector.
Disadvantage 1: High Commitment (Time & Financial Wise)
According to CSI, the average learner is estimated to require around 135 to 200 study hours to be fully prepared for the exam.
To have a better grasp on the high studying timeline commitment, let's break down the 200 hours (as a reference point) into weekly and monthly goals, exploring different time commitments based on your schedule.
First, you should decide how many hours that you plan to commit in a week.
- 10 hours of study per week: 200 hours ÷ 10 hours/week = 20 weeks (about 5 months)
- 15 hours of study per week: 200 hours ÷ 15 hours/week = 13.3 weeks (about 3 months)
- 20 hours of study per week: 200 hours ÷ 20 hours/week = 10 weeks (about 2.5 months)
That being said, the figures above only serve as a guideline and adhering 100% to this can be challenging when you already have a full-time job and need to juggle between family commitments as well.
Furthermore, those without a strong background in finance might take a longer period as they prepare for the CSC exam. This leads us nicely to our next point — the high financial cost of the course.
Currently, the CSI offers several course enrolment packages which include the registration fees and CSC studying materials.
CSC® Full Combo
- Full set of CSC study tools (hard copy and digital) and study tutorials.
- $1620
Physical Package
- Online PDFs, eBook and physical textbooks (which will be shipped).
- $1320
E-book Only Package
- Comprises of online PDFs and eBook textbooks. (mobile-gadget friendly)
- $1220
Of course, candidates should also take into account the possibility of retaking the exams and other hidden costs.
Only the cost for the first exam attempt is included in the overall course fee. Further attempts require candidates to pay extra and once you have exceeded the maximum number of retaking, candidates have to re-enrol and pay the entire course fee again.
If you are a working adult who is a finance newbie, you'll feel the time strain. On the other hand, if you are a fresh graduate, you'll feel the financial strain.
Disadvantage 2: Solely Focused on the Canadian Market
While the CSC is a comprehensive finance-related course, it is curated and tailored with the Canadian financial service in mind. The learning scope is also primarily targeted at several key sectors like finance and investment.
As mentioned earlier, the CSC is a foundational course. Hence, it could pose a limit to what you need to learn in an ever-evolving financial services industry, especially in the global context.
When it comes to individuals who are seeking job opportunities in another country one day, this certification requirement might not be sufficient to equip them for the international finance markets, in the accounting and insurance sector, for example.
Aspiring job applicants might need to take additional certifications or enrol in a globally recognized program like the Master of Business Administration (MBA) to stand out.
It's something worth pondering whether you should invest double the amount of time and money to take the CSC exams and also additional advanced certifications, should you plan to become a global financial professional one day.
Weighing In: Assess Your Personal Goals
Now that you have reviewed the pros and cons of taking the CSC, it's time to look at your own career goals, in terms of career progression and career passion.
If you are determined to be a financial analyst, personal banker, or investment manager one day, you should certainly sign up for this course to get a good headstart and establish credibility among clients in this finance services sector.
Furthermore, this course is also useful to those who are seeking a successful career switch from a non-finance background to a finance services-related job in Canada.
On the flip side, the CSC is not for those who are unsure about a career in finance or investment and for those who plan to work overseas. For example, if you are planning to become a chartered accountant outside Canada, you should not take this course.
Whatever your decision may be, you can always enhance your knowledge of the local Canadian finance sector and master international finance under the guidance of an experienced finance tutor.
We highly recommend those who plan to sit for CSC to study with a private tutor to ensure their exam success in one go confidently.
At Superprof, you can find a qualified finance tutor who is not only well-versed with the CSC syllabus but also gives a detailed introduction to financial concepts such as types of investment, fixed income, financial analysis, finance policy, and exchange-traded funds to absolute beginners.
Furthermore, you can freely ask your tutor questions on advanced topics types of trading, and stocks and receive immediate feedback on whether you're on the right track for exams preparation for each chapter.
Additionally, your tutor can also help you with the right exam techniques to answer the mock exam questions for the CSC.
All you need to do is just browse through a selection of finance tutors who offer face-to-face tutoring near your city in Canada or online tutoring.
Online tutoring is perfect for those who value convenience and cost-effectiveness in the long run. Generally, online lessons at Superprof are 20% more affordable than physical lessons, regardless of the subject you are learning.
Not only that, most Superprof tutors offer their first lesson for free too! So it's certainly a good investment if you ask us.
You can take your time to review and compare the basic information on the finance tutors' profiles such as their teaching experience, teaching qualification, teaching scope and hourly rates before booking your first finance lesson with them!
Once you have confirmed the details, you can proceed to message your desired tutor personally via the messaging feature. Your tutor will reply within their indicated response time on their respective profile.
We hope this article has provided a clear comparison of the advantages and disadvantages of taking the CSC exams, helping you make a decision that aligns with your personal career goals as you are planning your next step.
Did you like this article? Leave a rating!
Loading...
