Effective January 1, 2026, the proficiency rules applicable to Investment Dealer Approved Persons with CIRO have changed. This course is no longer acceptable for the purposes of CIRO approval with an Investment Dealer.
For more information, visit the CIRO Proficiency website.
Hours of study: 95 – 135 Hours
Enrolment Period: 1 Year
What is the DFOL exam weighting?
| Exam Topics | Weightings |
|---|---|
| An Overview of Derivatives | 3% |
| Futures Contracts | 11% |
| Exchange Traded Options | 14% |
| Swaps | 7% |
| How Investment Funds and Structured Products Use Derivatives | 6% |
| A Review of the Risk and Reward Profiles of Common Option Strategies | 16% |
| Opening and Maintaining Option Accounts | 25% |
| The Role of Clearing Corporations and Exchanges in Listed Options Trading | 10% |
| Contract Adjustments and Special Considerations and Risks of Non-Equity Options | 8% |
What is the DFOL exam structure?
| Structure | Information |
|---|---|
| Exams | 1 |
| Exam Format | Proctored (remote or in-person at a test centre) |
| Exam Duration | 3 hours |
| Question Format | Multiple Choice |
| Questions Per Exam | 100* |
| Attempts Allowed Per Exam | 3 |
| Passing Grade | 60% |
| Assignments | None |
* If you enrolled before December 6, 2023, your DFOL exam will consist of 110 questions.
What Continuing Education (CE) credits will you earn?
| Accreditation | Credits |
|---|---|
| ADVOCIS Structured Learning CE | 30 |
| CIM Professional development | 20 |
| PFP Professional development | 10 |
| DFSA Professional Development | 9 |
| CIRO-MF Business Conduct - Other | 8 |
| MTI | 12 |
| CIWM Professional development | 9 |
| CIRO-MF Professional Development | 10 |
| CSF Compliance | 20 |
| CSF Mutual Funds | 10 |
| CFP General CE | 10 |
| QAFP General CE | 20 |
View CE credits for all CSI courses and all associations.
While CSI makes every effort to ensure that the information is up-to-date, we are unfortunately unable to fully guarantee its accuracy. The information listed in the chart may be subject to change.