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At CSI, the well-being of our valued learners and staff is our highest priority. Learn more about our response to COVID-19 and changes to our exam delivery format.

Options Supervisors Course (OPSC)


Oversee Options Trading

Students taking the OPSC learn the basics about options and strategies in order to be able to oversee trading in a branch. You'll gain a thorough understanding of the responsibilities of an options supervisor and have the knowledge with which to carry them out.

Learn About:

  • Bullish, bearish and volatility based option strategies
  • The risk and reward parameters of the various option strategies
  • The rules and regulations associated with:
    • Opening and supervising option accounts
    • Exchanges and clearinghouses, particularly the Montreal Exchange and the CDCC
    • Option strategies margin requirements and collection procedures

Learning Experience

CSI's online learning system helps you meet your study goals. You'll benefit from:

  • Online access to course readings in PDF format 
  • Online assistance from CSI's academic support specialists
  • Online post-chapter review questions to assess your progress
  • Learning objectives that keep you focused
  • Course updates to ensure you’re learning the most current and up-to-date practical material

What's New

In this OPSC 2020 update, we are:

  • updating Chapters 5, 6, 7 and 8 to get them PLR ready
  • updating online review questions and exam items accordingly

What you'll learn

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Topics covered in this chapter are:

  • Introduction

  • The History of Options

  • Key Option Terminology and Definitions

  • Application of Key Terms and Definitions

  • Why Options Are Bought

  • Why Options Are Written

  • Other Related Benefits of Options

  • Advantages of Exchange-Traded Options versus Over-the-Counter Options

  • Reading Option Quotations

  • Common Questions Pertaining to the Options Market

Topics covered in this chapter are:

  • Introduction

  • Long Call

  • Married Put

  • Covered Call (also known as Covered Write)

  • Put Writing

  • Benchmark Indexes for Income-Producing Option Strategies

  • A Brief Review of Spreads, Straddles and Combinations

  • Bull Call Spread

  • Bull Put Spread

Topics covered in this chapter are:

  • Introduction

  • Long Put

  • Protected Short Sale

  • Covered Put Sale

  • Call Writing

  • Bear Put Spread

  • Bear Call Spread

Topics covered in this chapter are:

  • Introduction

  • An Introduction to Volatility

  • Importance of Volatility to Options Trading

  • Short Volatility Strategies

  • Long Volatility Strategies

Topics covered in this chapter are:

  • The Role of Supervision

  • The Supervisor Approval Category

  • Supervisors Proficiency Requirements

  • Key Responsibilities of Designated Options Supervisors

Topics covered in this chapter are:

  • Introduction

  • IIROC Rule 2500.V.A – Option Account Supervision – Account Opening and Approval

  • Supervision of Account Openings and Approvals

  • Retail Account Opening and Approval Process

  • Corporate and Institutional Option Account Opening and Approval Process

  • Permissible Institutional Option Transactions

Topics covered in this chapter are:

  • Introduction

  • Important Elements of Options Supervision

  • Daily Trading Review

  • Monthly Trading Review

  • Summary of Common Compliance Problems Related to the Supervision of Option Trading

Topics covered in this chapter are:

  • Introduction

  • Basic Margin Terms

  • Factors Affecting the Amount of Margin Required

  • IIROC and Bourse de Montréal Minimum Margin Requirements for Equity and Index Option Strategies

  • Meeting Margin Calls

  • Capital Requirements for Firm and Market Maker Accounts

  • Member Firm Clearing Deposit Requirements for Positions at the Clearing Corporation

Approximate Hours of Study**
Hours of Study 35 - 50 hours

** In order to provide some guidance to course participants as to the length of time it will take to be sufficiently prepared to write the final examination, CSI has prepared this estimate of the number of hours an average participant could possibly expect to spend studying for a course. Please note that these are only recommended hours of study developed based on research and our course content, however, this does not mean that some students with exceptional backgrounds would not take less time than recommended or that students with no background at all in finance or economics would not take longer than the maximum.

(weightings are approximate)
Overview of Equity Options 12%
Bullish Option Strategies 10%
Bearish Option Strategies 10%
Option Volatility Strategies 10%
Options Supervisor Responsibilities 18%
Opening and Approving Option Accounts 8%
Supervising Daily and Monthly Option Account Activity 18%
Client Margin Requirements 14%
Exams 1
Exam Format Proctored (remote or in person at a test centre)
Exam Duration 1.5 Hours
Question Format Multiple Choice
Questions Per Exam 50
Attempts Allowed Per Exam 3*
Passing Grade 60% (Per Exam)
Assignments None
Enrolment Period 1 year†

On successful completion of this course you will be able to download a Notice of Course Completion available through your student profile. This will remain on your profile as formal confirmation of course completion.

CSI will mail you a wall certificate within 4 - 6 weeks of course completion. Frames to display your certificate are available. Please ensure that your First and Last Name on your profile match your First and Last Name on your Government Issued Photo identification - this will ensure you receive an accurate certificate.

CSI will be pleased to issue an Honors Certificate to all student who obtain a final course mark of 85% or higher.

* The first attempt is included in the course enrolment fee. Further attempts incur fees.

†Please note: Access to your online materials will close 2 weeks after successful course completion or course expiry (whichever comes first). This course can be extended by 1 year provided you have not exceeded the attempts allowed  for each exam. You can view CSI extension fees here . Your enrolment period can only be extended one time.

Continuing Education (CE) Credits

Click the links below or the buttons at the top of the page on the right side to access CE accreditation information. To search for specific course information, press Ctrl + F and then enter the course name to search the document for the information you are interested in.

National/Provincial (Excluding Quebec)
Download CE Chart (PDF, 163 kb)

Quebec (IQPF/CSF)
Download IQPF/CSF Chart (PDF, 182 kb)

Please note: 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 charts above may be subject to change.

For details on the organizations and other information on CE Credits listed in the above charts, please click here.