FCSI® Requirements

CANDIDATE REQUIREMENTS

To earn your FCSI, you must meet the following criteria:

Education

  • Already hold 1 of a list of approved financial services designations
  • Take 2 additional courses from a different stream than that leading to the Designation(s) you already hold.
  • Take the Financial Services Industry: Business Drivers and Challenges (FSDC) course

Experience

  • 7 years of financial services work experience within the last 10 years

Ethics

Endorsement

  • From a direct supervisor
  • From a sponsor who is a practising FCSI

MAINTAINING YOUR FCSI

To stay current as an active FCSI and to maintain the value and prestige of the Fellow, you are required to renew your FCSI certification on an annual basis by:

  • Submitting a renewal application
  • Paying annual fee of $275*
  • Committing to continuing standards in 2 vital areas: industry contribution and ethics

*If you hold more than one CSI credential in good standing, you are eligible for a discount on your FCSI renewal. The discount depends on how many credentials you have in good standing. Please note that this fee is non-refundable.

Industry Contribution Requirements

CSI has modified the Industry Contribution (IC) requirement.
The financial services industry plays an integral role in a modern economy from being a conduit for the implementation of monetary policy to providing individuals with the means and facilities to perform day to day transactions and channel savings into investments to providing wealth management services. Yet largely as a result of the actions of a few, there has been a negative spotlight focused on the industry in recent years. Trust and confidence, which are absolutely essential to a well-functioning financial services sector is in decline.

CSI designation holders have already proven their competency and their ongoing commitment to meeting professional standards and in their own way support the betterment of the industry. FCSIs though, as industry leaders, are expected to go beyond their chosen field to support and contribute as industry ambassadors either by helping better the industry from within or by helping put a better face on the industry to those outside of it.

The industry contribution requirement consists of spending 12 hours per year, outside of an FCSI's primary job function, within one (or a combination) of these general categories:

  • Industry Advocacy
  • Betterment of the Industry
  • Mentoring
  • Charitable Work

The following are examples of industry contribution within each category. Please note that this list is not in any way exhaustive. Fellows can define which of their professional experiences they think represent a meaningful contribution to the financial services industry in one of these categories.

  1. Industry Advocacy
    Example:
    • Active support of the financial services industry through presentations - either speeches or written articles - on the industry, targeted to interested groups that can benefit from a better understanding of the financial services industry. These cannot be product or service marketing seminars offered to clients or potential clients.
  2. Betterment of the industry
    Example:
    • Teaching courses/seminars in financial services at any school level or for a recognized financial services education provider
    • Writing, editing financial services course materials or examination questions for recognized education providers or publishers.
    • Participation in financial services industry committees, councils or associations
  3. Mentoring those aspiring to enter or progress in the industry
    Example:
    • Participation in financial services mentoring programs that help less experienced individuals advance their careers, enhance their education, and/or build their networks
  4. Charitable work
    Example:
    • Volunteering your time to help your organization raise money for charitable causes (for example working on a United Way campaign that your firm may be involved with).
    • Volunteering your time to work with registered charities outside of your workplace

FCSIs will be required to retain supporting documents to confirm completion of Industry Contribution credits (each year, 10% of FCSIs will be asked to submit supporting documents to verify credits that have been claimed on their license renewal application)

FCSIs commit to life-long giving back to the industry; however, there may be times when completing the IC requirements becomes either difficult or impossible. With the support of the FCSI holder's firm, exemptions for extenuating circumstances may be requested.

Maternity/Parental Leave Exemption
A one year exemption may be requested in the year a FCSI® holder's child is born, adopted, or if the FCSI® holder is taking maternity or parental leave. An Industry Contribution Exception Request Form must be completed and submitted for approval prior to the end of the calendar year the exemption is being requested. A copy of the child's birth certificate or adoption papers must be submitted with the exception form.

Disability Exemption
FCSI® holders who have suffered a disability or medical condition may request an exemption to the IC requirements. An Industry Contribution Exception Request Form must be completed and submitted for approval. Medical documentation must accompany the request. Each case will be assessed on an individual basis. It is possible accommodations can be made or that the IC requirements be postponed. However, it is unlikely that a permanent or long-term exemption will be approved.

Other Extenuating Circumstances
Other extenuating circumstances may make it difficult to complete the IC requirements in a particular year. An Industry Contribution Exception Request Form must be completed and submitted for approval. Each case will be assessed on an individual basis.

Click here to download the Industry Contribution Exception Request Form.

General Carry-Over Policy
Many activities s are worth more than the minimum required hours. IC Guidelines allow for a carry-over maximum of 6 hours to the following year on certain IC activities.

Recordkeeping, Verification and Reporting of CE Credits
It is the responsibility of the FCSI® holder to maintain a record of the IC activity. An IC Sample Tool and IC Tracking Tool have been provided on the FCSI® Members only website. It is not required to submit this document when renewing the Fellow but it should be maintained and accessible if the FCSI® holder is audited. Documentation should be kept on file for a minimum of two years.

Documentation for IC Activities must include sufficient detail to support the eligibility of the activity for IC purposes as follows:

  • Date of Activity
  • Category
  • Type of Activity
  • Number of Hours
  • Number of Hours YTD
  • Supporting documentation to verify activities listed

Industry Contribution Audit (Renewals Only)
CSI will conduct an audit of FCSI® holders upon renewal of the Fellow to assess compliance with the Industry Contribution requirements. The audit will select 10% of renewal applicants for audit purposes.

FCSI® holders who are selected for audit purposes will be sent a letter notifying them of the audit and will be asked to submit documents to verify credit hours as indicated on their designation renewal form.

Failure to Comply with IC Audit Requirements
Failure to comply with IC requirements may result in the removal of the right to use the Fellow of CSI credential. If audited, the FCSI® holder must respond within 30 days to the auditor's requests for more information or a plan to make up the required IC credits.

Erroneous or fraudulent reports of IC activity may result in the removal of the right to use the Fellow of CSI credential. The FCSI® Board of Directors reserves the right to administer a penalty, suspension or expulsion of the FCSI® holder from membership.

Misstated or fraudulent reporting of IC credits will be reported to the Ethics Committee as a violation of the Code of Ethics and will be considered according to the Ethical Misconduct Process.

Ethics Requirements

Being a distinguished leader comes with responsibility. As an FCSI, you must:

  • Adhere to the FCSI Code of Ethics and set the standard of conduct in your field
  • Complete and submit a signed Ethical Conduct Statement upon your annual FCSI renewal

TRADEMARK

If you wish to use the FCSI trademark, you are required to:

MEMBERSHIP LICENCE RENEWAL

You must renew your FCSI licence annually on your FCSI anniversary date (the anniversary of the date you were granted your FCSI).

You must also submit an annual fee of $275* plus taxes, which:

  • Grants you the right to use the FCSI trademarks
  • Works towards the marketing of and benefits for FCSI holders

*If you hold more than one CSI credential in good standing, you are eligible for a discount on your FCSI renewal. The discount depends on how many credentials you have in good standing.

If You Do Not Renew

If you do not renew your annual licence, you will be deemed "not in good standing," will no longer be listed in the FCSI directory and will receive a letter stating that you are no longer eligible to use the FCSI trademarks. If you continue to use the trademarks, legal action may be taken.

Reinstatement Policy

If you allow your certification to lapse, you can reactivate your FCSI certification within 5 years by:

  • Proving that the annual industry contribution requirements have been met
  • Paying a $50 administration fee

After the 5 years, you will no longer be eligible for reactivation and will be required to re-take and successfully complete the Financial Services Industry: Business Drivers and Challenges (FSDC) course and meet the work experience requirements.

For information involving specific FCSI requirements inquiries: FCSI@csi.ca

For general information about the FCSI community: customer_support@csi.ca