Syllabus

Eight elements

The real paper is 120 questions in three hours. Weights below are indicative — Element 6 (strategies) and Elements 3–4 (features and pricing) carry the most load.

• Element 18 indicative8 practice Qs

  Client relationship

  Product due diligence, KYP, KYC, account appropriateness and suitability for derivative accounts — including institutional exceptions, off-channel communications, and client-record upkeep.

• Element 210 indicative11 practice Qs

  Regulatory docs

  Account forms, risk disclosures, statements, prohibited practices, margin treatment, NI 93-101 business-conduct duties, and how client assets must be held.

• Element 322 indicative20 practice Qs

  Types & features

  How futures, forwards, options, CFDs, swaps and structured notes work — rights vs obligations, listed vs OTC, leverage, and the risks each contract actually transfers.

• Element 422 indicative27 practice Qs

  Pricing

  Fair value of futures (cost of carry, basis, cash-and-carry), option premium anatomy, Greeks, Black–Scholes vs binomial, put-call parity, corporate actions, forecasting, and tax.

• Element 520 indicative21 practice Qs

  Trading & clearing

  Listed vs OTC, order types, algos, MX/CDCC/CDS mechanics, special-terms trades, desks and account types, margin maths, and default management.

• Element 626 indicative21 practice Qs

  Strategies

  Choosing and sizing hedges, speculative directional and spread trades, option overlays (covered calls, straddles, calendars, delta hedges), and arbitrage when listed prices drift from fair value.

• Element 76 indicative7 practice Qs

  Market integrity

  UMIR duties: best execution, abusive trading, front running, artificial prices, DEA controls, and gatekeeping — escalate suspicious flow immediately, do not wait for proof.

• Element 86 indicative5 practice Qs

  Conduct

  CIRO ethics, NI 93-101 fair dealing, conflicts (identify, avoid, address, disclose), outside activities, and a hard line against personal financial dealings with clients.