For Mutual Funds

For mutual funds:

If you do not have a mutual fund license, you will need to complete the pre-licensing course – either the Investment Funds in Canada course(IFC), offered by the Canadian Securities Institute(CSI), or the Canadian Investment Funds Course (CIFC) offered by the IFSE Institute. A mutual fund license is restricted, in that you can only advise on and sell mutual fund investments. If you want to sell a more comprehensive suite of investment products, see below Securities Investments section.

Once you have passed the course work, the application for your license must be handled by the dealer firm you will work with. The dealer will sponsor your registration with the appropriate provincial securities commission. The dealer firm will be required to provide market conduct oversight and ensure you complete a 90-day training program. The training program helps new registrants receive specific training and guidance to better understand the industry, the products being sold, and the regulatory environment overseeing the mutual fund industry.

Mutual fund dealers and advisors (registered representatives) are regulated by the Mutual Fund Dealers Association (MFDA).  The MFDA is responsible for regulating the operations, standards of practices and market conduct of its dealer members and their advisors. The MFDA website has useful information and a list of all dealer members.