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Canadian Securities Exam Fast-Track Study Guide, 4th Edition


Preparing for the Canadian Securities Exam just got easier... with the Canadian Securities Exam Fast-Track Study Guide, 4th Edition, from Wiley

Whether your career aspirations lie in banking, financial planning, the mutual fund industry or a brokerage, you can't avoid taking the Canadian Securities Exam. But there's a lot of material to know for the day of the examination, and it can be a daunting task to assimilate such a wide body of knowledge.

The Wiley Canadian Securities Exam Fast-Track Study Guide is a quick-review tool that covers all the basics you need to know to pass the exam. It presents "quick hits" of the key points, in language that's easy to understand and follow. This concise study aid:

  • summarizes the essential "need-to-know" information
  • highlights important topics
  • features multiple-choice review questions at the end of each chapter
  • makes material easy to read, understand and remember
  • includes 400 sample questions, including multiple-choice chapter review questions and two full practice exams, as well as cross-referencing to the CSC textbook

This edition has been completely updated and revised to reflect recent changes to the course and the exams. It features updates throughout, new questions and new practice exams, and it has been restructured for ease of use and comprehension.

Don't let the stress and amount of material you need to know for the exam overwhelm you. Prepare yourself with the Canadian Securities Exam Fast-Track Study Guide. It's the perfect quick-review tool to wrap up your studying and help you focus on doing your best on the exam.

This text is designed primarily for students who are enrolled in the Canadian Securities Course (CSC)® through CSI Global Education Inc. (CSI)® and who are in the final stages of preparing to write either of their two CSC exams. It should be considered a companion to the CSI materials, not a substitute. CSI does not sponsor or endorse this product.

Dr. Sean Cleary, Ph.D., CFA, is BMO Professor of Finance and Director of the Master of Finance program at Queen's School of Business, Queen's University. Dr. Cleary holds a Ph.D. in finance from the University of Toronto, and an MBA. He is a Chartered Financial Analyst (CFA) charter holder and a former Board member of both the Toronto CFA Society and the Atlantic Canada CFA Society. He has completed the Professional Financial Planning Course (PFPC), the Canadian Securities Course (CSC), as well as the Investment Funds Institute of Canada (IFIC) Mutual Fund Course. He has been on the faculty at St. Mary's University and the Schulich School of Business, York University, and has taught preparation courses for the Canadian Securities Exam. Dr. Cleary has published numerous articles in the Journal of Finance, the Journal of Financial and Quantitative Analysis, Financial Management, the Journal of Banking and Finance, the Journal of Multinational Financial Management, the Journal of Financial Research, the International Journal of Managerial Finance, the Canadian Investment Review, and the Canadian Journal of Administrative Sciences. He is co-author of the first three editions of Introduction to Corporate Finance (Wiley, 2007, 2010, 2013), as well as numerous other finance textbooks.

Acknowledgements vi

Introduction: How to Use this Book vii

Chapter 1: The Capital Market 1

Introduction 1

Suppliers and Users of Investment Capital 1

The Role of Financial Instruments 4

Financial Markets 5

Chapter 1 Review Questions 8

Chapter 2: The Canadian Securities Industry 11

An Overview of the Canadian Securities Industry 11

The Role of Financial Intermediaries 11

The Canadian Securities Industry 12

Chartered Banks 14

Other Intermediaries 16

Chapter 2 Review Questions 18

Chapter 3: The Canadian Regulatory Environment 21

Regulatory Organizations 21

Arbitration 24

Regulation and Investor Protection 24

The Ethics of Trading 26

Takeovers and Insider Trading 28

Chapter 3 Review Questions 29

Chapter 4: Economic Principles 33

Overview of Economics 33

Measuring the Economy 34

Labour Markets 36

Interest Rates 37

Money and Inflation 38

International Economics 39

Chapter 4 Review Questions 41

Chapter 5: Economic Policy 45

Economic Theories 45

Fiscal Policy 46

Monetary Policy 46

Chapter 5 Review Questions 49

Chapter 6: Fixed-income Securities: Features and Types 53

Overview and Terminology 53

Bond Features 54

Government Securities 56

Corporate Bonds 57

Chapter 6 Review Questions 61

Chapter 7: Fixed-income Securities: Pricing and Trading 67

Bond Pricing Principles 67

The Term Structure of Interest Rates 71

Delivery, Regulation, and Settlement 72

Bond Indexes 73

Chapter 7 Review Questions 74

Chapter 8: Equity Securities: Common and Preferred Shares 79

Introduction 79

Common Shares 79

Preferred Share Characteristics 81

Stock Indices and Averages 87

Chapter 8 Review Questions 89

Chapter 9: Equity Securities: Equity Trading 95

Cash and Margin Accounts 95

Short Sales 97

Equity Transactions 98

Chapter 9 Review Questions 99

Chapter 10: Derivatives 105

Introduction 105

Options 106

Futures and Forwards 112

Rights and Warrants 115

Chapter 10 Review Questions 118

Chapter 11: Financing and Listing Securities 123

Basic Forms of Business Organization 123

The Incorporation Process 125

Government and Corporate Financing 127

The Financing Procedure 130

The Listing Process 133

Chapter 11 Review Questions 135

Chapter 12: Corporations and Their Financial Statements 139

Understanding Financial Statements 139

Statement of Financial Position 139

Statement of Comprehensive Income 143

Other Components 145

Chapter 12 Review Questions 146

Chapter 13: Fundamental and Technical Analysis 151

Overview 151

Fundamental Macroeconomic Analysis 152

Industry Analysis 153

Fundamental Valuation Models 155

Technical Analysis 158

Chapter 13 Review Questions 160

Chapter 14: Company Analysis 165

Fundamental Company Analysis 165

Interpreting Financial Statements 166

Assessing Preferred Share Investment Quality 174

Chapter 14 Review Questions 176

Chapter 15: Introduction to the Portfolio Approach 183

Introduction 183

Risk and Return 183

Portfolio Risk and Return 187

The Portfolio Management Process 189

Chapter 15 Review Questions 191

Chapter 16: The Portfolio Management Process 197

Developing an Asset Mix and Selecting Investment Styles 197

Implementing the Asset Mix 200

Monitoring the Economy, the Markets, the Portfolio, and the Client 201

Evaluating Portfolio Performance 202

Chapter 16 Review Questions 203

Chapter 17: Evolution of Managed and Structured Products 209

Managed versus Structured Products 209

Chapter 17 Review Questions 211

Chapter 18: Mutual Funds: Structure and Regulation 213

Introduction 213

The Structure of Mutual Funds 214

Labour-sponsored Venture Capital Corporations (LSVCCs) 217

Regulation of Mutual Funds 219

Chapter 18 Review Questions 223

Chapter 19: Mutual Funds: Types and Features 227

Types of Mutual Funds 227

Fund Management Styles 229

Redeeming Mutual Fund Units or Shares 229

Comparing Mutual Fund Performance 231

Chapter 19 Review Questions 233

Chapter 20: Segregated Funds and Other Insurance Products 237

Key Features of Segregated Funds 237

Maturity Guarantees and Benefits 238

Fees and Expenses 241

Tax Considerations 242

Regulation 245

Other Insurance Products 247

Chapter 20 Review Questions 247

Chapter 21: Hedge Funds 251

Overview of Hedge Funds 251

Hedge Fund Indexes 253

Benefits and Risks of Hedge Funds 253

Due Diligence 254

Hedge Fund Strategies 255

Funds of Hedge Funds 257

Chapter 21 Review Questions 257

Chapter 22: Exchange-listed Managed Products 261

Closed-end Funds 261

Income Trusts 262

Exchange-traded Funds 263

Chapter 22 Review Questions 264

Chapter 23: Fee-based Accounts 267

Fee-based Accounts 267

Chapter 23 Review Questions 269

Chapter 24: Structured Products 271

Principal Protected Notes (PPNs) 271

Index-linked Guaranteed Investment Certificates (GICs) 272

Split Shares 272

Asset-backed Securities (ABS) 273

Mortgage-backed Securities (MBS) 274

Chapter 24 Review Questions 274

Chapter 25: Canadian Taxation 277

Taxes and Taxation Issues 277

Taxation of Investment Income 278

Tax Deferral Plans 281

Basics of Tax Planning 284

Chapter 25 Review Questions 285

Chapter 26: Working with the Retail Client 289

The Process of Financial Planning 289

Financial Planning Aids 291

Ethics and the Financial Advisor 292

Case Studies 294

Chapter 26 Review Questions 296

Chapter 27: Working with the Institutional Client 299

Who Are Institutional Clients? 299

Suitability Requirements for

Institutional Investors 300

Roles and Responsibilities in the Institutional Market 301

Chapter 27 Review Questions 301

CSC Practice Examination #1: Chapters 1-12 319

CSC Practice Examination #2: Chapters 13 -27 341

Answers to Practice Exam #1: Chapters 1-12 363

Answers to Practice Exam #2: Chapters 13 -27 369