Exempt Market Proficiency Course (EMP)

The Exempt Market Proficiency Course is a proficiency requirement for those individuals seeking registration as Exempt Market Dealers – Dealing Representatives and Chief Compliance Officers. The EMP course introduces students to these complex financial instruments and prepares them to operate in the world of private capital markets. Students learn about the capital markets, the exempt market, the all-important know-your-client and know-your-product rules, ethical conduct, the private placement process, how different issuers are structured, compliance requirements and features of common exempt securities.

Tools and Pricing

Standard Course Price $650
IFIC Members Course Price $550
Printed Textbook $70
Click here!Don’t know if your firm is a member of IFIC?

Questions? Contact info@ifse.ca.

Course Information

COURSE DETAILS
Delivery Online
Language English
Suggested study time 60 to 90 hours
Enrolment period 1 year
Practice exam Yes, 100 Questions

Prepared in partnership with: 

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WHO SHOULD ENROL
  • Anyone wishing to become an exempt market dealer representative
  • Exempt market dealer chief compliance officers
  • Investment professionals looking to provide advice on exempt securities
  • Anyone looking for a greater understanding of exempt securities

Click here!Read case study


EXAM DETAILS
Format Computer-based test delivered by Pearson VUE
Time permitted 180 minutes
Question format Multiple choice
Passing grade 60%
Attempts allowed 3

Note: Your first exam attempt (exceptions may apply) is included in the price of the course enrolment. Additional fees apply for subsequent exam attempts.

Click here!CE Credit Matrix

EXAM STRUCTURE
Unit Weighting
(%)
Overview of the capital markets 10%
Regulatory framework 5%
Compliance for exempt market dealers 6%
Dealing with clients 10%
The private placement process 7%
The structures of issuers 11%
Real estate and mortgage investments 7%
Flow-through shares 7%
The mining industry 7%
The oil and gas industry 7%
Hedge Funds 7%
Know your client and suitability 16%

FAQ

IFSE has partnered with Pearson VUE to offer computer-based testing. Currently, only certain courses have this option available. Check the course webpage.

Once you register for the course, you will be sent an “Authorization to Test letter”, by email, from IFSE.  You will also receive a detailed email about your Pearson VUE “Web Account” from Pearson VUE.  These emails will provide more information on how to register for a computer-based exam.

You may register for a computer-based exam by logging into your IFSE account. Once you have logged in:

  • Select "Exams".
  • Select "Pearson VUE Computer Based Testing". Follow the instructions given to you on your "Authorization to Test Letter" (and detailed email from Pearson VUE) to activate your Pearson VUE account and schedule your exam.

Contact us if you require assistance.

Arrive at the test centre 15 minutes before your scheduled appointment time. This will give you adequate time to complete the necessary sign-in procedures. Please be prepared to show one form of ID, have your digital photo taken and provide a digital signature. If you arrive more than 15 minutes late for your appointment, you may be refused admission and forfeit the exam attempt and any applicable fees paid.

Your first exam attempt is typically included in the price of the course enrolment; however, there may be some exceptions. You can find course pricing here.

Second and subsequent exam attempts are subject to an exam re-write fee.

Follow these instructions.

  1. Select the LOGIN/REGISTER box.
  2. For returning students, login using your username and password. Select “Enrol in a Course” in the menu bar.
    For new students choose "Become a Student" and supply all mandatory information in the following screens.
  3. If you have a contract code and password, enter it where required and click "Yes". If you do not have a contract code, click "No".
  4. Select the course you want to enrol in. Click “Next”.
  5. If optional products are available for purchase, they will appear for you to select. Click “Next”.
  6. Complete your profile information as indicated on the screen. Take care in completing your mailing and shipping address to ensure that any materials that you have ordered will be delivered promptly and correctly. Click the "Save" button to proceed to the shopping cart.
  7. Verify your shopping cart information and click on "Process Payment".
  8. Review the Terms and Conditions completely. To accept the Terms and Conditions, check the box and click "Yes". If you do not want to accept the Terms and Conditions, click "No". Your course enrolment will be cancelled.
  9. Provide your credit card information and click on "Pay Now". Please do not touch the screen until your payment has been processed. A copy of the receipt will appear and can be printed for your records. The receipt will also be stored in your student record for future reference.

Appointments may be re-scheduled or cancelled through the “Re-schedule a Test” or “Cancel a Test” button on Pearson VUE website. You have to login into your IFSE account first and then click to the Pearson VUE website. Requests to re-schedule or cancel a test appointment must be made at least one business day (24-hour minimum) before your scheduled appointment time.

You can cancel or re-schedule a computer-based exam up to one business day (24-hour minimum) from your scheduled appointment time. If you fail to provide sufficient notice of cancellation or re-schedule, or you do not show up for your exam appointment, you will forfeit the exam attempt and any applicable fees paid. In addition, IFSE will charge you a missed exam fee.

You will receive an email from IFSE when your exam results are available. Exam results for paper-based and computer-based exams are available online within three to five business days following the exam if you have no outstanding fees. Exam results for online exams are available immediately upon submission.

You can access your exam results by logging into your IFSE account. Once you have logged in:

  • Select "Courses".
  • Select "Show me my Marks for this Course" (this link only appears when your results are available).

Printed text materials or textbooks are hardcopy versions of the online course material. They are optional to purchase and take between five to seven business days to be delivered. They do not include any interactive components (i.e., exercises, quizzes, case study and practice exam) from the online course. Instead, you are instructed to go online to complete those elements. This product is not refundable.

If you are scheduled to write an exam and you do not show up, you will be charged a missed exam fee and you forfeit that exam attempt and any fees you have paid for that exam write.

If you fail an exam and need to attempt it again, this is considered a re-write.  You will only be allowed to re-write if you are eligible for another attempt.  You can purchase a new exam attempt for a fee (“re-write fee”). IFSE will notify Pearson VUE of your eligibility and once you receive confirmation, you can login to your account and schedule your exam.

You must first complete your proficiency requirement by passing the Exempt Market Proficiency Course (EMP) exam. The EMP is an online self-study course with a formal proctored exam. You have one-year from the date of enrolment to successfully pass the exam. When you are ready for your exam, you can register into an available exam session that is convenient for you.

After you successfully pass your exam, you must be sponsored by an exempt market dealer to complete the application process.

The EMP exam is offered as a computer-based test through our partner, Pearson VUE. For information about computer-based tests, check out the FAQs under Taking a computer-based exam.

You will receive an official grade transcript and diploma upon successful completion of the course. Official grade transcripts may be printed online from your desktop after you login. Diplomas will be delivered by mail. For more information, read the FAQs under After your exam.

Other Relevant Courses

You may be interested in these other IFSE courses.

Canadian Investment Funds Course (CIFC)Officers’, Partners’, and Directors’ Course (OPD)Ethics for Exempt Market Dealer Representatives