A practical DFC study plan: 30-day intensive, 60-day balanced, and 90-day part-time schedules focused on futures + options mechanics, pricing intuition, and repeated payoff/quote drills.
DFC is a 65-question exam dominated by futures (40%) and exchange-traded options (42%). Prep improves fastest when you repeat a simple loop:
Syllabus → drills → review misses → mixed sets → checkpoint.
CSI’s official guidance is 60 – 90 hours of study for DFC (your actual time depends on your background).
Source: https://www.csi.ca/en/learning/courses/dfc/exam-credits
Choose a timeline based on hours per week:
| Time you can commit | Recommended plan |
|---|---|
| 18–25 hrs/week | 30‑day intensive |
| 9–12 hrs/week | 60‑day balanced |
| 6–8 hrs/week | 90‑day part‑time |
Target pace: ~18–25 hours/week.
Goal: master futures + options mechanics early, then add swaps/funds/ops and finish with mixed sets.
| Week | Focus (CSI chapters) | What to do | Links |
|---|---|---|---|
| 1 | Ch 1–4 | Build the derivative map; learn forwards vs futures, contract mechanics, exchanges/clearing basics. | Overview • Syllabus |
| 2 | Ch 5–11 | Futures pricing intuition (carry, basis, convergence), hedging vs speculation, rate/equity/currency futures, OTC forwards. | Cheatsheet • Practice |
| 3 | Ch 12–17 | Options: terminology, intrinsic/time value, pricing factors, delta, basic strategies, non-equity options, OTC options. | Cheatsheet • Practice |
| 4 | Ch 18–28 + review | Swaps + funds/structured products + operational considerations; finish with 2–3 mixed sets and close gaps. | Syllabus • Practice |
Target pace: ~9–12 hours/week.
Goal: spaced repetition so pricing intuition and payoff logic stick.
| Week | Focus | What to do |
|---|---|---|
| 1 | Ch 1–2 | Derivative types + forward-based basics; vocabulary and differences (exchange vs OTC). |
| 2 | Ch 3–4 | Futures mechanics + clearing/exchanges; drill margin/mark-to-market language. |
| 3 | Ch 5–6 | Futures pricing + hedging basics; start a one-page formula/definition sheet. |
| 4 | Ch 7–11 | Speculation + rate/equity/currency futures + OTC forwards; do short drills each session. |
| 5 | Ch 12–13 | Options intro + core terminology; read option quotes correctly. |
| 6 | Ch 14–17 | Options pricing + delta + strategies + non-equity/OTC options; drill payoffs and moneyness. |
| 7 | Ch 18–22 | Swaps overview (rates, currency, credit, other swaps); focus on structure and risk language. |
| 8 | Ch 23–28 + review | Funds/structured products + operational topics; finish with mixed sets and gap-closing. |
Target pace: ~6–8 hours/week.
Goal: steady cadence with frequent short drills.
| Week | Focus | What to do |
|---|---|---|
| 1 | Ch 1 | Derivative map: where they trade and why used. |
| 2–4 | Ch 2–6 | Futures fundamentals: mechanics, clearing, pricing intuition, hedging. |
| 5–6 | Ch 7–11 | Futures applications: speculating and contract types (rates/equity/FX/OTC). |
| 7–9 | Ch 12–17 | Options: terminology, pricing factors, delta, strategies, non-equity and OTC options. |
| 10 | Ch 18–22 | Swaps: understand legs, why used, and credit risk concepts. |
| 11 | Ch 23–26 | Funds + structured products: why derivatives are used and basic structures. |
| 12 | Ch 27–28 + review | Risk/monitoring + accounting/disclosure/tax; finish with 2 mixed sets and close gaps. |
✅ Next: open the Syllabus and begin Topic 1.