A practical DFC study plan with 30-day, 60-day, and 90-day tracks focused on futures and options mechanics, pricing intuition, and exact web practice.
Use this plan with the Guide Home, the Cheat Sheet, the FAQ, the Official Resources, and exact DFC practice on MasteryExamPrep.
DFC is a 65-question exam dominated by futures (40%) and exchange-traded options (42%). Prep improves fastest when you repeat a simple loop:
read -> drill -> review misses -> mixed sets -> checkpoint
wrong contract, wrong payoff direction, and wrong purpose.CSI’s official guidance is 60 – 90 hours of study for DFC.
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 |
| Study stage | What you are stabilizing |
|---|---|
| futures first | the margin, pricing, and hedge language that also helps with options and swaps |
| options second | the largest block and the one that creates the most payoff-direction errors |
| swaps third | the structure and exposure logic once the basic derivative vocabulary is already firm |
| funds, structured products, and operations last | the lighter-weight wrap-up layer that is easier once the contracts themselves are clear |
| Week | Focus | What to do |
|---|---|---|
| 1 | Overview and futures fundamentals | Build the derivative map, contract mechanics, margin, clearing, and carry intuition. |
| 2 | Futures applications | Hedging, speculation, rate, equity, currency, and OTC-forward logic. |
| 3 | Exchange-traded options | Terminology, moneyness, intrinsic and time value, pricing factors, delta, and strategies. |
| 4 | Swaps, funds, operations, and review | Finish the lower-weight blocks, then run timed mixed sets and close the miss log. |
| Week | Focus | What to do |
|---|---|---|
| 1 | Derivative map | Forwards vs futures vs options vs swaps; where they trade and why they are used. |
| 2 | Futures mechanics | Contract terms, clearing, margin, and marking-to-market. |
| 3 | Futures pricing and hedging | Carry, basis, convergence, and hedge purpose. |
| 4 | Futures applications | Rate, equity, currency, and OTC-forward extensions. |
| 5 | Options basics | Quotes, moneyness, intrinsic value, time value, and payoff direction. |
| 6 | Options applications | Pricing factors, delta, and strategy logic. |
| 7 | Swaps | Interest rate, currency, and credit structures. |
| 8 | Funds, structured products, operations, and review | Wrap the lower-weight blocks and finish with mixed timed sets. |
| Weeks | Focus | What to do |
|---|---|---|
| 1–2 | Contract map and futures basics | Learn the instrument families and futures mechanics. |
| 3–5 | Futures pricing and applications | Build hedging, speculation, basis, and contract-use instincts. |
| 6–8 | Exchange-traded options | Drill moneyness, payoff direction, pricing factors, and strategy purpose. |
| 9–10 | Swaps | Understand exposure exchange, notional, and risk language. |
| 11 | Funds and structured products | Learn how derivatives are used inside broader structures. |
| 12 | Operational considerations and review | Clean up the miss log and run full timed sets. |
| Domain | Weight | Why it matters |
|---|---|---|
| Exchange-Traded Options | 42% | the largest block and the most common source of payoff-direction misses |
| Futures Contracts | 40% | the other major block and the base for contract and pricing intuition |
| Swaps | 8% | smaller, but still large enough to deserve clear structural understanding |
| How Investment Funds and Structured Products Use Derivatives | 5% | lighter weight, but useful as an application layer |
| An Overview of Derivatives | 3% | small, but it frames the contract map |
| Operational Considerations | 2% | lowest weight, yet easy marks if reviewed calmly |
contract type -> market view or risk -> correct position or conclusion -> why the distractor fails.Use exact DFC practice on MasteryExamPrep in phases:
| Stage | What to do |
|---|---|
| after futures fundamentals | short timed sets for contract and margin recognition |
| after options terminology and payoff review | mixed timed sets for direction and strategy-intent errors |
| final two weeks | full timed sets with miss-log cleanup and pacing work |
DFC.Sources: https://www.csi.ca/en/learning/courses/dfc/curriculum and https://www.csi.ca/en/learning/courses/dfc/exam-credits