The Canadian Securities Course (CSC) ran for decades as Canada's entry-level securities credential. As of January 1, 2026 it no longer counts for approval at a CIRO investment dealer, where the CIRE replaced it. The CSC still exists, still costs $998 to $1,398 plus tax through CSI, and still meets the proficiency requirement for mutual fund dealer and exempt market dealer representatives. This article is the full map.
By Daniel Park, Content & Curriculum at Registrant Prep · May 22, 2026 · 12 min read
The Canadian Securities Course (CSC®) is the foundational financial services credential issued by the Canadian Securities Institute (CSI). For decades it was the standard first exam for anyone entering the Canadian securities industry, a two-part course covering capital markets, investment products, regulation, and client account fundamentals. Bank teller programs reimbursed it. Mutual fund firms accepted it. IIROC dealers built their proficiency framework around it.
That ended on January 1, 2026. The CIRO Proficiency Model went live, and the Canadian Investment Regulatory Exam (CIRE) replaced the CSC as the entry-level exam for Approved Persons at every CIRO investment dealer in the country. The CSC still exists. CSI still sells it. But at CIRO's investment dealers, the CSC is no longer the credential that gets you approved.
This article walks through what the CSC is, what replaced it, how much each path costs in 2026, what each credential lets you actually do, and the registration categories where the CSC remains the right answer.
What is the Canadian Securities Course?
The Canadian Securities Course is a self-study program owned and administered by CSI, which is owned by Fitch Learning. The course consists of two exams (Exam 1 and Exam 2), each with 100 multiple-choice questions, with a passing grade of 60% per exam. The official enrolment period is one year, and CSI estimates 135 to 200 hours of study.
The CSC covers four broad areas:
- Capital markets, how the Canadian financial system, regulators, and trading infrastructure work
- Investment products, equities, fixed income, mutual funds, ETFs, derivatives, managed products
- Investment analysis, fundamental analysis, technical analysis, portfolio management theory
- Client and dealer roles, KYC, suitability obligations, opening accounts, taxation, regulation
CSI splits that material across the two exams. Exam 1 covers the Canadian investment marketplace, the economy, fixed-income and equity securities, derivatives, and corporate financial statements and financing. Exam 2 covers investment and portfolio analysis, mutual funds, ETFs, alternative, managed and structured products, Canadian taxation, and working with retail and institutional clients.
It is a breadth-first credential. The depth on any single product or rule is intentionally shallow because the historical purpose was to qualify someone to sit at a bank branch and discuss investment options with retail clients. Post-CSC, role-specific credentials (formerly the CPH for advice and the WME for wealth management) handled the specialization layer.
The CSC was the gateway. Everything else built on it.
What replaced the Canadian Securities Course in 2026?
CIRO replaced the CSC with the Canadian Investment Regulatory Exam (CIRE) on January 1, 2026, as part of its broader Proficiency Model overhaul. The change was not a rebrand. CIRO moved from a course-centric model to an assessment-centric one, built on a CIRE syllabus written for its current rules, the Investment Dealer and Partially Consolidated (IDPC) Rules.
The CIRE differs from the CSC in four ways that matter to a candidate choosing between them in 2026:
- Issuer and exam provider, CIRO is the regulator; Fitch Learning is the testing partner. CSI still administers the CSC but is no longer part of the approval pathway at CIRO investment dealers.
- Structure, The CIRE is one 110-question, 2-hour exam. CIRO does not require foundational-module sittings or a preparatory course.
- Question volume, Registrant Prep's question bank now carries 16,500+ total questions across the full CIRO Proficiency Model, of which 3,000+ are CIRE-specific.
- Syllabus, The CIRE syllabus is CIRO's authoritative list of what can be tested, and CIRO's Guide for Studying says you will not be tested on topics it does not mention. The CSC was not written to that syllabus.
The CSC vs CIRE decision article walks through which path applies to which candidate. For anyone joining a CIRO investment dealer in 2026, that answer is the CIRE.
How long does it take to complete a Canadian Securities Course?
CSI says the CSC takes 135 to 200 hours of study, within a one-year enrolment period. In our experience, candidates fall into three groups.
The full-time track runs six to eight weeks at roughly 25 to 30 hours per week. This is the cohort that finishes both exams within a few months of starting. It works for candidates between jobs, returning to school, or sponsored by an employer with paid study time.
The part-time working professional track runs four to six months at 8 to 12 hours per week. This is the typical bank teller, branch advisor, or career switcher completing the CSC while holding a day job. Most candidates land here.
The drawn-out track runs nine to twelve months at 3 to 6 hours per week. Candidates in this bucket often re-read material multiple times, lose momentum mid-stream, and end up paying a course extension fee ($275 for a 12-month extension, since the CSC is a one-year course) to keep their enrolment active. This is the most expensive path because the extension fee compounds with the higher likelihood of rewriting a failed sitting at $300 per attempt.
By comparison, the CIRE is a single exam. The CIRE study timeline guide breaks the hour ranges down by background.
What can you do with a Canadian Securities Course in 2026?
This is the question where the 2026 reality differs sharply from the 2025 reality. The CSC's reach has narrowed.
Where the CSC still satisfies registration requirements:
- Mutual fund dealer representative under National Instrument 31-103 s.3.5. This includes dealing representatives at CIRO mutual fund dealers: their proficiency is set by NI 31-103, not by the CIRO exams. The CSC exam is one of the accepted routes, alongside the Canadian Investment Funds Course exam and the Investment Funds in Canada course exam.
- Exempt Market Dealer (EMD) representative under NI 31-103 s.3.9. EMDs are regulated by the provincial securities commissions under the CSA framework, not by CIRO. The CSC remains an accepted proficiency for this registration category, alongside the Exempt Market Products Exam (EMPE).
- Mutual-fund-only representatives at an investment dealer, under IDPC s.2605. The CSC is one way to qualify before approval. At a firm that is not also registered as a mutual fund dealer, these representatives must then complete the CIRE (plus the Retail Securities Exam for Registered Representatives) and Conduct Training within 270 days of approval.
Where the CSC no longer satisfies registration requirements:
- Registered Representative or Investment Representative at any CIRO investment dealer (the major bank-affiliated brokerages, the independents, the discount platforms), these all require the CIRE pathway under IDPC Rule 2600.
- Supervisor at a CIRO investment dealer, which requires the Supervisor Exam plus the exams required of the people supervised (the CIRE is not required if the supervisor meets the two-year experience requirement).
- Trader, which requires the Trader Exam plus any exam the marketplace requires.
- Derivatives approval, which requires the Derivatives Exam together with the CIRE (and the Retail or Institutional Securities Exam for Registered Representatives).
The career roles the CSC historically opened, wealth advisor, portfolio assistant, branch manager track, now run through the CIRE pathway. The career path map for CIRO compliance roles lays out the full credential stack for senior registration categories.
If your goal is to work at a CIRO investment dealer, the CSC is the wrong credential to start with in 2026. Not because it teaches the wrong material, there is meaningful overlap with the CIRE blueprint on capital markets and product fundamentals, but because it no longer counts for approval there.
How much does the Canadian Securities Course cost?
CSI publishes three CSC enrolment packages (CSI states that all its fees are taxable):
- Online PDF / eBook bundle, $998 CAD. Includes online interactive access and the digital textbook.
- Online + printed textbook, $1,098 CAD. Same as above with a hard-copy textbook added.
- Value Pack Combo, $1,398 CAD. The online course and hard-copy textbook plus CSI's study tools (CSC Check, CSC videos, a financial calculations toolkit and e-tutorials).
On top of the package price, three line items add up if your study cycle slips:
- Course extension, $275 for a 12-month extension
- Exam rewrite, $300 per attempt if you fail or want to re-sit either exam
- Late exam cancellation, $75 to $300 depending on how close to the exam date you cancel (31+ days: free, 15-30 days: $75, 3-14 days: $150, 1-2 days: $300)
CSI's refund policy allows a cancellation within 14 days of enrolment minus a $175 cancellation fee. After 14 days, the enrolment is non-refundable. Newcomers to Canada qualify for a 10% discount on the CSC and CSI's Investment Funds in Canada (IFC) course through CSI's newcomer program.
For a full side-by-side cost comparison with the CIRE pathway, Fitch Learning exam fees, free CIRO materials, prep platform, the CSC cost vs CIRE cost article runs the numbers in detail.
What is the passing grade for the Canadian Securities Course?
The CSC requires a 60% minimum on each of the two exams. Both exams are multiple-choice and proctored, either remotely or in person at a test centre. The exams test the material from their respective halves of the course, with no integrated capstone.
Each exam has 100 questions and runs two hours. CSI publishes the official syllabus and learning objectives in the course outline, but historical pass rates are not made public, so treat any CSC pass rate quoted elsewhere as unofficial. The only pass figure CSI publishes is the passing grade, 60% on each exam.
The CIRE, by contrast, is a single 110-question sitting. CIRO does not publish a cut score, because each version of the exam has its own passing grade and publishing one number would be misleading. Neither CIRO nor Fitch Learning, which delivers the exams with CIRO, publishes pass rates, and candidates receive only an overall result: pass, fail or absent.
What happens if you fail the Canadian Securities Course?
CSI's rules give a candidate up to three exam attempts per exam during their enrolment period. If a candidate fails all three attempts at the same exam, the enrolment is terminated and the candidate must wait six months before re-enrolling in the same course.
Each rewrite costs $300. There is no automatic study extension granted when you fail, if your 12-month enrolment is running out and you have one attempt left, you either rebook quickly or pay the $275 extension to keep the course active.
If you enrolled in the CSC before January 1, 2026 in order to qualify at an investment dealer, the transition rule has hard stops: among other conditions, you must complete the course and its exams before January 1, 2027, and your dealer must file your approval application before that date (IDPC s.2629(1)). CIRO's contract with CSI expired on December 31, 2025, and CSI exams for those candidates must be completed by December 31, 2026.
For candidates who fail and have already decided to switch to the CIRE pathway, the rewrite fee is a sunk cost worth skipping. The hours spent restudying CSC content do not transfer to the CIRE in a clean credit, though there is real blueprint overlap on capital markets and product fundamentals. The CIRE retake guide covers the parallel mechanics for the CIRE pathway, which is a useful read for anyone evaluating which path has more forgiving retake economics.
How useful is the Canadian Securities Course in 2026?
The honest answer: less useful than it was three years ago, but still meaningful in several contexts.
Where it remains useful:
- Mutual fund licensing, the CSC exam meets the NI 31-103 s.3.5 proficiency requirement for mutual fund dealer representatives, including at CIRO mutual fund dealers.
- EMD registration, if your career is going into private capital, exempt offerings, accredited investor sales, the CSC is one of the accepted credentials (alongside the EMPE).
- Educational breadth, the CSC remains a competent self-study resource for someone who wants to understand Canadian capital markets without a specific registration target. CSI itself lists bank or trust company officer and financial planner among the careers the CSC leads to.
- Resume optics outside finance, a completed CSC reads as "knows financial markets" to hiring managers in adjacent industries (fintech, accounting, asset management operations) who may not distinguish between CSC and CIRE.
Where it has lost utility:
- CIRO investment dealer approval, zero direct value for new candidates. The CIRE is required.
- Career mobility within the securities industry, completing the CSC and then trying to move to a CIRO investment dealer means writing the CIRE from scratch. No credit transfer.
- CIRE preparation, the CSC was not written to the CIRE syllabus, so its regulation chapters are not a substitute for studying the syllabus and CIRO's current rules.
Opinions on the CSC's current value are mixed. The CIRE Reddit roundup checks common claims on the CIRE side, and many of the same instinctive arguments apply (credential prestige vs. actual registration utility).
The exception: where the CSC is the right answer in 2026
For mutual fund dealer representatives, the CSC exam still meets the proficiency requirement in NI 31-103 s.3.5, alongside the Canadian Investment Funds Course and Investment Funds in Canada exams.
For Exempt Market Dealer (EMD) representatives, the CSC remains a current, accepted, registration-qualifying credential under NI 31-103 s.3.9. EMDs operate under the CSA framework, not CIRO, and the proficiency requirements are set by the provincial securities commissions. The two most common proficiency routes for EMD representative registration are:
- Canadian Securities Course (CSC), the broader credential, useful if you want future optionality
- Exempt Market Products Exam (EMPE), the focused credential, purpose-built for the exempt market context (NI 45-106 prospectus exemptions, accredited investor rules, offering memorandum disclosure)
The EMPE is narrower, but the CSC's broader curriculum can be useful if you expect to move into retail or institutional sales later. Note that "later" in this context means leaving the EMD and joining a CIRO investment dealer, at which point you will need to write the CIRE pathway from scratch, the CSC does not transfer to CIRO investment dealer approval.
For Approved Persons at CIRO investment dealers, bank-affiliated dealers, independent broker-dealers, discount brokerages, the CIRE pathway is the registration credential for Registered and Investment Representatives, and the Supervisor, Trader and Derivatives Exams cover those tracks. The should-I-write-CSC-or-CIRO decision tree walks through the three paths and resolves which one applies to a given candidate.
Frequently asked questions
How long does the Canadian Securities Course take? CSI estimates 135 to 200 study hours within a one-year enrolment period. In our experience, most working candidates finish in four to six months at 8 to 12 hours per week, and full-time candidates can finish in six to eight weeks at 25 to 30 hours per week.
What can you do with a Canadian Securities Course in 2026? Qualify as a mutual fund dealer representative under NI 31-103 s.3.5 (including at CIRO mutual fund dealers) or as an Exempt Market Dealer representative under s.3.9. It does not qualify a new candidate for approval at any CIRO investment dealer, those require the CIRE.
How much does the Canadian Securities Course cost? $998 to $1,398 CAD plus tax for the CSI course package depending on the format chosen, with $300 per exam rewrite and $275 for a 12-month extension if the one-year enrolment runs out. Newcomers to Canada get 10% off through CSI's newcomer program.
How useful is the Canadian Securities Course? Useful for mutual fund and EMD registration and as a financial-markets credential outside the CIRO investment dealer world. Not useful for approval at a CIRO investment dealer, which now requires the CIRE.
What is the passing grade for the Canadian Securities Course? 60% on each of the two exams, with up to three attempts per exam during the enrolment period.
What happens if you fail the Canadian Securities Course? Each rewrite costs $300. Three failures on the same exam terminates the enrolment, with a six-month wait before re-enrolment. The CIRE pathway has more straightforward retake mechanics, see the CIRE retake guide.
What replaced the Canadian Securities Course? The Canadian Investment Regulatory Exam (CIRE) under the CIRO Proficiency Model, effective January 1, 2026. One 110-question, 2-hour exam. Enrolment is through Fitch Learning. Prometric delivers the sitting.
Is the CSC retired? Retired from CIRO investment dealer approval. Still accepted for mutual fund dealer and EMD registration under NI 31-103, and still sold by CSI.
What to read next
- CSC or CIRO exams: which one should I write in 2026?, full decision tree for candidates choosing between the two pathways
- I have the CSC, do I need to write the CIRE?, five candidate scenarios for CSC alumni (grandfathered RRs, never-registered completers, reapprovals, EMD, MFD)
- Canadian Securities Course cost vs CIRE cost in 2026, full out-of-pocket breakdown for both pathways
- Canadian Securities Course jobs: which roles still need the CSC vs the CIRE, bank, EMD, and dealer roles mapped to the credential each actually requires
- How much does the CIRE exam cost in 2026?, Fitch Learning exam fees, free official materials, prep platform, retake math
- The 9 CIRO Proficiency Model exams ranked by difficulty, every CIRO exam in the new proficiency model with an honest difficulty ranking
- Take the free CIRE mock exam, 25-question mock that maps your starting knowledge against the CIRE blueprint
For full prep against the CIRE blueprint, 3,000+ CIRE questions, two full-length mock exams plus a custom mock from your weak areas, and a frontier AI tutor custom-tuned for CIRO, see Registrant Prep pricing at $29.99/mo.