The Retail Securities Exam (RSE) is the second exam most CIRO Registered Representatives sit. It's required for any RR who advises retail clients (individual investors), which is most of them.
This guide walks through the format, the syllabus, where it overlaps with CIRE, and how to study for it efficiently: especially if you're going from CIRE straight into RSE without a gap.
The format
- 120 multiple-choice questions (vs CIRE's 110)
- 180 minutes (vs CIRE's 120)
- 3 attempts in a 12-month enrolment period that starts when you enrol
- Pass mark: not published (each version of the exam has its own passing grade)
- $475 for the first attempt, $300 per retake, plus applicable taxes
- Computer-based, at a Prometric test centre in Canada or remotely through Prometric ProProctor
- Available in English and French
- No personal calculators, paper or pens: you get an on-screen calculator and scratch pad
The RSE is longer than the CIRE: both in question count and time. The extra time matters: applied scenarios get longer and more multi-part.
The syllabus
9 elements:
| Element | Topic | Approx. weight |
|---|---|---|
| 1 | Know-your-client (KYC) and suitability | 27 questions |
| 2 | Fixed income | 10 |
| 3 | Equities | 12 |
| 4 | Securities analysis | 14 |
| 5 | Managed products | 16 |
| 6 | Portfolio construction | 13 |
| 7 | Investment recommendations | 14 |
| 8 | Execution and market integrity | 7 |
| 9 | Monitoring, reporting and maintaining client relationships | 7 |
Element 1 (KYC and suitability) is the giant: 27 of 120 questions. That's nearly a quarter of the exam on the same subject CIRE already tested. The depth is greater on RSE: more applied scenarios, more vulnerable-client edge cases, more documentation specifics.
What the RSE adds beyond CIRE
If you've passed CIRE, you've already covered:
- KYC content basics (RSE goes deeper)
- Suitability framework (RSE adds more applied scenarios)
- Fixed-income basics (RSE adds practical pricing)
- Equities and managed products basics (RSE goes deeper into mutual funds and ETFs)
The RSE adds:
- Portfolio construction: Modern Portfolio Theory, asset allocation (strategic vs tactical), rebalancing, risk-adjusted return measures (Sharpe, Treynor, Jensen), factor models.
- Investment recommendations: model portfolios, recommendation documentation, individual-level KYP applied at the recommendation stage.
- Securities analysis: fundamental ratios in depth, how macroeconomic factors such as interest rates affect prices, technical analysis basics.
- Concentration and cross-border: what to do with concentrated positions, and clients living in the United States (including snowbirds) or other foreign jurisdictions.
What the RSE drops vs CIRE
- AML and FINTRAC reporting depth: covered briefly, not at the level of CIRE Element 1.
- Most market integrity and UMIR rules: CIRE Element 6 was 13 questions on UMIR. RSE Element 8 is 7 questions and lighter.
- Derivatives: barely covered. The Derivatives Exam handles that depth.
- Complaint handling depth: CIRE Element 4 was 6 dedicated questions. RSE folds it into other elements (1 and 7).
How to study for RSE if you just passed CIRE
This is the optimal scenario: your CIRE prep is fresh and most of it carries over.
Week 1: Take the diagnostic + re-read suitability rules
Take the RSE diagnostic (when available) or use the CIRE diagnostic to identify your weak areas. Re-read IDPC Rules 3202 and 3402 and NI 31-103 Part 13 if you haven't in a few weeks. Skim Joint CSA/CIRO Staff Notice 31-368 (December 2025, on KYC, KYP and suitability practices) and CIRO Bulletin 26-0200 (September 2026, on KYC risk profiles).
Week 2: Drill the new RSE-only content
Focus on:
- Portfolio construction (E6): MPT, asset allocation, rebalancing
- Investment recommendations (E7): recommendation flow, documentation
- Securities analysis (E4): financial ratios, macroeconomic factors
About 200 practice questions across these three elements.
Week 3: Mixed-element practice + first mock
300+ practice questions across all elements, mixed. End of week: full timed mock. 120 questions, 180 minutes.
Week 4: Targeted re-drill + second mock
Re-drill weakest elements. Day 28: second full-length mock. Day 30: sitting.
If you scored 75%+ on Mock A and Mock B, you're solid. Below 65% on either: push the sitting two weeks if you can. These are our targets, not CIRO pass marks.
How to study for RSE if you haven't taken CIRE recently
Allow 6–8 weeks. Treat it more like a CIRE re-prep with new chapters layered on:
- Weeks 1–2: KYC, suitability, registration (E1)
- Week 3: Fixed income + equities (E2 + E3)
- Week 4: Securities analysis (E4)
- Week 5: Managed products (E5)
- Week 6: Portfolio construction + investment recommendations (E6 + E7)
- Week 7: Execution (E8) + first mock
- Week 8: Targeted re-drill + second mock
What gets tested most
Based on the syllabus weights and outcomes, expect these to come up:
- Suitability scenarios with conflicting client signals (low tolerance + high need, etc.)
- Vulnerable client handling: TCPs, temporary holds, the boundaries of each
- Bond pricing math: accrued interest, YTM, duration sensitivity
- Mutual fund vs ETF structural differences (especially around the DSC ban June 1, 2022)
- Asset allocation framework: strategic vs tactical, when each applies
- Concentration risk: when to flag, what disclosure is required
- Documentation requirements: what goes in the file, when, signed by whom
What's underestimated
Most candidates over-prepare on the parts that overlap CIRE (because they remember them) and under-prepare on:
- Portfolio construction and performance: Sharpe, Treynor and Jensen measures, modern portfolio theory. Numerical questions that require comfort with the formulas.
- Clients in other jurisdictions: clients living in the United States, including snowbirds.
- Authorized parties: powers of attorney, trusted contact persons and other third parties in the client's life.
- Documentation specifics: IDPC Rule 3800 record-keeping requirements (7 years).
Common traps
- Confusing strategic and tactical asset allocation. Strategic = baseline mix, rebalanced to target. Tactical = short-term over/underweights based on view.
- Missing documentation triggers. RSE expects you to know not just what the rule requires, but when documentation must be created and updated.
- Underestimating Element 1. 27 questions is a lot. Don't treat it as a CIRE re-run. RSE asks deeper applied scenarios.
Cost
- CIRE + RSE: $950 in CIRO exam fees (plus applicable taxes) if you pass each on the first attempt
- Registrant Prep: $249/year covers both, plus the other 7 CIRO exams
Test your RSE readiness. Both CIRE and RSE diagnostics free, no card, element-by-element score in 25 minutes.
Related reading
- CIRE vs CSC: Every Difference, Side by Side: the head-to-head comparison if you're moving from CSC studying.
- The CIRE Exam in 2026: complete guide
- How to study for the CIRE in 30 days
- CIRO Proficiency Model: all 9 exams explained