CIRO Exams and Licensing Requirements: What Each Role Needs

What is a CIRO exam?

A CIRO exam is any one of the 9 exams in the Canadian Investment Regulatory Organization Proficiency Model. CIRO itself is the pan-Canadian self-regulatory organization that oversees investment dealers, mutual fund dealers, and trading on Canada's debt and equity markets. IIROC and the MFDA amalgamated on January 1, 2023 and continued as the New Self-Regulatory Organization of Canada (New SRO), which changed its name to CIRO on June 1, 2023. On January 1, 2026, the Canadian Securities Course (CSC) stopped counting for investment dealer approval and CIRO rolled out the 9-exam Proficiency Model in its place. The entry exam in the model is the CIRE; the other 8 are role-specific exams.

• Administered by: Canadian Investment Regulatory Organization (CIRO)
• Delivered by: Fitch Learning at Prometric centres or Prometric remote proctoring
• Total exams in the model: 9
• Entry exam: CIRE (Canadian Investment Regulatory Exam), replaced the CSC on Jan 1, 2026
• Cost: $475 CAD first attempt for every exam; $300 CAD retake in the same 12-month enrolment, plus applicable taxes (CIRO Investment Dealers FAQ)
• Format: multiple-choice, 75 to 120 questions over 2 to 3 hours, depending on the exam. CIRO does not publish a cut score
• Language: all nine exams are available in English and French

The 9 CIRO Proficiency Model exams at a glance

CIRO organized the new model around the actual roles dealer members hire for, not the legacy course-based credentials. The CIRE is the entry exam for representatives; the other 8 depend on which desk you sit at and what authority you need, and several of them do not require the CIRE at all.

• CIRE: 110 questions, 2 hours (CIRE Syllabus, January 2025)
• Retail Securities Exam: 120 questions, 3 hours (syllabus May 8, 2025)
• Institutional Securities Exam: 100 questions, 2.5 hours (syllabus May 8, 2025)
• Supervisor Exam: 90 questions (60 standard + 30 item set), 3 hours (syllabus May 29, 2025)
• Trader Exam: 100 questions, 2 hours (syllabus June 25, 2025)
• Derivatives Exam: 120 questions, 3 hours (syllabus June 10, 2025). Single Derivatives product category as of January 1, 2026
• Director and Executive Exam: 75 questions (50 standard + 25 item set), 2.5 hours (syllabus June 23, 2025)
• CCO Exam: 90 questions (60 standard + 30 item set), 3 hours (syllabus May 30, 2025)
• CFO Exam: 90 questions (60 standard + 30 item set), 3 hours (syllabus June 6, 2025)

CIRO licensing requirements: which exams each role must pass

IDPC Rule 2603(1) lists, for each Approved Person category, the exams you must pass and the education or experience you must have before CIRO grants approval. Representatives write the CIRE plus the exam for their desk. Traders, directors, executives, CCOs and CFOs write their own role exam without the CIRE, and portfolio managers qualify through the CFA or CIM designation instead. Your sponsoring dealer applies for your approval in a specific category.

Source: IDPC Rules s.2603(1)(i) and (ii), consolidation dated August 11, 2026. Two groups sit outside this table: representatives who deal only in mutual funds at an investment dealer (s.2605), and mutual fund dealer representatives, whose proficiency is set by NI 31-103 s.3.5.

Exemptions

• Existing Approved Persons: anyone approved before December 31, 2025 is exempt from the new requirements while they continue in the same role, but must still complete Conduct Training (s.2625(2)). A break in approval of more than 180 days ends the exemption.
• Two years in the same category: you do not need the CIRE if you have at least 2 years of experience in the same Approved Person category within the 3 years before you apply, and you meet the other requirements for your category (s.2625(2)(i)).
• FINRA registration: you do not need the CIRE if you were registered with FINRA in a similar capacity within the 3 years before you apply and completed the applicable FINRA requirements (s.2627(1)).
• FINRA and NFA derivatives: you do not need the Derivatives Exam if you were registered and dealing in options and futures with FINRA and the NFA within the 3 years before you apply, and passed the Series 3 and Series 7 exams (s.2627(2)).
• CFA or CIM: meeting the Associate Portfolio Manager or Portfolio Manager designation requirement (CFA Level 1, the CFA Charter, or the Canadian Investment Manager or CIM® designation) exempts you from the CIRE, the Retail Securities Exam and the Institutional Securities Exam (s.2627(3)).
• Anything else: CIRO can grant a discretionary exemption for acceptable alternative experience, courses or exams, possibly with terms and conditions, and subject to any fee CIRO prescribes (s.2626).

How long a pass stays valid

A CIRO exam counts toward approval if you passed it within the 3 years before the application. It also counts if, within those 3 years, you were approved in the same category (or another category that required the same exam), or you gained 1 year of relevant securities-industry experience acceptable to CIRO. Time spent suspended does not count as approved time. The 3-year limit does not apply to the CFA Charter or the CIM designation while you keep the right to use it (s.2628). The rule covers CIRO exams only: older CSI courses count only through the transition rules or an exemption.

How CIRO approval works, step by step

Passing the exams is one part of a single approval process that your dealer runs. The steps:

1. 1

   A CIRO Investment Dealer sponsors you.

   CIRO approves individuals only when a CIRO Investment Dealer sponsors them and applies on their behalf. The dealer screens you first, and CIRO reviews the application it submits.

2. 2

   You enrol in your exams with an eligibility attestation.

   Enrolment through Fitch Learning is not open to everyone. You attest that you work at a CIRO Dealer Member in a role that needs the exam's competencies, or plan to apply within 12 months, or that you intend to take a further CIRO exam for which this one is a prerequisite. You must be of the age of majority where you live, and education providers cannot enrol. Each exam costs $475 for the first attempt and $300 per retake, plus applicable taxes.

3. 3

   Your dealer reports your exam completion on NRD.

   After you pass, you share Fitch Learning's completion confirmation with your dealer, which reports the completion on the National Registration Database (NRD) as part of its application for your approval. The nine CIRO exams, Conduct Training and dealer training are all NRD selections.

4. 4

   After approval, you complete the post-approval training.

   Your dealer must train new Registered Representatives and Investment Representatives within 90 days after approval, based on the clients and products they will deal with, and report it on NRD within the same 90 days. Missing that report means automatic suspension. You also complete CIRO Conduct Training by its deadline. Under the new rules there is no other post-approval course: no WME and no CPH.

CIRO Conduct Training: deadlines

Conduct Training is mandatory CIRO training for Investment Dealer Approved Persons under IDPC Rule 2604(2). It is separate from the exams, and the deadline depends on when and how you were approved.

• New Approved Persons (approved on or after January 1, 2026): within 30 days after approval. Your dealer must report completion on NRD within the same 30 days.
• Existing Approved Persons (already approved when the new rules took effect on January 1, 2026): by December 31, 2026, with the dealer reporting it on NRD by the same date.
• Advising representatives and associate advising representatives registered by a securities regulator within the 90 days before applying as a Portfolio Manager or Associate Portfolio Manager: within 90 days after CIRO approval (s.2630).
• Cost and format: free, about three hours, self-paced, in six parts: an introduction, then integrity and respect; competence, care and diligence; conflicts of interest; market conduct; and escalation and cooperation. It is not graded, but you must answer each knowledge check correctly to move on, with unlimited tries.
• Continuing education: for 2026 it satisfies the mandated annual CE requirement and counts as 3 compliance credits. It is reported on CIRO Services-CE by December 31, 2026, as well as on NRD.
• Applicants must not enrol: only people who are already Approved Persons may take it. If you complete it before approval, whether you must retake it is up to CIRO, so check with your dealer.
• Missed deadline: if the training, or your dealer's report of it, is late, your approval is automatically suspended until completion is reported.

Enrolment is through the Fitch Learning enrolment site linked from CIRO's Exam Hub, where you confirm your Approved Person status.

CIRO exam cost: typical spend per exam

CIRO set the exam fee at $475 per exam, the same for all nine. Fitch Learning's April 2026 fees policy prices the first attempt at 475 CAD and each retake in the same 12-month enrolment at 300 CAD, plus applicable taxes. Official syllabi are free on the Exam Hub.

• Every exam, first attempt: $475 CAD
• Second or third attempt in the same enrolment: $300 CAD
• CIRE plus Retail Securities Exam, both passed on the first attempt: $950 CAD
• Official syllabus, practice exam, and study guide: free on the Exam Hub
• Optional third-party prep: priced separately

After three failed or absent results within six months, a six-month cooling-off applies, then a new $475 enrolment.

The CIRE (entry exam) comes first for most representatives

If you are new to the industry, the CIRE is usually the first exam you write. The CIRE itself is 110 multiple-choice questions across 9 elements. CIRO does not publish a cut score.

• Format: 110 multiple-choice questions, 2 hours (CIRE Syllabus, January 2025)
• Pass mark: not published
• 9 elements, 99 learning outcomes
• Largest indicative blocks: Element 7 (21), Element 3 (17), Element 9 (16)
• Replaced: the Canadian Securities Course (CSC) on January 1, 2026

Full coverage of the CIRE format, syllabus, study plan, and prep approach is on the CIRE exam guide.

Supervisor, Trader, Derivatives: the operational exams

These three exams target front-office operational roles at a dealer member. Each is a separate CIRO syllabus on the Exam Hub. The Trader Exam is UMIR-heavy.

• Supervisor: 90 questions (60 standard + 30 item set), 3 hours. Who needs it is covered in the Supervisor Exam guide, and practice is on the Supervisor Exam page.
• Trader: 100 questions, 2 hours, UMIR and marketplace mechanics
• Derivatives: 120 questions, 3 hours, one product category covering options and futures. See the Derivatives Exam guide and Derivatives practice questions.

CCO, CFO, Director and Executive: the governance exams

The senior-role exams emphasize firm-level governance, financial controls, and regulatory accountability. The CCO Exam centres on CIRO IDPC Rule 3912 responsibilities of the Chief Compliance Officer, Rule 3915 reporting to the board, and Rule 3917 annual supervisory review. The CFO Exam covers Rule 4100 minimum capital, Rule 4200 financial reporting and internal controls, and Rule 3913 CFO responsibilities. The Director and Executive Exam covers Rule 2500 approval framework, Rule 3909 executive responsibilities, and Rule 1400 standards of conduct.

• CCO Exam: anchored on CIRO IDPC Rule 3912, Rule 3915, Rule 3917 plus NI 31-103 Part 11 (outside IDPC)
• CFO Exam: Rule 4100 minimum capital, Rule 4200 internal controls, Rule 3913 CFO duties, Form 1 reporting
• Director and Executive: Rule 2500 approval framework, Rule 3909 executive responsibilities, Rule 1400 standards

Institutional and Retail Securities: the desk-specialist exams

These two exams sit between the CIRE and the senior-role exams. They credential representatives for the specific client segment they advise. The Retail Securities Exam reinforces Rule 3402 retail suitability and the Client Focused Reforms (CFRs). The Institutional Securities Exam covers Rule 3403 institutional suitability, the Rule 1201 institutional client definition, and the carve-outs in Rule 3404 (suitability exemptions for institutional and OEO accounts).

• Retail Securities Exam: Rule 3402 retail suitability, Rule 3216 Relationship Disclosure, Client Focused Reforms
• Institutional Securities Exam: Rule 3403 institutional suitability, Rule 1201 institutional client definitions, Rule 3404 suitability exemptions

CIRO exam vs CSI legacy courses: what carries over

If you are coming from CSI's legacy course catalogue (CSC, CPH, PFP), most of your product knowledge carries directly to the relevant CIRO exam. The major gap is regulatory: the CIRO IDPC Rules are now the authoritative source on supervision, complaints, books and records, and ethics. Cross-reference everything against the CIRO IDPC Rules PDF rather than CSI notes published before 2026.

• Equity and fixed-income product content: largely carries over from the CSC to the CIRE
• Regulatory content: substantially rewritten in the CIRO IDPC Rules, do not rely on pre-2026 CSI notes
• IIROC and the MFDA no longer exist as separate regulators; CIRO carries on their regulatory functions
• The IDPC Rules (current consolidation dated August 11, 2026) are the proficiency source. Confirm the live PDF on ciro.ca

How to prepare for any CIRO exam

Across all 9 CIRO exams, the same prep approach works: take a free diagnostic, identify your weakest elements, drill outcome-tagged practice questions, and run timed mocks before exam day. CIRO's Exam Hub is explicit: the proficiency model does not require a preparatory course. Enrolment buys exam attempts. Most candidates still add a drill bank.

• Step 1: Take a free 25-question diagnostic on Registrant Prep to get an element-by-element starting score
• Step 2: Front-load your weakest 2 to 3 elements with practice questions and lesson reading
• Step 3: Drill outcome-tagged questions daily, focused on weak outcomes the dashboard surfaces
• Step 4: Run 1 to 2 full-length timed mocks before exam day to build pacing and stamina
• Step 5: Light review of memorization-heavy material (regulatory framework, definitions) in the final 3 days

Plan the timeline around the exams your role needs. Going straight from the CIRE to the Retail Securities Exam, without a gap, saves time: both syllabi cover know-your-client and suitability, and securities and managed products. A specialty exam such as the Trader, Derivatives or Supervisor Exam takes less extra time if you already work in that area. The CCO and CFO Exams need the longest run-up, because their syllabi have 13 and 15 elements, the most in the model.

CIRO exam timeline and the CSC retirement

The Proficiency Model launched in stages. CIRO named Fitch Learning as its service provider in November 2024, published the CIRE syllabus and practice exam in March 2025 and the other eight syllabi in July 2025, and the rules took effect on January 1, 2026. The first official exams were available on January 9, 2026. The CSC stopped counting for new investment dealer approvals on January 1, 2026. CSI still sells it, and people who enrolled in a CSI course before 2026 have until December 31, 2026 to complete its exams.

• January 1, 2023: IIROC and the MFDA amalgamate as the New Self-Regulatory Organization of Canada (New SRO); June 1, 2023: New SRO changes its name to CIRO
• November 8, 2024: CIRO names Fitch Learning as its service provider for the new model
• March 31, 2025: CIRE syllabus and practice exam published (Bulletin 25-0092)
• April 17, 2025: proficiency rule amendments approved; July 2025: exam fees and the other eight syllabi published
• January 1, 2026: proficiency rules in force; CSC no longer counts for new investment dealer approvals
• January 9, 2026: first official exams available, delivered with Fitch Learning

CIRO exam vs IIROC exam vs MFDA exam: which is current?

Only CIRO exams are current. IIROC and the MFDA amalgamated on January 1, 2023, and the combined organization took the CIRO name on June 1, 2023. If you see a job posting or a prep vendor referring to an 'IIROC exam' or 'MFDA exam,' it is using stale terminology for what is now a CIRO exam. CSI still sells the CSC, which still counts for mutual fund dealer and exempt market dealer representatives, but it is no longer the entry path for new Registered Representatives at investment dealers.

• IIROC exam (legacy term): now the CIRO CIRE for new candidates, or follow-on CIRO exams for advancement
• MFDA exam (legacy term): mutual fund dealer reps still qualify under NI 31-103 §3.5 with the Canadian Investment Funds Course (IFSE), the Investment Funds in Canada course (CSI) or the CSC, not the CIRO exams
• CSC: no longer counts for new investment dealer approvals from Jan 1, 2026; the CIRE replaced it there
• CPH (Conduct and Practices Handbook): not a requirement under the 2026 rules; the CIRE covers complaints (Element 4) and conflicts of interest and ethics (Element 9)