Plain-English explainer
The CIRO Proficiency Model
The CIRO Proficiency Model is the 9-exam credentialing structure that took effect on January 1, 2026. For investment dealer Approved Persons, it replaced the legacy IIROC-era course requirements (the Canadian Securities Course, the Conduct and Practices Handbook course, Wealth Management Essentials, and others) with a single national framework under the Canadian Investment Regulatory Organization. The CIRE is the foundational exam for representatives; the other 8 are role-specific.
All 9 exams at a glance
| Code | Name + role | Q | Min |
|---|---|---|---|
| CIRE | Canadian Investment Regulatory Exam Foundational - required for Investment Representatives and Registered Representatives | 110 | 120 |
| RSE | Retail Securities Exam Retail-facing dealing representatives | 120 | 180 |
| SUP | Supervisor Exam Branch managers and designated supervisors | 90 | 180 |
| TRD | Trader Exam Marketplace participants (UMIR scope) | 100 | 120 |
| DER | Derivatives Exam Options, futures and other derivatives | 120 | 180 |
| ISE | Institutional Securities Exam Institutional dealing representatives | 100 | 150 |
| DIR | Director and Executive Exam Board members and senior executives at CIRO dealer members | 75 | 150 |
| CCO | Chief Compliance Officer Exam Designated CCO at a CIRO dealer member | 90 | 180 |
| CFO | Chief Financial Officer Exam Designated CFO at a CIRO dealer member | 90 | 180 |
First attempt $475 CAD, retake $300 CAD in the same 12-month enrolment, plus applicable taxes (CIRO Investment Dealers FAQ). Supervisor, CCO, and CFO are 60 standard + 30 item-set. Director and Executive is 50 + 25. Formats from the official Exam Hub syllabi. Codes other than CIRE are our shorthand, not CIRO abbreviations. Confirm live figures on the CIRO Exam Hub.
Why it replaced the old structure
Before 2023, Canada had two SROs (IIROC and MFDA) with parallel proficiency programs. IIROC's foundational was the CSC (Canadian Securities Course), administered by CSI. Mutual fund reps qualified with the IFC (Investment Funds in Canada), the Canadian Investment Funds Course or the CSC under NI 31-103, and still do. The Conduct and Practices Handbook (CPH) covered ethics for IIROC registrants. After the IIROC and MFDA consolidation into CIRO on January 1, 2023, CIRO designed a 9-exam model for investment dealer Approved Persons that absorbed the relevant legacy material and modernised it for the post-Client Focused Reforms framework.
The typical career exam path
- →Retail advisor track: CIRE → Retail Securities Exam. Most common path. Roughly 60-90 days of study at 10-12 hours/week for both exams together.
- →Branch manager track: CIRE → Retail Securities Exam → Supervisor Exam. Typically written in that order over 12-24 months as the candidate moves from junior advisor to branch supervision.
- →Trader track: Trader Exam, plus any exam the marketplace requires. The CIRE is not required for Trader approval. UMIR-heavy. Common at execution desks, sales-trading roles, marketplace participants.
- →Derivatives track: CIRE → Derivatives Exam, plus the Retail or Institutional Securities Exam for a Registered Representative. Required to deal in options and futures.
- →Compliance track: CCO Exam, plus the experience requirement (for example, five years at a dealer or adviser with three in compliance or supervision). The CIRE and Supervisor Exam are not required for CCO approval.
- →Senior officer track: CFO Exam or Director and Executive Exam, required at the senior-officer level. Typically written by candidates already registered through other paths.
Grandfathering and transition rules
Approved Persons approved before December 31, 2025 are grandfathered as long as they continue in the same role (a break in approval of 180 days or less still counts). They must still complete Conduct Training by December 31, 2026. Continuing-education obligations under the CIRO CE program continue. Candidates who enrolled in a CSI course prescribed under the old rules before January 1, 2026 can still rely on it only if they finish the course and its exam, and their dealer files the approval application, before January 1, 2027 (IDPC Rule 2629(1)). Otherwise they write the new exams. See CSC grandfathering and the CIRE for the transition specifics.
The exception: Exempt Market Dealer reps
The CIRO Proficiency Model applies only to investment dealers and their Approved Persons. Exempt Market Dealer (EMD) representatives register with their provincial securities regulator under NI 31-103 and not with CIRO. The CSC remains a recognized proficiency credential for EMD reps (NI 31-103 §3.9). Mutual fund dealer representatives, who are regulated by CIRO, are also outside the model: NI 31-103 §3.5 still accepts the CSC, the IFC or the Canadian Investment Funds Course. CSI continues to sell the CSC. See what replaced the CSC for the EMD path.
FAQ
When did the CIRO Proficiency Model take effect?
January 1, 2026. For investment dealer Approved Persons, the model replaced the legacy IIROC-era course requirements (including the Canadian Securities Course, the Conduct and Practices Handbook course, Wealth Management Essentials, and others) with a single 9-exam structure under CIRO. It does not apply to mutual fund dealer representatives, who still qualify under NI 31-103. People approved before December 31, 2025 were grandfathered as long as they stay in the same role.
Do I need to write all 9 exams?
No. Almost no one writes all 9. Most representatives write the CIRE plus the Retail Securities or Institutional Securities Exam. The other exams follow the role: Supervisor for supervisors, Trader for traders, Derivatives for options and futures. The CCO, CFO, and Director and Executive exams are required only for directors, executives, CCOs and CFOs.
Is the CIRE required before any other CIRO exam?
Not for every role. Investment Representatives and Registered Representatives need the CIRE. Trader, Director and Executive, CCO and CFO approvals do not require it, and a Supervisor with at least two years of relevant experience does not need it. Exemptions also exist: CFA Level 1, the CFA Charter or the CIM designation (the Associate Portfolio Manager and Portfolio Manager requirements) exempts an applicant from the CIRE, Retail Securities Exam and Institutional Securities Exam (IDPC Rule 2627(3)); two years in the same Approved Person category in the last three years exempts the CIRE (Rule 2625(2)(i)); and FINRA registration in a similar capacity within the last three years, with the FINRA requirements completed, exempts the CIRE (Rule 2627(1)).
How much does the full CIRO Proficiency Model cost?
Each exam is $475 for the first attempt and $300 for a retake in the same 12-month enrolment. Two first attempts (CIRE plus one role exam) are $950. Official syllabi are free. Optional Registrant Prep is $249/year for all nine exams.
Did the CIRO Proficiency Model retire the CSC entirely?
No. From January 1, 2026 the CSC no longer counts for approval at an investment dealer. CSI still sells it, and it still meets the proficiency rules for mutual fund dealer representatives (NI 31-103 §3.5), who are regulated by CIRO, and for Exempt Market Dealer (EMD) representatives (NI 31-103 §3.9), who register with their provincial securities regulator. See /csc-replacement.
Are the new exams harder than the legacy ones?
Comparable. The CIRE has 110 questions vs the legacy CSC's 100-per-volume structure. The CIRO Proficiency Model exams reflect the post-CFR (Client Focused Reforms, effective Dec 31, 2021) regulatory framework and the consolidated IDPC Rules, so the regulatory content is updated.
Do I still need the Wealth Management Essentials course?
Not if you are approved under the new proficiency model. Under IDPC Rule 2604 the only post-approval requirements are dealer training and Conduct Training, so there is no WME requirement for those individuals. If you already owed WME on December 31, 2025, you can finish WME by the earlier of December 31, 2026 and your original due date, or pass the Retail Securities Exam by your original due date (Rule 2629(2)). Existing Approved Persons still complete Conduct Training by December 31, 2026. New Approved Persons complete it within 30 days of approval.
What is Conduct Training?
A mandatory CIRO module for Investment Dealer Approved Persons, separate from the nine exams and not billed as an exam fee. New APs have 30 days from approval. Existing APs have until December 31, 2026. In 2026 it also satisfies the mandated annual CE (3 compliance hours). Dealers report completion on NRD and on CIRO Services-CE. Missing the deadline triggers automatic suspension.
Start with the free 25-question mock.
For most representatives, the CIRE comes first. The free 25-question mock exam scores all 9 CIRE elements proportional to the real exam weighting. 25 minutes, no card.