Since January 1, 2026, the Canadian Securities Course (CSC) exam no longer counts for approval at an investment dealer regulated by the Canadian Investment Regulatory Organization (CIRO). Candidates now seeking approval as representatives at an investment dealer complete the new CIRO Proficiency Model exams, with the Canadian Investment Regulatory Exam (CIRE) serving as the foundational requirement. The CSC exam itself is still offered by CSI, and it still qualifies mutual fund dealer and exempt market dealer representatives.
The CSC Exam and Investment Dealer Approval Since 2026
Since January 1, 2026, the CSC exam no longer counts for CIRO approval at an investment dealer, and CIRO's contract with CSI expired on December 31, 2025. Individuals seeking approval as representatives at an investment dealer generally can no longer use the CSC to meet their proficiency requirements. The exception: candidates who enrolled in a CSI course before January 1, 2026 have until December 31, 2026 to complete CSI exams, and the course counts if their dealer files the approval application before January 1, 2027 (IDPC Rule 2629(1)).
This marked a significant shift for investment professionals in Canada. The CIRE (Canadian Investment Regulatory Exam) is the new foundational exam. It is part of a broader CIRO Proficiency Model that moves from course-based requirements to exams based on competencies.
The CIRO Proficiency Model and the CIRE
The Canadian Investment Regulatory Exam (CIRE) is the cornerstone of the new CIRO Proficiency Model, replacing the CSC as the entry-level qualification for investment dealer representatives. This new exam is structured to assess a candidate's understanding of fundamental investment concepts and regulatory requirements. The CIRE consists of 110 multiple-choice questions, and candidates are allotted 120 minutes to complete the exam. The CIRE enrolment fee is $475 CAD plus applicable taxes, which covers up to three attempts within 12 months; each second or third attempt costs $300.
The CIRE's purpose is to establish a consistent and updated standard of proficiency for individuals entering investment dealers under CIRO's oversight. The cost structure also differs from the CSC. CSI lists the CSC at $998 to $1,398, a price that includes the course and textbook. The CIRE fee pays for the exam only; no preparatory course is required, and CIRO publishes a free syllabus, practice exam and Guide for Studying.
CSC's Continued Use for Mutual Fund and Exempt Market Dealer Representatives
The CSC exam remains a valid proficiency route outside investment dealers. Under National Instrument 31-103 s.3.9, an exempt market dealer (EMD) representative can qualify by passing the CSC Exam or the Exempt Market Products Exam, among other routes. Under s.3.5, a mutual fund dealer representative can qualify with the Canadian Investment Funds Course, the CSC or the Investment Funds in Canada course. The CSC Exam also counts toward the exempt market dealer CCO requirement in s.3.10, alongside other exams and experience.
Exempt Market Dealers are registered with the provincial securities regulators, not CIRO. Mutual fund dealers are CIRO members, but their representatives' proficiency is still set by NI 31-103 rather than by the CIRO exams. That is why the change for investment dealers did not affect these roles. The Canadian Securities Institute (CSI) continues to offer the CSC. EMD candidates can choose the CSC or the Exempt Market Products Exam; the CSC is not the only route.
Comparing the CSC and CIRE Exams
The transition from the CSC to the CIRE represents a significant change in the foundational exam for investment dealer approval. The CSC has two exams, Exam 1 and Exam 2. Each is 100 multiple-choice questions in 2 hours, with a 60% passing grade and up to three attempts. Candidates pass both to complete the course.
In contrast, the new CIRE is a single, integrated examination. It comprises 110 multiple-choice questions, and candidates are allocated 120 minutes for completion. CIRO does not publish the CIRE pass mark. While both exams cover fundamental investment knowledge and regulatory principles, the CIRE is designed under the updated CIRO Proficiency Model to reflect current industry practices and regulatory priorities. The CIRE's consolidated format is a single sitting versus the two-part CSC.
Grandfathering and Transition Rules
CIRO's grandfathering rule turns on approval. Anyone approved before December 31, 2025 is exempt from the new proficiency requirements as long as they continue in the same role (IDPC Rule 2625(2)); a break of up to 180 days still counts. They must complete CIRO Conduct Training by December 31, 2026.
For candidates who had started the CSC but were not yet approved, Rule 2629(1) applies. If they enrolled before January 1, 2026, the course still counts when they complete it and its exams before January 1, 2027, it meets the pre-2026 requirement for their category, and the dealer files before January 1, 2027. Otherwise they pursue the CIRE and other relevant exams under the CIRO Proficiency Model.
Where to Access the CSC (for Mutual Fund and EMD Roles) and CIRE Preparation
For individuals pursuing a mutual fund dealer or EMD representative role, the Canadian Securities Institute (CSI) remains the provider of the CSC. Candidates enrol in and take the CSC through CSI, and the exam still meets NI 31-103 (s.3.5 and s.3.9).
For those preparing for the new CIRE, several options are available, and no preparatory course is required. CIRO publishes the syllabus, a practice exam and a Guide for Studying free on its Exam Hub. Registrant Prep offers preparation materials for all 9 CIRO exams, including the CIRE, for $29.99 a month or $249 a year. Fitch Learning, which delivers the exams, says preparatory courses are not required or provided.
Next Steps for Aspiring Investment Professionals
Determining your next steps depends on your specific career aspirations within the Canadian investment industry. If your goal is approval as a representative at a CIRO investment dealer, focus on the Canadian Investment Regulatory Exam (CIRE) and the broader CIRO Proficiency Model. This path will lead you through the updated regulatory requirements for investment representatives.
Conversely, if you are headed for a mutual fund dealer or exempt market dealer role, the Canadian Securities Course (CSC) remains one of your proficiency options under NI 31-103 (s.3.5 or s.3.9), alongside other courses and exams. Regardless of your chosen path, utilizing diagnostic tools can help assess your current knowledge and readiness for either the CIRE or the CSC.
Mini-Quiz: Test Your Knowledge
- Which exam is required for investment dealer approval as of January 1, 2026?
- What is the CIRE enrolment fee?
- For which roles does the CSC still meet the proficiency requirement?
- What price range does CSI list for the CSC?
- By what date must CSI exams be completed under the Rule 2629(1) transition?
Frequently Asked Questions
1. Is the CSC exam still required for investment dealer approval in 2026? No. Since January 1, 2026 the CIRE route applies, apart from the Rule 2629(1) transition for CSI courses enrolled in before 2026.
2. What exam replaced the CSC for CIRO purposes? The Canadian Investment Regulatory Exam (CIRE) is the new foundational exam under the CIRO Proficiency Model.
3. Can I still take the CSC exam? Yes. CSI still offers it, and it still meets NI 31-103 for mutual fund dealer (s.3.5) and exempt market dealer (s.3.9) representatives.
4. What is the cost of the new CIRE exam? $475 CAD plus applicable taxes for an enrolment, and $300 for each second or third attempt.
5. What if I passed the CSC before January 1, 2026? If you were approved before 2026 and stay in the same role, you keep your approval without the new exams. If you were not approved, the course can still count under Rule 2629(1) if your dealer files your application before January 1, 2027.
Understand your readiness for the CIRE or other CIRO exams with our free mock exam tool. Access the diagnostic now.