It depends on the registration category.
For representatives at CIRO investment dealers (retail and institutional securities, supervisor, trader, and derivatives roles), the answer is no. Since January 1, 2026 the Canadian Securities Course no longer counts for CIRO approval at an investment dealer under the CIRO Proficiency Model. For most representatives, the exam you need is the CIRE (Canadian Investment Regulatory Exam).
For mutual fund dealer representatives and exempt market dealer (EMD) representatives, the CSC is still a valid route. Their proficiency is set by NI 31-103: the CSC exam is one of three accepted courses for mutual fund dealer representatives (s.3.5), and one of several routes for EMD representatives, alongside the Exempt Market Products Exam (s.3.9). The CIRO Proficiency Model did not change those rules. CSI continues to offer the CSC for these candidates.
For everyone else at a CIRO investment dealer, continue reading. The CSC is not on the path, apart from the transition cases below.
Who Is Affected
Everyone applying for approval at an investment dealer for the first time in 2026 is affected. The change applies to new applicants across every investment dealer Approved Person category, including Registered and Investment Representatives, Supervisors, Traders, and representatives dealing in derivatives.
If you were an Approved Person on December 31, 2025, you are not affected as long as you stay in the same role. You do not need to write the new exams, though you must complete CIRO Conduct Training by December 31, 2026. More on that below.
If you enrolled in the CSC but have not yet completed it, you fall into a specific transition group with its own rules. See the transition rules section below.
What to Write Instead
The CIRO Proficiency Model replaces the old CSC-centered structure with a two-layer system. The CIRE is the foundational exam for Investment Representatives and Registered Representatives. Registered Representatives then write one or more role-specific exams depending on their approval category.
The CIRE alone qualifies you only as an Investment Representative dealing in securities. Registered Representative approval requires another exam on top of it.
| Registration Goal | Foundational Exam | Follow-up Exam Required |
|---|---|---|
| Registered Representative (retail) | CIRE | Retail Securities Exam |
| Registered Representative (institutional) | CIRE | Institutional Securities Exam |
| Representative dealing only in mutual funds at an investment dealer | CSC, CIFC or IFC before approval | CIRE (plus Retail Securities Exam for RRs) within 270 days, unless the firm is also a mutual fund dealer |
| Supervisor | CIRE only without 2 years of relevant experience | Supervisor Exam, plus the exams of those supervised |
| Trader | Not required | Trader Exam, plus any marketplace exam |
| Representative dealing in derivatives | CIRE | Derivatives Exam (plus Retail or Institutional Securities Exam for RRs) |
| Mutual fund dealer representative | CSC still accepted | NI 31-103 s.3.5 (CIFC, CSC or IFC) |
| Exempt Market Dealer (EMD) representative | CSC still accepted | NI 31-103 s.3.9 (CSC, Exempt Market Products Exam or other routes) |
For representative roles at an investment dealer, start with the CIRE. From there, your firm's compliance team will confirm which follow-up exam applies.
For a full comparison of the old path versus the new one, see CSC vs. CIRE: what changed. For a broader look at the replacement structure, see what replaces the CSC.
Transition Rules for Partial Completers
If you started the CSC and passed one of the two exams but not both, CIRO does not carry over partial credit to the new model. You cannot convert a half-finished CSC into a partial CIRE credit.
Your options:
- Write the CIRE from scratch. The CIRE is a single integrated exam. There is no exam split, and the content weighting reflects CIRO's competency framework.
- Finish the CSC by December 31, 2026. If you enrolled in the CSC before January 1, 2026, you have until December 31, 2026 to complete CSI exams for CIRO purposes. The course counts if it completes what the pre-2026 rules required for your category and your dealer files your approval application before January 1, 2027 (IDPC Rule 2629(1)).
- Do not delay. The December 31, 2026 exam cut-off is close, and the dealer must file before January 1, 2027. If you cannot meet both dates, start the CIRE now.
Not sure where you stand? Use the diagnostic tool to map your current credentials to the right next step.
What Existing Registrants Need to Do
If you were already approved on December 31, 2025, the answer is: no new exams, but one deadline. You must complete CIRO Conduct Training by December 31, 2026, and your dealer must report it by then. Missing it means automatic suspension.
CIRO's rules exempt anyone approved before 2026 from the new exams while they continue in the same role (IDPC Rule 2625(2)). You do not need to write the CIRE to keep your current approval.
There are two situations where this changes:
- Changing your approval category. If you move to a category that needs different baseline proficiencies (for example, from mutual funds only to securities), the new requirements for that category apply.
- Returning after a gap. A break in approval of 180 days or less still counts as the same role. After a longer break, the new requirements apply, although two years in the same category within the last three years exempts you from the CIRE.
For the complete picture on grandfathering, see Is the CSC grandfathered?.
What Employers Expect in 2026
Compliance departments at investment dealers have had to update their onboarding checklists for the new model. The practical impact for candidates:
The CIRE is now the baseline exam for new representatives at investment dealers. Firms that previously listed the CSC now need the CIRE for Registered and Investment Representative approval, unless an exemption applies.
Ask about study support. CIRO publishes a free syllabus, practice exam and Guide for Studying for each exam but does not require or accredit prep courses. Ask your hiring firm whether they provide study time or course reimbursement.
The two-exam path is the standard expectation. A Registered Representative candidate in retail securities needs both the CIRE and the Retail Securities Exam, plus a relevant diploma or degree or four years of relevant experience. The CIRE alone supports only Investment Representative approval. Confirm your full required path with your sponsor before you start studying.
Existing CSC holders get no discount on the new exams. If you are changing firms in the same role, your existing approval carries over as long as the break is 180 days or less. But if a new role requires an approval category you do not currently hold, you will go through the new model like any other new applicant.
Frequently Asked Questions
Can I still use my CSC to get registered in 2026?
At an investment dealer, only in limited cases. If you were approved before 2026 and stay in the same role, your approval continues. If you are not yet approved, the CSC counts only if you enrolled before January 1, 2026, finish by December 31, 2026, and your dealer files before January 1, 2027. For mutual fund dealer and exempt market dealer roles, yes: the CSC still meets NI 31-103. In other cases, new investment dealer applicants need the CIRE.
Is the CIRE harder than the CSC?
There is no official comparison; CIRO does not publish CIRE pass rates. The CIRE covers regulation, client relationships, markets and products, and its largest element is securities, managed products and mutual funds. Candidates who studied the CSC will find overlap in concept areas, but the exam is new and distinct. Study materials from the CSC do not map directly to the CIRE syllabus.
I passed the CSC years ago but never got registered. Does it still count?
For investment dealer approval, generally not. Outside the Rule 2629(1) transition, older courses like the CSC count only under the Rule 2625 exemptions or a discretionary CIRO exemption. For a mutual fund dealer or exempt market dealer role, a CSC passed more than 36 months ago counts only if you were registered in the same category, or gained 12 months of relevant securities industry experience, in the last 36 months (NI 31-103 s.3.3). Do not assume old results are still valid without confirming.
Where do I start if I know nothing about the new system?
Start with the CIRE exam page for a breakdown of the exam structure and content. Then read what replaces the CSC for context on how the full model works. If you want a personalized path based on your target role, the diagnostic tool takes you through a short series of questions and maps your next required exam.