The CIRO Proficiency Model replaced the Canadian Securities Course for investment dealer approval on January 1, 2026. It consists of 9 separate exams, anchored by the CIRE (Canadian Investment Regulatory Exam) as the foundational entry-level exam, plus 8 role-specific exams tied to individual approval categories. The CSC itself is still sold by CSI and still qualifies mutual fund dealer and exempt market dealer representatives under NI 31-103.
The CIRE: The Direct Successor to the CSC
The CIRE is where new Investment Representatives and Registered Representatives start. It replaced the CSC's two-exam structure with a single foundational exam (110 questions, 2 hours) that tests core knowledge across securities regulation, client relationships, investment products, and conflicts of interest and ethics. CIRO designed it to serve as the shared baseline before representatives branch into their specific approval path.
Under the old rules, a new registered representative completed the CSC's two exams and the Conduct and Practices Handbook course. Now the foundational layer is one exam, followed by CIRO's free Conduct Training within 30 days of approval. The CIRE is not a prerequisite for every role-specific exam: the rules pair it with the Retail Securities, Institutional Securities and Derivatives Exams, but not with the Trader, Director and Executive, Chief Compliance Officer or Chief Financial Officer Exams. If you are joining an investment dealer as a representative, the CIRE is almost certainly your first exam.
Explore the full CIRE exam guide, including the official topic breakdown, format details, and the practice questions available on Registrant Prep.
The 8 Role-Specific Exams
Candidates write the exam that matches their approval category. For Registered Representatives, that comes on top of the CIRE. These exams are narrower and deeper than the CIRE. They assume you already understand the regulatory foundation and test the specific knowledge your role demands.
Retail Securities
The Retail Securities exam covers dealing with individual clients: KYC and suitability, fixed income and equities, securities analysis, managed products, portfolio construction, investment recommendations, and monitoring and reporting to clients. Retail Registered Representatives at investment dealers write this exam, as do mutual-fund-only Registered Representatives at an investment dealer that is not also a mutual fund dealer (within 270 days of approval). See who needs the Retail Securities exam.
Institutional Securities
This exam applies to registrants whose clients are institutions rather than retail investors. It covers managing institutional client relationships, conflicts of interest and standards of conduct, fixed income and equities, securities analysis and investment theory (its largest element), managed and other products, and execution and market integrity. If your role involves pension funds, hedge funds, or corporate treasuries, this is your path.
Supervisor
The Supervisor exam is for supervisors and branch managers. It tests your ability to approve accounts, oversee registrant conduct, review account activity, identify red flags in trading activity, and manage compliance obligations at the branch level. It goes deeper into supervision frameworks and escalation procedures than any exam designed for individual registrants. Supervisors also need the exams required of the people they supervise, but not the CIRE if they have two years of relevant experience. View the Supervisor exam overview.
Trader
Traders who execute orders on exchanges or alternative trading systems write the Trader exam, plus any exam the marketplace requires. The rules do not require the CIRE for Traders. It covers market structure, order types, trading rules, best execution obligations, and the specific regulatory requirements that apply to marketplace participants. This exam is more technical in its treatment of execution mechanics than the Retail or Institutional exams.
Derivatives
The Derivatives exam applies to registrants who deal in options, futures, or other derivative instruments with clients. It covers derivative product mechanics, pricing, trading, clearing and settlement, hedging and speculative strategies, margin, and the regulatory framework that governs derivatives trading in Canada. Candidates who will advise on or execute derivatives strategies for clients need this exam.
Director and Executive
Directors (where required), the Ultimate Designated Person, and Executives other than the CCO and CFO write this exam. It covers governance obligations, duties and liabilities, risk management and internal controls, significant areas of risk, and the duties that apply when you are accountable for the overall conduct of an investment dealer. It focuses on oversight rather than individual registrant duties.
Chief Compliance Officer
CCOs at investment dealers write a dedicated exam. The CCO exam covers the design and operation of a compliance program, regulatory reporting obligations, conflicts of interest management, supervisory systems, and the CCO's personal liability exposure. This is not a generalist exam. It focuses specifically on the accountability and authority of the compliance function.
Chief Financial Officer
CFOs at investment dealers write this exam. It covers financial reporting requirements, capital adequacy, protection of dealer and client assets, form filing obligations, and the regulatory expectations that apply to the financial management of a dealer.
The 9-Exam Matrix
| Exam | Our shorthand | Who Needs It | Format |
|---|---|---|---|
| Canadian Investment Regulatory Exam | CIRE (official) | Investment and Registered Representatives | 110 multiple choice, 2 hours |
| Retail Securities Exam | RSE | Retail Registered Representatives | 120 multiple choice, 3 hours |
| Institutional Securities Exam | ISE | Institutional Registered Representatives | 100 multiple choice, 2.5 hours |
| Supervisor Exam | SUP | Supervisors and branch managers | 90 multiple choice (60 standard + 30 item set), 3 hours |
| Trader Exam | TRD | Traders executing orders on exchanges or ATSs | 100 multiple choice, 2 hours |
| Derivatives Exam | DER | Representatives dealing in derivatives, and PMs or APMs managing derivatives accounts | 120 multiple choice, 3 hours |
| Director and Executive Exam | D&E | Directors, UDPs and Executives other than the CCO and CFO | 75 multiple choice (50 standard + 25 item set), 2.5 hours |
| Chief Compliance Officer Exam | CCO | Chief Compliance Officers | 90 multiple choice (60 standard + 30 item set), 3 hours |
| Chief Financial Officer Exam | CFO | Chief Financial Officers | 90 multiple choice (60 standard + 30 item set), 3 hours |
CIRO designs and delivers all nine exams in partnership with Fitch Learning, at Prometric test centres in Canada or remotely through Prometric ProProctor, in English or French. Each costs $475 plus applicable taxes per enrolment, with $300 for each second or third attempt. CIRE is the only official abbreviation; the other codes are our shorthand.
How to Pick Your Exam Path
Your approval category determines which exams you need. The required exams for each category are set out in IDPC Rule 2603, summarized on CIRO's proficiency pages. The general logic:
- New registrant entering retail dealing: CIRE, then Retail Securities.
- New registrant in institutional sales: CIRE, then Institutional Securities.
- Registrant moving into supervision: Supervisor, plus the exams required of the people you supervise. The CIRE is not required if you have two years of relevant experience.
- Derivatives specialist: CIRE, then Derivatives (plus Retail or Institutional Securities for Registered Representatives).
- Trader: Trader Exam, plus any exam the marketplace requires.
- Firm executive (CCO/CFO/Director): the relevant executive exam, plus the experience or education the role requires. The CIRE is not required.
If you are unsure which path applies to your role, the Registrant Prep diagnostic maps your situation to the correct exam sequence in under two minutes.
Registration Category Mapping
CIRO set exam requirements for each investment dealer Approved Person category in IDPC Rule 2603. The old CSC was a general requirement used across many different categories. The new model is specific:
- Registered Representative, retail: CIRE + Retail Securities
- Registered Representative, institutional: CIRE + Institutional Securities
- Investment Representative: CIRE (plus Derivatives to deal in derivatives)
- Registered Representative dealing in derivatives: CIRE + Retail or Institutional Securities + Derivatives
- Supervisor: Supervisor + the exams of those supervised (no CIRE with two years of relevant experience)
- Trader: Trader + any marketplace exam
- Director, Ultimate Designated Person and other Executives: Director and Executive
- Chief Compliance Officer: Chief Compliance Officer
- Chief Financial Officer: Chief Financial Officer
- Associate Portfolio Manager / Portfolio Manager: CFA Level 1 (APM) or CFA Charter (PM), or the CIM designation, plus Derivatives if managing derivatives accounts
- Mutual fund dealer representative: not a CIRO exam; NI 31-103 s.3.5 (Canadian Investment Funds Course, CSC or Investment Funds in Canada)
This mapping is not exhaustive. Registered Representatives also need a relevant diploma or degree or four years of relevant experience, and several executive roles have experience requirements. Always confirm your requirements with your firm's compliance department.
How the New Model Differs From the Old CSC Structure
The CSC has two exams: Exam 1 (the marketplace, economics, fixed income, equities and derivatives) and Exam 2 (investment and portfolio analysis, managed products, taxation and working with clients). Under the old rules, a new registered representative at an investment dealer passed both, plus the Conduct and Practices Handbook (CPH) course, and then completed the Wealth Management Essentials course within 30 months of approval.
The CIRO Proficiency Model separates the foundational knowledge (CIRE) from the role-specific knowledge (8 exams). The CPH and WME are not part of the new rules; instead, new Approved Persons complete CIRO's free Conduct Training within 30 days and dealer training within 90 days. The result is fewer courses for some roles and more targeted exams for specialized roles.
The CIRE is not simply a lighter CSC. What changed is the structure: one consolidated foundation exam, then a targeted role exam, rather than two generalist exams plus conduct courses.
Transitional provisions apply. If you were approved before 2026 and stay in the same role, you do not need the new exams, though you must complete Conduct Training by December 31, 2026. If you enrolled in a CSI course before 2026, it still counts if you finish it by December 31, 2026 and your dealer files before January 1, 2027. Review the CSC vs. CIRE comparison for the full transitional picture, and check the CSC still required page if you are unsure whether your existing credentials still satisfy current requirements.
All 9 Exams in One Subscription
Registrant Prep covers the CIRE and all 8 role-specific exams under a single subscription: $29.99/month or $249/year. Every exam includes full question banks, timed practice exams, and topic-by-topic breakdowns built from the official CIRO curriculum.
Browse all 9 exams and start with the one that matches your registration path.
Frequently Asked Questions
Is the CSC still accepted after January 1, 2026? For investment dealer approval, only through the transition rules: approvals granted before 2026 continue in the same role, and CSI courses enrolled in before 2026 count if finished by December 31, 2026 with the dealer filing before January 1, 2027. For mutual fund and exempt market dealer representatives, the CSC is still accepted under NI 31-103. See CSC still required for the current status.
Do I need to write all 9 exams? No. You write the exams your approval category requires: for a Registered Representative, the CIRE plus the Retail or Institutional Securities Exam. Some roles need additional exams, such as the Derivatives Exam, and executive roles need only their own exam.
Who delivers the CIRO exams? CIRO designs and delivers the exams in partnership with Fitch Learning. You enrol through Fitch Learning's enrolment site and sit the exam with Prometric, at a test centre in Canada or remotely.
How is the CIRE different from CSC Exam 1? The CIRE is a single integrated exam rather than a two-part series, and it is built on CIRO's own syllabus. It gives far more weight to regulation, client relationships, complaints, and conflicts of interest and ethics than CSC Exam 1, which is mostly markets, economics and securities.
What happens if I fail an exam? Your enrolment covers up to three attempts within 12 months, with $300 for each second or third attempt. No waiting period between attempts is published, and the rules are the same for every exam. After three fails or absences within six months, a six-month cooling-off period applies.
Where do I start if I have never written any securities exam? Start with the CIRE if you are joining an investment dealer as a representative. It is the foundation for representative roles, though not a prerequisite for every exam. Use the diagnostic tool to confirm your full exam path before you begin.