The CSC no longer counts for investment dealer approval. Here is exactly which CIRO exam you need next and how to pass it.

On January 1, 2026, the Canadian Securities Course (CSC) stopped counting for approval at an investment dealer regulated by the Canadian Investment Regulatory Organization (CIRO). CIRO moved to a 9-exam Proficiency Model designed and delivered with Fitch Learning. Investment Representatives and Registered Representatives start with the Canadian Investment Regulatory Exam (CIRE). CSI still sells the CSC, and it still qualifies mutual fund dealer and exempt market dealer representatives under NI 31-103.

It depends on the role. For approval at an investment dealer, the CSC no longer counts on its own since January 1, 2026. If you were an Approved Person on December 31, 2025, you keep your current role without the new exams, but you must complete CIRO Conduct Training by December 31, 2026. For mutual fund dealer representatives (NI 31-103 s.3.5) and exempt market dealer representatives (s.3.9), the CSC exam still meets the proficiency requirement.

In broad terms, the CSC is replaced by the CIRE plus one or more role-specific exams under the CIRO Proficiency Model. A retail registered representative now writes the CIRE plus the Retail Securities Exam (RSE), and needs a relevant diploma or degree or four years of relevant experience.

They lead to different places. If by IFIC you mean the Canadian Investment Funds Course (CIFC) from the IFSE Institute: under NI 31-103 s.3.5, a mutual fund dealer representative can qualify with the CIFC, the CSC or CSI's Investment Funds in Canada course, so both still work for mutual funds. For approval at an investment dealer, neither replaces the CIRO exams, although mutual-fund-only reps at an investment dealer can use either one before approval under IDPC Rule 2605.

Not if you act in time. If you enrolled in a CSI course before January 1, 2026, it still counts for investment dealer approval when you finish the course and its exam before January 1, 2027, the course 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)). Outside that window, older courses count for investment dealer approval only under the Rule 2625 exemptions or a discretionary CIRO exemption. For mutual fund and exempt market dealer roles, a completed CSC still counts.

If you enrolled before January 1, 2026, CSI exams for CIRO purposes must be finished by December 31, 2026, and your dealer must file your approval application before January 1, 2027. If you miss either date, partial progress on the CSC does not transfer and you write the CIRE. The CIRE syllabus, practice exam and Guide for Studying are free on CIRO's Exam Hub.

IIROC no longer exists as a separate regulator. IIROC and the MFDA amalgamated on January 1, 2023, and the combined organization took the name CIRO on June 1, 2023. CIRO carries on the regulatory functions of both, so approvals are now handled by CIRO.

There is no official comparison: CIRO does not publish pass rates or the pass mark, and each exam version has its own passing grade. The CIRE is one exam with 110 questions in 2 hours. The CSC is two exams of 100 questions and 2 hours each. The largest CIRE element is securities, managed products and mutual funds, with 21 indicative questions.

Only the ones you are eligible for. To enrol you must attest that you work at a CIRO dealer in a role that needs the exam, or plan to apply within 12 months, or intend to take further CIRO exams that require it. Senior practitioners with broad responsibilities may need several.

CIRO designs and delivers the nine exams in partnership with Fitch Learning, which owns the Canadian Securities Institute (CSI). CIRO's contract with CSI, which ran the CSC for CIRO purposes, expired on December 31, 2025. You sit the exams at a Prometric test centre in Canada or remotely through Prometric ProProctor, in English or French.

CFA Level I, a CFA Charter or the CIM designation exempts you from the CIRE, the Retail Securities Exam and the Institutional Securities Exam (IDPC Rule 2627(3)). The rules do not list the CFP. Other exemptions cover two years in the same approval category within the last three years, and recent FINRA registration.

It depends on the number of exams your registration category requires. A new retail advisor candidate writing CIRE and RSE could complete both within a few months with focused preparation. More complex paths involving multiple exams take longer. CIRO's Proficiency Model documentation outlines the full sequence for each registration category.