CIRE Mock Exam

Five sample CIRE questions, fully explained

We wrote these for this page; none comes from CIRO's practice exam. There is one each from Elements 7, 3, 9 and 6, the four most heavily weighted, and one from Element 1. Pick your answer before you open the explanation.

1. Question 1: Element 7, Securities, managed products and mutual funds

   A client buys a corporate bond with a $1,000 face value and a 5% annual coupon, paying $960 for it. Which statement about the bond's coupon and current yield is correct?

   1. A.Its current yield is below 5%, because she bought the bond at a discount
   2. B.Its current yield equals the 5% coupon rate, because the coupon is fixed
   3. C.Its current yield is above 5%, because the fixed $50 coupon is measured against the $960 she paid
   4. D.Its current yield includes the $40 she gains at maturity, so it is higher than the yield to maturity
   Show the answer and explanation

   Answer: C. Its current yield is above 5%, because the fixed $50 coupon is measured against the $960 she paid

   Current yield is the annual coupon divided by the price paid. The coupon is 5% of the $1,000 face value, or $50 a year, so the current yield is $50 ÷ $960 = 5.21%. The coupon rate is fixed on face value while the yield depends on the price paid, so a bond bought below par has a current yield above its coupon rate.

   A reverses the price-yield relationship: buying below par raises the yield on the fixed coupon rather than lowering it. B is the coupon-versus-yield confusion this outcome tests, since the coupon is fixed but the yield depends on the price paid. D mixes up current yield and yield to maturity. Current yield leaves out the $40 gain to maturity, while yield to maturity includes it, so for a bond bought at a discount the yield to maturity is the higher of the two.

   Syllabus outcome 7.5. More on this element in the Element 7 guide.

2. Question 2: Element 3, Scope of client relationship

   Daniel is an Investment Representative at an Investment Dealer. A retail client phones and asks Daniel which of two bank shares the client should buy. What should Daniel do?

   1. A.Recommend the share with the higher dividend yield, since that is a factual comparison
   2. B.Update the client's KYC information, then recommend whichever share is suitable
   3. C.Give quotes and factual information, take the order if the client decides, and offer to connect him with a Registered Representative for advice
   4. D.Decline to take any order until a Registered Representative has reviewed the account
   Show the answer and explanation

   Answer: C. Give quotes and factual information, take the order if the client decides, and offer to connect him with a Registered Representative for advice

   IDPC Rules section 1201 defines an Investment Representative as an individual approved “to trade in, but not advise on, securities or derivatives”. Responding to enquiries, giving quotes, and taking and entering orders are part of the role, while making investment recommendations is not.

   A is still a recommendation, however factual the reasoning behind it. B describes what a Registered Representative does: collecting KYC information does not give an Investment Representative the right to advise. D goes too far, because taking and entering the client's own order is squarely within an Investment Representative's job.

   Syllabus outcome 3.2. More on this element in the Element 3 guide.

3. Question 3: Element 9, Conflicts of interest and ethics

   Priya, a Registered Representative, has been offered a paid role as treasurer of a local community foundation. Several of her clients sit on its board. What does IDPC section 2554 require for her to take the role?

   1. A.Nothing, as long as the work happens outside business hours and no client pays her
   2. B.She must disclose the role in writing to the clients on the board, which is enough on its own
   3. C.She must inform her Dealer Member and get its approval first, and the Dealer Member must notify CIRO
   4. D.She can start right away, as long as she reports the role to CIRO herself
   Show the answer and explanation

   Answer: C. She must inform her Dealer Member and get its approval first, and the Dealer Member must notify CIRO

   IDPC Rules section 2554 allows an Approved Person to have an activity outside the Dealer Member only if it is not contrary to securities laws or CIRO requirements and does not bring the securities industry into disrepute. She must inform the Dealer Member and get its prior approval, the dealer's policies and procedures must specifically address continuous service to clients and potential conflicts of interest, and the Dealer Member notifies CIRO in the time and manner required by National Instrument 33-109.

   A fails because section 2554 covers any activity outside the Dealer Member, with no exception for evening work or for pay that comes from someone other than a client. B fails because telling clients does not replace the dealer's prior approval, and having clients on the board makes the conflict review more important, not less. D gets both the order and the reporting party wrong: approval comes before she starts, and it is the dealer that notifies CIRO.

   Syllabus outcome 9.9. More on this element in the Element 9 guide.

4. Question 4: Element 6, Market integrity, trade execution and settlement

   A client buys 400 shares of a company listed on a Canadian exchange through her Registered Representative. Which of the following must the written trade confirmation include?

   1. A.Her risk profile and investment objectives from the KYC record
   2. B.The share of the commission paid out to her Registered Representative
   3. C.Whether the Dealer Member acted as principal or agent, and the settlement date
   4. D.The firm's current research rating on the company
   Show the answer and explanation

   Answer: C. Whether the Dealer Member acted as principal or agent, and the settlement date

   IDPC Rules section 3816 requires a Dealer Member to promptly send the client a written confirmation of every purchase and sale. For a trade in securities, the minimum content includes the day and the marketplace of the trade, any fee charged by a securities regulatory authority, the salesperson's name, the name of any dealer used as agent, the settlement date, the quantity and description of the security, the consideration, and whether the firm acted as principal or agent.

   The client's KYC details (A), the representative's payout (B) and a research rating (D) can all matter elsewhere in the client relationship, but none is part of the confirmation's required content.

   Syllabus outcome 6.8. More on this element in the Element 6 guide.

5. Question 5: Element 1, Overview of regulatory framework

   A CIPF member firm becomes insolvent, and none of a client's property at the firm can be returned. She held $700,000 in a cash account, $500,000 in a TFSA and $300,000 in an RRSP. Using CIPF's general limits for individuals, how much can CIPF cover?

   1. A.$300,000
   2. B.$1,000,000
   3. C.$1,300,000
   4. D.$1,500,000
   Show the answer and explanation

   Answer: C. $1,300,000

   For individuals, CIPF's general limits are $1 million for all general accounts combined (such as cash, margin, TFSA and FHSA accounts), plus $1 million for all registered retirement accounts combined (such as RRSPs, RRIFs and LIFs), plus $1 million for RESPs where the client is the subscriber. Her cash account and TFSA are both general accounts, so together they are capped at $1,000,000 rather than covered for the full $1,200,000. Her RRSP falls under the separate retirement limit and is covered in full. The total is $1,000,000 + $300,000 = $1,300,000.

   B applies a single $1 million cap to everything. D gives each account its own $1 million limit. A borrows the $100,000 limit from CDIC deposit insurance, which is a different scheme. CIPF also covers only property that goes missing when a member firm is insolvent, not a drop in the value of investments.

   Syllabus outcome 1.6. More on this element in the Element 1 guide.

What your CIRE mock score means at each band

These bands are Registrant Prep study guidance, not CIRO pass marks. CIRO does not publish a pass mark or pass rates, each version of the exam has its own passing grade, and candidates receive only a pass, fail or absent result. The bands assume a calibrated mock: a full-length one taken under live conditions, on questions that mirror the CIRE blueprint.

85% or above

Strong first-attempt pass probability. Final-week prep is light review, rule-citation drilling and rest.

75% to 84%

Likely first-attempt pass. Focus the final week on the two or three weakest elements from your mock review.

65% to 74%

A first-attempt pass is possible but not assured. Spend the final two weeks on your weakest elements and take a second timed mock to confirm progress.

55% to 64%

Below the readiness threshold for most candidates. Consider pushing your date two to four weeks and focusing on the weakest elements. Rescheduling is free if you do it at least 36 hours before the appointment.

Below 55%

The prep window has been too short for your starting point, so pushing the date is the rational choice. Writing under-prepared is the expensive one: each retake costs $300 plus applicable taxes.

This free mock is a shorter check. With 25 questions, each one moves your score by 4 points, so read its result as a rough position: the result page labels 75% and above On track, 60% to 74% Borderline and below 60% Needs work. Save the finer bands for your full-length mocks.

The practice exam cadence that works

We recommend a predictable practice-exam cadence over the final 6 to 10 weeks of prep.

How many CIRE practice questions should you do before the exam?

We suggest 600 to 1,000 unique practice questions plus two full-length timed mocks before a first attempt. Breadth matters more than the number: 200 questions spread across all nine elements beat 1,000 questions on Elements 1 and 2 alone. The pass-probability score on your dashboard accounts for breadth, not just count.

The Registrant Prep bank holds 3,190 published CIRE practice questions today:

AI feedback on every wrong answer

Practice questions are only valuable if you understand why you got them wrong. In the full question bank, after every CIRE practice question you can:

• Ask the AI tutor why the correct answer is right and why the option you picked is wrong, citing the rule it tests.
• Teach the concept back in your own words and have the AI grade your explanation from 0 to 100.
• Generate a fresh, harder variation of the same question to drill that outcome.

None of that works on a static PDF.

CIRE practice questions FAQ

Are these CIRE practice questions written by CIRO or Fitch?

No. Registrant Prep is independent. We write our own questions, tag them to the official CIRO learning outcomes and review them against the CIRE syllabus. We are not affiliated with CIRO or Fitch Learning.

How do CIRE practice questions compare to the real exam?

The real CIRE is 110 multiple-choice questions in 2 hours. Our two full-length timed mocks match that length and the syllabus element weighting, and a custom mock builds itself from your weakest outcomes, weighted 70/30 against random questions. Questions in the bank range in difficulty, some easier than the exam and some harder. The mocks are our closest approximation of exam-day pressure.

Are there free CIRE practice questions?

Yes. This 25-question mock is free and scores you element by element across all nine elements. Element 1 is also free, including its practice questions and the AI tutor. The rest of the bank and the AI tutor on the other elements are part of the paid plan: $29.99/mo, cancel anytime, or $249/yr with a 30-day money-back guarantee.

Can I retake the same practice questions?

Yes, and spaced review schedules them for you. After you answer a question, the platform uses the SM-2 algorithm to bring it back at growing intervals: sooner if you got it wrong with high confidence, later if you got it right confidently.