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CIRO Proficiency Model: All 9 Exams Explained

The CIRO Proficiency Model is 9 role-based exams that replaced the CSC. CIRE, RSE, Trader, Supervisor, Derivatives, CCO, CFO, Director, Institutional. Who writes which, in what order, and what each one covers.

Updated 2026-05-02· Ciroexam

The Canadian Investment Regulatory Organization (CIRO) replaced IIROC in 2023, and on January 1, 2026 it replaced the Canadian Securities Course with a new 9-exam Proficiency Model. Each exam targets a specific role in a CIRO-regulated dealer.

If you're new to the industry, this is the first thing to figure out: which exams do you actually need to write? The answer depends on what you'll do day-to-day, not on what title you eventually want.

This guide walks through all 9 exams, who writes each one, and the order most candidates take them in.

The structure

The CIRO Proficiency Model is role-based, not progression-based. You sit only the exams required for your registration category. There's no "complete the full curriculum" path the way the CSC was sometimes treated.

Every exam:

The 9 exams

1. CIRE — Canadian Investment Regulatory Exam

The foundation. Every Registered Representative writes this first. It covers:

110 questions in 120 minutes. Approximately 60% pass mark. This guide on the CIRE in 2026 covers it in depth.

2. RSE — Retail Securities Exam

For anyone who advises retail clients (individual investors). Almost every entry-level Registered Representative at a retail dealer writes both CIRE and RSE.

120 questions in 180 minutes. Heavier on:

Detailed RSE study guide here.

3. Institutional Securities Exam

For Registered Representatives who advise institutional clients (pension funds, insurance companies, large corporations). Replaces parts of the old CSI Wealth Management Essentials and Institutional Investor Compliance content.

110 questions in 180 minutes. Skips most of the retail-suitability content (institutional clients are deemed sophisticated under NI 31-103) and adds depth on:

4. Supervisor Exam

Required to act as a supervisor of registered persons at a CIRO dealer. Covers:

You write this after CIRE + your role-specific exam (RSE or Institutional). It's not a starter exam.

5. Trader Exam

For market traders — people who execute orders, not advise clients. Heavier on:

The Trader Exam is required if you'll be a registered trader. If you're an advisor who places orders for your own clients, you don't need it.

6. Derivatives Exam

For anyone who advises on or trades derivatives (options, futures, swaps) on behalf of clients. The CIRE has only 6 derivatives questions; this exam goes deep:

7. Director and Executive Exam

Required for directors and senior executives of a CIRO dealer (excluding the CCO and CFO who have their own exams). Covers:

8. CCO Exam — Chief Compliance Officer

Required to register as the Chief Compliance Officer of a CIRO dealer. The deepest exam in the system.

Covers everything in CIRE plus:

9. CFO Exam — Chief Financial Officer

Required to register as the Chief Financial Officer of a CIRO dealer. Heavy on regulatory capital, financial reporting, and operational risk.

The order most candidates take them

For a typical retail Registered Representative joining a dealer:

  1. CIRE — required, first
  2. RSE — required for retail registration

That's it. Two exams to register. Total CIRO fees: $880.

Some firms also require the Supervisor Exam for any RR over a certain seniority. That's three.

A trader at the same firm might write CIRE → Trader Exam (skipping RSE because they don't advise clients).

A derivatives specialist writes CIRE → RSE → Derivatives Exam (or skips RSE if they only deal with institutional derivatives clients, in which case CIRE → Institutional → Derivatives).

How long this all takes

Most candidates pass CIRE in 4–8 weeks of focused study (10–15 hours per week).

RSE adds another 3–6 weeks but a lot of the content overlaps CIRE, so the marginal time is small if you go straight from CIRE to RSE without a gap.

Specialty exams (Trader, Derivatives, Supervisor) add 2–4 weeks each depending on prior knowledge.

CCO and CFO are 3–4 month commitments because of the breadth and depth.

What it costs

ExamCIRO feeTypical prep
CIRE$440$249/yr (Ciroexam) or $1,000+ (CSI bundle)
RSE$440Included in $249/yr
Institutional$440Included
Supervisor$440Included
Trader$440Included
Derivatives$440Included
Director and Executive$440Included
CCO$440Included
CFO$440Included

Total CIRO fees if you wrote every exam: $3,960. No one writes all of them — typical retail RR writes two ($880).

How to start

  1. Confirm your registration category with your dealer's compliance team. They'll tell you which exams CIRO requires for the role.
  2. Take the free CIRE diagnostic. Element-by-element score in 25 minutes. Tells you exactly where to focus.
  3. Lock in a study plan. Most CIRE candidates need 4–8 weeks. Block calendar time, not vague "I'll study evenings".
  4. Book your sitting. Don't wait until you feel ready — that's a moving target. Book with the test centre 4 weeks out and let the deadline pressure structure your study.

One subscription, all 9 exams covered. See pricing — $29.99/month or $249/year.

Related reading

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