The Retail Securities Exam (RSE) is the second exam most CIRO Registered Representatives sit. It's required for any RR who advises retail clients (individual investors), which is most of them.
This guide walks through the format, the syllabus, where it overlaps with CIRE, and how to study for it efficiently — especially if you're going from CIRE straight into RSE without a gap.
The format
- 120 multiple-choice questions (vs CIRE's 110)
- 180 minutes (vs CIRE's 120)
- 3 attempts within 12 months of CIRO registration
- Pass mark: ~60% (CIRO doesn't publish a hard threshold)
- $440 per sitting
- Computer-based, sat at Pearson VUE or via online proctoring
The RSE is longer than the CIRE — both in question count and time. The extra time matters: applied scenarios get longer and more multi-part.
The syllabus
8 elements, 109 outcomes:
| Element | Topic | Approx. weight |
|---|---|---|
| 1 | KYC, suitability, registration | 27 questions |
| 2 | Fixed income | 10 |
| 3 | Equities | 12 |
| 4 | Securities analysis | 14 |
| 5 | Managed products | 16 |
| 6 | Portfolio construction | 13 |
| 7 | Investment recommendations | 14 |
| 8 | Execution and market integrity | 7 |
Element 1 (KYC and suitability) is the giant: 27 of 120 questions. That's nearly a quarter of the exam on the same subject CIRE already tested. The depth is greater on RSE — more applied scenarios, more vulnerable-client edge cases, more documentation specifics.
What the RSE adds beyond CIRE
If you've passed CIRE, you've already covered:
- KYC content basics (RSE goes deeper)
- Suitability framework (RSE adds more applied scenarios)
- Fixed-income basics (RSE adds practical pricing)
- Equities and managed products basics (RSE goes deeper into ETFs and segregated funds)
The RSE adds:
- Portfolio construction — Modern Portfolio Theory, asset allocation strategies (strategic vs tactical vs dynamic), rebalancing thresholds, Sharpe and Sortino ratios, factor investing.
- Investment recommendations — model portfolios, recommendation documentation, individual-level KYP applied at the recommendation stage.
- Securities analysis — fundamental ratios in depth, Bank of Canada MPR mechanics, technical analysis basics.
- Concentration and cross-border — what to do with concentrated positions, snowbirds, US persons under FATCA, dual residency under CRS.
What the RSE drops vs CIRE
- AML and FINTRAC reporting depth — covered briefly, not at the level of CIRE Element 1.
- Most market integrity and UMIR rules — CIRE Element 6 was 13 questions on UMIR. RSE Element 8 is 7 questions and lighter.
- Derivatives — barely covered. The Derivatives Exam handles that depth.
- Complaint handling depth — CIRE Element 4 was 6 dedicated questions. RSE folds it into Element 1.
How to study for RSE if you just passed CIRE
This is the optimal scenario — your CIRE prep is fresh and most of it carries over.
Week 1: Take the diagnostic + re-read suitability rules
Take the RSE diagnostic (when available) or use the CIRE diagnostic to identify your weak areas. Re-read IDPC Rule 3402 and NI 31-103 Part 13 if you haven't in a few weeks. Skim Joint CSA/CIRO Notice 31-368 again.
Week 2: Drill the new RSE-only content
Focus on:
- Portfolio construction (E6) — MPT, asset allocation, rebalancing
- Investment recommendations (E7) — recommendation flow, documentation
- Securities analysis (E4) — financial ratios, BoC MPR mechanics
About 200 practice questions across these three elements.
Week 3: Mixed-element practice + first mock
300+ practice questions across all elements, mixed. End of week: full timed mock. 120 questions, 180 minutes.
Week 4: Targeted re-drill + second mock
Re-drill weakest elements. Day 28: second full-length mock. Day 30: sitting.
If you scored 75%+ on Mock A and Mock B, you're solid. Below 65% on either: push the sitting two weeks if you can.
How to study for RSE if you haven't taken CIRE recently
Allow 6–8 weeks. Treat it more like a CIRE re-prep with new chapters layered on:
- Weeks 1–2: KYC, suitability, registration (E1)
- Week 3: Fixed income + equities (E2 + E3)
- Week 4: Securities analysis (E4)
- Week 5: Managed products (E5)
- Week 6: Portfolio construction + investment recommendations (E6 + E7)
- Week 7: Execution (E8) + first mock
- Week 8: Targeted re-drill + second mock
What gets tested most
Across the first cohorts of RSE candidates:
- Suitability scenarios with conflicting client signals (low tolerance + high need, etc.)
- Vulnerable client handling — TCPs, temporary holds, the boundaries of each
- Bond pricing math — accrued interest, YTM, duration sensitivity
- Mutual fund vs ETF structural differences (especially around the DSC ban June 1, 2022)
- Asset allocation framework — strategic vs tactical vs dynamic, when each applies
- Concentration risk — when to flag, what disclosure is required
- Documentation requirements — what goes in the file, when, signed by whom
What's underestimated
Most candidates over-prepare on the parts that overlap CIRE (because they remember them) and under-prepare on:
- Portfolio construction — Sharpe ratio, Sortino ratio, efficient frontier. Numerical questions that require comfort with the formulas.
- Cross-border tax considerations — FATCA, CRS, US persons. About 3–5 questions every sitting.
- Joint accounts and authorized parties — JTWROS vs TIC, Quebec community of property, POA vs Limited Trading Authority.
- Documentation specifics — IDPC Rule 3500 record-keeping requirements (7 years).
Common traps
- Confusing strategic, tactical, and dynamic asset allocation. Strategic = baseline mix, rebalanced to target. Tactical = short-term over/underweights based on view. Dynamic = systematic shifts based on rules (e.g., risk parity).
- Misapplying Sharpe vs Sortino. Sharpe penalizes all volatility. Sortino penalizes only downside. The CIRE answer to "which is better?" is "depends on whether the client cares about upside volatility."
- Missing documentation triggers. RSE expects you to know not just what the rule requires, but when documentation must be created and updated.
- Underestimating Element 1. 27 questions is a lot. Don't treat it as a CIRE re-run. RSE asks deeper applied scenarios.
Cost
- CIRE + RSE sittings: $880 in CIRO fees
- CSI's bundled prep: $1,000+ per exam
- Ciroexam: $249/year covers both, plus the other 7 CIRO exams
Test your RSE readiness. Both CIRE and RSE diagnostics free, no card, element-by-element score in 25 minutes.
Related reading
- CIRE vs CSC: Every Difference, Side by Side — the head-to-head comparison if you're moving from CSC studying.
- The CIRE Exam in 2026: complete guide
- How to study for the CIRE in 30 days
- CIRO Proficiency Model: all 9 exams explained