CIRE prep
CIRE study guides by element + topic
The Canadian Investment Regulatory Examination is 110 multiple-choice questions over 120 minutes, mapped to 9 elements in the official CIRO syllabus. The table below shows the exact question count per element from the January 2025 CIRO Proficiency Model syllabus. Each element links to the topic guides that cover its sub-points.
| El | Title | Q | % | Topic guides |
|---|---|---|---|---|
| 1 | Overview of Canadian securities regulatory framework | 11 | 10.0% | |
| 2 | Prospective client relationships | 11 | 10.0% | |
| 3 | Scope of client relationship (KYC + suitability) | 17 | 15.5% | |
| 4 | Client complaints handling | 6 | 5.5% | Coming soon |
| 5 | Market and company analysis | 9 | 8.2% | |
| 6 | Market integrity, trade execution and settlement | 13 | 11.8% | |
| 7 | Securities, managed products and mutual funds | 21 | 19.1% | |
| 8 | Derivatives | 6 | 5.5% | |
| 9 | Conflicts of interest and ethics | 16 | 14.5% | |
| Total | 110 | 100% | ||
Source: CIRO Syllabus January 2025. Question counts per element sum to 110 (the exam length). Verify the latest syllabus on ciro.ca.
All CIRE topic guides
Each topic guide is a 1,500-2,000 word focused study reference. Cite the actual CIRO rule, NI, or statute that the question tests.
Economics
Plain-English CIRE economics study guide. Business cycle, GDP, monetary vs fiscal policy, the Bank of Canada, inflation. Element 5 of the CIRO Proficiency Model.
8.2% of CIRE questions (9 of 110, sub-share of Element 5)
Derivatives
CIRE derivatives study guide for the 2026 CIRO Proficiency Model. Options moneyness, payoffs, put-call parity, futures pricing, hedging. Element 8.
5.5% of CIRE questions (6 of 110)
Taxation
CIRE taxation study guide for the 2026 CIRO Proficiency Model. TFSA, RRSP, FHSA, RESP rules, dividend tax credit, capital gains, attribution rules.
Cross-element (sub-share of E3 15.5% + E7 19.1%)
Capital markets
CIRE capital markets study guide for the 2026 CIRO Proficiency Model. Primary vs secondary, dealer roles, prospectus, exempt market, marketplace mechanics under NI 21-101.
Cross-element (E5 8.2% + E6 11.8%)
Fixed income
CIRE fixed income study guide for the 2026 CIRO Proficiency Model. Bond pricing, YTM, duration, convexity, day-count, yield curves. Element 4.
Sub-share of Element 7 (19.1% of CIRE questions, 21 of 110)
Equities
CIRE equities study guide for the 2026 CIRO Proficiency Model. Common shares, preferred shares, rights, warrants, P/E, DDM, technical vs fundamental analysis.
Cross-element (E5 8.2% + E7 19.1%)
Mutual funds
CIRE mutual funds study guide. NAVPS, MER, simplified prospectus, Fund Facts, sales charge options under NI 81-102 and NI 81-101.
Sub-share of Element 7 (19.1% of CIRE questions, 21 of 110)
ETFs
CIRE ETFs study guide. Open-end vs closed-end structure, ETF Facts under NI 41-101 Part 3B, creation/redemption mechanism, premium/discount to NAV.
Sub-share of Element 7 (19.1% of CIRE questions, 21 of 110)
Managed products and alternatives
CIRE managed products study guide. Hedge funds, segregated funds, structured notes, REITs, MICs, liquid alternatives under NI 81-104.
Sub-share of Element 7 (19.1% of CIRE questions, 21 of 110)
Retirement and estate planning
CIRE retirement study guide. RRSP-to-RRIF conversion, CPP/OAS basics, defined benefit vs defined contribution, estate freeze fundamentals.
Cross-element (E3 15.5% + E7 19.1%)
Ethics and conduct
CIRE ethics study guide for the 2026 CIRO Proficiency Model. CIRO Standards of Conduct, IDPC Rule 1400 conflicts, NI 31-103 §13.4 OBA, §13.5 PFD.
14.5% of CIRE questions (16 of 110)
KYC, KYP, suitability
CIRE suitability study guide. NI 31-103 §13.2 KYC, CIRO Rule 3300 KYP, Rule 3402 account-as-a-whole, risk tolerance vs risk capacity.
15.5% of CIRE questions (17 of 110)
Score every element first.
The diagnostic samples all 9 elements proportional to the real exam weighting. 25 questions, 25 minutes, free. Tells you which 2-3 elements need most of your study time before you read a single guide.