2026 complete guide

CIRO Exam: Guide to All 9 CIRO Proficiency Model Exams

A CIRO exam is any of the 9 exams in the Canadian Investment Regulatory Organization Proficiency Model. The CIRE is the entry exam (it replaced the CSC on January 1, 2026), and the other 8 are role-specific: Retail Securities, Supervisor, Trader, Derivatives, Director and Executive, Chief Compliance Officer, Chief Financial Officer, and Institutional Securities. This guide covers what each CIRO exam tests, who needs which one, what each costs through Fitch Learning, the 2026 timeline, and how to prepare for any of them.

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What is a CIRO exam?

A CIRO exam is any one of the 9 exams in the Canadian Investment Regulatory Organization Proficiency Model. CIRO itself is the pan-Canadian self-regulatory organization that oversees investment dealers, mutual fund dealers, and trading on Canada's debt and equity markets. It was formed on January 1, 2023 from the merger of IIROC and the MFDA. On January 1, 2026, CIRO retired the Canadian Securities Course (CSC) and rolled out the 9-exam Proficiency Model in its place. The entry exam in the model is the CIRE; the other 8 are role-specific exams taken after registration.

Administered by: Canadian Investment Regulatory Organization (CIRO)
Delivered by: Fitch Learning at Pearson VUE centres or OnVUE remote proctoring
Total exams in the model: 9
Entry exam: CIRE (Canadian Investment Regulatory Exam), replaced the CSC on Jan 1, 2026
Cost range: approximately $475 to $700 CAD per exam, varies by exam and Fitch package
Format: multiple-choice, 90 to 150 questions over 90 to 180 minutes, depending on the exam

The 9 CIRO Proficiency Model exams at a glance

CIRO organized the new model around the actual roles dealer members hire for, not the legacy course-based credentials. The CIRE is the entry exam; the other 8 are stacked on top of it depending on which desk you sit at and what authority you need.

CIRE (Canadian Investment Regulatory Exam): the entry exam. Required for any newly registering Registered Representative. 110 questions, 120 minutes
Retail Securities Exam (RSE): for representatives whose desk is retail-only. Builds on the CIRE
Supervisor Exam: required for branch managers and any designated Supervisor under Rule 3906
Trader Exam: for individuals running an active trading desk or executing orders for clients on a marketplace
Derivatives Exam: for options and futures advisors. Covers Rule 4800 series trading and delivery standards plus Rule 4900 risk management
Director and Executive Exam: for board members and senior executives at dealer member firms. Covers Rule 2500 series approvals and Rule 3909 executive responsibilities
Chief Compliance Officer (CCO) Exam: required for the CCO designation under Rule 3912
Chief Financial Officer (CFO) Exam: required for the CFO designation under Rule 3913. Covers Rule 4100 minimum capital and Rule 4200 internal controls
Institutional Securities Exam: for representatives working an institutional client desk. Builds on the CIRE plus Rule 3403 institutional suitability

Which CIRO exam do I need?

Your dealer member firm will tell you which exam you need based on your role and registration category. The mapping: CIRE is universal entry, then add the role-specific exam for the desk you sit at. Stacking multiple exams is common for senior roles (e.g., a CCO will typically hold the CIRE plus the CCO Exam plus the Supervisor Exam).

New hire at an investment dealer, retail desk: CIRE plus Retail Securities Exam
New hire at an investment dealer, institutional desk: CIRE plus Institutional Securities Exam
Promoted to branch manager or designated Supervisor: add the Supervisor Exam
Trading desk role: CIRE plus Trader Exam (plus Derivatives Exam if options or futures)
Compliance leadership track: CIRE plus CCO Exam
Finance leadership track: CIRE plus CFO Exam
Board or C-suite role: CIRE plus Director and Executive Exam

If you already passed the CSC and were registered as a Registered Representative before January 1, 2026, CIRO's transition policy generally grandfathers you on the CIRE. The follow-on exams still apply if you change role categories or take on new authority.

CIRO exam cost: typical spend per exam

The Fitch Learning preparation course includes the exam attempt and is the single biggest line item. Costs vary by exam complexity and the prep package, but the CIRE sits at the lower end and the senior-role exams (Director and Executive, CCO, CFO) at the higher end.

CIRE: approximately $475 CAD (Fitch course plus first attempt)
RSE: approximately $475 to $550 CAD
Supervisor Exam: approximately $500 to $650 CAD
Trader Exam: approximately $500 to $650 CAD
Derivatives Exam: approximately $550 to $700 CAD
Director and Executive Exam: approximately $600 to $700 CAD
CCO Exam: approximately $600 to $700 CAD
CFO Exam: approximately $600 to $700 CAD
Institutional Securities Exam: approximately $550 to $700 CAD

Re-attempts add $300 to $500 per exam. Many candidates also spend $30 to $300 per exam on supplementary prep platforms. Employer sponsorship covers the candidate cost in most dealer-member firms but does not change the underlying invoice.

The CIRE (entry exam) is the prerequisite for everything else

Every other CIRO exam assumes you have passed the CIRE. If you are new to the industry, the CIRE is the first exam you write. The CIRE itself is 110 multiple-choice questions across 9 elements: regulatory framework, prospective client relationships, KYC and suitability, complaint handling, market and company analysis, market integrity and trade execution, securities and managed products, derivatives fundamentals, and conflicts of interest and ethics. The pass mark is approximately 60 percent.

Format: 110 multiple-choice questions, 120 minutes
Pass mark: approximately 60 percent
9 elements, 99 specific learning outcomes
Most heavily weighted: Element 3 (KYC and suitability), about 18 to 22 questions per sitting
Most conceptually dense: Elements 6 and 8 (trade execution and derivatives)
Replaced: the Canadian Securities Course (CSC) on January 1, 2026

Full coverage of the CIRE format, syllabus, study plan, and prep approach is on the CIRE exam guide.

Supervisor, Trader, Derivatives: the operational exams

These three exams target the front-office operational roles at a dealer member. Each builds on the CIRE and adds role-specific rule knowledge. The Supervisor Exam in particular is heavy on the Rule 3900 series (CIRO IDPC Rule 3906 supervisor responsibilities, Rule 3907 delegation, Rule 3908 supervision records). The Trader Exam covers UMIR plus the CIRO Rule 4800 series trading and delivery standards. The Derivatives Exam adds Rule 4900 risk management and Rule 5400 margin for derivatives.

Supervisor: about 1,500+ questions in our practice pool covering all 9 supervisor elements
Trader: UMIR-heavy plus market integrity (Rule 3508 inside information, Rule 3945 trade supervision)
Derivatives: options, futures, swaps, plus CIRO Rule 4800 delivery and Rule 5400 margin

CCO, CFO, Director and Executive: the governance exams

The senior-role exams emphasize firm-level governance, financial controls, and regulatory accountability. The CCO Exam centres on CIRO IDPC Rule 3912 responsibilities of the Chief Compliance Officer, Rule 3915 reporting to the board, and Rule 3917 annual supervisory review. The CFO Exam covers Rule 4100 minimum capital, Rule 4200 financial reporting and internal controls, and Rule 3913 CFO responsibilities. The Director and Executive Exam covers Rule 2500 approval framework, Rule 3909 executive responsibilities, and Rule 1400 standards of conduct.

CCO Exam: anchored on CIRO IDPC Rule 3912, Rule 3915, Rule 3917 plus NI 31-103 Part 11 (outside IDPC)
CFO Exam: Rule 4100 minimum capital, Rule 4200 internal controls, Rule 3913 CFO duties, Form 1 reporting
Director and Executive: Rule 2500 approval framework, Rule 3909 executive responsibilities, Rule 1400 standards

Institutional and Retail Securities: the desk-specialist exams

These two exams sit between the CIRE and the senior-role exams. They credential representatives for the specific client segment they advise. The Retail Securities Exam reinforces Rule 3402 retail suitability and the Client Focused Reforms (CFRs). The Institutional Securities Exam covers Rule 3403 institutional suitability, the Rule 1201 permitted-client definitions, and the carve-outs in Rule 3404 (suitability exemptions for institutional and OEO accounts).

Retail Securities Exam: Rule 3402 retail suitability, Rule 3216 Relationship Disclosure, Client Focused Reforms
Institutional Securities Exam: Rule 3403 institutional suitability, Rule 1201 institutional client definitions, Rule 3404 suitability exemptions

CIRO exam vs CSI legacy courses: what carries over

If you are coming from CSI's legacy course catalogue (CSC, CPH, PFP, CIM), most of your product knowledge carries directly to the relevant CIRO exam. The major gap is regulatory: the CIRO IDPC Rules are now the authoritative source on supervision, complaints, books and records, and ethics. Cross-reference everything against the CIRO IDPC Rules PDF rather than CSI notes published before 2026.

Equity and fixed-income product content: ~70 percent overlap between CSC and CIRE
Regulatory content: substantially rewritten in the CIRO IDPC Rules, do not rely on pre-2026 CSI notes
MFDA and IIROC are retired regulators; CIRO inherited and renumbered most of their rules
The CIRO IDPC Rules PDF is the authoritative source (Dec 31, 2024 version is the current consolidated set)

How to prepare for any CIRO exam

Across all 9 CIRO exams, the same prep approach works: take a free diagnostic, identify your weakest elements, drill outcome-tagged practice questions, and run timed mocks before exam day. The Fitch Learning preparation course is required because it includes the exam attempt itself. Most candidates supplement with a third-party platform for the practice-question volume.

Step 1: Take a free 25-question diagnostic on Ciroexam to get an element-by-element starting score
Step 2: Front-load your weakest 2 to 3 elements with practice questions and lesson reading
Step 3: Drill outcome-tagged questions daily, focused on weak outcomes the dashboard surfaces
Step 4: Run 1 to 2 full-length timed mocks before exam day to build pacing and stamina
Step 5: Light review of memorization-heavy material (regulatory framework, definitions) in the final 3 days

CIRO exam timeline and the CSC retirement

The Proficiency Model launched in stages. CIRO announced the model in late 2024, published the CIRE syllabus and Exam Hub in early 2025, and went live with the CIRE on January 1, 2026. The other 8 exams rolled out through 2025 and 2026. CSC content was frozen on January 1, 2026; existing CSC candidates can complete their course under CSI's transition policy, but no new CSC sign-ups have been allowed since the cutover.

January 1, 2023: IIROC and MFDA merge into CIRO
Late 2024: CIRO publishes the Proficiency Model framework and announces CIRE
Early 2025: CIRE syllabus and Exam Hub published, sample paper released
January 1, 2026: CSC retired for new candidates, CIRE live for new Registered Representatives
Throughout 2026: rolling launch and registration windows for the 8 follow-on exams

CIRO exam vs IIROC exam vs MFDA exam: which is current?

Only CIRO exams are current. IIROC and the MFDA merged into CIRO on January 1, 2023, and their websites were retired. If you see a job posting or a prep vendor referring to an 'IIROC exam' or 'MFDA exam,' it is using stale terminology for what is now a CIRO exam. The CSC, CPH, and other CSI courses still exist as products for grandfathered candidates and certain follow-on designations, but they are no longer the entry path for new Registered Representatives.

IIROC exam (legacy term): now the CIRO CIRE for new candidates, or follow-on CIRO exams for advancement
MFDA exam (legacy term): MFDA had no standardized exam; new mutual fund dealer registrants still write CIFC or IFIC through IFSE / CSI
CSC: retired for new candidates Jan 1, 2026, replaced by the CIRE
CPH (Conduct and Practices Handbook): content folded into the CIRE Elements 1, 4, 9

FAQ

What is a CIRO exam?

A CIRO exam is any of the 9 exams in the Canadian Investment Regulatory Organization Proficiency Model. The entry exam is the CIRE (Canadian Investment Regulatory Exam), which replaced the Canadian Securities Course (CSC) on January 1, 2026. The other 8 exams are role-specific: Retail Securities, Supervisor, Trader, Derivatives, Director and Executive, Chief Compliance Officer, Chief Financial Officer, and Institutional Securities.

How many CIRO exams are there?

Nine. The CIRE is the entry exam, and there are 8 follow-on exams covering specific roles at investment dealers: Retail Securities, Supervisor, Trader, Derivatives, Director and Executive, CCO, CFO, and Institutional Securities.

Which CIRO exam do I need to take first?

The CIRE. Every CIRO exam path starts with the CIRE, the entry-level qualification that replaced the CSC for newly registering Registered Representatives. You write the role-specific exam (Supervisor, Trader, CCO, CFO, etc.) after the CIRE and typically after 6 to 24 months in the corresponding role.

Do I need to take all 9 CIRO exams?

No. Most candidates take 1 to 3 over their career. New representatives write the CIRE plus the desk-specific exam (Retail Securities or Institutional Securities). Branch managers add the Supervisor Exam. Compliance and finance leaders add the CCO or CFO Exam. Stacking all 9 is rare and only relevant if you change roles frequently.

How much does a CIRO exam cost?

Costs range from approximately $475 CAD for the CIRE to $700 CAD for the senior-role exams (Director and Executive, CCO, CFO). The Fitch Learning preparation course includes the exam attempt. Re-attempts add $300 to $500 per exam. Supplementary prep platforms add $30 to $300.

Who administers the CIRO exams?

CIRO sets the syllabus and standards. Fitch Learning is the authorized delivery partner that handles enrolment, prep materials, and exam administration. Fitch delivers the exams through Pearson VUE test centres in person or OnVUE for remote proctoring from home.

What is the difference between the CIRO exam and the CIRE?

The CIRE is one specific CIRO exam, the entry-level one. 'CIRO exam' is the umbrella term for any of the 9 exams in the Proficiency Model. When someone says they are studying for the CIRO exam, they almost always mean the CIRE unless they specify a follow-on exam.

Did the CIRO exam replace the CSC?

The CIRE specifically replaced the CSC on January 1, 2026. The other 8 CIRO exams did not have direct CSC equivalents; they replaced or consolidated older CSI products (Branch Manager Course, Trader Training Course, PDO, etc.).

Is the CIRO exam open-book?

Partially. The CIRO IDPC Rules are provided as a reference document during every CIRO exam. Everything else is closed-book. Knowing the rule numbering and where to look up a specific section quickly is a real advantage during the timed sitting.

What is the pass mark for CIRO exams?

Approximately 60 percent across all 9 CIRO exams. CIRO does not publish the exact cut score and may equate scores across question pools after live data. Working candidates aim for 70 percent on practice mocks to give a safety margin.

How long should I study for a CIRO exam?

The CIRE typically needs 30 to 90 days depending on prior securities background. Follow-on exams (Supervisor, Trader, CCO, CFO) usually need 60 to 90 days because they assume CIRE knowledge plus role-specific depth. Most candidates study 60 to 90 minutes per evening across 6 to 13 weeks.

Are IIROC exams and MFDA exams the same as CIRO exams?

Not anymore. IIROC and the MFDA merged into CIRO on January 1, 2023, and CIRO inherited their rule-making and exam-setting authority. If a job posting or prep vendor still mentions IIROC or MFDA exams, it is using stale terminology. The current authority is CIRO and the current credential is the CIRO Proficiency Model.

Where can I find official CIRO exam materials?

On ciro.ca: the CIRO Exam Hub publishes the syllabus and a sample/practice paper for each exam. Fitch Learning (fitchlearning.com) handles registration and ships the preparation course with the exam attempt. Third-party platforms like Ciroexam provide additional practice-question volume and tools for weak-point drilling.

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