Plain-English explainer
The CIRO Proficiency Model
The CIRO Proficiency Model is the 9-exam credentialing structure that took effect on January 1, 2026. It replaced the legacy IIROC and MFDA proficiency programs (the Canadian Securities Course, the Branch Manager Course, the Conduct and Practices Handbook program, and others) with a single national framework under the Canadian Investment Regulatory Organization. The CIRE is the foundational exam; the other 8 are role-specific.
All 9 exams at a glance
| Code | Name + role | Q | Min |
|---|---|---|---|
| CIRE | Canadian Investment Regulatory Examination Foundational - required for almost every CIRO registration category | 110 | 120 |
| RSE | Retail Securities Exam Retail-facing dealing representatives | 120 | 180 |
| SUP | Supervisor Exam Branch managers and designated supervisors | 90 | 180 |
| TRD | Trader Exam Marketplace participants (UMIR scope) | 100 | 120 |
| DER | Derivatives Exam Options, futures, structured products | 120 | 180 |
| IS | Institutional Securities Exam Institutional dealing representatives | 100 | 180 |
| DEXE | Director and Executive Exam Board members and senior executives at CIRO dealer members | 75 | 180 |
| CCO | Chief Compliance Officer Exam Designated CCO at a CIRO dealer member | 90 | 180 |
| CFO | Chief Financial Officer Exam Designated CFO at a CIRO dealer member | 90 | 180 |
Sitting fee: $170-$175 CAD per exam, paid to CIRO via Fitch Learning. Verify current fees at the time of booking on ciro.ca/proficiency-model.
Why it replaced the old structure
Before 2023, Canada had two SROs (IIROC and MFDA) with parallel proficiency programs. IIROC's foundational was the CSC (Canadian Securities Course), administered by CSI. MFDA's foundational was the IFC (Investment Funds in Canada). Branch managers wrote the Branch Manager Course; senior officers wrote the Partners, Directors and Senior Officers Course (PDO). The Conduct and Practices Handbook (CPH) covered ethics for IIROC registrants. After the IIROC and MFDA consolidation into CIRO on January 1, 2023, CIRO designed a unified 9-exam model that absorbed the relevant legacy material and modernised it for the post-Client Focused Reforms framework.
The typical career exam path
- →Retail advisor track: CIRE → Retail Securities Exam. Most common path. Roughly 60-90 days of study at 10-12 hours/week for both exams together.
- →Branch manager track: CIRE → Retail Securities Exam → Supervisor Exam. Typically written in that order over 12-24 months as the candidate moves from junior advisor to branch supervision.
- →Trader track: CIRE → Trader Exam. UMIR-heavy. Common at execution desks, sales-trading roles, marketplace participants.
- →Derivatives track: CIRE → Derivatives Exam. Required to recommend options to retail clients.
- →Compliance track: CIRE → Supervisor Exam → CCO Exam. Often spread over 5+ years from junior compliance analyst to designated CCO.
- →Senior officer track: CFO Exam or Director and Executive Exam, required at the senior-officer level. Typically written by candidates already registered through other paths.
Grandfathering and transition rules
Registrants who were in good standing with CIRO (or legacy IIROC/MFDA) on January 1, 2026 are grandfathered. They continue under their existing registration without rewriting under the new model. Continuing-education obligations under the CIRO CE program continue. Candidates who started a legacy course (CSC, IFC, Branch Manager Course, etc.) but did not finish before the cutover transition to the new model and write the CIRE plus the relevant role-specific exam. There is no exam-level credit transfer. See CSC credit toward CIRE for the transition specifics.
The exception: Exempt Market Dealer reps
The CIRO Proficiency Model applies only to CIRO registration. Exempt Market Dealer (EMD) representatives are CSA-registered under NI 31-103 §3.10 and not under CIRO. The CSC remains a recognized proficiency credential for EMD reps. CSI continues to administer the CSC for that registration category. See CSC for exempt market dealer reps for the EMD path.
FAQ
When did the CIRO Proficiency Model take effect?
January 1, 2026. The model replaced the legacy IIROC and MFDA proficiency programs (including the Canadian Securities Course, the Branch Manager Course, the Supervisor's Course, the Conduct and Practices Handbook program, and others) with a single 9-exam structure under CIRO. Existing registered representatives in good standing as of the cutover date were grandfathered.
Do I need to write all 9 exams?
No. Almost no one writes all 9. Most candidates write the CIRE foundational plus one role-specific exam: Retail Securities for retail-facing roles, Supervisor for branch management, Trader for marketplace participants, Derivatives for options-licensed advisors. The CCO, CFO, and Director and Executive exams are required only for senior corporate-officer roles. Most candidates write 2 exams across their career.
Is the CIRE required before any other CIRO exam?
For almost every other registration. The CIRE is the foundational competency. Some senior-officer exams (CCO, CFO, Director and Executive) may be written without prior CIRE in specific transition cases, but the standard career path is CIRE first, then role-specific.
How much does the full CIRO Proficiency Model cost?
Sitting fees alone: roughly $170 to $175 per exam, paid to CIRO via Fitch Learning. Two exams (CIRE plus one follow-up) run $340 to $350. Prep packages add $895 to $1,200 per exam if buying through Fitch Learning, or $250/year through Ciroexam covering all 9. Most Canadian dealer members reimburse $500 to $2,000 in proficiency costs per year.
Did the CIRO Proficiency Model retire the CSC entirely?
No. The CSC was retired by CIRO for CIRO registration purposes on January 1, 2026. The CSC remains in use for Exempt Market Dealer (EMD) representatives, who are CSA-registered under NI 31-103 §3.10 and not under CIRO. CSI continues to administer the CSC for EMD candidates and other CSA-only registration categories. See /csc-to-cire/exempt-market-dealer.
Are the new exams harder than the legacy ones?
Comparable. The CIRE has 110 questions vs the legacy CSC's 100-per-volume structure. The CIRO Proficiency Model exams reflect the post-CFR (Client Focused Reforms, effective Dec 31, 2021) regulatory framework and the consolidated IDPC Rules, so the regulatory content is updated. Most candidates report the new exams feel similar in difficulty to the equivalent legacy exam.
Start with the CIRE diagnostic.
Whatever role-specific exam you eventually write, the CIRE comes first. The free 25-question diagnostic scores all 9 CIRE elements proportional to the real exam weighting. 25 minutes, no card.