The CSC is retired. Here is exactly which CIRO exam you need next and how to pass it.
Quick answer
On January 1, 2026, the Canadian Investment Regulatory Organization (CIRO) retired the Canadian Securities Course (CSC) and replaced it with a 9-exam Proficiency Model delivered through Fitch Learning. The foundational exam is the Canadian Investment Regulatory Exam (CIRE). Almost every registration category in the Canadian investment industry now starts with it.
Independent prep platform. Not affiliated with CIRO, CSI, or Fitch Learning.
The change
What changed on January 1, 2026
The Canadian Securities Course (CSC), long administered by the Canadian Securities Institute (CSI), was the standard entry credential for registered representatives in Canada for almost six decades. On January 1, 2026, CIRO retired it entirely and replaced it with a structured Proficiency Model built around nine distinct examinations.
CIRO, the Canadian Investment Regulatory Organization, was formed in 2023 through the merger of IIROC and the MFDA. Part of its mandate was to modernize the proficiency framework for investment-industry professionals. The result is a role-specific model: instead of one generalist exam, candidates now write the exams relevant to the registration category they are pursuing.
Fitch Learning took over as the content and testing provider, replacing CSI. The full curriculum spans 88 elements, 868 learning outcomes, and 3,482 sub-points across all nine syllabi. It is substantially broader and more specialized than anything the CSC covered, while removing duplication that wasted candidate study time under the old model.
The core logic behind the change was alignment. The old CSC tested a wide range of general knowledge, much of it irrelevant to a given registrant's actual role. The new model ties each exam directly to a job function, which means what you study is what you will actually do.
Want a deeper dive on each of the 9 CIRE elements? See our element-by-element study guide, or read the head-to-head comparison CIRE vs CSC.
Coverage
The 9 exams that replaced the Canadian Securities Course
Every candidate starts with the CIRE. The remaining eight exams are role-specific. You write the ones that apply to your registration category.
The foundation exam. 110 questions, 120 minutes. Required for all candidates regardless of registration path. Covers the regulatory framework, ethics, KYC and suitability, market integrity, and core investment concepts across 9 elements.
100 questions, approximately 150 minutes. Required for advisors and representatives dealing with retail clients in equity and fixed-income products. Builds on the CIRE with deeper coverage of suitability, portfolio construction, and managed products.
Covers institutional sales, trading, and advisory activities. Designed for candidates working with institutional counterparties rather than retail clients. The institutional client definition (IDPC Rule 1201) sets the $10M asset threshold.
Approximately 100 questions in 150 minutes. Required for branch managers and supervisors overseeing registered representatives. Tied to CIRO IDPC Rule 3900 (supervisory framework) and complaint-handling obligations.
- TRD
Trader Exam
Covers the rules, obligations, and mechanics of order execution and trading on Canadian marketplaces. UMIR, NI 21-101, NI 23-101, and best-execution obligations are central.
Required for registrants whose practice includes listed and OTC derivatives. Covers options, futures, swaps, and the related Greeks, pricing, and strategy mechanics.
For senior leaders at CIRO dealer members with governance or executive accountability. Covers regulatory expectations at the firm leadership level, including capital adequacy and conflict-of-interest governance.
Required for individuals taking on the CCO registration at a dealer member. Covers compliance program design, supervision frameworks, and firm-level risk oversight.
Required for CFO registrants at dealer members. Covers financial reporting under CIRO Form 1, capital adequacy requirements, and financial risk management specific to CIRO members.
Pick your path
Which exam should you take?
Retail advisor or new Investment Advisor
Start with the CIRE. Once you pass, write the Retail Securities Exam. These two exams together form the core credential for a registered representative advising retail clients. Most candidates entering the industry from scratch write these two in sequence. Check CIRO's published blueprint to confirm the registration categories that map to RSE before you register.
Institutional sales or trading
Start with the CIRE, then write the Institutional Securities Exam or the Trader Exam depending on your role. If your position involves executing orders on Canadian marketplaces, the TRD is required. If you are in an advisory or coverage role with institutional clients, the ISE is the relevant exam. Some roles require both.
Moving into branch management or supervision
If you are already registered and looking to supervise, the Supervisor Exam (SUP) is the credential you need. You must hold your CIRE and relevant underlying exam before writing SUP, per CIRO's published proficiency requirements.
Derivatives specialist
If your practice includes options or futures, add the Derivatives Exam (DER) to your path. This is required for registration categories that include listed derivatives. The exam covers both exchange-traded and OTC products.
Executive, compliance, or finance officer
The D&E, CCO, and CFO exams are role-specific to firm leadership. They are not entry-level credentials. Candidates writing these typically hold existing registrations and are taking on a new designated function. Review CIRO's Proficiency Model transition rules if you held an equivalent designation under the pre-2026 framework.
Need help deciding?
The CIRE vs CSC decision guide walks through every CSC chapter and tells you exactly which CIRO element replaces it. If you started the CSC before January 2026, that is the fastest way to figure out what you still need to study.
Common questions
Common questions about the CSC retirement
What replaced the CSC?
On January 1, 2026, the Canadian Investment Regulatory Organization (CIRO) replaced the Canadian Securities Course (CSC) with a 9-exam Proficiency Model administered through Fitch Learning. The foundational exam is the Canadian Investment Regulatory Exam (CIRE), and almost every registration category in the Canadian investment industry now starts with it.
Is the CSC still valid in 2026?
If you completed the CSC before January 1, 2026, CIRO has published transition provisions that recognize the existing credential for a defined window. New candidates can no longer register for the CSC for securities-industry licensing purposes after that date; the CIRE is now the required foundational exam. Verify your specific situation against CIRO's transition documentation, since the recognition window varies by registration category.
What is the CSC equivalent to?
In broad terms, the CSC is replaced by the CIRE plus one or more role-specific exams under the CIRO Proficiency Model. A registered representative who would previously have written the CSC now writes the CIRE plus the Retail Securities Exam (RSE). The two together cover what the CSC's two volumes covered, but with deeper specialization in the role-specific exam.
What is better, CSC or IFIC?
Both have been superseded for new securities-industry registrations as of January 1, 2026. The CSC pathway is replaced by the CIRO Proficiency Model (CIRE plus role-specific exam). The IFIC exam pathway, which qualified candidates for mutual-fund-only registration through the legacy MFDA framework, has also been brought under CIRO. New mutual-fund-only registrants now write the CIRO exams aligned with mutual fund dealing.
Is my CSC progress lost?
If you held a completed CSC certificate before January 1, 2026, CIRO has published transition provisions that may recognize your existing credential for a defined period. Equivalency recognition depends on your registration category and when you completed the CSC. Check CIRO's transition guidance directly.
What if I only partially completed the CSC?
Partial progress on the CSC does not transfer. The CSC was a single two-part course, and its content does not map cleanly onto the new syllabi. You start the CIRE from scratch. The CIRE blueprint is publicly available and prep platforms aligned to it are ready.
Do I still need IIROC registration?
IIROC no longer exists as a separate regulator. It merged with the MFDA in 2023 to form CIRO. All registrations now fall under CIRO. If you were registered under IIROC, your registration transferred to CIRO automatically.
Is the CIRE harder than the CSC?
The CIRE is a foundation exam with 110 questions in 120 minutes. It covers regulatory structure and core principles rather than comprehensive product knowledge. Most candidates with a finance background find it comparable in difficulty to the CSC's regulatory sections. The added challenge in the new model comes from the subsequent role-specific exams.
Can I write all 9 exams?
Yes. Nothing prevents you from writing multiple exams if your role requires them. Senior practitioners with broad responsibilities may need to hold several. That said, most candidates write two to three exams relevant to their specific registration category.
Who delivers the exams now?
Fitch Learning administers the content and testing for all nine exams under CIRO's Proficiency Model, replacing the Canadian Securities Institute (CSI), which administered the CSC.
Do I need to write the CIRE if I already have a CFP or CFA?
CIRO has published prior-learning recognition rules for certain designations. The CFA, CFP, and other credentials may satisfy components of the proficiency requirements depending on your registration path. Review CIRO's proficiency requirements document for the specific exemptions available.
How long does the full registration process take?
It depends on the number of exams your registration category requires. A new retail advisor candidate writing CIRE and RSE could complete both within a few months with focused preparation. More complex paths involving multiple exams take longer. CIRO's Proficiency Model documentation outlines the full sequence for each registration category.
Specific transition questions
Specific questions about the CSC-to-CIRE transition
14 focused guides for the most-googled CSC questions in 2026. Each page covers one decision: what the CSC was, cost, pass rate, study materials, transition rules, or what carries over.
What is the CSC (Canadian Securities Course)?
The CSC was Canada's entry securities credential until CIRO retired it on Jan 1 2026. Here is what the Canadian Securities Course was and what replaced it.
How much does the Canadian Securities Course cost?
The CSC retired Jan 1 2026 at $1,395 CAD. Here is what it cost, what the new CIRE replacement charges, and how Ciroexam compares at $29.99/mo.
CSC vs CIRE: How they compare and what changed in 2026
Direct comparison of the retired CSC and the new CIRE that replaced it on Jan 1 2026. Format, length, content, cost, and what carries over.
Is the Canadian Securities Course still required in 2026?
No. The CSC was retired Jan 1 2026. The CIRE replaced it under the CIRO Proficiency Model. Here is what new candidates need to write instead.
What is the CSC pass rate? (And what we know about CIRE)
Historical CSC pass rates ran 60-70 percent. The new CIRE replaces the CSC in 2026. Here is what the pass-rate evidence suggests and how to prepare.
CSC practice questions in 2026 (and the CIRE bank that replaced them)
The CSC retired Jan 1 2026. Drill 1,000+ practice questions for the CIRE that replaced it, plus a free 25-question mock exam that scores every element.
CSC mock exam in 2026: what replaced it under the CIRE
The CSC retired in 2026. The CIRE replaced it. Two full disjoint 110-question mocks under exam conditions, with pass-probability scoring.
CSC study guide in 2026: how to study now that the CIRE replaced it
The CSC was retired Jan 1 2026. Here is a structured study path for the CIRE that replaced it: blueprint coverage, weekly schedule, practice volume.
CSC flashcards in 2026: what replaced them under the CIRE
The CSC retired in 2026. Confidence-aware flashcards for the new CIRE bring wrong cards back faster, so you spend study time on what you actually miss.
CSC textbook in 2026: what to read now that the CSC retired
The CSC textbook was retired with the rest of the CSC on Jan 1 2026. The official CIRO syllabus documents and Fitch Learning materials replaced it.
What replaces the Canadian Securities Course in 2026?
The CSC was retired on Jan 1 2026 and replaced by the 9-exam CIRO Proficiency Model. Here is which exam replaces the CSC for your registration path.
Is the CSC worth it in 2026?
The CSC was retired Jan 1 2026, so the question has shifted: is the new CIRO Proficiency Model worth the cost and time? Here is an honest analysis.
Is the CSC grandfathered in 2026?
If you passed the CSC before Jan 1 2026 you generally do not need to rewrite the CIRE. The CIRO Proficiency Model transition rules in plain English.
The CSC exam in 2026: format, fees, and what replaced it
The Canadian Securities Course exam was retired by CIRO on January 1, 2026. The CIRE replaced it for CIRO registration; the CSC is still in use for Exempt Market Dealer reps.
The platform
How Ciroexam helps you pass
Ciroexam is built specifically for the new CIRO Proficiency Model. Every question is aligned to CIRO's published blueprints, not adapted from old CSC material.
One subscription at $29.99 per month or $249 per year gives you access to practice material for all nine exams. You can work through the CIRE first, then continue into RSE, SUP, or whichever exams your path requires, without switching platforms or paying again.
Each question includes an AI tutor that explains why the correct answer is correct and why the others are not, with citations to the actual CIRO rule. The spaced review system surfaces the concepts you are weakest on, and full mock sittings simulate the real exam format, including question count and time limit.
Find out where you stand
Try the free 25-question CIRE mock exam. No card, no email-walled paywall on the result.