The Canadian Securities Course is gone. Your guide to the new CIRO Proficiency Model.
The CSC has been retired. As of January 1, 2026, the Canadian Investment Regulatory Organization replaced it with a 9-exam Proficiency Model delivered through Fitch Learning.
If you were studying for the CSC, here is what you need to know and where to go next.
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. 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.
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.
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.
- CIRE
Canadian Investment Regulatory Exam
The foundation exam. 110 questions, 120 minutes. Required for all candidates regardless of registration path. Covers regulatory framework, ethics, and core investment concepts.
- RSE
Retail Securities Exam
100 questions, approximately 150 minutes. Required for advisors and representatives dealing with retail clients in equity and fixed income products.
- ISE
Institutional Securities Exam
Covers institutional sales, trading, and advisory activities. Designed for candidates working with institutional counterparties rather than retail clients.
- SUP
Supervisor Exam
Approximately 100 questions, approximately 150 minutes. Required for branch managers and supervisors overseeing registered representatives.
- TRD
Trader Exam
Covers the rules, obligations, and mechanics of order execution and trading activity on Canadian marketplaces.
- DER
Derivatives Exam
Required for registrants whose practice includes listed and over-the-counter derivatives. Covers options, futures, and related products.
- D&E
Director and Executive Exam
For senior leaders at CIRO dealer members with governance or executive accountability. Covers regulatory expectations at the firm leadership level.
- CCO
Chief Compliance Officer Exam
Required for individuals taking on the CCO registration at a dealer member. Covers compliance program design, regulatory obligations, and firm-level risk oversight.
- CFO
Chief Financial Officer Exam
Required for CFO registrants at dealer members. Covers financial reporting, capital 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 will 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 specific role. If your position involves executing orders on Canadian marketplaces, TRD is required. If you are in an advisory or coverage role with institutional clients, 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 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 exams 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.
Common questions
Common questions about the CSC retirement
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. Check CIRO's transition guidance directly, as equivalency recognition depends on your registration category and when you completed the CSC.
Do I still need IIROC registration?
IIROC no longer exists as a separate regulator. It merged with the MFDA to form CIRO in 2023. All registrations now fall under CIRO. If you were registered under IIROC, your registration transferred to CIRO.
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 difficulty 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. Some senior practitioners with broad responsibilities may need to hold several. That said, most candidates will 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 CSI which administered the CSC.
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 will start the CIRE from scratch. The good news is that the CIRE blueprint is publicly available, and study materials built to that blueprint are now available.
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 will take longer. CIRO's Proficiency Model documentation outlines the full sequence for each registration category.
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 $250 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. 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
Take the free 25-question CIRE diagnostic. No card, no email-walled paywall on the result.