The Canadian Securities Course (CSC) exam was retired for new CIRO registration purposes on January 1, 2026. Candidates now seeking registration with the Canadian Investment Regulatory Organization (CIRO) must complete the new CIRO Proficiency Model exams, with the Canadian Investment Regulatory Examination (CIRE) serving as the foundational requirement.
The CSC Exam's Retirement for CIRO Registration
The Canadian Securities Course (CSC) exam was officially retired by the Canadian Investment Regulatory Organization (CIRO) on January 1, 2026, for all CIRO registration purposes. This change means that individuals aspiring to become registered investment representatives with CIRO can no longer use the CSC to fulfill their foundational proficiency requirements. The final opportunities for CIRO-bound candidates to sit for the CSC exam concluded in December 2025.
This retirement marked a significant shift in the regulatory landscape for investment professionals in Canada. The CIRE - Canadian Investment Regulatory Examination - has been introduced as the new foundational exam. This new exam is part of a broader CIRO Proficiency Model designed to ensure current and relevant knowledge for industry professionals. The transition was clearly communicated, with no January 2026 CSC dates offered for CIRO candidates.
The CIRO Proficiency Model and the CIRE
The Canadian Investment Regulatory Examination (CIRE) is the cornerstone of the new CIRO Proficiency Model, replacing the CSC as the entry-level qualification for CIRO registration. This new exam is structured to assess a candidate's understanding of fundamental investment concepts and regulatory requirements. The CIRE consists of 110 multiple-choice questions, and candidates are allotted 120 minutes to complete the exam. The sitting fee for the CIRE is approximately $170 CAD.
The CIRE's purpose is to establish a consistent and updated standard of proficiency for individuals entering the investment industry under CIRO's oversight. This new model aims to better align regulatory expectations with the evolving complexities of financial markets. The cost structure for the CIRE also represents a change from the previous system; the final CSC bundle pricing, which included both volumes and study materials, was approximately $1,395 CAD. The CIRE's lower sitting fee means candidates primarily pay for the exam itself, with preparation materials often purchased separately.
CSC's Continued Use for Exempt Market Dealers (EMDs)
While the CSC has been retired for CIRO registration, it remains a valid and required proficiency for specific roles, particularly for Exempt Market Dealer (EMD) representatives. National Instrument 31-103 §3.10 explicitly mandates the CSC as a proficiency requirement for individuals acting as EMD representatives. This distinction is critical for candidates to understand when planning their career path.
Exempt Market Dealers operate under the regulation of the Canadian Securities Administrators (CSA), not CIRO. This difference in regulatory oversight is why the CSC retirement, enacted by CIRO, did not apply to EMDs. The Canadian Securities Institute (CSI) continues to administer the CSC for EMD candidates and other CSA-only registration categories that still require it. Therefore, candidates pursuing registration as an EMD representative will still need to complete both volumes of the CSC exam.
Comparing the CSC and CIRE Exams
The transition from the CSC to the CIRE represents a significant change in the foundational examination for CIRO registration. Historically, the CSC exam was divided into two distinct volumes: Volume 1 and Volume 2. Each volume consisted of 100 multiple-choice questions, and candidates were given 2 hours to complete each volume. This structure required passing two separate exams to achieve the full CSC designation.
In contrast, the new CIRE is a single, integrated examination. It comprises 110 multiple-choice questions, and candidates are allocated 120 minutes for completion. While both exams cover fundamental investment knowledge and regulatory principles, the CIRE is designed under the updated CIRO Proficiency Model to reflect current industry practices and regulatory priorities. The CIRE's consolidated format is a single sitting versus the two-part CSC.
Grandfathering and Transition Rules
To ensure a smooth transition for existing candidates, CIRO implemented specific grandfathering provisions for those who had completed the CSC before its retirement date. Candidates who successfully passed both CSC volumes prior to January 1, 2026, and subsequently registered with CIRO, are considered grandfathered. This means their CSC qualification remains valid for their existing CIRO registration.
These grandfathering rules protected individuals who had already invested time and effort into obtaining the CSC. However, for those who had started but not completed both CSC volumes by the January 1, 2026, cutoff date, the situation was different. These individuals would generally need to pursue the new CIRE and other relevant exams under the CIRO Proficiency Model to achieve CIRO registration. The transition aimed to provide clarity while establishing new standards for future registrants.
Where to Access the CSC (for EMDs) and CIRE Preparation
For individuals pursuing an Exempt Market Dealer (EMD) representative role, the Canadian Securities Institute (CSI) remains the provider for the CSC exam. EMD candidates can register for and take the CSC through CSI's platform, as the exam is still a requirement under NI 31-103 §3.10.
For those preparing for the new CIRE, several options are available. The CIRE has a sitting fee of approximately $170 CAD, but preparation costs vary. Ciroexam offers comprehensive preparation materials for all 9 CIRO exams, including the CIRE, for an annual subscription of $250/year. Alternative preparation providers, such as Fitch Learning, offer CIRE prep courses typically ranging from $895-1,200. This cost difference highlights the choice between self-study support and more structured, instructor-led programs.
Next Steps for Aspiring Investment Professionals
Determining your next steps depends on your specific career aspirations within the Canadian investment industry. If your goal is registration with CIRO, you must focus on the Canadian Investment Regulatory Examination (CIRE) and the broader CIRO Proficiency Model. This path will lead you through the updated regulatory requirements for investment representatives.
Conversely, if your career path is directed towards becoming an Exempt Market Dealer (EMD) representative, the Canadian Securities Course (CSC) remains your required proficiency. You will need to complete both volumes of the CSC as mandated by NI 31-103 §3.10. Regardless of your chosen path, utilizing diagnostic tools can help assess your current knowledge and readiness for either the CIRE or the CSC.
Mini-Quiz: Test Your Knowledge
- Which exam is required for CIRO registration as of January 1, 2026?
- What is the approximate sitting fee for the CIRE?
- For which specific role is the CSC still a valid proficiency requirement?
- What was the approximate final bundle price for the CSC?
- What was the cutoff date for CSC grandfathering for CIRO registration?
Frequently Asked Questions
1. Is the CSC exam still required for CIRO registration in 2026? No, the CSC was retired for CIRO registration on January 1, 2026, replaced by the CIRE.
2. What exam replaced the CSC for CIRO purposes? The Canadian Investment Regulatory Examination (CIRE) is the new foundational exam under the CIRO Proficiency Model.
3. Can I still take the CSC exam? Yes, for specific roles like Exempt Market Dealer (EMD) representatives, as mandated by NI 31-103 §3.10.
4. What is the cost of the new CIRE exam? The CIRE has a sitting fee of approximately $170 CAD.
5. What if I passed the CSC before January 1, 2026? Candidates who passed both CSC volumes before January 1, 2026, and registered with CIRO are grandfathered.
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