No.
The Canadian Securities Course was retired by CIRO on January 1, 2026. It is no longer required, accepted, or offered for new registrations under the CIRO Proficiency Model. If you are starting the licensing process today, the CSC is not on the path. The exam you need is the CIRE (Canadian Investment Regulatory Examination).
Who Is Affected
Everyone entering the securities industry for the first time in 2026 is affected. The retirement applies to all new applicants across every CIRO registration category, including Dealing Representatives, Supervisors, Traders, and Derivatives registrants.
If you are currently registered and the CSC was part of your original qualification, you are generally not affected. CIRO's grandfathering policy means existing registrants do not need to rewrite anything. More on that below.
If you enrolled in the CSC but have not yet completed it, you fall into a specific transition group with its own rules. See the transition rules section below.
What to Write Instead
The CIRO Proficiency Model replaces the old CSC-centered structure with a two-layer system. The CIRE is the foundational exam for almost every registration category. After the CIRE, most candidates write one or more role-specific exams depending on their registration path.
The CIRE alone qualifies you for very little. Retail registration requires additional exams on top of it.
| Registration Goal | Foundational Exam | Follow-up Exam Required |
|---|---|---|
| Dealing Representative (retail equity) | CIRE | Retail Securities Exam |
| Dealing Representative (retail mutual funds) | CIRE | Retail Securities Exam |
| Supervisor | CIRE | Supervisor Exam |
| Trader | CIRE | Trader Exam |
| Derivatives Representative | CIRE | Derivatives Exam |
| Portfolio Manager (exempt market) | CIRE | Check CIRO directly |
Start with the CIRE regardless of your target role. From there, your firm's compliance team or CIRO's proficiency tool will confirm which follow-up exam applies.
For a full comparison of the old path versus the new one, see CSC vs. CIRE: what changed. For a broader look at the replacement structure, see what replaces the CSC.
Transition Rules for Partial Completers
If you started the CSC and passed one of the two volumes but not both, CIRO does not carry over partial credit to the new model. You cannot convert a half-finished CSC into a partial CIRE credit.
Your options:
- Write the CIRE from scratch. The CIRE is a single integrated exam. There is no volume split. Most candidates find the scope comparable to a single CSC volume, though the content weighting reflects CIRO's updated competency framework.
- Check your enrollment window. CSI (the Canadian Securities Institute) set end dates for existing CSC enrollments. If your enrollment period is still active under the old system, confirm directly with CSI whether you can still complete under the legacy rules. CIRO has stated that completions before the cutoff date remain valid for registration purposes.
- Do not delay. Candidates in this position sometimes wait, hoping for a transition exemption. CIRO has not signaled one is coming. Starting the CIRE now is lower risk than waiting.
Not sure where you stand? Use the diagnostic tool to map your current credentials to the right next step.
What Existing Registrants Need to Do
If you are already registered with CIRO and the CSC was part of your qualification, the answer is: nothing, for now.
CIRO's grandfathering rules preserve the registration of anyone who qualified under the old CSC-based model. You do not need to write the CIRE to maintain your current registration status.
There are two situations where this changes:
- Upgrading your registration category. If you want to add a new category (for example, moving from mutual funds to equities), CIRO may require you to complete components of the new Proficiency Model for the added category.
- Returning after a gap. Registrants who let their registration lapse may face requalification requirements under the new model when reapplying.
For the complete picture on grandfathering, see Is the CSC grandfathered?.
What Employers Expect in 2026
Compliance departments at dealers and portfolio management firms updated their onboarding checklists when the new model launched. The practical impact for candidates:
The CIRE is now the baseline credential on every new hire checklist. Firms that previously listed "CSC required" now list "CIRE required." This is not negotiable at regulated dealers.
Some firms have added internal study support for the new exams. Because the CIRE and its follow-up exams are new, study materials and prep courses are still catching up to the official content. Ask your hiring firm whether they provide study time or course reimbursement.
The two-exam path is the standard expectation. Employers in retail securities know that a Dealing Representative candidate needs both the CIRE and the Retail Securities Exam. Showing up with just the CIRE is not enough for a sponsored registration. Confirm your full required path with your sponsor before you start studying.
Existing CSC holders get no discount on the new exams. If you are changing firms and your new firm asks for current credentials, your CSC still counts. But if a new role requires a registration category you do not currently hold, you will go through the new model like any other new applicant.
Frequently Asked Questions
Can I still use my CSC to get registered in 2026?
Yes, if you already hold a CIRO registration that was granted based on your CSC. CIRO is not stripping existing registrations. The CSC retirement only applies to new applicants going forward. If you are not yet registered and you hold a CSC, contact CIRO directly to confirm whether it satisfies any legacy transition rule for your specific category. In most cases, new applicants need the CIRE.
Is the CIRE harder than the CSC?
The CIRE covers the regulatory and compliance framework for the combined IIROC/MFDA environment that became CIRO. The scope is similar to the CSC's second volume, with a heavier emphasis on CIRO-specific rules. Candidates who studied the CSC will find significant overlap in concept areas, but the exam is new and distinct. Study materials from the old CSC do not map directly to the CIRE exam blueprint.
I passed the CSC years ago but never got registered. Does it still count?
Probably not for new registration. CSC results have expiry windows for registration purposes. If you passed the CSC more than a few years ago and never converted it into a registration, CIRO's new proficiency requirements likely apply to you in full. Use the diagnostic tool to check your situation. Do not assume old results are still valid without confirming.
Where do I start if I know nothing about the new system?
Start with the CIRE exam page for a breakdown of the exam structure and content. Then read what replaces the CSC for context on how the full model works. If you want a personalized path based on your target role, the diagnostic tool takes you through a short series of questions and maps your next required exam.