The CIRO Proficiency Model replaces the Canadian Securities Course as of January 1, 2026. It consists of 9 separate exams, anchored by the CIRE (Canadian Investment Regulatory Examination) as the foundational entry-level credential, followed by 8 role-specific exams tied to individual registration categories.
The CIRE: The Direct Successor to the CSC
The CIRE is where almost every new registrant starts. It replaced the CSC Volume 1 and Volume 2 structure with a single foundational exam that tests core knowledge across securities regulation, ethics, investment products, and client suitability. CIRO designed it to serve as the shared baseline before candidates branch into their specific registration path.
Where the CSC required passing two separate modules and then completing a conduct and practices handbook course, the CIRE consolidates that foundational layer into one exam. It is a prerequisite for all eight role-specific exams listed below. If you are entering the industry for the first time, the CIRE is almost certainly your first exam.
Explore the full CIRE exam guide, including the official topic breakdown, format details, and the practice questions available on Ciroexam.
The 8 Role-Specific Exams
After passing the CIRE, candidates write the exam that matches their registration category. These exams are narrower and deeper than the CIRE. They assume you already understand the regulatory foundation and test the specific knowledge your role demands.
Retail Securities
The Retail Securities exam covers the full scope of dealing with individual clients: suitability assessments, product recommendations, account types, KYC obligations, and complaint handling. Most new registered representatives at full-service dealers and mutual fund dealers will write this exam. It is the most widely written of the eight role-specific exams. See who needs the Retail Securities exam.
Institutional Securities
This exam applies to registrants whose clients are institutions rather than retail investors. It covers institutional sales practices, block trading, counterparty relationships, margin and use in institutional accounts, and the regulatory differences that apply when dealing with sophisticated market participants. If your role involves pension funds, hedge funds, or corporate treasuries, this is your path.
Supervisor
The Supervisor exam is for registered supervisors and branch managers. It tests your ability to oversee registrant conduct, review client files for suitability, identify red flags in trading activity, and manage compliance obligations at the branch level. It goes deeper into supervision frameworks and escalation procedures than any exam designed for individual registrants. View the Supervisor exam overview.
Trader
Traders who execute orders on exchanges or alternative trading systems write the Trader exam. It covers market structure, order types, trading rules, best execution obligations, and the specific regulatory requirements that apply to marketplace participants. This exam is more technical in its treatment of execution mechanics than the Retail or Institutional exams.
Derivatives
The Derivatives exam applies to registrants who deal in options, futures, or other derivative instruments with clients. It covers derivative product mechanics, hedging strategies, margin requirements for derivatives accounts, and the regulatory framework that governs derivatives trading in Canada. Candidates who will advise on or execute derivatives strategies for clients need this exam.
Director and Executive
Senior officers and directors of registered firms write this exam. It covers governance obligations, firm-level compliance responsibilities, regulatory relationships, capital requirements, and the duties that apply when you are accountable for the overall conduct of a registered entity. It assumes an experienced background and focuses on oversight rather than individual registrant duties.
Chief Compliance Officer
CCOs at registered firms write a dedicated exam. The CCO exam covers the design and operation of a compliance program, regulatory reporting obligations, conflicts of interest management, supervisory systems, and the CCO's personal liability exposure. This is not a generalist exam. It focuses specifically on the accountability and authority of the compliance function.
Chief Financial Officer
CFOs and financial officers at registered firms write this exam. It covers financial reporting requirements for registered firms, capital adequacy calculations, segregation of client assets, form filing obligations, and the regulatory expectations that apply to the financial management of a dealer or adviser.
The 9-Exam Matrix
| Exam | Code | Who Needs It | Format |
|---|---|---|---|
| Canadian Investment Regulatory Examination | CIRE | All registrants (prerequisite for all role exams) | Multiple choice, 3 hours |
| Retail Securities | RS | Dealing representatives at full-service and mutual fund dealers | Multiple choice, 2.5 hours |
| Institutional Securities | IS | Dealing representatives serving institutional clients | Multiple choice, 2.5 hours |
| Supervisor | SUP | Registered supervisors and branch managers | Multiple choice, 2.5 hours |
| Trader | TRD | Traders executing orders on exchanges or ATSs | Multiple choice, 2.5 hours |
| Derivatives | DER | Registrants dealing in options, futures, or derivatives | Multiple choice, 2.5 hours |
| Director and Executive | DE | Directors and senior executives of registered firms | Multiple choice, 2.5 hours |
| Chief Compliance Officer | CCO | CCOs at registered firms | Multiple choice, 2.5 hours |
| Chief Financial Officer | CFO | CFOs and financial officers at registered firms | Multiple choice, 2.5 hours |
All exams are administered by CIRO and delivered through Fitch Learning.
How to Pick Your Exam Path
Your registration category determines which exams you need. CIRO publishes a registration category table that maps each category to its required exams. The general logic:
- New registrant entering retail dealing: CIRE, then Retail Securities.
- New registrant in institutional sales: CIRE, then Institutional Securities.
- Registrant moving into supervision: CIRE (if not already passed), then Supervisor.
- Derivatives specialist: CIRE, then Derivatives.
- Firm executive (CCO/CFO/Director): CIRE plus the relevant executive exam.
If you are unsure which path applies to your role, the Ciroexam diagnostic maps your situation to the correct exam sequence in under two minutes.
Registration Category Mapping
CIRO created the Proficiency Model to align exam requirements directly with registration categories under National Instrument 31-103. The old CSC was a general requirement used across too many different categories. The new model is specific:
- Dealing Representative, Mutual Fund Dealer: CIRE + Retail Securities
- Dealing Representative, Investment Dealer (retail): CIRE + Retail Securities
- Dealing Representative, Investment Dealer (institutional): CIRE + Institutional Securities
- Registered Representative (exchange-traded): CIRE + Trader
- Supervisor: CIRE + Supervisor
- Derivatives Dealing Representative: CIRE + Derivatives
- Director/Executive Officer: CIRE + Director and Executive
- Chief Compliance Officer: CIRE + Chief Compliance Officer
- Ultimate Designated Person (CFO role): CIRE + Chief Financial Officer
This mapping is not exhaustive. CIRO may require additional exams based on firm type, product scope, or specific registration conditions. Always confirm your requirements with your firm's compliance department.
How the New Model Differs From the Old CSC Structure
The CSC had two volumes: Volume 1 (economics, fixed income, equities) and Volume 2 (derivatives, portfolio analysis, managed products). Both volumes had to be passed, along with the Conduct and Practices Handbook (CPH) course, to satisfy the proficiency requirement for most dealing representatives. That was three separate assessments to become registered.
The CIRO Proficiency Model separates the foundational knowledge (CIRE) from the role-specific knowledge (8 exams). It eliminates the CPH as a standalone requirement and builds regulatory conduct directly into the CIRE curriculum. The result is fewer assessments for some roles and more targeted assessments for specialized roles.
The CIRE is harder to describe as a "lighter" replacement for the CSC, because the content is similar in breadth. What changed is the structure: one consolidated foundation exam, then a targeted role exam, rather than two generalist volumes plus a conduct course.
Transitional provisions apply for CSC holders. If you passed the CSC before January 1, 2026, CIRO has published grandfathering rules. Review the CSC vs. CIRE comparison for the full transitional picture, and check the CSC still required page if you are unsure whether your existing credentials still satisfy current requirements.
All 9 Exams in One Subscription
Ciroexam covers the CIRE and all 8 role-specific exams under a single subscription: $29.99/month or $249/year. Every exam includes full question banks, timed practice exams, and topic-by-topic breakdowns built from the official CIRO curriculum.
Browse all 9 exams and start with the one that matches your registration path.
Frequently Asked Questions
Is the CSC still accepted after January 1, 2026? CIRO has published grandfathering rules that recognize the CSC for candidates who passed before the transition date. The rules vary by registration category. See CSC still required for the current status.
Do I need to write all 9 exams? No. You write the CIRE plus the one role-specific exam that matches your registration category. Some roles require additional exams if you hold multiple registration categories.
Who delivers the CIRO exams? CIRO administers the exams and Fitch Learning delivers them. You register through Fitch Learning's platform.
How is the CIRE different from CSC Volume 1? The CIRE covers similar foundational content but is structured as a single integrated exam rather than a two-part series. It also incorporates regulatory conduct content that was previously in the CPH course.
What happens if I fail an exam? CIRO sets waiting periods between attempts. Check the official CIRO website for current retake policies, as they may differ by exam.
Where do I start if I have never written any securities exam? Start with the CIRE. It is the prerequisite for everything else. Use the diagnostic tool to confirm your full exam path before you begin.