The CIRE syllabus is the official CIRO blueprint for the Canadian Investment Regulatory Examination. CIRO publishes the blueprint with nine elements, each broken into learning outcomes and sub-points. The blueprint tells you exactly what the exam covers and, by implication, what it does not. This page maps the nine elements, their approximate percentage weights, and how to use the blueprint as your primary study document.
Before you dive into the syllabus, take the free 25-question diagnostic. It samples all nine elements and shows you which outcomes you already know and which you do not. That result tells you where to spend your first week of study.
The nine CIRE elements and their approximate weights
CIRO does not publish precise percentage weights for each element as a fixed public number, but the blueprint structure and outcome count make approximate weighting visible. The table below reflects the relative depth of each element based on the published blueprint.
| Element | Description | Approx. weight |
|---|---|---|
| 1. Regulatory framework | CIRO structure, self-regulation model, dealer member rules, registration categories, provincial securities law | 10-12% |
| 2. Prospective client relationships | KYC obligations, client identification, suitability assessment, account opening procedures | 12-15% |
| 3. Recommendations and trades | Suitability at recommendation and execution, order types, trade acceptance obligations | 10-12% |
| 4. Account types | RRSP, TFSA, RESP, RDSP, FHSA, joint accounts, corporate accounts, trust accounts, margin accounts | 10-12% |
| 5. Products | Equities, fixed income, mutual funds, ETFs, listed options, structured products, segregated funds | 15-18% |
| 6. Marketplaces | Canadian trading venues, ATSs, UMIR, order handling rules, best execution obligation | 10-12% |
| 7. Ethics | CIRO Code of Conduct, conflicts of interest, client confidentiality, whistleblowing obligations | 8-10% |
| 8. Supervision | Branch manager obligations, principal review, compliance system requirements, reporting obligations | 10-12% |
| 9. Retail-specific regulation | Retail investor protections, complaint handling procedures, fee disclosure, marketing rules | 8-10% |
These weights are approximate. Do not treat any single element as unimportant because its range appears low. Failing one element heavily enough will pull your total score below the 60 percent passing mark even if you do well elsewhere.
How to read the CIRO blueprint
The CIRO publishes the CIRE blueprint as a PDF document. The structure has three levels:
- Element: the nine broad topic areas shown above
- Learning outcome: a specific skill or knowledge area within each element, written as "The candidate will be able to..."
- Sub-point: the specific rule, concept, or procedure tested under each outcome
The exam samples from outcomes. A question might test any sub-point within an outcome. When you finish studying an outcome, you should be able to answer a question on any sub-point under it without looking anything up.
Ciroexam organises lessons in CIRO blueprint order and tags every practice question to its outcome key. When you answer a question and get it wrong, the explanation shows you which outcome it belongs to and which rule section governs the correct answer.
Element-by-element breakdown
Element 1: Regulatory framework
This element covers the structure of CIRO, how it operates as a self-regulatory organization, and how its rules interact with provincial securities legislation and the Canadian Securities Administrators (CSA). Outcomes include: the history of the IIROC-MFDA merger into CIRO, the CIRO Dealer Member Rules (DMR) structure, registration categories for individuals and firms, enforcement mechanisms, and how provincial regulators relate to CIRO's authority.
Candidates coming from a sales background often underestimate this element. The scenario questions require you to know which rule applies to which registrant category under which circumstances.
Element 2: Prospective client relationships
The KYC (Know Your Client) obligations under CIRO DMR 3200 and the suitability framework under DMR 3300 dominate this element. Outcomes include: the information a member must collect before opening an account, how to assess suitability for different client types, how to document suitability decisions, and the special obligations when dealing with vulnerable clients or clients with diminished capacity.
This element is where the exam's scenario density is highest. Most questions present a client situation and ask what the registrant must do next.
Element 3: Recommendations and trades
This element extends Element 2 from account opening to the moment of recommendation or trade acceptance. Outcomes include: the obligation to assess suitability at the time of a recommendation, the treatment of unsolicited orders, order types and their appropriate use, and the documentation required when a client-directed trade conflicts with KYC information.
Element 4: Account types
CIRE candidates must know the regulatory rules governing each registered account type (RRSP, TFSA, FHSA, RESP, RDSP) as well as non-registered individual, joint, corporate, trust, and margin accounts. FHSA (First Home Savings Account) was introduced under the 2023 Budget and appears in the 2026 CIRE blueprint. Know the contribution limits, withdrawal rules, beneficiary designations, and the scenarios where one account type is appropriate versus another.
Element 5: Products
The product element is typically the largest by outcome count. Covered products include: common and preferred shares, bonds, debentures, GICs, mutual funds (NI 81-101 and NI 81-102), ETFs, listed options basics, structured products, and segregated funds. For each product type, outcomes include: how it works, how it is priced, its risk characteristics, how it is appropriate for which investor profile, and relevant regulatory disclosure obligations.
Element 6: Marketplaces
This element covers the mechanics of how securities trade in Canada. Outcomes include: the definition of a marketplace, the rules governing trading on exchanges and ATSs, UMIR provisions on order handling and short selling, the best execution obligation, and prohibited market activity. The Universal Market Integrity Rules (UMIR) are a primary reference document for this element.
Element 7: Ethics
CIRO's ethics element is not a soft assessment of professional judgment. It tests specific rules: the CIRO Code of Conduct, DMR 2500, the conflict of interest disclosure requirements, client confidentiality obligations, and the whistleblowing procedures under National Instrument 31-103. Scenario questions often describe a situation where two obligations appear to conflict.
Element 8: Supervision
This element tests from the branch manager's perspective, not the representative's. Outcomes include: the supervisory obligations of a designated supervisor under DMR 2100, the principal review requirement for new accounts and certain trades, the compliance system requirements under DMR 2300, how to handle a reported compliance concern, and mandatory reporting obligations to CIRO. Candidates who have never been in a supervisory role find this element harder than expected.
Element 9: Retail-specific regulation
The retail regulation element covers obligations specific to dealing with retail clients (as distinct from institutional or eligible clients). Outcomes include: retail client disclosure requirements, the complaint handling procedures set by CIRO and NI 31-103, fee disclosure obligations under CIRO rules, and marketing and advertising restrictions.
Using the syllabus as a study checklist
The most effective way to use the CIRE syllabus is as a coverage checklist. Print or export the blueprint. For each learning outcome, mark it as:
- Not started
- Studied but not tested
- Tested and above 70% accuracy
- Tested and below 70% (needs work)
Move no outcome from "not started" to "ready to sit the exam" without running at least one correct question on it. The practice question bank tags every question to its outcome key so you can verify coverage. The free diagnostic samples across elements so you can identify gaps early.
Before you book your exam date, every outcome should be in the "tested and above 70%" column, or you should have a plan to address the remaining gaps in the week before your exam.
For a full four-week study schedule organized around the CIRE syllabus, see the CIRE study guide. For the complete CIRE exam overview, including exam format and registration logistics, start there. If you are comparing the CIRE syllabus to the old CSC curriculum, see CSC vs. CIRE.
Frequently asked questions
Where can I find the official CIRE blueprint?
CIRO publishes the CIRE blueprint as a PDF on its website at ciro.ca. The document lists all nine elements, their learning outcomes, and the sub-points under each outcome. Ciroexam's lessons follow this blueprint order and cite specific outcomes and rule sections throughout.
Does the CIRE syllabus change over time?
CIRO updates the CIRE blueprint when regulatory rules change significantly. The CIRE launched in January 2026 with a blueprint aligned to the current CIRO Dealer Member Rules. Candidates should check the CIRO website for the most current blueprint version before booking their exam, particularly if they began preparation more than six months ago.
Are all nine elements equally weighted on the CIRE?
No. Products (Element 5) and prospective client relationships (Element 2) carry more outcomes than ethics (Element 7) or retail-specific regulation (Element 9). The approximate weights in the table above reflect the relative depth visible in the published blueprint. A weak performance in a high-weight element costs more than a weak performance in a low-weight element.
Does Ciroexam cover every outcome in the CIRE blueprint?
Yes. Ciroexam's lessons are organized in CIRO blueprint order and cover all nine elements across all published learning outcomes. The free diagnostic samples from across all nine elements so you can see your baseline on the full syllabus before you start studying.