The RSE (Retail Securities Exam) carries two separate costs: the CIRO exam fee and the cost of study materials. Most candidates also factor in the cost of the CIRE, since you must hold the CIRE before writing the RSE. This page breaks down the actual numbers, explains the main prep options, and shows how employer reimbursement works in practice.
CIRO has not published the RSE exam fee in a single public location. Based on current CIRO fee schedules and information from registrants who have booked the exam, the RSE exam registration fee is in the range of CAD 300 to 400. Confirm the current fee directly with CIRO at the time of booking.
RSE cost breakdown: what you will pay
| Cost item | Amount (CAD) | Notes |
|---|---|---|
| RSE exam registration fee | ~$300-400 | Paid to CIRO at booking. Confirm current rate with CIRO. |
| CIRE exam registration fee | ~$300-400 | Required prerequisite. Paid separately to CIRO. |
| Fitch Learning RSE prep | ~$600-900 | Official provider. RSE-only course. |
| Fitch Learning CIRE prep | ~$600-900 | Separate course for the prerequisite exam. |
| Ciroexam subscription (monthly) | $29.99/mo | Covers RSE + CIRE + 7 other CIRO exams. |
| Ciroexam subscription (annual) | $249/yr | Equivalent to $20.75/mo. Covers all 9 exams. |
For a candidate writing both the CIRE and the RSE, the total out-of-pocket cost using Fitch Learning runs approximately CAD 1,200 to 1,800 for materials alone, plus two exam registration fees. That is before factoring in any employer contribution.
What Fitch Learning charges for RSE prep
Fitch Learning is the official study materials provider for the CIRO Proficiency Model exams. Their RSE course runs approximately CAD 600 to 900 depending on the package selected. That price is for the RSE only. A candidate who also needs to prepare for the CIRE pays separately for that course.
Fitch Learning materials include a digital textbook, practice questions, and mock exams. The price point reflects their position as the designated provider, not necessarily a market comparison. Candidates do have alternatives, and the cost difference is significant.
Ciroexam pricing: CIRE and RSE in one subscription
Ciroexam charges CAD 29.99 per month or CAD 249 per year. That single subscription covers all nine exams in the CIRO Proficiency Model, including both the CIRE and the RSE. A candidate using Ciroexam for CIRE prep who then moves to RSE prep does not pay again. The study materials, practice questions, and mock exams for both exams are included under the same plan.
At CAD 249 per year, Ciroexam costs roughly a quarter of Fitch Learning's per-exam price for RSE alone. For a candidate who writes two or more CIRO exams, the annual plan provides the clearest value. For a candidate who passes on the first attempt after two months of prep, the monthly plan at CAD 59.98 total is cheaper than the annual.
If you are undecided, the free CIRE diagnostic is available without a subscription. It identifies your current CIRE knowledge baseline before you pay for anything.
Employer reimbursement: how much firms typically cover
Most CIRO-member firms reimburse exam and study costs for registered or pre-registered representatives. Reimbursement policies vary by firm, but the typical range is CAD 500 to 2,000 per exam cycle, with many firms covering 100% of costs for candidates who pass on the first attempt.
Common reimbursement structures:
Full reimbursement on pass. The firm pays nothing upfront but reimburses 100% of documented costs when you submit a passing result. This is the most common structure at mid-to-large dealers.
Partial upfront, remainder on pass. The firm covers the exam fee upfront and reimburses study materials costs on a pass. You carry the materials cost until you have the result.
Annual learning budget. Some firms provide a flat annual professional development budget (CAD 1,000 to 3,000 is typical) that can be applied to CIRO exam costs along with other education expenses.
Before purchasing study materials, check with your compliance or HR department about your firm's policy. Save all receipts and confirmation emails. Reimbursement claims typically require the exam booking confirmation, the result letter, and payment receipts for any third-party materials.
Total cost comparison: two exam paths
This comparison covers a candidate writing both the CIRE and the RSE, which is the standard path for retail advisors entering the CIRO framework.
| Scenario | CIRE prep | RSE prep | Exam fees (both) | Total |
|---|---|---|---|---|
| Fitch Learning for both | ~$750 | ~$750 | ~$700 | ~$2,200 |
| Ciroexam (monthly, 2 mo each) | ~$60 | ~$60 | ~$700 | ~$820 |
| Ciroexam (annual) | $249 (covers both) | included | ~$700 | ~$950 |
| Ciroexam + employer reimburses exam fees | $249/yr | included | $0 out-of-pocket | ~$249 |
The exam fees column is approximate. Confirm current CIRO fees when booking. The "employer reimburses exam fees" row reflects the most common full-reimbursement scenario where your firm covers the exam registration costs.
What the RSE exam fee covers
The CIRO exam registration fee covers one attempt at the RSE. If you fail, you pay the full registration fee again for a resit. There is a mandatory waiting period between attempts. CIRO does not publish the exact waiting period prominently, but most sources indicate 30 days between sittings.
This makes study investment a practical consideration beyond just the prep cost. The cost of a failed attempt is another CAD 300 to 400 plus additional prep time. Candidates who prepare with structured materials pass at higher rates on the first attempt, which reduces total cost even if the prep materials cost more upfront.
Hidden costs worth accounting for
Time cost. The RSE typically requires 30 to 45 days of preparation. For a working advisor, that time has an opportunity cost. Faster pass timelines from quality prep materials reduce that cost, even if the materials themselves cost more.
Resit fees. A failed attempt on the RSE means rebooking the exam and paying again. Budget for one potential resit when calculating total expected cost.
CIRE prerequisite cost. You cannot write the RSE without holding the CIRE. If you have not yet written the CIRE, factor that exam's costs in. A Ciroexam annual subscription covers both, which is one reason the annual plan is the better value for most candidates going through the full path. See the RSE syllabus for how the CIRE and RSE content relate, which clarifies why studying both together is efficient.
Context: why these exams exist now
The RSE is part of the CIRO Proficiency Model, which replaced the Canadian Securities Course and CPH framework starting January 2026. Candidates who held licensing under the old system are encountering these new exam costs for the first time. The CSC replacement explained page covers the transition in detail.
FAQ
Is the RSE exam fee refundable if I cancel my booking?
CIRO's cancellation policy requires review at the time of booking. Generally, exam fees are non-refundable or carry a partial refund window of 5 to 10 business days before the scheduled sitting. Do not book an exam date you are not confident you can keep.
Does Ciroexam offer a student or firm discount?
Ciroexam's pricing page shows current pricing. The annual plan is the primary volume discount available. There is no separate firm-level or student pricing at this time.
What if I pass the CIRE but fail the RSE?
You do not retake the CIRE. You re-register for the RSE only and pay the RSE exam fee again. Your CIRE credential remains valid. Your Ciroexam subscription continues uninterrupted regardless of exam results.
How does Ciroexam compare to Fitch Learning for exam quality?
Both providers cover the official CIRO RSE blueprint. Ciroexam's practice questions cite the specific CIRO rule section tested with each question, which the official Fitch materials do not consistently do. The RSE practice questions page covers question quality in detail.