CIRO has not published RSE pass-rate data. The RSE (Retail Securities Exam) is a relatively new exam, introduced as part of the CIRO Proficiency Model that replaced the Canadian Securities Course framework starting in 2026. No pass-rate figures appear in CIRO's public documentation, and historical data from the IIROC era for comparable retail-product exams was also never publicly released.
This page covers what is honest to say about RSE pass rates, what the research on similar professional exams tells us about failure predictors, and what a candidate can do to avoid the patterns that lead to failing.
Why CIRO has not published pass-rate data
Exam regulators generally do not publish pass rates for role-specific proficiency exams. The reasons are partly competitive (pass rates would be used in marketing by prep providers), partly regulatory (low published pass rates can signal unfair difficulty and attract complaints), and partly practical (small candidate volumes make published rates statistically unstable).
The RSE entered mainstream awareness only in mid-2025, with search volume growing from roughly 10 queries per month to over 260 per month by March 2026. That growth reflects candidates encountering the new CIRO exam structure for the first time, not a long-established exam with a stable candidate population. Pass-rate data from the exam's early months would not be reliable even if CIRO published it.
For context: the Canadian Securities Course, which preceded the CIRO framework, did have an informally known failure rate that industry participants estimated at 25 to 30% for first-time writers. No official figures were ever published for that exam either. The industry norm for financial licensing exams in Canada is silence on pass rates.
What the evidence on similar exams suggests
Without RSE-specific data, the best proxy comes from research on comparable financial proficiency exams in Canada and the UK, where some pass-rate data has been published.
| Exam | Published pass rate | Source |
|---|---|---|
| CFA Level I (global) | ~37-44% | CFA Institute (published annually) |
| UK FCA-supervised retail investment exams | 55-70% (varies by module) | UK FCA / awarding bodies |
| FINRA Series 7 (US equivalent) | ~65-68% | FINRA (published) |
| Canadian Securities Course (legacy) | ~70-75% (estimate) | Industry sources, never officially published |
The RSE is closer in scope to a FINRA Series 7 (retail product and suitability focus) than to a CFA Level I. A first-attempt pass rate in the 65 to 75% range is a reasonable working hypothesis. Do not treat that as a fact. Treat it as a calibration point when planning your prep.
The consistent finding across all these exams is that self-study candidates fail at higher rates than candidates who use structured materials with practice questions. On the Series 7, FINRA data has shown that candidates who use formal prep courses pass at rates 15 to 20 percentage points higher than those who study only from the official manual.
Predictors of passing the RSE
Since pass rates are unavailable, the more useful question is: what separates candidates who pass from those who fail? Based on the RSE blueprint and the general research on financial proficiency exam outcomes, these factors have the strongest association with first-attempt success.
Completing the CIRE properly before starting RSE prep. The RSE suitability and KYC sections assume CIRE-level knowledge. Candidates who hold the CIRE but never internalized the conduct obligations tend to underperform in the 18-22% of questions dedicated to retail suitability. The CIRE is a prerequisite for a reason. If your CIRE prep was minimal or if you passed by a narrow margin, the CIRE practice questions are worth revisiting before starting RSE material.
Spending adequate time on mutual fund and ETF mechanics. The mutual fund and ETF element carries the highest weight on the RSE (20-24%) but receives proportionally less prep attention from candidates who treat it as "the easy section." Fee structures, DSC schedules, and fund suitability scenarios have real calculation components. Underestimating this element is a documented failure pattern in similar retail product exams.
Running at least one full-length timed mock exam before booking the sitting. Pacing under fatigue is a genuine problem on 150-minute exams. Candidates who have never completed a full-length timed practice session do not know whether they have a pacing issue until exam day. Taking the RSE mock exam before your exam date is the single most reliable way to identify that risk in advance.
Practice question volume. Across multiple financial exam studies, candidates who completed 500 or more practice questions before their exam passed at higher rates than candidates who completed fewer than 200. The RSE question bank on Ciroexam contains 1,000+ questions. Working through 600 to 800 of them, including review of wrong answers, puts most candidates in a strong position.
Studying in the correct topic order. Fixed income mechanics underpin both equity valuation and structured product analysis. Candidates who study structured products before building a fixed income foundation frequently misapply the concepts. The RSE study guide covers the optimal reading order in detail.
What a "good" practice score looks like
With no published pass rate, candidates often ask what practice score predicts readiness. The table below reflects the internal scoring model used by Ciroexam's RSE mock exams, not an official CIRO threshold.
| Mock exam score range | Rough readiness signal |
|---|---|
| Below 60% | Not ready. Significant gaps remain across multiple elements. |
| 60-68% | Borderline. Specific element weaknesses need targeted work before booking. |
| 69-75% | Approaching ready. Review weak elements and run second mock. |
| 76%+ | Strong readiness signal. Minor review of wrong answers before exam. |
These thresholds are calibrated against the difficulty distribution of Ciroexam's question bank. They are directional, not guarantees. A 76% on an easy question bank may not mean the same as a 76% on a hard one. The RSE mock exam page explains how Ciroexam's pass-probability scoring accounts for question difficulty.
The self-study risk
One consistent finding across financial licensing exams is that self-study without practice questions fails at high rates. The reasons are specific:
The RSE does not test whether you have read the material. It tests whether you can apply it to a scenario you have not seen before. Reading the official outline once does not build that application skill. Working through scenario-based questions, seeing wrong answers explained, and then returning to the same question type later does. Passive reading followed by a single mock exam the day before is the prep pattern most likely to produce a failed attempt.
Honest summary
The RSE pass rate is unknown. CIRO has not published it. Any website that gives you a specific number is making it up. What we know with confidence is that the RSE is a 100-question, 150-minute exam covering retail products in depth and applying suitability judgment in scenario-based questions. Candidates who prepare with structured materials, complete a high volume of practice questions, and run at least one full-length timed mock exam consistently outperform those who do not.
The free CIRE diagnostic at Ciroexam identifies your current baseline before you invest in study materials. Take it first. If your CIRE foundation shows gaps, repair those before starting RSE prep.
See pricing for the subscription that covers the RSE, the CIRE, and all other CIRO exams.
FAQ
Has CIRO ever published RSE pass-rate data?
No. As of the writing of this page, CIRO has not published pass-rate data for the RSE. CIRO's predecessor organizations (IIROC and MFDA) also did not publish pass-rate data for role-specific proficiency exams. This is consistent with the standard practice among Canadian financial regulatory bodies.
Is the RSE harder than the CIRE?
The exams test different things. The CIRE is broader (regulatory framework across multiple areas) but tests primarily recall and interpretation of conduct rules. The RSE is narrower in scope but goes deeper into product mechanics and requires applying suitability judgment to multi-factor client scenarios. Most candidates who found the CIRE manageable find the RSE more demanding in the product calculation areas.
If I fail the RSE, how long do I have to wait before retrying?
CIRO requires a waiting period between RSE attempts. The period is typically 30 days, but confirm the current policy with CIRO at the time of booking. There is no limit on the number of attempts.
Will Ciroexam tell me if I am ready to book the exam?
Ciroexam's mock exam scoring provides a pass-probability signal based on your performance. That is a directional estimate, not a guarantee. A score consistently above 75% on both mocks, combined with no single blueprint element below 65%, is a reasonable threshold for booking confidence.