Plain-English explainer
What is the CIRE?
The CIRE is the Canadian Investment Regulatory Examination, the foundational proficiency exam under the CIRO Proficiency Model. It is 110 multiple-choice questions over 120 minutes, costs $170 CAD per sitting, and is administered by Fitch Learning on behalf of the Canadian Investment Regulatory Organization (CIRO). The CIRE took effect January 1, 2026 and replaced the Canadian Securities Course (CSC) for CIRO registration purposes.
CIRE blueprint at a glance
The CIRE syllabus is published by CIRO and divides the exam into nine elements. The question count per element sums to exactly 110, the exam length.
| El | Title | Q | % |
|---|---|---|---|
| 1 | Overview of regulatory framework | 11 | 10.0% |
| 2 | Prospective client relationships | 11 | 10.0% |
| 3 | Scope of client relationship (KYC + suitability) | 17 | 15.5% |
| 4 | Complaint handling | 6 | 5.5% |
| 5 | Market and company analysis | 9 | 8.2% |
| 6 | Market integrity, trade execution, settlement | 13 | 11.8% |
| 7 | Securities, managed products, mutual funds | 21 | 19.1% |
| 8 | Derivatives | 6 | 5.5% |
| 9 | Conflicts of interest and ethics | 16 | 14.5% |
| Total | 110 | 100% | |
Source: CIRO Syllabus January 2025. Verify on ciro.ca/proficiency-model. See /cire-prep for topic-by-topic study guides.
How the CIRE fits into CIRO registration
The CIRE is the foundation. It alone does not qualify a candidate for retail securities registration in most cases. After CIRE, candidates write a role-specific follow-up exam: Retail Securities Exam for retail-facing dealing representatives, Supervisor Exam for branch managers, Trader Exam for marketplace participants, Derivatives Exam for options and futures, Institutional Securities Exam for institutional dealing reps, plus the Director and Executive Exam, Chief Compliance Officer Exam, and Chief Financial Officer Exam for senior roles. See CIRO Proficiency Model for the full structure.
How long to study and how to start
Most candidates complete the CIRE in 30 to 45 days at 10 to 12 hours per week. Career switchers from non-finance backgrounds typically need 60 to 90 days. The free 25-question CIRE diagnostic at /diagnostic scores all 9 elements and tells you which two need most of your study time. The 30-day study plan at /study-plans/cire-30-day-plan maps day-by-day reading + practice. The full topic guide hub is at /cire-prep.
CIRE vs CSC: what changed
The CSC was 2 volumes (100 questions each, 200 total). The CIRE is 1 exam (110 questions). The CSC final bundle was about $1,395 CAD; CIRE sitting is $170 plus prep. CIRE Element 9 (Ethics) reflects the Client Focused Reforms (effective Dec 31, 2021), and Element 6 reflects T+1 settlement (since May 27, 2024). Both updates postdate most CSC textbook editions. See CSC vs CIRE: what changed in 2026 for the chapter-by-chapter map.
FAQ
What does CIRE stand for?
CIRE is the Canadian Investment Regulatory Examination. It is the foundational proficiency exam under the CIRO Proficiency Model that took effect January 1, 2026.
How many questions are on the CIRE?
The CIRE consists of 110 multiple-choice questions over 120 minutes. The blueprint groups the questions into 9 elements: Regulatory framework (11 questions), Prospective client relationships (11), Scope of client relationship (17), Complaint handling (6), Market and company analysis (9), Market integrity and trade execution (13), Securities, managed products and mutual funds (21), Derivatives (6), and Conflicts of interest and ethics (16). The questions sum to exactly 110, the exam length.
Who administers the CIRE?
Fitch Learning is the official delivery partner for the CIRO Proficiency Model exams. CIRO sets the syllabus and the question bank; Fitch Learning runs the testing centres, the prep materials (their commercial bundle is $895-$1,200 CAD), and the candidate registration. The exam itself is computer-based and proctored.
How much does the CIRE cost?
$170 CAD per sitting, paid to CIRO via Fitch Learning. Fitch Learning prep packages add $895-$1,200 depending on the package. Ciroexam at $29.99 CAD/month or $250 CAD/year covers the CIRE plus all 8 other CIRO Proficiency Model exams. Most Canadian dealer members reimburse exam fees and some prep costs after a successful pass.
What's the CIRE pass rate?
CIRO does not publish official pass rates. Internal estimates from prep providers suggest 65-75 percent first-time pass for prepared candidates, comparable to the legacy CSC Volume 1. Pass rates correlate with study volume and diagnostic scores; candidates who complete 600+ practice questions plus two full mocks have notably higher first-time pass rates.
Did the CIRE replace the CSC?
Yes, for CIRO registration purposes. The Canadian Securities Course was retired by CIRO on January 1, 2026 and the CIRE replaced it as the foundational exam. The CSC remains in use for Exempt Market Dealer (EMD) representatives, who are CSA-registered under NI 31-103 §3.10 and not under CIRO. See /csc-to-cire/exempt-market-dealer for the EMD path.
What's the CIRE blueprint based on?
The CIRE blueprint is published by CIRO and reflects the regulatory framework after the IIROC and MFDA consolidation into CIRO (January 1, 2023), the Client Focused Reforms (CFR) effective December 31, 2021, T+1 settlement (since May 27, 2024), and the consolidated IDPC Rules. The full syllabus is available at ciro.ca/proficiency-model.
Score every element first.
The free 25-question diagnostic samples all 9 CIRE elements proportional to the real exam weighting. 25 minutes, no card. Tells you which two elements need most of your study time before you read a single guide.