CIRE vs RSE: which exam do you need?
The CIRE tests rules and ethics for every registered individual. The RSE (120 questions, 3 hours) is the role exam for retail representatives, covering products, suitability, portfolios and registered plans. Retail reps at investment dealers write both, usually the CIRE first.
CIRE vs RSE at a glance
| CIRE | RSE | |
|---|---|---|
| Full name | Canadian Investment Regulatory Exam (CIRE) | Retail Securities Exam (RSE) |
| Questions | 110 multiple-choice questions | 120 multiple-choice questions |
| Time | 2 hours | 3 hours |
| Passing score | Set by CIRO (the pass mark isn't published) | Set by CIRO (the pass mark isn't published) |
| Format | Closed book, computer-based | Closed book, computer-based |
| Cost | C$475 for the first attempt and C$300 for each retake (up to 3 attempts in 12 months) | C$475 for the first attempt and C$300 for each retake (up to 3 attempts in 12 months) |
| Languages | English and French | English and French |
| Where | Prometric test centres in Canada or Prometric remote proctoring | Prometric test centres in Canada or Prometric remote proctoring |
| Level | CIRO Proficiency Model | CIRO Proficiency Model |
What each exam covers
CIRE
- Canada's Regulatory Framework and CIRO
- Ethics and Professional Conduct
- Know Your Client and Know Your Product
- Suitability and Client Focus
- Conflicts of Interest
- Accounts, Documentation and Supervision
- Trading Rules and Market Integrity
- Anti-Money Laundering and Privacy
- Complaints, Client Protection and Vulnerable Clients
RSE
- Know Your Client and Suitability
- Fixed-Income Products
- Equity Products
- Managed Products: Mutual Funds and ETFs
- Derivatives and Structured Products
- Portfolio Construction and Risk
- Retirement, Tax and Registered Plans
- Account Types and Trading
- Economics and Markets
Which should you take?
The CIRE tests rules and ethics for every registered individual. The RSE (120 questions, 3 hours) is the role exam for retail representatives, covering products, suitability, portfolios and registered plans. Retail reps at investment dealers write both, usually the CIRE first.
Try both, free
Each free practice test takes about 10 minutes and shows your score by topic. No signup.
FAQ
What is the difference between CIRE and RSE?
The CIRE tests rules and ethics for every registered individual. The RSE (120 questions, 3 hours) is the role exam for retail representatives, covering products, suitability, portfolios and registered plans. Retail reps at investment dealers write both, usually the CIRE first.
Which is harder, CIRE or RSE?
CIRE: 110 multiple-choice questions in 2 hours. RSE: 120 multiple-choice questions in 3 hours. The longer exam covers more ground, but the harder one is the one further from your daily work. Take both free practice tests to see where you stand.
Can I hold both CIRE and RSE?
Yes. They're separate exams. Many candidates write more than one, for example the CIRE followed by the Retail Securities Exam, or both CSC exams.
How do I prepare for CIRE and RSE?
Start with the free practice test for each, then study by topic. Premium is per exam (C$207 a month each), so most people start with the exam they'll sit first and add the second when they're ready.
More comparisons
Exam details are summarized from CSI's and CIRO's published information as of October 2026. Confirm with CSI or CIRO before you book. CSCQuizBank is not affiliated with CSI, CIRO or Fitch Learning.