The short answer
| Your role | What to write |
|---|---|
| New retail representative at an investment dealer | CIRE, then the Retail Securities Exam (RSE) |
| Mutual fund dealer representative | IFC or CSC (both still accepted) |
| Exempt market dealer representative | CSC (one of the accepted routes) |
| Enrolled in the CSC before 2026 | Finish the CSC and be approved before 1 January 2027 to use it for CIRO purposes |
| Building general finance knowledge | CSC |
What the CIRE tests
The CIRE is a regulatory exam: 110 multiple-choice questions in 2 hours, focused on rules, ethics, KYC and KYP, suitability, conflicts, AML and complaint handling. It costs C$475 for the first attempt and C$300 for each retake, with up to 3 attempts in 12 months. CIRO doesn't publish the pass mark.
What the RSE tests
The Retail Securities Exam is the role-specific exam for retail representatives: 120 questions in 3 hours on products, suitability, portfolios, registered plans and tax. Know your client and suitability is the largest share, about 23%.
See where you stand in 10 minutes
Take the free CIRE practice test. 15 questions, every answer explained.
What the CSC still offers
The CSC is two exams of 100 questions each (2 hours, 60% to pass). It remains accepted for mutual fund dealer representatives and exempt market dealer representatives, and it's widely recognised by banks and insurers as a finance credential.
Frequently asked questions
Is the CSC still required in 2026?
Not for new investment dealer representatives: since 1 January 2026 they write the CIRE. The CSC is still accepted for mutual fund dealer and exempt market dealer representatives.
What if I started the CSC in 2025?
If you enrolled before 1 January 2026, you can still use the CSC for CIRO purposes if you finish it and are approved before 1 January 2027. Confirm your deadline with CIRO.
How many questions are on the CIRE?
110 multiple-choice questions in 2 hours.
Can I write the CIRE online?
Yes. It's delivered by Fitch Learning through Prometric, at a test centre or by remote proctoring.
Official sources
Practice tests for these certifications
Canadian Investment Regulatory Exam (CIRE)
CIRO's new entry-level regulatory exam.
Retail Securities Exam (RSE)
CIRO's exam for retail representatives at investment dealers, written after the CIRE. It replaces much of what the CSC and CPH used to cover for retail advisors: products, suitability, portfolios, registered plans and tax, with know-your-client and suitability making up the largest share (about 23%).
Canadian Securities Course (CSC) Exam 1
The first of the two CSC exams covers the marketplace, the economy, bonds, shares, derivatives, financial statements and how companies raise capital.
Canadian Securities Course (CSC) Exam 2
The second CSC exam turns from products to advice: analysing companies, building portfolios, mutual funds and ETFs, alternative and structured products, Canadian investment taxation, fee-based accounts and institutional clients.
Investment Funds in Canada (IFC)
The course and exam most mutual fund dealer representatives write to sell mutual funds in Canada.
This guide is general information, checked October 2026, not legal advice. CSI or CIRO rules change; confirm with CSI or CIRO before you apply.
