STUDY PACKAGES FOR EXAMINATIONS OF
CANADIAN INVESTMENT REGULATORY ORGANIZATION (CIRO)
There are 3 examinations to choose from:
The Canadian Investment Regulatory Exam is mandatory for anyone who, as of January 1, 2026, seeks to register with a CIRO-regulated investment dealer in the role of a representative under CIRO’s new model.
The Exam (CIRE) measures the foundational knowledge, practical skills and professional behaviors that entry-level dealing representatives must demonstrate to register under CIRO’s new assessment-centric proficiency model.
The Retail Securities Exam is mandatory for anyone who, as of January 1, 2026, seeks to register with a CIRO-regulated investment dealer in the role of a dealing representative authorized to sell retail securities to individual (retail) clients.
The Exam evaluates foundational knowledge and skills required for dealing in retail securities. Key topics include product features and risks, regulatory framework, suitability assessments, client relationship principles, and compliance obligations.
The Institutional Securities Exam is mandatory for anyone who, as of January 1, 2026, seeks to register with a CIRO-regulated investment dealer in the role of a dealing representative authorized to sell securities to institutional clients.
The exam evaluates the foundational knowledge, practical skills, and professional behaviours required of dealing representatives who work with institutional clients. CIRO’s published syllabus outlines the specific learning outcomes, parameters, and topic weightings to align the exam with real-world institutional securities activities.
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