CIRE vs CSC Exam 1: which exam do you need?
The CIRE is CIRO's regulatory exam (110 questions, 2 hours) and, since 1 January 2026, the entry exam for new investment dealer representatives. The CSC is a broader product and markets course that's still accepted for mutual fund and exempt market dealer reps. If you're joining an investment dealer in 2026, write the CIRE.
CIRE vs CSC Exam 1 at a glance
| CIRE | CSC Exam 1 | |
|---|---|---|
| Full name | Canadian Investment Regulatory Exam (CIRE) | Canadian Securities Course (CSC) Exam 1 |
| Questions | 110 multiple-choice questions | 100 multiple-choice questions |
| Time | 2 hours | 2 hours |
| Passing score | Set by CIRO (the pass mark isn't published) | 60% |
| 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) | Included in the CSC enrolment set by CSI (packages have been listed at roughly C$1,000 to C$1,400 for both exams); check CSI before you enrol |
| Languages | English and French | English and French |
| Where | Prometric test centres in Canada or Prometric remote proctoring | Remote proctoring or an in-person test centre, booked through CSI |
| Level | CIRO Proficiency Model | Canadian Securities Course |
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
CSC Exam 1
- The Canadian Securities Marketplace
- The Canadian Economy
- Features of Fixed-Income Securities
- Pricing and Trading Fixed-Income Securities
- Common and Preferred Shares
- Equity Transactions
- Derivatives
- Corporations and Their Financial Statements
- Financing and Listing Securities
Which should you take?
The CIRE is CIRO's regulatory exam (110 questions, 2 hours) and, since 1 January 2026, the entry exam for new investment dealer representatives. The CSC is a broader product and markets course that's still accepted for mutual fund and exempt market dealer reps. If you're joining an investment dealer in 2026, write the CIRE.
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 CSC Exam 1?
The CIRE is CIRO's regulatory exam (110 questions, 2 hours) and, since 1 January 2026, the entry exam for new investment dealer representatives. The CSC is a broader product and markets course that's still accepted for mutual fund and exempt market dealer reps. If you're joining an investment dealer in 2026, write the CIRE.
Which is harder, CIRE or CSC Exam 1?
CIRE: 110 multiple-choice questions in 2 hours. CSC Exam 1: 100 multiple-choice questions in 2 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 CSC Exam 1?
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 CSC Exam 1?
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.