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CIRO Proficiency Model · Last updated October 2026

Canadian Investment Regulatory Exam (CIRE): free practice test

CIRO's new entry-level regulatory exam. Since 1 January 2026 it's the exam new representatives at Canadian investment dealers write instead of the CSC for approval. It tests the rules, ethics and client-protection obligations every registered individual must follow, rather than product knowledge.

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About the CIRE exam

CIRO's new entry-level regulatory exam. Since 1 January 2026 it's the exam new representatives at Canadian investment dealers write instead of the CSC for approval. It tests the rules, ethics and client-protection obligations every registered individual must follow, rather than product knowledge.

What's on the exam

CIRE
Canada's Regulatory Framework and CIRO
5 key facts
Ethics and Professional Conduct
5 key facts
Know Your Client and Know Your Product
5 key facts
Suitability and Client Focus
5 key facts
Conflicts of Interest
5 key facts
Accounts, Documentation and Supervision
5 key facts
Trading Rules and Market Integrity
5 key facts
Anti-Money Laundering and Privacy
5 key facts
Complaints, Client Protection and Vulnerable Clients
5 key facts

Each branch is a topic in the official outline. Members see every key fact on the full mind map. Read the free study guide →

How to pass the CIRE exam

  • 110 questions in 2 hours is about 65 seconds each. It's a rules exam: read for the obligation being tested, not the product.
  • Client-first answers win. When two options look right, pick the one that puts the client's interest first and follows the documented process.
  • You get 3 attempts in 12 months, and each retake costs C$300, so book when your practice scores are consistently strong.
  • The CIRE is about obligations under CIRO rules and NI 31-103: KYC, KYP, suitability, conflicts, complaints, AML and privacy. Learn the reasons behind each rule.

Save your results and get your Readiness Score

Create a free account after the test: your score by topic, a mistakes bank, the complete study notes for the first topic, flashcards and the Canadian Securities Key Numbers Sheet.

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What's in the premium CIRE prep

Premium CIRE prep is studied one topic at a time. Each step starts with that topic's key notes and flashcard deck, then its own question sets of 25, so you master one topic before you move to the next. When every topic is strong, the 6 full mock exams show you're ready.

3,000practice questions, every answer explained
6full-length mock exams, 110 questions each, timed
800flashcards with spaced repetition, sorted by topic
60comprehensive key notes across 9 topics

Your step-by-step study path

  1. 1
    Canada's Regulatory Framework and CIRO7 key notes, 90 flashcards, then 350 practice questions in 14 sets of 25
    Notes free with an account
  2. 2
    Ethics and Professional Conduct7 key notes, 90 flashcards, then 350 practice questions in 14 sets of 25
    Premium
  3. 3
    Know Your Client and Know Your Product7 key notes, 90 flashcards, then 350 practice questions in 14 sets of 25
    Premium
  4. 4
    Suitability and Client Focus7 key notes, 90 flashcards, then 325 practice questions in 13 sets of 25
    Premium
  5. 5
    Conflicts of Interest7 key notes, 90 flashcards, then 325 practice questions in 13 sets of 25
    Premium
  6. 6
    Accounts, Documentation and Supervision7 key notes, 90 flashcards, then 325 practice questions in 13 sets of 25
    Premium
  7. 7
    Trading Rules and Market Integrity6 key notes, 90 flashcards, then 325 practice questions in 13 sets of 25
    Premium
  8. 8
    Anti-Money Laundering and Privacy6 key notes, 85 flashcards, then 325 practice questions in 13 sets of 25
    Premium
  9. 9
    Complaints, Client Protection and Vulnerable Clients6 key notes, 85 flashcards, then 325 practice questions in 13 sets of 25
    Premium
  10. Final step: 6 full mock exams110 questions each, timed like test day. Pass them, then book your exam.
    Premium
Free with an account

Read the complete CIRE study notes for “Canada's Regulatory Framework and CIRO”

Our first full set of comprehensive notes, about 10 minutes of reading: Layers of regulation · CIRO in brief · The 2026 Proficiency Model · NI 31-103, a worked exam example, the traps examiners use and a one-minute recap. Create a free account to read it and see how premium notes work before you decide.

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Study tools included

3,000 practice questions

3,000 exam-style questions per exam, organized topic by topic in sets of 25. Every answer explained, with the rule it comes from.

6 full mock exams

6 full-length timed mock exams per exam, with real question counts and time limits, so test day feels like practice day.

Exam Readiness Score

One 0 to 100 number that tells you when you're ready to book. Reach 80 and you're covered by our Pass Guarantee.

800 flashcards + spaced repetition

800 flashcards per exam, in a deck for each topic, that come back right before you'd forget them. Five minutes a day keeps every number fresh.

60 comprehensive key notes

60 key notes per exam, split across its topics and each explained in full: the concepts, worked exam examples, the traps examiners use and a quick recap. Your first set is free with an account.

Mind maps

See the whole exam on one screen: every topic and the facts under it.

Sample questions with answers

These are the questions in the free test above, with answers. Try the test first. You'll learn more by getting some wrong.

1. CIRO was created in 2023 by combining:
Answer: IIROC and the MFDA. The Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA) merged to form CIRO, regulated by the provincial and territorial securities commissions.
2. Who oversees CIRO as a self-regulatory organization?
Answer: The Canadian Securities Administrators' member commissions. CIRO is recognized and overseen by the provincial and territorial securities regulators, which coordinate through the Canadian Securities Administrators (CSA).
3. A representative is offered expensive concert tickets by a product issuer whose funds they recommend. The best response is to:
Answer: Follow the firm's gifts policy, which usually means declining or disclosing and getting approval. Gifts from issuers can create a conflict of interest. Firms set limits and approval processes; the representative must follow them and avoid anything that could influence recommendations.
4. Under the client focused reforms, KYC information must include, among other things:
Answer: The client's personal and financial circumstances, investment needs and objectives, investment knowledge, risk profile and time horizon. NI 31-103 sets out the KYC elements needed to make a suitability determination, including risk profile (willingness and capacity) and investment time horizon.
5. The 'know your product' (KYP) obligation requires a registered individual to:
Answer: Understand the structure, features, risks and costs of the securities they recommend. KYP requires the representative to understand each security they purchase, sell or recommend well enough to assess whether it's suitable for the client.
6. Under the client focused reforms, a suitability determination must:
Answer: Put the client's interest first. Registrants must determine that an action is suitable for the client and puts the client's interest first, considering KYC, KYP, the impact on the account (including costs) and reasonable alternatives.
7. Which event typically triggers a new suitability determination?
Answer: A material change in the client's KYC information. Suitability must be reviewed when a security is transferred in, when the representative changes, when there's a material change in KYC information, and at other trigger events.
8. Under NI 31-103, a material conflict of interest that can't be addressed in the client's best interest must be:
Answer: Avoided. Firms must identify material conflicts and address them in the client's best interest. If a conflict can't be addressed that way, it must be avoided. Disclosure alone isn't enough.
9. A trusted contact person (TCP) is someone the firm may contact:
Answer: About concerns such as possible financial exploitation or diminished mental capacity. Firms must take reasonable steps to obtain a TCP's details. The TCP has no authority over the account; they're a resource if the firm is worried about the client's wellbeing or exploitation.
10. A representative buys shares for their own account just before entering a large client buy order in the same stock. This is:
Answer: Front running, a prohibited practice. Trading ahead of a client order to benefit from its price impact is front running, which violates market integrity rules and the duty to put clients first.
11. Spreading false rumours to push a stock's price up so you can sell at a profit is an example of:
Answer: Market manipulation. Pump-and-dump schemes and spreading misleading information are forms of manipulation prohibited under securities law and CIRO's market integrity rules.
12. A client deposits C$12,000 in cash at one time. Under the PCMLTFA, the firm must:
Answer: File a large cash transaction report with FINTRAC. Receipts of C$10,000 or more in cash (in one transaction or several within 24 hours by or for the same person) must be reported to FINTRAC as large cash transactions.
13. After filing a suspicious transaction report about a client, a representative must not:
Answer: Tell the client a report was made. Tipping off the client is prohibited. The report is confidential, and telling the client could compromise an investigation.
14. If a client isn't satisfied with a firm's final response to a complaint, they can generally take it to:
Answer: The Ombudsman for Banking Services and Investments (OBSI). OBSI is a free, independent dispute-resolution service. It can recommend compensation up to C$350,000. CIPF covers firm insolvency, not complaints.
15. When a representative suspects an elderly client is being financially exploited, CIRO's rules allow the firm to:
Answer: Place a temporary hold on a transaction or disbursement while it reviews the situation. Firms may place a temporary hold where they reasonably believe there's financial exploitation of a vulnerable client, must notify the client and review the hold regularly.

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  • 800 flashcards + 60 key notes per exam, by topic, plus mind maps
  • Spaced repetition + mistakes bank
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  • Content updates during your access
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Certification guide

CSC or CIRE in 2026: which exam do you need?: On 1 January 2026, CIRO changed how new representatives qualify. The Canadian Securities Course (CSC) is no longer the entry exam for investment dealer representatives; CIRO's own Canadian Investment Regulatory Exam (CIRE) is. But the CSC hasn't disappeared, and for many roles it's still accepted. Here's how to work out which path is yours.

CIRE exam FAQ

How many questions are on the CIRE exam?

110 multiple-choice questions, with a time limit of 2 hours. Format: closed book, computer-based.

What is the passing score for CIRE?

Set by CIRO (the pass mark isn't published).

How much does the CIRE exam cost?

C$475 for the first attempt and C$300 for each retake (up to 3 attempts in 12 months). Fees change, so confirm with CSI or CIRO before you enrol.

Which languages is the CIRE exam offered in?

English and French.

Where do I take the CIRE exam?

Prometric test centres in Canada or Prometric remote proctoring.

Is this CIRE practice test free?

Yes. The 15-question practice test on this page is free, with an explanation for every answer and no signup. A free account also unlocks the complete study notes for the first topic. The full CIRE prep is Premium at C$207 a month for this exam.

What's in the premium CIRE prep?

3,000 practice questions organized topic by topic (Canada's Regulatory Framework and CIRO: 350; Ethics and Professional Conduct: 350; Know Your Client and Know Your Product: 350; Suitability and Client Focus: 325; Conflicts of Interest: 325; Accounts, Documentation and Supervision: 325; Trading Rules and Market Integrity: 325; Anti-Money Laundering and Privacy: 325; Complaints, Client Protection and Vulnerable Clients: 325), 6 full-length timed mock exams of 110 questions, 800 flashcards and 60 comprehensive key notes split across all 9 topics, plus a mistakes bank and the Readiness Score.

Compare CIRE with other Canadian licensing exams

Related practice tests

CIRO Proficiency Model

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%).

15 free questions3,000 premium Qs · 6 mocks · 800 flashcards · 60 key notes
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Exam details are summarized from the official candidate information available in October 2026. CSI or CIRO changes formats and fees, so confirm with CIRO (Canadian Investment Regulatory Organization), delivered by Fitch Learning before you book. CSCQuizBank is not affiliated with CSI, CIRO or Fitch Learning.

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