CIRE Exam Study Guide (2026)
Everything the Canadian Investment Regulatory Exam (CIRE) tests, topic by topic: what each section covers, the facts that come up most, and how to study it. Pair it with the free 15-question practice test.
The exam at a glance
| Questions | 110 multiple-choice questions |
|---|---|
| Time | 2 hours |
| Passing score | Set by CIRO (the pass mark isn't published) |
| Format | Closed book, computer-based |
| Certifying body | CIRO (Canadian Investment Regulatory Organization), delivered by Fitch Learning |
| Test provider | Prometric test centres in Canada or Prometric remote proctoring |
Mind map: the whole exam on one screen
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.
1. Canada's Regulatory Framework and CIRO
Who makes and enforces the rules for investment dealers.
Key facts
- Securities are regulated provincially; the CSA coordinates the commissions.
- CIRO was formed in 2023 from IIROC and the MFDA.
- CIRO sets and enforces rules for member firms and their approved persons.
- NI 31-103 sets national registration requirements and conduct obligations.
- From 1 January 2026, new investment dealer representatives write the CIRE instead of the CSC.
Flashcards
Exam tip: Questions often test the hierarchy: securities commissions oversee CIRO; CIRO oversees firms; firms supervise reps.
2. Ethics and Professional Conduct
The standards of honesty, fairness and good faith expected of every registrant.
Key facts
- Registrants must deal fairly, honestly and in good faith with clients.
- Gifts and entertainment must follow the firm's policy and can't influence recommendations.
- Outside activities must be disclosed to and approved by the firm.
- Confidential client information must be protected.
- Ethical decisions put the client first, even when rules seem silent.
Flashcards
Exam tip: When the rules don't spell out an answer, choose the option you'd be comfortable explaining to the client and the regulator.
3. Know Your Client and Know Your Product
The information you must gather about clients and products before recommending anything.
Key facts
- KYC covers personal and financial circumstances, needs and objectives, knowledge, risk profile and time horizon.
- Take reasonable steps to verify identity and keep KYC current.
- KYC must be updated at least every 36 months (12 months for managed accounts) and when material changes occur.
- KYP requires understanding each security's structure, features, risks and costs.
- Firms must assess and approve products before reps can offer them.
Flashcards
Exam tip: Capacity can override willingness: a keen client who can't afford losses still has a low risk capacity.
Test yourself on these topics
Take the free 15-question CIRE test, then save your results to unlock your Readiness Score and the mistakes bank.
4. Suitability and Client Focus
Making recommendations that put the client's interest first.
Key facts
- Suitability considers KYC, KYP, the impact on the account (including costs and concentration) and reasonable alternatives.
- The client's interest must come first.
Flashcards
Exam tip: The 'best' answer includes documenting the conversation. If an option leaves out documentation, it's usually wrong.
5. Conflicts of Interest
Identifying and dealing with conflicts between the firm, the rep and the client.
Key facts
- Firms must identify existing and reasonably foreseeable material conflicts.
- Material conflicts must be addressed in the client's best interest.
Flashcards
Exam tip: Look for the option that changes behaviour (avoid, control, restructure) rather than one that only discloses.
6. Accounts, Documentation and Supervision
Opening accounts properly and the supervision that follows.
Key facts
- New accounts need complete KYC, account agreements and supervisory approval.
- Firms must take reasonable steps to obtain a trusted contact person.
Flashcards
Exam tip: A TCP can't trade or approve anything. If an answer gives the TCP authority, it's wrong.
7. Trading Rules and Market Integrity
Fair markets and the trading practices that are banned.
Key facts
- Best execution: seek the most advantageous terms reasonably available for client orders.
- Client priority: client orders come before the rep's or firm's own orders.
Flashcards
Exam tip: Anything that puts the rep's trade ahead of the client's is wrong.
8. Anti-Money Laundering and Privacy
AML/ATF obligations and protecting client information.
Key facts
- Verify client identity and determine beneficial ownership.
- Report large cash transactions of C$10,000 or more to FINTRAC.
Flashcards
Exam tip: Unusual activity → report internally to compliance, which files with FINTRAC. Never alert the client.
9. Complaints, Client Protection and Vulnerable Clients
Handling complaints and protecting clients from harm.
Key facts
- Firms must acknowledge and respond to complaints within set timelines (generally a final response within 90 days).
- Unresolved complaints can go to OBSI, which can recommend up to C$350,000.
Flashcards
Exam tip: OBSI = complaints; CIPF = insolvency. Mixing them up is the commonest mistake.
How to pass
- 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.
Frequently asked questions
How long should I study for the CIRE exam?
Most working candidates need 4 to 8 weeks at 45 to 60 minutes a day. Book your exam once your Readiness Score has stayed at 80 or higher for about a week.
Can I take the CIRE exam online?
Yes. CIRE can be written at a Prometric test centre in Canada or by Prometric remote proctoring. Format: closed book, computer-based. Check the current exam guide for the rules.
What score do I need to pass the CIRE exam?
Set by CIRO (the pass mark isn't published). The exam has 110 multiple-choice questions and a time limit of 2 hours.
What are the most tested topics?
The outline covers 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. Use the free practice test to see which ones you need most.
The premium CIRE study path
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.
Your step-by-step study path
- 1Canada's Regulatory Framework and CIRO7 key notes, 90 flashcards, then 350 practice questions in 14 sets of 25Notes free with an account
- 2Ethics and Professional Conduct7 key notes, 90 flashcards, then 350 practice questions in 14 sets of 25Premium
- 3Know Your Client and Know Your Product7 key notes, 90 flashcards, then 350 practice questions in 14 sets of 25Premium
- 4Suitability and Client Focus7 key notes, 90 flashcards, then 325 practice questions in 13 sets of 25Premium
- 5Conflicts of Interest7 key notes, 90 flashcards, then 325 practice questions in 13 sets of 25Premium
- 6Accounts, Documentation and Supervision7 key notes, 90 flashcards, then 325 practice questions in 13 sets of 25Premium
- 7Trading Rules and Market Integrity6 key notes, 90 flashcards, then 325 practice questions in 13 sets of 25Premium
- 8Anti-Money Laundering and Privacy6 key notes, 85 flashcards, then 325 practice questions in 13 sets of 25Premium
- 9Complaints, Client Protection and Vulnerable Clients6 key notes, 85 flashcards, then 325 practice questions in 13 sets of 25Premium
- Final step: 6 full mock exams110 questions each, timed like test day. Pass them, then book your exam.Premium
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Summarized from CSI's and CIRO's official candidate information and the rules cited, checked October 2026. Confirm current requirements with CIRO (Canadian Investment Regulatory Organization), delivered by Fitch Learning.