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CIRO Proficiency Model · Last updated October 2026

Retail Securities Exam (RSE): free practice test

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%).

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About the RSE exam

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%).

What's on the exam

RSE
Know Your Client and Suitability
5 key facts
Fixed-Income Products
5 key facts
Equity Products
5 key facts
Managed Products: Mutual Funds and ETFs
5 key facts
Derivatives and Structured Products
5 key facts
Portfolio Construction and Risk
5 key facts
Retirement, Tax and Registered Plans
5 key facts
Account Types and Trading
5 key facts
Economics and Markets
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 RSE exam

  • 120 questions in 3 hours is 90 seconds each, more time per question than the CIRE. Many are client scenarios, so use the time to read carefully.
  • KYC and suitability is the biggest topic (about 23%). Practise matching products to a client's objectives, risk profile and time horizon.
  • Know the registered plans cold: RRSP, RRIF, TFSA, RESP, FHSA and RDSP, including contribution rules and when each fits.
  • Write the CIRE first. The RSE assumes you know the regulatory obligations and focuses on applying them to retail clients.

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 RSE prep

Premium RSE 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, 120 questions each, timed
800flashcards with spaced repetition, sorted by topic
60comprehensive key notes across 9 topics

Your step-by-step study path

  1. 1
    Know Your Client and Suitability7 key notes, 90 flashcards, then 350 practice questions in 14 sets of 25
    Notes free with an account
  2. 2
    Fixed-Income Products7 key notes, 90 flashcards, then 350 practice questions in 14 sets of 25
    Premium
  3. 3
    Equity Products7 key notes, 90 flashcards, then 350 practice questions in 14 sets of 25
    Premium
  4. 4
    Managed Products: Mutual Funds and ETFs7 key notes, 90 flashcards, then 325 practice questions in 13 sets of 25
    Premium
  5. 5
    Derivatives and Structured Products7 key notes, 90 flashcards, then 325 practice questions in 13 sets of 25
    Premium
  6. 6
    Portfolio Construction and Risk7 key notes, 90 flashcards, then 325 practice questions in 13 sets of 25
    Premium
  7. 7
    Retirement, Tax and Registered Plans6 key notes, 90 flashcards, then 325 practice questions in 13 sets of 25
    Premium
  8. 8
    Account Types and Trading6 key notes, 85 flashcards, then 325 practice questions in 13 sets of 25
    Premium
  9. 9
    Economics and Markets6 key notes, 85 flashcards, then 325 practice questions in 13 sets of 25
    Premium
  10. Final step: 6 full mock exams120 questions each, timed like test day. Pass them, then book your exam.
    Premium
Free with an account

Read the complete RSE study notes for “Know Your Client and Suitability”

Our first full set of comprehensive notes, about 10 minutes of reading: What KYC must capture · Making the suitability determination · When the profile conflicts · Trigger events, 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. A 68-year-old retired client needs steady income and can't afford large losses. Which investment is most suitable as the core holding?
Answer: A diversified portfolio of high-quality bonds and dividend-paying shares. Suitability considers the client's objectives (income), risk capacity (low) and time horizon. A diversified, income-focused portfolio fits; speculative products don't.
2. A client's risk profile combines:
Answer: Willingness to take risk and capacity to absorb losses. Risk profile reflects both risk tolerance (willingness) and risk capacity (ability to absorb losses). Where they differ, the lower generally governs.
3. Which bond is most sensitive to a change in interest rates?
Answer: A 30-year strip (zero-coupon) bond. Longer maturity and lower coupons both increase duration. A long zero-coupon bond has the highest duration and the most price sensitivity.
4. A client holds 1,000 shares of a company that does a 2-for-1 stock split. After the split, the client holds:
Answer: 2,000 shares, with the same total value. A split increases the number of shares and reduces the price per share proportionally. The holding's total value doesn't change.
5. The main advantage of an index ETF over an actively managed mutual fund for a cost-conscious client is usually:
Answer: Lower management expense ratios. Index ETFs track a benchmark passively and usually have much lower MERs. Neither guarantees returns or protects against market falls.
6. A client owns 100 shares and writes (sells) a call option on them. This strategy is a:
Answer: Covered call. Writing calls against shares you own is a covered call. It earns premium income but caps the upside if the shares rise above the strike.
7. A client wants to protect a large unrealized gain in a stock for the next three months without selling. Which strategy fits?
Answer: Buy a put option on the stock. Buying a protective put sets a minimum selling price for the life of the option, like insurance, while keeping the upside.
8. Strategic asset allocation means:
Answer: Setting a long-term target mix based on the client's profile and rebalancing to it. Strategic allocation sets long-term targets from the client's objectives and risk profile. Tactical allocation makes short-term deviations from those targets.
9. An RRSP must be collapsed, converted to a RRIF or used to buy an annuity by the end of the year the holder turns:
Answer: 71. By 31 December of the year the annuitant turns 71, the RRSP must be converted to a RRIF, used to buy an annuity or withdrawn (taxable).
10. Which registered plan lets a first-time home buyer deduct contributions and withdraw tax-free for a qualifying home purchase?
Answer: FHSA. The First Home Savings Account (from 2023) combines an RRSP-like deduction with TFSA-like tax-free qualifying withdrawals: C$8,000 a year, C$40,000 lifetime.
11. The Canada Education Savings Grant (CESG) on RESP contributions is generally:
Answer: 20% of the first C$2,500 contributed per child per year. The basic CESG is 20% on the first C$2,500 of annual contributions per beneficiary (up to C$500 a year), to a lifetime maximum of C$7,200.
12. A client buys C$20,000 of a stock in a margin account where the margin requirement is 30%. The client must deposit at least:
Answer: C$6,000. With a 30% margin requirement the client funds 30% (C$6,000) and borrows the other 70% from the dealer.
13. A discretionary account is one in which:
Answer: The advisor or portfolio manager may make trades without prior client approval, under proper authorization. Discretionary trading needs written authorization and appropriate registration (such as a portfolio manager or approved discretionary authority), plus extra supervision.
14. Which stage of the business cycle is usually marked by rising unemployment and falling output?
Answer: Contraction. During a contraction, output falls and unemployment rises. Two consecutive quarters of declining real GDP is a common rough definition of recession.
15. Which is an example of fiscal policy?
Answer: The federal government cutting income taxes. Fiscal policy is government taxation and spending. Interest-rate changes by the Bank of Canada are monetary policy.

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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.

RSE exam FAQ

How many questions are on the RSE exam?

120 multiple-choice questions, with a time limit of 3 hours. Format: closed book, computer-based.

What is the passing score for RSE?

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

How much does the RSE 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 RSE exam offered in?

English and French.

Where do I take the RSE exam?

Prometric test centres in Canada or Prometric remote proctoring.

Is this RSE 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 RSE prep is Premium at C$207 a month for this exam.

What's in the premium RSE prep?

3,000 practice questions organized topic by topic (Know Your Client and Suitability: 350; Fixed-Income Products: 350; Equity Products: 350; Managed Products: Mutual Funds and ETFs: 325; Derivatives and Structured Products: 325; Portfolio Construction and Risk: 325; Retirement, Tax and Registered Plans: 325; Account Types and Trading: 325; Economics and Markets: 325), 6 full-length timed mock exams of 120 questions, 800 flashcards and 60 comprehensive key notes split across all 9 topics, plus a mistakes bank and the Readiness Score.

Compare RSE with other Canadian licensing exams

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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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