Updated: Aug 28, 2026
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| Certification Vendor: | CIRO (Canadian Investment Regulatory Organization) |
| Exam Name: | Canadian Investment Regulatory Exam |
| Exam Number: | CIRE |
| Passing Score: | Approximately 60% (not published officially) |
| Available Languages: | English |
| Real Exam Qty: | 110 |
| Exam Price: | CAD $475 (first attempt); CAD $300 (per retake) |
| Certificate Validity Period: | 12 months from enrollment (3 attempts allowed) |
| Exam Duration: | 120 minutes |
| Related Certifications: | Retail Securities Exam (RSE) Institutional Securities Exam (ISE) Supervisor Exam (SUP) Trader Exam (TRD) Derivatives Exam Director and Executive Exam Chief Compliance Officer Exam Chief Financial Officer Exam |
| Exam Format: | Multiple-choice questions, Computer-based, Proctored (in-person or remote) |
| Recommended Training: | CIRO Practice Exam & Study Resources CIRE Syllabus & Study Guide (official PDF) |
| Exam Registration: | Fitch Learning (exam delivery) CIRO Enrollment / Candidate Portal |
| Sample Questions: | CIRO CIRE Sample Questions |
| Exam Way: | Computer-based, delivered at Prometric test centres or via remote proctoring (OnVUE) |
| Pre Condition: | No mandatory prerequisites; foundational exam for CIRO Proficiency Model. Replaced Canadian Securities Course (CSC) effective Jan 1, 2026. CFA Level I or charterholders may be exempt. |
| Official Syllabus URL: | https://www.ciro.ca/registered-individuals/proficiency/exam-hub/canadian-investment-regulatory-exam-cire |
| Section | Weight | Objectives |
|---|---|---|
| Securities and Managed Products | ~19% | - Fund Structures and Product Characteristics - Equities, Fixed-Income and Managed Products |
| Overview of Regulatory Framework | ~10% | - Market Infrastructure and Protection Funds - Securities Legislation and Regulators (CSA, CIRO, FINTRAC) |
| Market Integrity, Trade Execution and Settlement | ~12% | - UMIR and Market Integrity Rules - Order Types, Execution and Settlement Processes |
| Market and Company Analysis | ~8% | - Investment Performance Benchmarks - Fundamental and Technical Analysis |
| Prospective Client Relationships | ~10% | - Relationship Discovery and Qualification - Know Your Prospect (KYP) and Disclosures |
| Derivatives Fundamentals | ~5–8% | - Options, Futures and Forwards Basics - Risk and Suitability for Derivatives |
| Scope of Client Relationship, KYC and Suitability | ~15–18% | - Suitability Assessment and Obligations - Know Your Client (KYC) Requirements |
| Client Complaint Handling and Reporting | ~5% | - Complaint Management Framework - Escalation, Recordkeeping and Reporting |
| Conflicts of Interest and Ethics | ~14–15% | - Conflict Identification, Disclosure and Management - Client-Focused Reforms and Ethical Standards |
1. An Investment Representative (IR) is asked by a client for information about a service that the IR does not fully understand. What is the IR's ethical responsibility?
A) In order not to be negligent, explain the service to the best of their ability
B) In putting the client first, the IR should state the service is not available
C) So as not to diminish investor confidence, explain the service in positive terms
D) In the spirit of openness and fairness, ask a colleague better placed to explain
2. A shareholder in Canada receives a dividend payment from a Canadian corporation. Which of the following best describes how dividends are typically received in Canada?
A) Dividends are declared and distributed after shareholders submit a claim of dividend
B) Dividends are automatically reinvested unless the shareholder opts out
C) Dividends are paid in a combination of stock and cash, where shareholders decide case by case
D) Dividends are paid directly to the shareholder's bank or brokerage account
3. A shareholder owns shares in a company that announces a 2-for-1 stock split. Which of the following most accurately describes the impact of this stock split?
A) The stock split will decrease the total value of the shareholder's investment, causing the company's market capitalization to shrink
B) The total value of the shareholder's investment will remain the same, but the number of shares owned will double
C) The stock split will increase the shareholder's investment value because the company is essentially
"giving" more shares
D) The number of shares owned by the shareholder will increase, but the overall value of the investment will increase as well
4. When must an Investment Dealer consult with a client's trusted contact person?
A) To share the client's account performance details with an objective person
B) If there are concerns about the client's financial exploitation or mental capacity
C) The Investment Dealer disagrees with a client's investment decision
D) If the client fails to provide the required know-your-client (KYC) information
5. Once the know-your-client (KYC) information has been collected what should an Investment Dealer do with that information?
A) Review the information and then destroy it to comply with data retention rules
B) Ensure the information is accurate and complete through its own verification
C) Require the client to sign a certification that the KYC information is complete and true
D) Take reasonable steps to have the client confirm the accuracy of the information
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: D |
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