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Updated: Aug 26, 2026
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| Certification Vendor: | CIRO (Canadian Investment Regulatory Organization) |
| Exam Name: | Canadian Investment Regulatory Exam |
| Exam Number: | CIRE |
| Exam Duration: | 120 minutes |
| Exam Format: | Multiple-choice questions, Computer-based, Proctored (in-person or remote) |
| Available Languages: | English |
| 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 Price: | CAD $475 (first attempt); CAD $300 (per retake) |
| Passing Score: | Approximately 60% (not published officially) |
| Real Exam Qty: | 110 |
| Certificate Validity Period: | 12 months from enrollment (3 attempts allowed) |
| Recommended Training: | CIRO Practice Exam & Study Resources CIRE Syllabus & Study Guide (official PDF) |
| Exam Registration: | CIRO Enrollment / Candidate Portal Fitch Learning (exam delivery) |
| 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 |
|---|---|---|
| Topic 1: Scope of Client Relationship, KYC and Suitability | ~15–18% | - Know Your Client (KYC) Requirements - Suitability Assessment and Obligations |
| Topic 2: Client Complaint Handling and Reporting | ~5% | - Complaint Management Framework - Escalation, Recordkeeping and Reporting |
| Topic 3: Market and Company Analysis | ~8% | - Fundamental and Technical Analysis - Investment Performance Benchmarks |
| Topic 4: Conflicts of Interest and Ethics | ~14–15% | - Conflict Identification, Disclosure and Management - Client-Focused Reforms and Ethical Standards |
| Topic 5: Market Integrity, Trade Execution and Settlement | ~12% | - Order Types, Execution and Settlement Processes - UMIR and Market Integrity Rules |
| Topic 6: Overview of Regulatory Framework | ~10% | - Securities Legislation and Regulators (CSA, CIRO, FINTRAC) - Market Infrastructure and Protection Funds |
| Topic 7: Derivatives Fundamentals | ~5–8% | - Risk and Suitability for Derivatives - Options, Futures and Forwards Basics |
| Topic 8: Prospective Client Relationships | ~10% | - Relationship Discovery and Qualification - Know Your Prospect (KYP) and Disclosures |
| Topic 9: Securities and Managed Products | ~19% | - Fund Structures and Product Characteristics - Equities, Fixed-Income and Managed Products |
1. A risk-averse investor is considering investing in preferred shares. What is one key feature of preferred shares that may appeal to such investors?
A) Preferred shares typically pay fixed dividends and provide significant voting rights to shareholders
B) Preferred shares guarantee the highest potential for capital gains among all equity investments
C) Preferred shares provide fixed dividends and have a priority claim on company assets over common shares
D) Preferred shares offer no risk of dividend suspension under any market conditions
2. Which of the following best describes the key difference between a call option and a put option in an options contract?
A) A call option lets the holder sell, and a put option lets the holder buy, an asset at a set price
B) A call option buys at a fixed price; a put option gives the holder rights to future dividends
C) A call option allows the holder to buy, while a put option allows the holder to sell, at a fixed price
D) A call option gives the holder the right to sell an asset; a put option allows buying at market price
3. How many days does a client have to refer a complaint to the Ombudsman for Banking Services and Investments (OBSI) after getting a final response from a firm?
A) 180 days from the date the complaint was made
B) 180 days from the date that CIRO was notified
C) 180 days from the client receiving a final response
D) 180 days from the date of the firm's initial response
4. What is the primary function of investment banking within the financial markets?
A) Monitoring ongoing compliance of market participants with regulatory rules
B) Assisting companies raise capital, facilitating mergers and acquisitions
C) Conducting day-to-day securities trades for retail and institutional clients
D) Managing the personal investment portfolios for high-net-worth clients
5. Which of the following is a key feature of government bonds?
A) Government bonds do not have an expiration date, and investors can hold them indefinitely
B) Government bonds are considered speculative investments due to their fluctuating interest rates
C) Government bonds typically have a high level of credit risk due to the issuer's potential for default
D) Government bonds offer a fixed rate of return paid periodically, with the principal repaid at maturity
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: D |
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