CIRE
CIRE exam guide 2026: format, syllabus and study plan
Who has to write the CIRE, what's on it, how its 110 questions split across nine elements, and a step-by-step way to prepare.
Under CIRO's new proficiency requirements, the CIRE is a foundation exam for new Investment Representatives and Registered Representatives at investment dealers, subject to the exemptions and transition provisions that apply. This guide explains, in plain English, what the exam covers and how to prepare.
Want to know where you stand? The free CIRE diagnostic gives you an indication of your strengths and the areas to review, element by element, and a study plan based on your results.
At a glance
| CIRE | |
|---|---|
| Questions | 110 |
| Time | 2 hours |
| Question type | Multiple choice |
| Format | Proctored, remotely or in person |
| Attempts | Up to 3 attempts per enrolment period, which lasts a maximum of 12 months. Retake fees and waiting-period rules apply (CIRO's rules) |
Do the math: 2 hours for 110 questions is about 65 seconds per question. Time matters, so practise with a timer, not just by reading.
What is the CIRE?
CIRE stands for Canadian Investment Regulatory Exam. It is an exam of CIRO, the Canadian Investment Regulatory Organization.
Since January 1, 2026, CIRO has applied a new proficiency model to Approved Persons of investment dealers: competence is checked mainly by CIRO exams rather than by mandatory courses (some roles also have education or experience requirements). The Canadian Securities Course (CSC) no longer meets the requirements for a new approval, apart from transition rules for some people who started before that date.
Who writes the CIRE?
The CIRE is the starting point for client-facing roles. Under CIRO's rules, Investment Representatives write the CIRE; Registered Representatives write the CIRE plus the Retail Securities Exam (retail clients) or the Institutional Securities Exam (institutional clients), and the Derivatives Exam is added for derivatives. Investment Representatives dealing in derivatives must also pass the Derivatives Exam. Other roles, such as traders, supervisors, directors and executives, chief compliance officers and chief financial officers, have their own exam requirements.
Your employer will tell you which exams apply to your position. If in doubt, ask your firm's compliance department or see CIRO's page for new candidates.
The 9 elements of the CIRE
The exam syllabus divides the material into 9 elements, each with an indicative number of questions.
| # | Element | Questions (indicative) |
|---|---|---|
| 7 | Securities, managed products, mutual funds and other investments | 21 |
| 3 | Scope of client relationships | 17 |
| 9 | Conflicts of interest and ethics | 16 |
| 6 | Market integrity, trade execution and settlement | 13 |
| 1 | Overview of Canadian securities regulatory framework | 11 |
| 2 | Prospective client relationships | 11 |
| 5 | Market and company analysis | 9 |
| 4 | Client complaint handling and reporting | 6 |
| 8 | Derivatives | 6 |
Source: CIRE syllabus, CIRO, January 2025. Sorted from the most to the fewest questions.
Where the questions are
Four elements carry the most weight:
- Element 7: the products (21 questions)
- Element 3: the client relationship (17 questions)
- Element 9: conflicts of interest and ethics (16 questions)
- Element 6: markets and trading (13 questions)
Together, these four elements account for about 61% of the exam's indicative weighting. They deserve substantial attention, but that doesn't mean everyone should study them in the same order.
Start by identifying what you already know and where you need the most work. Then combine your results with the syllabus weighting to decide which elements to prioritize. Don't neglect the smaller elements: together, they still represent 43 questions.
What to expect from CIRE questions
Preparing for the CIRE involves more than memorizing definitions. The syllabus includes learning outcomes that ask you to recognize, explain and apply concepts in different contexts.
That means distinctions matter. For example, you should be able to tell account appropriateness from suitability, identify the regulatory obligations that apply and recognize how different investment products work.
Three things to watch for:
- Confusing closely related concepts.
- Relying on memorized definitions without understanding how they apply.
- Spending too much time on individual questions.
How to prepare, step by step
- Take stock. Start with a free diagnostic to see which elements need the most work.
- Choose a realistic plan. 30, 60 or 90 days, depending on your schedule.
- Study element by element. Prioritize the gaps in your knowledge, while considering each element's exam weighting.
- Practise under exam conditions. Timed questions, then CIRO's practice exam against the clock.
- Go back over your mistakes. Every wrong answer is a lesson: understand why the right answer is right.
- Don't stay stuck. When an idea won't click, go back to the syllabus wording for that learning outcome, then try a few questions on it.
CIRO's official resources
CIRO publishes, free of charge, in English and French:
- the exam syllabus: the official list of what can be tested;
- the guidance for studying: preparation advice;
- the practice exam: to see the style of the questions.
You'll find them on CIRO's CIRE page. These documents should be your primary references for the exam's scope, learning outcomes and preparation guidance. CIROPrep develops its own explanations and practice materials around the official syllabus.
Why prepare with CIROPrep?
CIROPrep helps you prepare with a simple approach: Understand. Practice. Improve.
- Learn in English or French. Every module includes both languages, so you can study in the language that works best for you.
- Practise actively. Reinforce your understanding with structured lessons, practice questions written by CIROPrep with explanations, flashcards and mind maps.
- Focus on your priorities. Start with the free diagnostic to find the syllabus elements that need the most attention, and get a study plan based on your results.
Each module: $29 plus applicable sales taxes · one payment · 6 months of access, with no automatic renewal. See the modules and prices.
Frequently asked questions
How long does it take to prepare for the CIRE?
It depends on your experience and your schedule. Treat 30-, 60- and 90-day plans as examples; choose according to your starting knowledge and weekly study time.
Can I study in French?
Yes. CIRO publishes the exam syllabus, the guidance for studying and the practice exam in French, and all of CIROPrep's preparation is available in French. For the exam's own logistics, see CIRO's CIRE page.
How many attempts do I get?
Up to 3 attempts per enrolment period, which lasts a maximum of 12 months. Retake fees and waiting-period rules apply: see CIRO's page for new candidates.
Does the CIRE replace the CSC?
Since January 1, 2026, the CSC no longer meets CIRO's proficiency requirements for a new approval at an investment dealer; CIRO's exams, including the CIRE, check your competence. Transition rules cover some people who started under the previous requirements, with conditions and deadlines. See CIRO's page for new candidates and check your situation with your firm.
Already taken the diagnostic? Your results give you an indication of which elements to work on first. See the modules and prices, or read our guides to Element 1 and Element 7.
Next step: take the free CIRE diagnostic. 27 questions, about 25 minutes, for an indication of which elements to work on first.
