Retail Securities Exam (RSE)
RSE exam preparation: understand the concepts, practice their application.
Understand. Practice. Improve.
Preparing for the Retail Securities Exam (RSE) requires more than recognizing investment terminology. Candidates need to understand investment products, evaluate client circumstances, analyse securities, and apply their knowledge to recommendations and portfolio decisions. Start preparing with our free RSE resources.
Exam essentials
About the Retail Securities Exam
The RSE is part of CIRO’s updated proficiency model. It tests knowledge relevant to serving retail securities clients, including suitability, investment analysis, products, portfolios, recommendations and ongoing client relationships.
- Exams
- 1 paper
- Exam format
- Proctored (remote or in person)
- Exam duration
- 3 hours
- Question format
- Multiple choice
- Questions per exam
- 120
- Attempts allowed per exam
- 3
Official examination format: 120 multiple-choice questions · 3 hours · 9 syllabus elements · Up to 3 attempts, subject to examination policies. Source: CIRO’s RSE syllabus, last updated May 8, 2025.
RSE syllabus
What does the RSE cover?
The official syllabus is organized into nine elements. Use the element descriptions and indicative question weightings below to understand the scope of the exam and organize your study.
| # | Official RSE syllabus | Indicative questions |
|---|---|---|
| E1 | Know-Your-Client (KYC) & suitabilityThe firm–client relationship, KYC information, product due diligence and Know-Your-Product, and the suitability determination. | 27 |
| E2 | Fixed incomeFeatures of government and corporate fixed-income securities, their risks and rewards, and calculating bond prices and yields. | 10 |
| E3 | EquitiesFeatures of common and preferred shares, and how they create different risks and potential rewards for holders and issuers. | 12 |
| E4 | Securities analysisCompany and economic information, how it is used to value an investment, and calculating and interpreting accounting ratios. | 14 |
| E5 | Managed products and other investmentsManaged products compared with direct investments, from mutual funds to private equity funds, fund management approaches and investor disclosure. | 16 |
| E6 | Portfolio constructionConstructing a portfolio: asset allocation, risk and diversification, and applying the capital asset pricing model to expected returns. | 13 |
| E7 | Investment recommendationsApplying the whole syllabus to clients with different objectives and needs, including tax calculations. | 14 |
| E8 | Execution and market integrityUMIR requirements on abusive trading and gatekeeping, the types of orders and how trades are executed. | 7 |
| E9 | Monitoring, reporting and maintaining client relationshipsMonitoring and reporting portfolio performance, and the requirements for recording and communicating information to clients. | 7 |
| Total | 120 |
Source: official CIRO Retail Securities Exam syllabus. The weights are indicative, not a guarantee of the exact distribution on an individual exam.
Official resource: CIRO Retail Securities Exam Hub.
Free RSE resources
Start learning today
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Know-Your-Client (KYC) & suitability
Understand how client information, investment objectives, financial circumstances, risk tolerance and suitability requirements inform investment decisions.
Explore our free KYC and suitability study resources -
Securities analysis
Review the principles and tools used to evaluate securities, including financial measures and the interpretation of investment information.
Explore our securities-analysis explanations and study materials -
Practise financial calculations
Work through examples, apply formulas and check your understanding with worked calculations.
Explore our worked calculations
Try a practice question
Try a question on suitability
From Element 1: Know-Your-Client (KYC) & suitability. A CIROPrep practice question, not taken from CIRO’s practice exam.
A 28-year-old client with a high risk tolerance and a growth objective wants to invest $50,000 that she will need for a down payment on a home in 18 months. Which recommendation is most suitable?
See the answer and reasoning
Correct answer: A. A money market fund
A client’s risk profile reflects both her willingness to take risk (risk tolerance) and her ability to withstand a loss (risk capacity). Because she will need the money in 18 months, her short time horizon and limited capacity for loss make capital preservation the priority. A money market fund is therefore the most suitable choice given her know-your-client (KYC) information.
B aligns with her stated risk tolerance but overlooks her short time horizon. C exposes her to potential price declines if interest rates rise. D allocates most of the money to equities, which could fall in value before she needs the funds.
The course we're building
Understand. Practice. Improve.
CIRO does not produce a consolidated study book for the RSE: what it tests is freely available on websites, in regulatory rule books and in national or regional laws. The RSE course we're building will organize it into structured lessons on the official syllabus and its learning outcomes, around three steps.
Understand
Lessons, practical examples, diagrams and consolidated reference material.
Practice
Practice questions with explanations, financial calculations and a timed exam simulator.
Improve
Summaries, flashcards, mind maps, calculation labs, targeted review and progress tracking.
Complete RSE course
The complete RSE course is in development
This approach will guide our complete RSE course, currently in development.
We’re building a comprehensive self-paced RSE course designed around CIRO’s official syllabus and study guidance. The complete offering will bring together structured lessons, original practice questions and active-learning resources in CIROPrep Academy.
In the meantime, explore the free resources already available. CIROPrep emails, below, bring study tips for CIRO regulatory exams, new resources and news about our modules and courses.
Go to the source
Official resources
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CIRO Retail Securities Exam Hub
CIRO’s page for the exam, with its materials and the exam conduct policy.
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Syllabus (PDF)
The exam parameters, the weightings and every learning outcome.
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Guide for Studying (PDF)
CIRO’s advice on self-study and choosing a course provider, with study resources.
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Practice Exam (PDF)
CIRO’s own practice exam.
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Proficiency model bulletin
The bulletin CIRO’s exam page points to for who must complete the exam.
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New candidates
CIRO’s answers on enrolment, fees and exam delivery.
These links open CIRO’s website. If anything here differs from CIRO’s information, follow CIRO’s. CIROPrep is an independent examination-preparation provider and is not affiliated with or endorsed by CIRO.
FAQ
Questions about the RSE
What is the Retail Securities Exam (RSE)?
It is one of the proficiency exams in CIRO’s new proficiency model. It has 120 multiple-choice questions in 3 hours, across nine syllabus elements; the table above shows the indicative number of questions for each.
Who has to write the Retail Securities Exam?
CIRO’s exam page refers candidates to its proficiency model bulletin. Your firm’s compliance team can confirm which exams apply to you.
What can be tested?
Only what the syllabus names. CIRO’s Guide for Studying says you will not be tested on anything not explicitly mentioned in it.
How should I use the question weightings?
To plan your study time. CIRO’s Guide for Studying suggests using the weighting to allocate time to each learning outcome. The weights are indicative, so cover every element.
Can I buy your RSE course now?
Not yet. The complete RSE course is in development and we have no date to announce. The free resources on this page are available now.
Are the free study resources from CIRO?
No. They are CIROPrep explanations based on the official syllabus. CIRO’s own materials are the syllabus, the Guide for Studying and the practice exam linked above.
Is the sample question from CIRO’s practice exam?
No. It is a CIROPrep practice question based on the syllabus, and it shows the kind of reasoning we teach.
Is CIROPrep affiliated with CIRO?
No. CIROPrep is an independent exam-preparation service and is not affiliated with, or endorsed by, the Canadian Investment Regulatory Organization (CIRO/OCRI).
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