The Canadian securities licensing landscape is undergoing a major transformation in 2026. For decades, the Canadian Securities Course (CSC) and related course-based qualifications served as the foundation for licensing financial services professionals in Canada. Now, with the launch of a new proficiency model under the Canadian Investment Regulatory Organization (CIRO), that model is changing significantly.
Understanding these changes, and especially the role of the Canadian Investment Regulatory Exam (CIRE) and the Retail Securities Exam (RSE), is vital for anyone pursuing a career in Canada’s financial services industry. This blog breaks down what’s changed, why it matters, and how candidates can successfully adapt to those changes for a successful career.
What Is CIRO?
The Canadian Investment Regulatory Organization (CIRO) is Canada’s self-regulatory organization that oversees investment dealers, mutual fund dealers, and trading activity on Canadian markets. It was formed in 2023 through the consolidation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).
Why Are Things Changing?
As of January 1, 2026, CIRO implemented a new proficiency model that moves away from a traditional course-centric licensing structure toward an exam-based assessment model. This shift reflects industry demands for skills-based evaluation, increased flexibility in preparing for licensing, and reduced barriers to entry for candidates.
From Course-Centric to Assessment-Centric Licensing
Under the previous structure and prior to 2026, individuals seeking registration in investment dealer roles typically had to complete mandatory courses such as:
- Canadian Securities Course (CSC)
- Conduct and Practices Handbook (CPH)
- Wealth Management Essentials (WME)
These courses were required prerequisites for licensing exams and registration categories. Now, CIRO’s new proficiency framework fundamentally changes this structure.
Key Shifts in the New CIRO Model
- No More Mandatory Courses as Prerequisites to Exams
CIRO’s new model removes required coursework prior to licensing exams. Instead, candidates will prepare for and write CIRO-prescribed exams based on published competencies rather than course completion. Business Career College is currently working on its own exam prep offerings through adaptive learning. - Assessment-Centric Licensing
Licensing requirements will center on competency-based exams that test the actual skills and knowledge needed for specific roles, rather than completing set course modules. - Focus on Key Examinations
The two principal exams that now matter most for many industry roles are the CIRE and the RSE, which are discussed below in more detail. - Mandatory Conduct Training and CE Requirements
While mandatory courses are no longer required before exams, CIRO still mandates conduct training for all registrants and new continuing education (CE) requirements to maintain standards.
What Is the CIRE? (Canadian Investment Regulatory Exam)
The Canadian Investment Regulatory Exam (CIRE) is the new baseline licensing exam under CIRO’s assessment-centric model. It is designed to test core knowledge essential for anyone seeking to be registered in investment industry roles regulated by CIRO.
Who Needs the CIRE?
- Individuals wishing to be registered as an Investment Representative (IR), Registered Representative (RR), or Supervisors responsible for overseeing the activities of Approved Persons.
- Those seeking registration in other approved categories at an investment dealer.
- Anyone entering the securities trading profession under CIRO rules.
- In contrast to the old model, where passing the CSC was often sufficient, the CIRE is now the primary competency benchmark for many approved person categories.
Why the CIRE Matters
- It ensures all candidates are evaluated on consistent competency standards.
- It replaces the CSC for investment dealer registration purposes.
- It lets candidates prepare independently or through proprietary courses from education providers rather than tied to a fixed curriculum.
This flexibility opens up opportunities for innovative learning pathways that focus specifically on exam readiness.
What Is the RSE? (Retail Securities Exam)
In addition to the CIRE, CIRO requires the Retail Securities Exam (RSE) for certain registration categories, in particular the Registered Representatives (RR) role.
The RSE focuses on:
- Client suitability assessment
- Recommendation skills
- Core retail investment knowledge
This exam ensures that candidates are not just able to pass a general competency exam, but also demonstrate proficiency in applying a higher degree of knowledge in specific client scenarios.
Where Does the CSC Fit Now?
Under the new CIRO proficiency model, the Canadian Securities Course (CSC) is still a recognized credential, but its role has changed:
- As of January 1, 2026, the CSC will no longer fulfill CIRO’s securities licensing requirements.
- It may still support licensing for mutual fund roles and other non–investment dealer categories.
- There is a transitional period: individuals enrolled in the CSC before January 1, 2026, will generally have until December 31, 2026 to complete them under the old regime for licensing purposes.
Put simply, the CSC is no longer the main pathway for investment registration. Now, the CIRE and RSE are the core requirements for many industry roles.
What This Means for New Registrants
For those pursing a career in financial services in Canada, these changes are both a challenge and an opportunity:
- Focus on CIRO Exam Prep: Candidates should consider CIRE and RSE exam prep courses, study guides, workshops, and practice exams that align with CIRO’s competency profiles.
- Embrace Flexible Learning Formats: Since the model is not tied to fixed mandatory courses, candidates can engage in modular learning that maps to specific competencies and desired format, including:
- Online courses
- Practice question banks
- Flashcards
- Video lessons
- Transition Support: Candidates enrolled in legacy courses should ensure they follow proper guidance on how to transition to the new CIRO-centric exams and timelines, rules, and exam prep strategies.
- Align with Employer Needs: Firms will increasingly seek candidates who are CIRO-exam ready (CIRE + RSE). This is critical in roles like:
- Investment Representative
- Registered Representative
- Financial advisor supervisor and support roles
How Candidates Can Prepare for CIRO Licensing
If you’re preparing for a career in financial services under the new CIRO regime:
Step 1: Understand the Requirements
Know which exams you must take:
- CIRE — required for the Investment Representative role
- RSE — required for the Registered Representative role
Step 2: Choose Adaptive Exam Prep
Look for prep built around CIRO competencies and exam weighting, not just chapter-by-chapter reading. Our adaptive learning approach identifies what you don’t know yet, then uses focused lessons, adaptive quizzes, and feedback to prioritize the areas that will ensure certainty in exam readiness. Business Career College’s CIRO-specific offerings are coming soon.
Our courses through adaptive learning will feature:
- Knowledge assessment to determine your starting point
- Personalized study plan to help fill in knowledge gaps
- Adaptive learning through practice quizzes, flashcards, and practice exams
- Readiness insights includes a concept mastery tracker that shows how well you understand each topic and your ReadyRating score indicates when you’re ready to book your exam with certainty
Step 3: Plan Your Timeline that Adapts
With our adaptive platform, set your exam target date, then follow a simple progression: initial assessment → build knowledge → focus on knowledge gaps → final review with practice exams. An adaptive plan updates as you improve, keeping your daily study time focused and providing certainty that you’re exam ready once completed.
If you’re in the transition group (enrolled in legacy courses before Jan 1, 2026), build your study plan for the CIRE or RSE exam around the key deadline of December 31, 2026.
Step 4: Stay Updated on Regulations
CIRO continues to refine proficiency, conduct training, and CE requirements. Consider subscribing to CIRO’s Proficiency eNewsletter to stay up-to-date on the new Proficiency Model and receive notice of updates, information on the rules and guidance, and exam related materials.
Conclusion
Canada’s shift to a CIRO assessment-centric model marks a new era in securities licensing. The CIRE and RSE are now central to achieving registration in many investment dealer roles, replacing CSC and other legacy courses for that purpose.
For candidates, this change presents an opportunity to rethink how to prepare, educate, and assess yourself to become a successful financial services professional. Embracing these developments and focusing on targeted, competency-based exam preparation will help candidates achieve success in a modernized Canadian securities industry.
