A Guide for Aspiring Financial Services Professionals in Canada
The Canadian financial services industry is undergoing a major change in licensing and professional proficiency requirements. As of January 1, 2026, the Canadian Investment Regulatory Organization (CIRO) has fully launched its new proficiency model, replacing the traditional course-centric system with an assessment-centric approach that directly impacts how candidates prepare and qualify for careers in investment roles.
Whether you’re a student, career switcher, or employer, it’s essential to understand what this new model means, how to interpret the proficiency rules, and what actions candidates must take now to succeed in CIRO licensing exams – in particular the Canadian Investment Regulatory Exam (CIRE) and the Retail Securities Exam (RSE).
What is the CIRO Proficiency Model?
The CIRO proficiency model represents a shift from the legacy requirement of completing specific courses before licensing to a framework that assesses candidates’ knowledge and skills through exams aligned with competency profiles.
Under the new model:
- CIRO emphasizes exam-based assessments rather than mandated courses.
- There are nine proficiency exams, such as the Canadian Investment Regulatory Exam (CIRE), Retail Securities Exam RSE), and Chief Compliance Office Exam, covering different registration categories.
- CIRO prescribes minimum education and experience requirements for certain Registered categories.
- Mandatory conduct training and ongoing continuing education (CE) are part of the proficiency regime.
This model is designed to ensure candidates demonstrate real, practical proficiency in skills that matter on the job, while providing flexibility in how they prepare.
Why the Shift Matters to Candidates Entering Financial Services
1. No mandatory courses before exams
Under the old system, candidates were required to complete industry courses, such as the Canadian Securities Course (CSC), Conduct and Practices Handbook (CPH), and others, before applying to register with an investment dealer. Now, with CIRO’s exam-centric proficiency model:
- Candidates don’t need to complete specific courses before registering for CIRO exams.
- They can choose how they prepare (formal courses, self-study, third-party prep materials).
This opens the door to greater flexibility, choice, and potentially lower costs for preparation.
2. Exams align with job competencies
Each CIRO exam, including the CIRE and RSE, is built around competency profiles that define the skills needed for specific registration categories. This means candidates should:
- Understand the competencies, content areas, and question style and complexity before they sit for an exam.
- Use the official syllabi and study guides CIRO publishes on the Exam Hub.
3. CIRO exam results are independent of how you prepare
CIRO’s new assessment-centric model separates exam delivery from education delivery. Candidates book and write exams directly through CIRO but can prepare with any education provider’s materials. With Business Career College, we’ll be offering adaptive learning exam prep for a more personalized learning journey that provides certainty on when you’re ready to book and write the exam. This encourages candidates to focus on high-quality, targeted prep that aligns with CIRO’s published exam competencies.
How Candidates Should Use the CIRO Proficiency Model
Here’s a practical roadmap to help candidates interpret and act on the new proficiency model:
Step 1: Review CIRO’s published exam materials
In the context of the Canadian Investment Regulatory Exam (CIRE), CIRO has made available:
Similar resources exist for other courses, all of which are accessible via the CIRO Exam Hub.
These documents outline what topics are tested, how the exam is structured, and the level of knowledge required, making them essential starting points for candidates preparing for CIRO exams.
Step 2: Choose a Prep Path That Works for You
Candidates can choose how to prepare based on their learning style and budget:
Formal Prep Courses
- Courses offered by education providers like Business Career College, tailored specifically to CIRO exams
- Business Career College will be offering CIRO Exam Prep, an adaptive learning platform designed to help securities candidates know when they are truly ready to write their CIRO exams. Students will take an initial knowledge assessment to help create a personalized study plan. The course content consists of video lessons, flashcards, adaptive quizzes, and practice exams. The platform features a concept mastery tracker to showcase topic understanding, along with a ReadyRating Score to indicate exam readiness certainty.
Hybrid or Technology-Assisted Learning
- Digital learning platforms
- AI-assisted study tools
- Mobile learning solutions
The key is aligning your exam prep with CIRO’s competency profiles rather than relying on previous curriculum structures.
Step 3: Understand Mandatory Training and CE
Under the proficiency model, CIRO requires:
- Conduct training for all registrants (new and existing)
- Annual Continuing Education to keep your skills up to date
Candidates should plan how they will fulfil these obligations once registered.
Step 4: Navigate Education and Experience Rules
CIRO’s proficiency framework includes minimum education or experience requirements for certain roles. For example, Registered Representatives may need relevant background or experience assessed by their dealer as part of the approval process.
Candidates should work closely with prospective employers to ensure they meet these prerequisites.
Focus on the CIRE and RSE Exams
Canadian Investment Regulatory Exam (CIRE)
The CIRE is the foundational exam in CIRO’s new proficiency model. CIRO publishes a syllabus, practice exam, and study guidance to help candidates understand the exam content and format. Unlike legacy requirements that involved multiple courses, CIRE is a single, focused exam directly linked to the competencies CIRO deems essential for many regulated roles.
Retail Securities Exam (RSE)
The RSE focuses specifically on retail-oriented competence, such as knowing your client (KYC), suitability practices, retail investment products, and applicable regulations. For CIRO’s syllabi and practice materials for the RSE and other courses, the principles are the same: prepare based on official competency profiles and published guides.
Whether it’s the CIRE, RSE, or any other CIRO exam, candidates should prepare by:
- Reviewing the official CIRO syllabus
- Practicing with sample questions
- Taking prep courses that map to the competencies
What Candidates Should Do Right Now
If you’re a candidate preparing for a career in Canadian financial services:
1. Create your CIRO candidate account
Visit the Exam Hub to set up your profile, enroll, and schedule exams.
2.Download the latest syllabi and guides
Access the relevant and available syllabus, sample exam, and study guide from CIRO’s website to structure your study plan.
3. Choose prep resources that align with the Proficiency Model
Check out our adaptive learning courses and materials tailored to CIRO exams. This includes:
- Personalized study plans
- Focused lessons
- Adaptive quizzes
- Flashcards
- Practice exams
- Concept Mastery tracker
- ReadyRating score
4. Understand your timeline
CIRO’s exams are now live, and the proficiency model is fully in effect. Candidates should plan their preparation timeline in advance and allow sufficient time for study, practice exams, preparation and registration.
CIRO’s Proficiency Model and Your Career
CIRO’s new proficiency framework represents a more flexible, competency-based approach to licensing in the Canadian financial services industry. It puts exam-based skills assessment at the centre of licensing, rather than mandated courses.
For candidates, this means:
- Greater choice in preparation approaches
- Clear guidance on what’s tested
- A streamlined path to demonstrate proficiency
For candidates pursuing or advancing careers in the Canadian financial services industry, the new proficiency model creates an opportunity to focus on high-quality, targeted prep content that helps learners succeed in the CIRE and RSE exams and beyond.
