Canada · Proficiency examsWhat does the CIRO Derivatives Exam cover?
CIRO’s syllabus, last updated June 10, 2025, gives each element an indicative number of questions.
| Element | Qs |
|---|---|
| The client relationship | 8 |
| Regulatory documentation | 10 |
| Types and features of derivatives | 22 |
| Derivative pricing | 22 |
| Trading, clearing and settlement | 20 |
| Speculating, hedging and strategies | 26 |
| Integrity in the derivative markets | 6 |
| Standards of conduct and conflicts | 6 |
How it builds on the baseline exams
The syllabus says its client relationship element builds on CIRO’s baseline exams, such as the Canadian Investment Regulatory Exam (CIRE), the Retail Securities Exam and the Institutional Securities Exam. It applies product due diligence, know-your-product, know-your-client, suitability and account appropriateness to derivatives.
The conduct element applies CIRO’s standards of conduct and those under National Instrument (NI) 93‑101, and asks you to analyze situations that could cause conflicts of interest.
What the questions ask you to do
Pricing questions test the building blocks of valuing futures, forwards and options, and the factors that affect those values. In the strategies element, you may have to suggest the right strategy for a situation or work out its profit or loss.
The trading element compares listed and over-the-counter (OTC) derivatives, with order types, how a clearing house works and the types of margin. The market integrity element applies the Universal Market Integrity Rules (UMIR) to abusive trading and to dealers’ gatekeeping duties.
Sources: CIRO and 1 more. Checked November 2026.
Rules and fees can change, so check the official site before your test.
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