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Canada · Proficiency exams

CIRO Supervisor, Retail Securities and role exams

Besides the Canadian Investment Regulatory Exam (CIRE) and the Derivatives Exam, the Canadian Investment Regulatory Organization (CIRO) sets seven more proficiency exams, each built on the competencies of particular roles. The CIRO Supervisor Exam has 90 multiple-choice questions in three hours, and 30 of them come in item sets. The Retail Securities Exam has 120 questions, also in three hours.

  • 7CIRO exams on this page
  • 90Questions on the Supervisor Exam
  • 120Questions on the Retail Securities Exam
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Updated November 2026 · Written from official sources, listed at the bottom of this page

Questions and time on each exam

The syllabi give these lengths:

ExamQsTime
Retail Securities1203 hours
Institutional Securities1002.5 hours
Trader1002 hours
Supervisor903 hours
Chief Compliance Officer903 hours
Chief Financial Officer903 hours
Director and Executive752.5 hours
See the CIRE →See the Derivatives Exam →

Which exams use item sets?

Four exams mix standard multiple-choice questions with item sets:

  • Supervisor Exam: 60 standard questions and 30 in item sets
  • Chief Compliance Officer Exam: 60 standard and 30 in item sets
  • Chief Financial Officer Exam: 60 standard and 30 in item sets
  • Director and Executive Exam: 50 standard and 25 in item sets

What does the CIRO Supervisor Exam cover?

The Supervisor Exam syllabus, last updated May 29, 2025, splits the questions across nine elements:

ElementQs
General regulatory framework10
Investment Dealer responsibilities10
Business and operations9
Account approvals20
Account activity15
Activities of Approved Persons8
Trading and market rules6
Advertising, communications, research7
Dealer risks and registered locations5

Account approvals and account activity carry 35 of the 90 questions. The approvals element covers order execution only, discretionary, managed and derivatives accounts, and the activity element asks you to spot the risks in accounts and respond to them.

Open the Supervisor syllabus ↗

What the Retail Securities Exam covers

Its syllabus, last updated May 8, 2025, gives the biggest share of questions to know-your-client rules and suitability:

ElementQs
Know-your-client and suitability27
Fixed income10
Equities12
Securities analysis14
Managed products and other investments16
Portfolio construction13
Investment recommendations14
Execution and market integrity7
Monitoring and client relationships7

The recommendations element presents clients with different objectives and needs, and may ask you to make tax calculations.

Open the Retail syllabus ↗
Sources: CIRO and 7 more. Checked November 2026.

Rules and fees can change, so check the official site before your test.

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