What the new CIRO exam model means for the Canadian Securities Course
CIRO’s switch to an exam-only licensing regime removes the CSC as a mandatory entry route for investment dealer advisors. Providers and candidates will adjust to new prep options.
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By Torontoer Staff
The Canadian Securities Course is no longer the default credential for people entering investment dealer roles after the Canadian Investment Regulatory Organization implemented an exam-only proficiency regime on Jan. 1. CIRO’s new framework requires candidates to pass one or more regulatory exams, rather than complete a single prescribed course, to qualify for registration.
The move ends a decades-long role for the CSC as the primary onboarding credential at many Bay Street firms, though the course will remain relevant for other professional designations and for candidates who choose to use it as preparation.
What changed under CIRO’s new proficiency model
CIRO replaced its course-based requirement with a modular exam regime. Candidates must now complete one or more of nine exams, meet baseline education or experience thresholds, complete dealer training, and fulfil conduct training and continuing education obligations. Trading-only candidates take the Canadian Investment Regulatory Exam, known as the CIRE. Candidates who will trade and advise on securities must pass both the CIRE and the Retail Securities Exam, or RSE.
CIRO published guidance on the model in April after a multi-year review. Candidates who were enrolled in the CSC before Dec. 31 can still qualify under the previous licensing rules if they finish the course by the end of 2026 and meet the other registration requirements.
The new regime gives learners more flexibility in terms of how to prepare for exams, and allows us to be more agile in how we respond to industry changes and incorporate them into the proficiency model.
Elsa Renzella, senior vice-president, member compliance and registration, CIRO
How the change affects the CSC and providers
The CSC, launched in 1964 and long offered by the Canadian Securities Institute, taught broad fundamentals of financial markets and investment products. That role has been reduced by CIRO’s shift to exam-based licensing, and enrolment in the CSC, which ranged from 10,000 to 12,000 registrations a year, is likely to decline as candidates opt for targeted exam-prep courses from other providers.
Fitch Learning, which acquired the Canadian Securities Institute last year, cannot provide preparatory courses for CIRO’s new exams because of its contract to design and administer those exams. Fitch Learning says it will continue to offer the CSC and focus on maintaining pathways to designations that still require the course.
Our clients are saying we still want the CSC, so it is imperative for us to keep providing it. It provides you with the competency to reach the next level of the other designations.
Andreas Karaiskos, chief executive officer, Fitch Learning
Fitch Learning also plans to update CSC curriculum where needed to address educational gaps and to support routes to credentials such as the chartered investment manager and the personal financial planner, which will still require completion of the CSC.
New exam-prep options and market response
Several education providers have launched CIRE and RSE preparatory courses to meet demand. FP Canada and SeeWhy Learning are among those marketing targeted programs intended to bridge the regulatory exam and the practical skills needed for client-facing roles.
Those providers argue many candidates will prefer structured courses rather than studying alone. Preparatory courses typically emphasise application of rules and client scenarios, rather than just reading material.
Simply reading the material is not sufficient. You have to be able to apply it in client-facing scenarios.
Alexandra Macqueen, vice-president of learning, development and professional practice, FP Canada
SeeWhy Learning and others say the market can support multiple providers, and that flexibility will benefit candidates across different learning preferences and budgets.
The learner population is large enough to support multiple providers.
Cory Snyder, vice-president of operations, SeeWhy Learning
What candidates should consider now
Prospective advisors should weigh several factors when choosing how to prepare: whether they need the full foundational breadth the CSC offers, the cost and time commitment of different courses, and the practical application focus of targeted exam-prep programs. Some candidates may still prefer the CSC as a comprehensive primer, while others will opt for concise prep built around the CIRE and RSE.
- If you enrolled in the CSC before Dec. 31, confirm deadlines and registration requirements to retain eligibility under the old regime.
- Identify which CIRO exams apply to your intended role: CIRE for trading, CIRE plus RSE for trading and advice.
- Compare providers on content, teaching approach, pass-rate support and cost.
Firms, educators and regulators will likely continue to adjust over the coming years. The CSC’s role is changing, but it will remain part of Canada’s financial education landscape as credential paths evolve.
Canadian Securities CourseCIROfinancial educationFitch Learningexam prep
