Updated: Sep 01, 2026
No. of Questions: 112 Questions & Answers with Testing Engine
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| Certification Vendor: | CIRO (Canadian Investment Regulatory Organization) |
|---|---|
| Exam Name: | Canadian Investment Regulatory Exam |
| Exam Number: | CIRE |
| Exam Format: | Computer-based, Proctored (in-person or remote), Multiple-choice questions |
| Exam Price: | CAD $475 (first attempt); CAD $300 (per retake) |
| Related Certifications: | Trader Exam (TRD) Director and Executive Exam Retail Securities Exam (RSE) Supervisor Exam (SUP) Derivatives Exam Chief Financial Officer Exam Institutional Securities Exam (ISE) Chief Compliance Officer Exam |
| Available Languages: | English |
| Passing Score: | Approximately 60% (not published officially) |
| Exam Duration: | 120 minutes |
| Certificate Validity Period: | 12 months from enrollment (3 attempts allowed) |
| Real Exam Qty: | 110 |
| Recommended Training: | CIRE Syllabus & Study Guide (official PDF) CIRO Practice Exam & Study Resources |
| Exam Registration: | CIRO Enrollment / Candidate Portal Fitch Learning (exam delivery) |
| Sample Questions: | CIRO CIRE Sample Questions |
| Exam Way: | Computer-based, delivered at Prometric test centres or via remote proctoring (OnVUE) |
| Pre Condition: | No mandatory prerequisites; foundational exam for CIRO Proficiency Model. Replaced Canadian Securities Course (CSC) effective Jan 1, 2026. CFA Level I or charterholders may be exempt. |
| Official Syllabus URL: | https://www.ciro.ca/registered-individuals/proficiency/exam-hub/canadian-investment-regulatory-exam-cire |
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Client Complaint Handling and Reporting | ~5% | - Escalation, Recordkeeping and Reporting - Complaint Management Framework |
| Topic 2: Conflicts of Interest and Ethics | ~14–15% | - Conflict Identification, Disclosure and Management - Client-Focused Reforms and Ethical Standards |
| Topic 3: Overview of Regulatory Framework | ~10% | - Securities Legislation and Regulators (CSA, CIRO, FINTRAC) - Market Infrastructure and Protection Funds |
| Topic 4: Securities and Managed Products | ~19% | - Equities, Fixed-Income and Managed Products - Fund Structures and Product Characteristics |
| Topic 5: Derivatives Fundamentals | ~5–8% | - Risk and Suitability for Derivatives - Options, Futures and Forwards Basics |
| Topic 6: Market and Company Analysis | ~8% | - Investment Performance Benchmarks - Fundamental and Technical Analysis |
| Topic 7: Market Integrity, Trade Execution and Settlement | ~12% | - UMIR and Market Integrity Rules - Order Types, Execution and Settlement Processes |
| Topic 8: Scope of Client Relationship, KYC and Suitability | ~15–18% | - Suitability Assessment and Obligations - Know Your Client (KYC) Requirements |
| Topic 9: Prospective Client Relationships | ~10% | - Relationship Discovery and Qualification - Know Your Prospect (KYP) and Disclosures |
Question 1
In a competitive market, when the quantity demanded equals the quantity supplied, what is the result for the price of the good or service?
A. The price will increase due to excess supply
B. The price will remain stable at the equilibrium point
C. The price will fluctuate unpredictably based on market sentiment
D. The price will decrease due to excess demand
Question 2
What is the primary function of investment banking within the financial markets?
A. Managing the personal investment portfolios for high-net-worth clients
B. Assisting companies raise capital, facilitating mergers and acquisitions
C. Monitoring ongoing compliance of market participants with regulatory rules
D. Conducting day-to-day securities trades for retail and institutional clients
Question 3
What must an Approved Person understand about securities to comply with know-your-product (KYP) obligations?
A. The market demand and media coverage
B. Alternative securities that may be suitable
C. The securities' structure, features, and risks
D. The securities' intended use by the client
Question 4
What is the primary mandate of the Office of the Superintendent of Financial Institutions (OSFI)?
A. Supervising federally-regulated financial institutions
B. Managing investor protection funds
C. Investigating securities fraud
D. Monitoring anti-money laundering compliance
Question 5
What is the purpose of an Investment Dealer obtaining the contact information of a trusted contact person?
A. To serve as a legal representative for the client
B. To address potential concerns regarding financial exploitation of the client
C. To bypass the client's decision-making authority in financial matters
D. To obtain investment advice from the trusted contact person
Solutions:
| Question 1 Answer: B | Question 2 Answer: B | Question 3 Answer: C | Question 4 Answer: A | Question 5 Answer: B |
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