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CIRE Exam Cost, Pass Mark and Registration: The 2026 Facts

The short answer: The CIRE (Canadian Investment Regulatory Exam) costs $475 for your first attempt and $300 for each retake, plus applicable taxes. It has 110 multiple-choice questions in 2 hours. And the pass mark? CIRO does not publish one — you get a pass or fail result. Here's everything else you need to know before you register, with every number linked to its official source.

What is the CIRE?

Since January 1, 2026, CIRO (the Canadian Investment Regulatory Organization) runs its own proficiency exams for people approved at investment dealers. The CIRE is the common foundation exam. Under CIRO's rules, a retail Registered Representative dealing in securities needs the CIRE plus the Retail Securities Exam; Investment Representatives dealing in securities need the CIRE. The CIRE replaced the Canadian Securities Course (CSC) in that role — see CSC vs CIRE for how the switch works.

CIRE exam cost

FeeAmount
First attempt in an enrolment period$475
Second attempt$300
Third attempt$300

The fee policy of CIRO's exam provider says fees are subject to applicable taxes. There is no mandatory course fee on top, because CIRO does not require a prep course. If you buy a third-party course or study tool, that's a separate, optional cost.

CIRE pass mark: why there's no official number

This is the most-searched CIRE question, and the honest answer is that CIRO does not publish a passing percentage. In its FAQ, CIRO says there are different versions of each exam, each with its own passing grade, so publishing one number would be misleading. Pass scores are set through a "standard setting" method designed around the minimally competent candidate.

When you finish, you receive an overall result of pass, fail or absent — not a percentage. Be careful with any website that quotes a precise CIRE pass mark; it isn't coming from CIRO. The practical takeaway: don't aim to scrape past a number. Aim to be comfortable across the whole syllabus.

Exam format

FeatureDetail
Questions110 multiple-choice
Time2 hours
DeliveryProctored — remotely or in person at a Prometric test centre
AttemptsUp to 3 within a 12-month enrolment period
ResultPass / fail (no published pass mark)

CIRE syllabus

CIRO's official syllabus splits the exam into nine elements with an indicative number of questions for each (they add up to 110):

ElementIndicative questions
1. Overview of regulatory framework11
2. Prospective client relationships11
3. Scope of client relationship17
4. Client complaints handling6
5. Market and company analysis9
6. Market integrity, trade execution and settlement13
7. Securities, managed products and mutual funds21
8. Derivatives6
9. Conflicts of interest and ethics16

CIRO's study guide calls the syllabus the authoritative list of what can be tested. Notice how much of the exam is about clients, conduct and conflicts (elements 2, 3, 4 and 9 add up to 50 questions) rather than pure product knowledge.

How to register

  1. Check you're eligible. The enrolment policy requires you to be of the age of majority in your province and to declare that you work at a CIRO member firm in a role needing these competencies, or plan to apply to work for one within the next 12 months.
  2. Enrol and pay through the enrolment portal linked from CIRO's Exam Hub (exams are delivered and supported by Fitch Learning).
  3. Book your sitting in the candidate portal — remote proctoring or a Prometric test centre.
  4. Reschedule early if needed. Not attending without rescheduling or cancelling at least 36 hours ahead counts as an absent (fail) result.

Retakes and validity

Preparing on a budget

CIRO publishes a free syllabus, a study guide and a full 110-question practice exam with an answer key — use all three. See our self-study guide for the CIRE and try 10 free CIRE practice questions.

For more practice, SmartExam has a CIRE bank of about 1,000 questions, with an explanation for every answer, a topic-by-topic report showing where you lost marks, 20/50/100-question sessions, and offline study.

👉 Download SmartExam on the App Store — All Access, CA$15.99/month with a 7-day free trial, covering all 12 exam banks. Learn more.

Frequently asked questions

How much does the CIRE exam cost?
CIRO's published fee is $475 for the first attempt in an enrolment period and $300 for each second and third attempt. The exam provider's fee policy states fees are subject to applicable taxes.

What is the passing grade for the CIRE?
CIRO does not publish one. It says there are different versions of each exam, each with its own passing grade, so publishing a single number would be misleading. You receive a pass or fail result.

How many questions are on the CIRE?
110 multiple-choice questions in 2 hours, according to CIRO's CIRE exam syllabus.

How many times can I write the CIRE?
Up to three attempts within a 12-month enrolment period. After three failed (or absent) attempts within six months, a six-month cooling-off period applies before you can enrol again.

Do I need to take a course before the CIRE?
No. CIRO's proficiency model does not require a preparatory course, and CIRO does not endorse course providers. You can self-study using CIRO's syllabus, study guide and practice exam.

Sources

Information checked October 13, 2026. Fees and policies can change — confirm on ciro.ca before you enrol.

SmartExam is an independent study tool and is not affiliated with, endorsed by, or sponsored by CIRO, the Canadian Securities Institute, IFSE, or any certification body. All trademarks are the property of their respective owners.