CSC vs CIRE: Which Exam Do You Need in 2026?
The short answer: If you want to be approved as a Registered Representative or Investment Representative at a CIRO investment dealer, the exam you need now is the CIRE, not the CSC. Since January 1, 2026, CSI itself states the CSC is no longer acceptable for CIRO approval with an investment dealer. The CSC still has uses — mutual fund licensing, CSI designations, and a transition window for people who enrolled before 2026 — so the right answer depends on your situation.
What changed on January 1, 2026
CIRO moved investment-dealer proficiency from a course-based model (take CSI's courses and their exams) to an assessment-based model: CIRO's own exams, with no mandatory prerequisite course. For a retail Registered Representative dealing in securities, CIRO's rules now prescribe the Canadian Investment Regulatory Exam (CIRE) plus the Retail Securities Exam. Investment Representatives dealing in securities need the CIRE.
CSC vs CIRE side by side
| CSC (CSI) | CIRE (CIRO) | |
|---|---|---|
| Run by | Canadian Securities Institute | CIRO (delivered by Fitch Learning / Prometric) |
| Structure | Course + 2 exams | 1 exam, no required course |
| Questions | 100 per exam (200 total) | 110 |
| Time | 2 hours per exam | 2 hours |
| Pass mark | 60% per exam | Not published (pass/fail) |
| Cost | From $998 for the course (CSI price list) | $475 first attempt; $300 per retake |
| Investment-dealer approval | No longer accepted (transition rules aside) | Yes — the foundation exam |
For CIRE details, see CIRE cost, pass mark and registration.
The transition rule for people who started the CSC before 2026
CIRO's guidance says people who enrolled in a CSI course before January 1, 2026 have until December 31, 2026 to complete the CSI exams. But read the rule closely — CIRO Rule 2629 says the exemption applies only if all four of these are true:
- You enrolled in the CSI course before January 1, 2026.
- You complete the course and its exam before January 1, 2027.
- Completing it would have met the pre-2026 requirement for the same approval category.
- Your sponsoring dealer submits your application for approval before January 1, 2027.
That last point catches people out: passing the CSC in December 2026 isn't enough on its own — your firm also has to file your application in time. If you're in this group, talk to your firm's registration team now.
A related rule covers the old WME post-approval requirement: people who had to complete WME as of December 31, 2025 can finish WME by the earlier of their deadline or December 31, 2026, or complete the Retail Securities Exam by their deadline instead.
Where the CSC still counts
- Mutual fund dealers. Mutual fund dealing representatives' proficiency is set by National Instrument 31-103, not CIRO's new model. Section 3.5 lists passing the CSC exam, the Canadian Investment Funds Course exam or the IFC exam as qualifying routes. (Compare the options in CSC vs IFC.)
- Mutual-funds-only reps at investment dealers. CIRO Rule 2605 lets these reps use the CSC (or IFC) before approval, but they must then complete the CIRE and Retail Securities Exam within 270 days of approval.
- CSI designations. CSI says the CSC still counts toward its CIM designation.
A new CSC is on the way
CSI has announced a redesigned program called the Canadian Securities Certificate (the current one is the Canadian Securities Course). CSI says you can enrol in the old CSC until the new one launches, that active old-CSC enrolments will be extended to October 31, 2027 when it launches, and that switching to the new version cancels any old-CSC exam bookings and attempts — including a passed Exam 1. CSI has not published a launch date.
So, is the CSC still worth taking?
- You want to work at an investment dealer: prepare for the CIRE (and the role exam you'll need). The CSC alone won't get you approved there anymore, unless you qualify under the transition rule above.
- You're going into mutual funds: the CSC still qualifies, but the IFC is the shorter, mutual-fund-focused route. See IFC pass mark and retakes.
- You want broad market knowledge or a CSI designation: the CSC still teaches a wide foundation, and CSI says it counts toward the CIM.
Practise for whichever exam you choose
SmartExam covers both: a CIRE bank (about 1,000 questions) and CSC Exam 1 and Exam 2 banks, plus IFC, WME and more. Every answer has an explanation, a topic-by-topic report shows where you lost marks, and sessions come in 20, 50 or 100 questions — offline.
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Frequently asked questions
Did the CIRE replace the CSC?
For investment-dealer approval with CIRO, yes. Since January 1, 2026, CSI states the CSC is no longer acceptable for CIRO approval with an investment dealer, and CIRO's rules prescribe the CIRE (plus a role-specific exam such as the Retail Securities Exam for retail Registered Representatives).
Is the CSC still valid?
It still counts for some purposes. Under National Instrument 31-103, passing the CSC exam is one of the ways a mutual fund dealer's dealing representative can meet the proficiency requirement, and CSI says the CSC still counts toward its CIM designation. A transition rule also lets some people who enrolled before 2026 use it for investment-dealer approval.
What is the CSC transition deadline?
Under CIRO Rule 2629, the exemption applies only if you enrolled in the CSI course before January 1, 2026, complete the course and its exam before January 1, 2027, would have met the pre-2026 requirement for the same approval category, and your sponsoring firm submits your application before January 1, 2027.
Is the CSC still worth it?
It depends on your goal. If you want to be approved at an investment dealer, prepare for the CIRE instead. If you're heading for mutual fund licensing or CSI designations such as the CIM, the CSC can still be useful. CSI also says a redesigned 'Canadian Securities Certificate' is coming.
Sources
- CSI — CSC course page (2026 CIRO notice): csi.ca/en/learning/courses/csc
- CSI — CSC exam details: csi.ca/en/learning/courses/csc/exam-credits; prices: csi.ca/en/learning/courses/csc/enrol
- CSI — New CSC FAQs: csi.ca/en/new-csc-faqs
- CIRO — Investment Dealer and Partially Consolidated Rules, Rules 2603, 2605, 2629 (PDF): ciro.ca/media/12626
- CIRO — Guidance GN-2600-25-001: ciro.ca/newsroom/publications/…
- CIRO — Bulletin 25-0205: ciro.ca/newsroom/publications/…
- CIRO — New Candidates: ciro.ca/registered-individuals/proficiency/new-candidates
- NI 31-103, s.3.5 (OSC unofficial consolidation): osc.ca
Information checked October 13, 2026. This is general information, not registration advice — confirm your own situation with your firm and CIRO.
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