CIRE Exam: Module-wise Weightage, Attempts & Pattern

Video Explanation

CIRE Exam Pattern (First, get this clear)

Question Style

• Scenario-based
• Practical compliance situations
• Client suitability cases
• Ethics and regulatory judgment

This is not a memory exam. It tests how you apply rules.

Learning Outcome Levels

• Remember: Facts, definitions, rules
• Understand: Explain concepts and relationships
• Apply: Calculate, interpret, use information
• Analyze: Compare, evaluate, conclude

Module-wise Weightage

Below is the official weight distribution range used by CIRO (Canadian Investment Regulatory Organization).

Module 1: Overview of Canadian Securities Regulatory Framework

Weightage: ~11 questions   Focus:

• Canadian Securities Administrators (CSA – Canadian Securities Administrators)
• CIRO (Canadian Investment Regulatory Organization)
• Securities laws, National Instruments (NI – National Instruments), Multilateral Instruments (MI – Multilateral Instruments)
• Marketplaces: Exchanges, ATS (Alternative Trading Systems), CTPs (Crypto-Asset Trading Platforms)
• Clearing agencies: CDS (Canadian Depository for Securities), CDCC (Canadian Derivatives Clearing Corporation)
• AML laws: PCMLTFA (Proceeds of Crime – Money Laundering and Terrorist Financing Act)
• Privacy, confidentiality, criminal code, investor protection (CIPF – Canadian Investor Protection Fund)

Module 2: Prospective Client Relationships

Weightage: ~11 questions   Focus:

• Client Relationship Model (CRM – Client Relationship Model)
• Retail vs Institutional clients
• Know Your Client (KYC – Know Your Client) requirements
• Accredited investors (NI 45-106 – National Instrument 45-106)
• Client onboarding, documentation, disclosures
• Fees, costs, taxes, and impact on returns
• Role of third parties (POA – Power of Attorney, lawyers, accountants)

Module 3: Scope of Client Relationships

Weightage: ~17 questions (high-weight area)   Focus:

• Registered Representative vs Investment Representative roles
• Suitability vs appropriateness
• Know Your Product (KYP – Know Your Product)
• Fiduciary duty, trust, agency
• Account types: advisory, discretionary, managed, order-execution-only
• Portfolio management styles (active vs passive)
• Cross-border clients (US & foreign jurisdictions)

Module 4: Client Complaint Handling & Reporting

Weightage: ~6 questions   Focus:

• Complaint handling framework
• Role of CIRO and provincial regulators
• OBSI (Ombudsman for Banking Services and Investments)
• Reporting obligations and penalties
• Settlement restrictions and record-keeping

Module 5: Market & Company Analysis

Weightage: ~9 questions   Focus:

• Economic theories (Keynesian, monetarist, supply-side)
• Business cycle, inflation, interest rates
• Bank of Canada & fiscal policy
• Economic indicators (CPI – Consumer Price Index, labour data)
• Company analysis: financial statements, disclosures
• Fundamental vs technical vs quantitative analysis

Module 6: Market Integrity, Trade Execution & Settlement

Weightage: ~13 questions   Focus:

• UMIR (Universal Market Integrity Rules)
• Best execution, front-running, market manipulation
• Gatekeeping obligations
• Order types (limit, market, IOC, FOK, stop orders, short sales)
• Margin accounts and requirements
• Trade settlement and confirmations

Module 7: Securities, Managed Products & Mutual Funds

Weightage: ~21 questions (highest weightage)   Focus:

• Asset classes: equity, fixed income, cash, commodities, derivatives
• Equities: common & preferred shares
• Fixed income: bonds, T-bills, STRIPs
• Mutual funds, ETFs (Exchange Traded Funds), REITs
• Fund Facts & ETF Facts
• Costs, fees, taxes, risk ranking
• Alternative investments, ESG products, crypto assets

Module 8: Derivatives

Weightage: ~6 questions   Focus:

• Options (calls, puts, American & European style)
• Futures, forwards, swaps, CFDs
• Hedging, speculation, arbitrage
• Option pricing factors
• Derivative strategies (bullish, bearish, neutral, spreads)
• Derivative account documentation & prohibited practices

Module 9: Conflicts of Interest & Ethics

Weightage: ~16 questions   Focus:

• Identifying and managing conflicts of interest
• Disclosure vs avoidance
• Ethical responsibilities of dealers & representatives
• Outside business activities (OBA – Outside Business Activities)
• Positions of influence
• Confidentiality, information barriers, cybersecurity

Maximum Number of Attempts

Maximum Attempts Allowed: 3 After 3 failed attempts, you must:

• Wait for the prescribed cooling-off period
• Re-enroll as per CIRO rules

This is why first-attempt preparation matters.

What CIRO Actually Tests (Reality Check)

CIRO does not test:

• Definitions by rote
• Pure theory
• Academic finance formulas

CIRO does test:

• Judgment
• Ethics under pressure
• Suitability decisions
• Regulatory compliance in real situations