CIRO RSE : Retail Securities Exam

  • Exam Code: RSE
  • Exam Name: Retail Securities Exam
  • Updated: Aug 13, 2026     Q & A: 122 Questions and Answers

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CIRO RSE Exam Syllabus Topics:

SectionWeightObjectives
Fixed Income18–22%- Bond characteristics and pricing
- GICs and other retail fixed-income products
Trade Execution and Market Integrity8–12%- Prohibited practices and compliance
- Order routing and best execution
Portfolio Construction and Managed Accounts10–14%- Registered account types
- Asset allocation and risk metrics
Equities18–22%- Equity product features and risks
- Trading mechanics and market structure
Structured Products10–14%- Product types and risk profiles
- Applicable regulatory rules
KYC and Suitability20–24%- Suitability determination and documentation
- Client information collection and updates
Client Monitoring and Relationship Management8–12%- Performance reporting and CRM2
- Complaint handling procedures
Mutual Funds and ETFs20–24%- Suitability and sales obligations
- Fund structures and disclosure documents

CIRO Retail Securities Sample Questions:

1. A client wants to buy a recreational vehicle costing $25,000 in 3 years. They plan to make deposits of $630 at the start of each month into an investment account. What approximate annualised return is required to achieve their goal?

A) 10%
B) 4%
C) 6%
D) 8%


2. A company repurchases and cancels 10% of its outstanding common shares. If total net income remains unchanged, what is the most likely immediate mathematical effect?

A) Each remaining shareholder's proportional ownership decreases
B) Total corporate earnings automatically increase by 10%
C) Earnings per share increases
D) Earnings per share decreases


3. A client purchased a stock for $70 per share. The company's financial condition has since deteriorated, and an updated analysis estimates the shares are worth approximately $42. The client refuses to consider selling until the price returns to $70 because that was the original purchase price. Which behavioural bias is most directly influencing the client?

A) Survivorship bias
B) Availability bias
C) Anchoring bias
D) Herding bias


4. Which managed product allows investors to gain intraday diversified exposure with active or passive management?

A) Pooled funds
B) Mutual funds
C) Exchange-traded funds (ETFs)
D) Income trusts


5. Which of the following is a requirement under securities regulations for debt issuers in Canadian debt markets?

A) Debt issuers must provide timely disclosure of material changes
B) Debt issuers must maintain capital to at least the value of debt in issue
C) Debt issuers must include a detailed risk disclosure in their offering documents
D) Debt issuers must file audited annual financial statements


Solutions:

Question # 1
Answer: C
Question # 2
Answer: C
Question # 3
Answer: C
Question # 4
Answer: C
Question # 5
Answer: A

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