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CIRO RSE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Portfolio Construction and Managed Accounts | 10–14% | - Registered account types - Asset allocation and risk metrics |
| Client Monitoring and Relationship Management | 8–12% | - Complaint handling procedures - Performance reporting and CRM2 |
| Mutual Funds and ETFs | 20–24% | - Suitability and sales obligations - Fund structures and disclosure documents |
| KYC and Suitability | 20–24% | - Client information collection and updates - Suitability determination and documentation |
| Structured Products | 10–14% | - Applicable regulatory rules - Product types and risk profiles |
| Fixed Income | 18–22% | - GICs and other retail fixed-income products - Bond characteristics and pricing |
| Trade Execution and Market Integrity | 8–12% | - Prohibited practices and compliance - Order routing and best execution |
| Equities | 18–22% | - Trading mechanics and market structure - Equity product features and risks |
CIRO Retail Securities Sample Questions:
1. An Investment Dealer has completed their investigation of a client's complaint. What is the correct next step?
A) Close the complaint upon completion of the investigation
B) Call the client to discuss the findings with them personally
C) Discuss with the client as and when they request an update
D) Respond in writing with the investigation results and final decision
2. Which of the following best reflects the Registered Representative's (RR's) duty when providing the relationship disclosure materials to a retail client?
A) The materials should be provided before the know-your-client (KYC) information is collected, should be used as the basis of collecting that information and the RR should decide the relevant parts to discuss
B) The materials should be provided after the recommendations have been given, should reflect the reason for the recommendation and the RR must request a signed acknowledgement from the client
C) The materials should be provided after each action conducted by the RR, should be used to illustrate how the action is likely to affect the suitability determination and the client must acknowledge receipt
D) The materials should be provided after the know-your-client (KYC) information has been collected, should reflect that information and the RR should allow the client time to digest and discuss the contents
3. An investor is choosing between two bonds: Bond A with a term to maturity of 2 years and Bond B with a term to maturity of 10 years. If interest rates are expected to rise sharply next year and assuming all other things are equal, which bond should the investor select to minimize interest rate risk?
A) Bond A, because its shorter term reduces exposure to rate changes
B) Bond B, because its longer term locks in current rates
C) Bond A, because its shorter term provides higher yield potential
D) Bond B, because its longer term avoids rate fluctuations
4. A client invests $20,000 today in an account earning an annual compound return of 5%. Approximately how much will the investment be worth after six years, assuming no additional deposits or withdrawals?
A) $24,000
B) $30,402
C) $26,802
D) $28,000
5. A client controls two accounts and repeatedly buys shares in one account while selling the same number of shares from the other account at the same price. The transactions create apparent trading volume but no genuine change in economic ownership. What activity does this describe?
A) Best execution
B) Wash trading
C) Legitimate arbitrage
D) Passive market making
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: A | Question # 4 Answer: C | Question # 5 Answer: B |








