New exam-based framework arrives for advisors as CIRO reshapes proficiency standards
CIRO has officially introduced its redesigned proficiency model, marking a major shift in how investment dealer representatives and other registrants demonstrate professional competence.
The new proficiency structure replaces the long-standing course-based approach with a competency-driven assessment model and the first official exams under the new framework are now being delivered, via an exam and platform partner.
Instead of completing prescribed courses, candidates must now pass CIRO-developed examinations aligned to defined competency profiles for specific registration categories. The regulator’s goal is to ensure that proficiency standards remain relevant to today’s evolving investment industry while improving regulatory oversight of qualification requirements.
According to the proficiency framework, the model is built around bilingual exams that test applied knowledge, professional judgment and behaviour. Candidates are free to choose how they prepare, including self-study or using third-party education providers. In certain registration categories, the framework also incorporates experience requirements, firm-delivered training, and conduct education for both new and existing approved persons.
Fitch Learning has been engaged through a multi-year agreement to support syllabus development, exam delivery technology, and online portals for candidates and dealer firms. This partnership underpins the operational rollout of the new exam system across the industry.
CIRO leadership says the initiative modernizes how proficiency is measured. “We are thrilled to see the new proficiency model launched and to see it used by candidates and the industry, in an efficient and cost-effective way,” said Elsa Renzella, Senior Vice-President, Member Compliance and Registration, CIRO. “The new model raises the proficiency bar while providing CIRO greater oversight, ensuring relevance and responsiveness as the industry changes.”
CIRO has released exam syllabi, study materials and practice resources to help firms and candidates prepare. As the model takes effect, advisors entering or advancing within the investment dealer channel will now demonstrate proficiency through standardized examinations rather than mandatory course completion.
