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RSE Exam Study Guide

Your complete 8-week learning path to pass the Retail Securities Exam. Master all 9 elements from KYC & Suitability to Portfolio Construction with our structured guide.

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RSE Exam at a Glance

120
Questions
Multiple Choice
3 Hours
Duration
Computer-Based
Set by CIRO
Passing Score
Per Sitting
6-8 Weeks
Study Time
Recommended
9 Topics
Elements
Comprehensive

RSE Exam Element Weightings

23%
~27 questions
KYC & Suitability
21%
~26 questions
Monitoring & Relationships
13%
~16 questions
Managed Products
12%
~14 questions
Securities Analysis
12%
~14 questions
Recommendations
11%
~13 questions
Portfolio Construction
10%
~12 questions
Equities
8%
~10 questions
Fixed Income
6%
~7 questions
Execution

Focus on Elements 1 and 9 - they account for 44% of the exam

Structured Learning Path

Follow this 11-phase study plan to systematically master all RSE exam content

1

Phase 1: Getting Started

Understand the RSE exam basics and create your study plan • Week 1

2

Phase 2: Element 1 - KYC & Suitability (23%)

Master the largest exam section with 27 questions • Week 2-3

Key Topics Covered:
Client Relationship Model (CRM2) disclosuresRisk Tolerance vs. Risk Capacity - The Golden RuleKYC Triggers and update requirementsTrusted Contact Person (TCP) and Temporary HoldsSuitability Determination: The 3-Step MatchAccredited Investors and Permitted ClientsAnti-Money Laundering (AML) and PEPs
3

Phase 3: Element 2 - Fixed Income (8%)

Learn bond pricing, duration, and yield calculations • Week 3

Key Topics Covered:
Bond pricing - The Teeter-Totter (inverse relationship)Current Yield vs. Yield to Maturity (YTM)Duration and interest rate sensitivityGovernment of Canada Bonds and T-BillsCorporate bonds: Mortgage vs. DebenturePreferred Shares and Dividend Tax Credit
4

Phase 4: Element 3 - Equities (10%)

Master stocks, order types, and trading mechanics • Week 4

Key Topics Covered:
Common shares: Voting rights and residual claimOrder Types: Market, Limit, Stop-Loss, Stop-LimitShort Selling mechanics and unlimited riskMargin Accounts and Margin CallsRights vs. WarrantsGrowth vs. Value vs. Cyclical vs. Defensive stocks
5

Phase 5: Element 4 - Securities Analysis (12%)

Fundamental analysis, ratios, and economic indicators • Week 4-5

Key Topics Covered:
Top-Down Analysis: Economy → Industry → CompanyFiscal vs. Monetary PolicyLeading, Coincident, and Lagging IndicatorsFinancial Ratios: P/E, ROE, Current Ratio, Quick RatioTechnical Analysis: Support, Resistance, Moving AveragesEfficient Market Hypothesis (EMH)
6

Phase 6: Element 5 - Managed Products (13%)

Mutual funds, ETFs, segregated funds, and alternatives • Week 5

Key Topics Covered:
Mutual Fund NAVPU calculationOpen-End vs. Closed-End FundsMER (Management Expense Ratio) impactETF structure and Physical vs. SyntheticLeveraged & Inverse ETFs - Daily Reset RiskSegregated Funds: Guarantees and Creditor ProtectionAlternative Investments and Liquid Alts
7

Phase 7: Element 6 - Portfolio Construction (11%)

Asset allocation, risk metrics, and registered accounts • Week 5-6

Key Topics Covered:
Strategic vs. Tactical Asset AllocationCorrelation and diversification benefitsStandard Deviation (Total Risk) vs. Beta (Market Risk)Sharpe Ratio and AlphaRRSP, TFSA, RESP, RRIF, FHSA rulesTax efficiency: Capital Gains vs. Dividends vs. Interest
8

Phase 8: Element 7 - Investment Recommendations (12%)

Suitability framework, disclosures, and vulnerable clients • Week 6

Key Topics Covered:
Product Suitability matching processCost, Risk, and Conflict Disclosure requirementsDealing with Senior and Vulnerable ClientsLeverage Suitability criteriaSwitching and the Net Benefit RuleESG Preferences and Behavioral Biases
9

Phase 9: Element 8 - Execution & Market Integrity (6%)

Best execution, settlement rules, and prohibited practices • Week 6-7

Key Topics Covered:
Best Execution ObligationClient Priority RuleT+1 Settlement RulesProhibited Practices: Front Running, Tipping, Wash TradingShort Selling Rules and requirementsError Correction procedures
10

Phase 10: Element 9 - Monitoring & Client Relationships (21%)

Performance reporting, complaints, and ongoing compliance • Week 7

Key Topics Covered:
MWRR (Client statements) vs. TWRR (Fund marketing)Annual Performance and Fee Reporting (CRM2)Complaint Handling: 5-day acknowledgment, 90-day responseOBSI ($350,000 limit) vs. Arbitration ($500,000 limit)Record Keeping (7 years) and Electronic CommunicationsContinuing Education requirements
11

Phase 11: Math & Final Review

Essential calculations and exam preparation • Week 7-8

Key Topics Covered:
Margin Call Trigger Price formulaCurrent Yield and YTM calculationsP/E Ratio, ROE, Current Ratio, Quick RatioSharpe Ratio and CAPM formulaRRSP and RESP contribution limitsRule of 72 for quick doubling estimates
RSE

RETAIL SECURITIES EXAM

Choose Your Study Pathway

Select the pathway that matches your background — both lead to full RSE exam readiness.

Pathway 1

Build Your Foundation

For fresh candidates with limited industry or subject matter knowledge

The book provides a comprehensive foundation, while the subscription delivers instructor-led video tutorials, mock exams, and the question bank for active practice and exam readiness.

INCLUDES
📘
Amazon BookCAD $299.99
Comprehensive RSE study guide
+
🎓
Monthly Subscription$29.99/month
Video tutorials · Mock exams · Question bank
Pathway 2

Accelerate Your Prep

For candidates with a finance degree or relevant industry experience

The interactive quick study guide delivers a focused review of core concepts, while the subscription provides video tutorials, mock exams, and the question bank to sharpen your exam readiness.

INCLUDES
⚡
Online Interactive Quick Study GuideCAD $49.99
Focused concept review
+
🎓
Monthly Subscription$29.99/month
Video tutorials · Mock exams · Question bank

Additional Resources

CIRO Exam Requirements & Eligibility
Registration and prerequisites
How to Register for CIRO Exams
Step-by-step registration guide
CIRO Exam Cost & Fees Guide
Complete pricing breakdown
CIRO Exam Pass Rates & Difficulty
What to expect on the exam
Investment Career Path in Canada
From entry to senior advisor
Financial Services Career Roadmap
Complete career blueprint

Recommended Study Resources

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Printed RSE Study Guide

Comprehensive study guide for the CIRO Retail Securities Exam using the Financial Doctor Methodology.

CAD $299.99
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9 Elements
Full coverage
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Mock Exam
120 questions
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Explore RSE Course - $29.99/monthView CIRE Study Guide