CIRO Proficiency Model for Approved Persons under the Investment Dealer and Partially Consolidated Rules- Publication of syllabus and practice examination- Canadian Investment Regulatory Exam (CIRE)

In support of its proposed proficiency model1, CIRO is publishing the CIRE syllabus (Appendix 1) and practice exam (Appendix 2), as a tool for education providers who may decide to offer preparatory courses for the proposed CIRE. The publication of the syllabus and practice exam also create an opportunity to learn for those that may wish to self-study for the CIRE. Details relating to the proposed proficiency model can be found in Bulletin 24-0206, published on July 4, 2024.

Subject to CSA approval, for investment dealer Approved Persons, CIRO is shifting from a course centric model with exams tied to courses, to an assessment centric model with some mandatory education and training. This is an internationally recognized approach by securities regulators.

Purpose of the syllabus and practice examination

The CIRE is one of the 9 exams proposed by CIRO through its proposed proficiency rules. For each proposed exam, we plan to publish a syllabus and practice exam and will also provide guidance to candidates on how to study for each exam. The purpose of these documents is to provide the necessary information to:

• potential education providers who may be developing preparatory courses for each exam; the copy of the syllabus is a critical document for finalizing their courses.
• potential candidates who may want to know more about how CIRO will approach its exam design process and how they may be able to self-study for each exam. The documents outlined above are tools that support candidates who wish to self-study.

These documents are being published at this time, in order to assist education providers who are in the process of preparing curriculum and courses for the CIRE Exam, one of the nine exams proposed under CIRO’s proposed proficiency model. A supplementary guide relating to the syllabus is also attached (Appendix 3)

The proposed proficiency rules have not yet been approved by the Canadian Securities Administrators (CSA) and the implementation of the proficiency model is contingent on that approval. However, to facilitate and foster a market of education providers and provide them with the necessary tools, we are publishing the attached CIRE syllabus and practice exam as information at this time in order to share our approach.

Development and use of the syllabus and practice examination

The syllabus and exams are developed with support from Fitch Learning2. CIRO, with support from Fitch Learning, will be ensuring that examinations are valid, reliable, and fair through the following accepted methods:

• Each syllabus reflects the related competency profile, which was developed through a rigorous job task analysis, to ensure the validity of the examinations.
• Each syllabus includes the relevant learning outcomes with appropriate taxonomy, parameters, and weighting for each exam.
• The syllabus is developed through a review process which includes working with a Syllabus Committee made up of internal and external Subject Matter Experts, and approval by CIRO.
• The syllabus informs the coverage and level of difficulty for all examination questions. The questions are validated through an Exam Committee for each exam.
• All examinations will undergo a piloting process to ensure item robustness and reliability and a valid passing score.
  • All examinations will be subject to rigorous psychometric analysis that will ensure the on-going reliability of the exams including item analysis to ensure that questions are fair and at an appropriate level of difficulty.
  • Standard setting will be done according to psychometrically recognized methods. Standard setting is the methodology used to define a pass-score for each examination.
• Any issues identified through the above processes will be reviewed by CIRO to ensure on-going defensibility of the exams.
• The practice exam is an equivalent form of the exam with items drawn for an extensive question bank and that there will be 5 additional forms created for each examination type.

CIRO is working towards operationalizing the proficiency model in a timely manner. Publication of the CIRE syllabus and practice exams is a first step towards that. These documents are for information on our approach; they are not guidance on rules and do not otherwise indicate the CSA approval of the proposed proficiency rules.

For more information on CIRO’s proposed proficiency model and upcoming publications, please visit: Proficiency | Canadian Investment Regulatory Organization.

Attachments

Appendix 1 - Canadian Investment Regulatory Exam (CIRE) Syllabus

Appendix 2 - CIRE Practice Exam

Appendix 3 - CIRE Guidance for Studying

• 1

  Bulletin 24-0206, published on July 4, 2024.

• 2

  CIRO Announces New Proficiency Model Partnership with Fitch Learning | Canadian Investment Regulatory Organization