CFA® Program CIRO exam exemption in Canada – effective January 2026
CFA Program candidates who pass Level I may be eligible for exam exemptions under CIRO’s new proficiency model.
Successfully passing the CFA Program Level I exam can earn you a waiver from local CIRO licensing exams from 2026 — streamlining your path to impactful roles in investments and financial services.
Whether you’re a recent graduate or a student eager to launch your career, this new waiver positions you to succeed with confidence and clarity.
Key benefits
This CFA Program waiver reduces local licensing requirements and accelerates your path into regulated investment roles in Canada.
- Skip Canadian Investment Regulatory Organization (CIRO) licensing exams for select roles
- Apply CFA Program credentials directly to Canadian professional registration
- Valid for 3 years after passing Level I (or more advanced levels)
- Recognized under CIRO Rule 2603 and Rule 2628
Which roles are covered by the CIRO CFA Program waiver?
Passing CFA Program Level I qualifies you for licensing exemptions under CIRO’s new model. Eligible roles include:
- Investment Advisor
- Portfolio Manager
- Financial Analyst
- Registered Representative (Retail & Institutional)
- Investment Representative
These exemptions apply under CIRO Rule 2627 if you passed your exam within the last 3 years.
By replacing local exams with the globally respected CFA Program Level I badge, you save time and gain access to a wider range of opportunities to thrive in the Canadian financial market.
Globally recognized credential
Over 200,000 charterholders around the world
Canadian market relevance and exemptions
Explore the CFA Program
The CFA Program is your pathway to becoming a Chartered Financial Analyst® (CFA®). Equipping you with real-world skills in investment analysis, a Chartered Financial Analyst designation helps you thrive in the competitive investment industry.
Registration is now open!
Ready to take the first step toward transforming your future? Registration for the May 2026 CFA Level I Exam is now open.
Explore the CFA Program Level I exam
- Discover CFA Program Level I exam structure, topics and tips
- Learn more about the CFA® Charter
CFA Program CIRO Exam Exemption – FAQs
The Canadian Investment Regulatory Organization (CIRO) is introducing a new proficiency model starting January 1, 2026, replacing legacy licensing courses offered by Canadian Securities Institute (such as the Canadian Securities Course) with a streamlined CIRO-offered exam framework under the CIRO IDPC rules.
The updated CIRO proficiency model recognizes the CFA Program for meeting certain core licensing standards, offering exam exemptions that can save CFA Program candidates and charterholders time and cost relating to regulatory examinations.
This new recognition grants exemptions from CIRO’s Canadian Investment Regulatory Exam (CIRE), the CIRO Institutional Securities Exam, and the CIRO Retail Securities Exam under CIRO IDPC Rule 2627(3).
You may be eligible if you meet either of the following criteria:
- CFA® Charterholders
- Recognized under CIRO IDPC Rule 2603(1)(i)(h) as meeting the Portfolio Manager proficiency requirement. This also grants automatic exemption from CIRO’s Canadian Investment Regulatory Exam (CIRE), the CIRO Institutional Securities Exam, and the CIRO Retail Securities Exam under CIRO IDPC Rule 2627(3)
- Exemption has no expiry
- CFA Program Level I or higher exam passed
- Recognized under CIRO IDPC Rule 2603(1)(i)(g) as meeting the Associate Portfolio Manager proficiency requirement. This also grants automatic exemption from CIRO’s Canadian Investment Regulatory Exam (CIRE), the CIRO Institutional Securities Exam, and the CIRO Retail Securities Exam under CIRO IDPC Rule 2627(3)
- Valid for 3 years from your exam pass date, per CIRO IDPC Rule 2628(1)
If you’re a CFA charterholder or you’ve passed CFA Program Level I within the last three years, you may qualify for CIRO examination exemptions for the following roles:
- Investment Representative
- Registered Representative (Retail or Institutional)
- Associate Portfolio Manager (CIRO IDPC Rule 2603(1)(i)(g))
- Portfolio Manager (CIRO IDPC Rule 2603(1)(i)(h))
These exam exemptions are outlined in CIRO IDPC Rule 2627(3).
You don’t apply for or receive these exemptions directly as an individual. Once hired by a CIRO dealer member firm, that firm becomes your sponsoring dealer, and must submit your application to CIRO for approval through the National Registration Database (NRD). You’ll need to work with your sponsoring dealer’s team to provide:
- Proof of your CFA Program status (exam result letter or charterholder verification) – this may be independently confirmed by your sponsoring dealer or CIRO
- Any other information your sponsoring dealer requires for the registration approval process with CIRO
Exemptions are applied under CIRO IDPC Rule 2627(3).
The CFA Program now offers more direct value for Canadian candidates and charterholders, reducing or eliminating the need for additional CIRO examinations required for licensing (currently offered at $475 CAD each). With CIRO recognition, your CFA designation becomes a more efficient and cost-effective pathway into CIRO-regulated finance and investment roles in Canada.
Yes. CIRO member firms benefit from hiring CFA Charterholders or candidates who’ve recently passed Level I (or higher levels), as they reduce onboarding time and licensing examination time and costs. This makes you more competitive in the job market and easier to onboard into CIRO-licensed positions.
Yes. The CFA Charter satisfies CIRO’s proficiency requirement for Portfolio Managers under CIRO IDPC Rule 2603(1)(i)(h). It's also recognized under National Instrument 31-103 by the Canadian Securities Administrators (CSA) for portfolio management roles, under the registration category of Advising Representative.
Your exemptions are valid for three years from the date you pass CFA Program Level I or higher, as specified in CIRO IDPC Rule 2628(1). After three years, standard CIRO licensing examination requirements may apply unless you've advanced further in the CFA Program, or have become a CFA charterholder, whereby your exemptions from these exams will not expire.