CFA® Program CIRO exam exemptions 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 exam exemptions 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, these exemptions position you to succeed with confidence and clarity.
Key benefits
These CFA Program exam exemptions help you meet local licensing requirements and can accelerate your path into CIRO-regulated investment roles in Canada.
- Exempt yourself from Canadian Investment Regulatory Organization (CIRO) licensing exams for select roles.
- Apply CFA Program achievements directly to Canadian securities registration with CIRO.
- Valid for 3 years after passing Level I (or more advanced levels).
Which roles are covered by these CIRO CFA Program exam exemptions?
Passing CFA Program Level I as meeting an acceptable pre-approval proficiency requirement for the Associate Portfolio Manager category under CIRO’s new model. Relevant investment management experience requirements must still be met.
This recognition also grants automatic exemption from CIRO’s Canadian Investment Regulatory Exam (CIRE), the CIRO Institutional Securities Exam, and the CIRO Retail Securities Exam. This may qualify you for the following CIRO-regulated roles:
- Registered Representative (Retail & Institutional)
- Investment Representative
This recognition applies under CIRO IDPC Rule 2603(1)(i)(g) and these exemptions apply under CIRO IDPC Rule 2627(3), and are valid for 3 years from your last CFA Program exam pass date, per CIRO IDPC Rule 2628(1).
By taking advantage of local regulatory recognition and exam waivers through use of 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.
Please note: All CFA Exams and learning materials are in English.
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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.
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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/exams offered by Canadian Securities Institute 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 an acceptable pre-approval proficiency requirement for the Portfolio Manager category. Relevant investment management experience requirements must also be met.
- This recognition 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)
- Recognition and exemptions do not expire provided that the individual continues to have the right to use the designation and the designation has not been revoked or otherwise restricted.
- CFA Program Level I or higher exam passed
- Recognized under CIRO IDPC Rule 2603(1)(i)(g) as meeting an acceptable pre-approval proficiency requirement for the Associate Portfolio Manager category. Relevant investment management experience requirements must also be met.
- This recognition 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 last CFA Program exam pass date, per CIRO IDPC Rule 2628(1)
If you’re a CFA charterholder or you’ve passed CFA Program Level I (or higher) within the last three years, you may qualify for CIRO examination exemptions for the following roles:
- Investment Representative
- Registered Representative (Retail or Institutional)
These exam exemptions are outlined in CIRO IDPC Rule 2627(3).
In addition to these exemptions, you may qualify directly as meeting acceptable pre-approval proficiency requirements (in combination with applicable relevant investment management experience requirements) for the following roles:
- Associate Portfolio Manager (CIRO IDPC Rule 2603(1)(i)(g))
- Portfolio Manager (CIRO IDPC Rule 2603(1)(i)(h))
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
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 and exam exemptions, 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 can reduce onboarding time and licensing examination time and costs. This can make 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), in combination with the required relevant investment management experience. 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 do not expire provided that the individual continues to have the right to use the designation and the designation has not been revoked or otherwise restricted.