Retail Securities Exam: RSE Exam
"Retail Securities Exam", also known as RSE exam, is a CIRO Certification. With the complete collection of questions and answers, iPassleader has assembled to take you through 122 Q&As to your RSE Exam preparation. In the RSE exam resources, you will cover every field and category in CIRO Registered Representative (RR) Certification helping to ready you for your successful CIRO Certification.
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- Updated on: Sep 27, 2026
- No. of Questions: 122 Questions & Answers
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- Updated on: Sep 27, 2026
- No. of Questions: 122 Questions & Answers
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CIRO RSE Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Equities | 18–22% | - Trading mechanics and market structure - Equity product features and risks |
| Topic 2: Client Monitoring and Relationship Management | 8–12% | - Complaint handling procedures - Performance reporting and CRM2 |
| Topic 3: Fixed Income | 18–22% | - GICs and other retail fixed-income products - Bond characteristics and pricing |
| Topic 4: Mutual Funds and ETFs | 20–24% | - Suitability and sales obligations - Fund structures and disclosure documents |
| Topic 5: Trade Execution and Market Integrity | 8–12% | - Order routing and best execution - Prohibited practices and compliance |
| Topic 6: KYC and Suitability | 20–24% | - Suitability determination and documentation - Client information collection and updates |
| Topic 7: Portfolio Construction and Managed Accounts | 10–14% | - Registered account types - Asset allocation and risk metrics |
| Topic 8: Structured Products | 10–14% | - Applicable regulatory rules - Product types and risk profiles |
CIRO Retail Securities Sample Questions:
A client inherited shares from a parent and refuses to sell them even though the holding creates excessive concentration and no longer fits the client's objectives. The client states that the shares are more valuable because they are now "part of the family." Which behavioural bias is most directly demonstrated?
- A. Gambler's fallacy
- B. Representativeness bias
- C. Hindsight bias
- D. Endowment effect
Correct Answer: D 🗳️
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Which of the following is a requirement under securities regulations for debt issuers in Canadian debt markets?
- A. Debt issuers must maintain capital to at least the value of debt in issue
- B. Debt issuers must provide timely disclosure of material changes
- C. Debt issuers must include a detailed risk disclosure in their offering documents
- D. Debt issuers must file audited annual financial statements
Correct Answer: B 🗳️
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A mutual fund has total assets of $84 million, liabilities of $9 million and 3 million units outstanding. What is the fund's net asset value per unit?
- A. $25
- B. $31
- C. $22
- D. $28
Correct Answer: A 🗳️
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An investor expects short-term market interest rates to rise and wants a bond whose coupon income will adjust periodically with prevailing rates. Which instrument best meets this objective?
- A. Fixed-rate perpetual bond
- B. Strip bond
- C. Floating-rate bond
- D. Zero-coupon bond
Correct Answer: C 🗳️
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A zero-coupon bond will pay $1,000 at maturity in four years and currently trades for $780. What is its approximate annual compound yield?
- A. 6.41%
- B. 7.80%
- C. 5.13%
- D. 4.00%
Correct Answer: A 🗳️
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