RSE is a retail decision + product literacy exam. It rewards candidates who can read a scenario, identify the dominant constraint (KYC facts, risk profile, horizon, costs/taxes, authority, red flags), and choose the safest compliant action without over-thinking.
Exam snapshot (CIRO): 120 multiple-choice questions, 3 hours, proctored. Confirm current details in Resources
.
Ready to drill now? Start here: RSE Practice
.
What RSE is really testing
Most RSE questions map to one of these “muscles”:
- KYC/KYP + suitability discipline: facts, constraints, triggers, and documentation.
- Product and risk literacy: fixed income, equities, managed products, and when each fits (and does not fit).
- Analysis mindset: financial statement basics, ratios, and how macro drivers affect markets.
- Portfolio construction: diversification, risk/return tradeoffs, and controlled model concepts (e.g., CAPM).
- Execution and integrity: order types, trade lifecycle, best execution mindset, and market integrity red flags.
- Ongoing relationship: monitoring, reporting, and when you must update KYC/suitability.
Topic weights (use for time allocation)
Use the published weights to plan weekly study and mixed practice:
- Know-Your-Client (KYC) and suitability (23%)
- Fixed income (8%)
- Equities (10%)
- Securities analysis (11%)
- Managed products and other investments (13%)
- Portfolio construction (11%)
- Investment recommendations (12%)
- Execution and market integrity (6%)
- Monitoring, reporting and maintaining client relationships (6%)
Common question styles (what the exam feels like)
- Best next step: what you do first (and what you document/escalate).
- Best fit: pick the only product or action that satisfies all client constraints.
- Exhibit interpretation: small excerpts (KYC snapshot, fee schedule, Fund Facts, quote, ratios) with one supported conclusion.
- Controlled math: clean, 1-3 step calculations (bond yield/price intuition, returns after fees, basic ratios).
- Integrity/red flag recognition: identify the primary compliance or suitability problem.
How to prepare (simple loop)
- Use the Syllabus
as your checklist by topic.
- Build a one-page “rules engine” using the Cheat sheet
(what to do next, what to document, what to escalate).
- Do short drills (untimed -> timed). Every miss becomes a one-sentence rule.
- Finish weekly with a mixed set across topics to force transfer.
- In the final stretch, run timed mocks and tighten pacing.
Sources: https://www.ciro.ca/registered-individuals/proficiency/exam-hub
and https://www.ciro.ca/registered-individuals/proficiency/exam-hub/retail-securities-exam