Derivatives Exam
Prepare for the Derivatives Exam
From learning centre to mock exams — a complete prep platform.
The Derivatives at a Glance
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Elements
$475 CAD · Prometric or Remote Proctored
| # | Element | Questions | Weight |
|---|---|---|---|
| E1 | The client relationship | 8 | 6.7% |
| E2 | Regulatory documentation | 10 | 8.3% |
| E3 | Types and features of derivatives | 22 | 18.3% |
| E4 | Derivative pricing | 22 | 18.3% |
| E5 | Derivative trading, clearing and settlement | 20 | 16.7% |
| E6 | Speculating, hedging and other investment strategies | 26 | 21.7% |
| E7 | Integrity in the derivative markets | 6 | 5% |
| E8 | Standards of conduct and conflicts of interest | 6 | 5% |
Last reviewed October 2026 · Explore every element in depth →
How would you score on these elements today?
25 exam-difficulty questions, weighted exactly like this table — an honest element-by-element readiness view in 15 minutes. Free, no signup.
Try a Few Real Derivatives Questions
Actual questions from our 10,000+ Derivatives bank — answer one and see the full explanation, the same way you will when you study.
A speculator expecting the S&P/TSX 60 to rise buys 2 SXF contracts at 968.50 during the session and holds them overnight. The day's settlement price prints at 969.05. What follows at settlement?
The Hard Parts — And How We Help
The Challenge
Three quarters of it is the mechanics
Types and features, pricing, trading and settlement, and strategies are 75% of the paper. Conduct and documentation — the spine of the CIRE — are a quarter of this one. Prepare for it like a conduct exam and you will have studied a quarter of it.
Strategies is the single biggest element
At 21.7% it outweighs every other. Covered calls, protective puts, collars, spreads: the exam wants the motive behind the position, the payoff at expiry, and what the position does when the market moves against it.
Pricing questions want a number
Intrinsic and time value, margin, premiums, settlement amounts. 18.3% of the exam is work you do on paper, and the distractors are built from the arithmetic mistakes candidates actually make.
How EnCiro Helps
275+ concepts, each with an audio episode
Read it, get quizzed, flashcard it, then hear it argued out loud on the drive home. 44 hours of episodes across all eight elements — written separately from the lesson, not read off it.
AI Tutor that will do the arithmetic with you
Why that premium, why that payoff, why the collar caps the upside. Ask it to walk a position to expiry and it will, as many times as you need.
325+ quizzes weighted the way the exam is
Strategies and pricing carry 40% of the paper between them, and the quiz library is built to match. Every wrong answer comes back with the reasoning for that specific option.
Custom mocks for the elements that scare you
Pick the elements, the difficulty and the length from 10,000+ questions. If pricing is the one costing you marks, sit twenty pricing papers.
Not a Question Bank. A Complete Study System.
Learn concepts. Test with pop quizzes. Practice by element. Build custom mocks. Track progress.
Learning Centre
275+ concepts with reading lessons, pop quizzes, and 3,200+ flashcards. 260+ hours of structured study material.
275+
Concepts
3,200+
Flashcards
Practice Quizzes
Organized by element and difficulty. Every question has a detailed explanation.
AI Tutor
Trained on the Derivatives syllabus. Ask it anything — like a tutor on call.
Custom Mock Exams
Pick elements, difficulty, question count. No two mocks are the same.
Advanced Analytics
Element-by-element accuracy, score trends, time tracking, and study streak.
Frequently Asked Questions
What is the CIRO Derivatives Exam?
CIRO's proficiency exam for Approved Persons who deal or advise in derivatives — options, futures, forwards and swaps.
- •120 multiple-choice questions in 180 minutes
- •8 syllabus elements, weighted toward the mechanics rather than conduct
- •Required on top of your registration-category exams, not instead of them
How many questions are on the Derivatives Exam?
- •120 multiple-choice questions
- •180 minutes — 90 seconds a question
- •At a Prometric test centre or remote-proctored from home
The heaviest elements are Speculating and hedging (26 questions), then Types and features and Pricing (22 each).
How much does the Derivatives Exam cost?
- •First attempt: $475 CAD
- •Retakes: $300 each
The same as every CIRO proficiency exam, and quoted before tax. Full fee and refund rules are in our CIRO exam fees guide.
Is the Derivatives Exam harder than the CIRE?
It is a different kind of hard. The CIRE asks what the rule is; this one asks what the position is worth and what happens when the market moves.
- •75% of the paper is types and features, pricing, trading and settlement, and strategies
- •Pricing questions expect a number, not a judgement
- •If your maths is rusty, that is where the time goes
Do I need the CIRE before the Derivatives Exam?
The Derivatives Exam sits alongside your registration-category exams rather than replacing them. An institutional representative who also deals in derivatives needs CIRE + ISE + Derivatives.
Check the requirement for your own category on CIRO's proficiency pages before you book — the combination depends on the role, not on the exam.
Does CIRO provide free Derivatives study materials?
Yes. CIRO publishes a free syllabus, a Guide for Studying and one practice exam at ciro.ca. No mandatory course.
EnCiro builds on those with 10,000+ practice questions, 275+ concepts and audio for every one of them.
Is EnCiro enough to pass the Derivatives Exam?
EnCiro gives you:
- •10,000+ practice questions, every option explained — including the wrong ones
- •275+ concepts with flashcards and a narrated episode each
- •AI Tutor that will work a pricing question through with you
- •Custom mock exams weighted to the elements you keep losing on
Most candidates use it as their main study tool alongside CIRO's free official materials.
Still deciding?
Start for free. Explore the learning centre, take a few quizzes, try the AI tutor. If it's not for you, you've lost nothing.
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