CIRA study materials
CIRA study resources

CIRA study guide

CIRA · Work through your exam, one topic at a time.

The Certified Insolvency & Restructuring Advisor (CIRA) is a professional credential administered by the Association of Insolvency & Restructuring Advisors (AIRA), a nonprofit professional association. According to AIRA, the CIRA program is designed to help professionals "build deeper expertise in bankruptcy, insolvency, and restructuring." AIRA describes its membership and audience as financial advisors, valuation professionals, accountants, crisis managers, business turnaround consultants, lenders, investment bankers, attorneys, trustees, and others working throughout the restructuring profession - the same population for whom the CIRA credential is most relevant. Candidates typically pursue the CIRA to signal specialized technical judgment in distressed situations, and AIRA positions its education offerings as a path from foundational knowledge to demonstrated expertise, noting that its education is "built around the financial, legal, valuation, and operational realities professionals face as their responsibilities grow." Preparation runs through AIRA's CIRA courses, which appear in the published course schedule (for example, sessions listed in New York and online), together with the CIRA Program Overview and CIRA Courses & Examinations pages. Because exam logistics such as question count, duration, passing score, fees, retake rules, and validity period are not published in the retrieved source, candidates should confirm those details directly with AIRA before registering. The CIRA study guide has 4 sections and about 1,524 words.

01

Bankruptcy and Insolvency

The Bankruptcy and Insolvency domain tests how the U.S. Bankruptcy Code allocates control, value, and risk from petition through plan or discharge.

377 words, about 2 min
02

Restructuring and Turnaround Management

Restructuring and Turnaround Management tests the operating and liquidity work that precedes or accompanies a legal restructuring: diagnosing distress, stabilizing cash, designing operational and financial fixes, and managing stakeholders through a sale, DIP financing, or plan. Questions often ask you to choose the next action from a cash-flow or stakeholder fact pattern.

373 words, about 2 min
03

Financial Advisory and Valuation

Financial Advisory and Valuation tests how advisers value a distressed enterprise, test solvency, allocate value across claims, and assess whether a plan or financing is fair and feasible. Expect DCF and market approaches, liquidation versus going-concern analysis, claim waterfalls, adequate protection, and fraudulent-transfer economics.

371 words, about 2 min
04

Legal and Claims Administration

Legal and Claims Administration tests the procedural machinery that turns a bankruptcy case into allowed claims and distributions: bar dates, proofs of claim, objections, priority, setoff, executory contracts and leases, administrative claims, and plan distributions. The exam favors precise claim treatment and deadline analysis.

403 words, about 2 min