Certified Insolvency & Restructuring Advisor (CIRA) Certification
Improve Your Competence and Gain Recognition. Become a Certified Insolvency and Restructuring Advisor
Rendering financial advisory service in the business turnaround, restructuring and bankruptcy practice areas requires both special knowledge and relevant experience. In 1992 AIRA established the Certified Insolvency and Restructuring Advisor program to recognize those professionals that demonstrate a high level of competency through not only the completion of a course of study and examination but by providing evidence of comprehensive experience.
Objective
To recognize by public awareness and by certification those individuals who possess a high degree of specialized, professional financial and operational expertise in the area of distressed and insolvent businesses. Such expertise includes accounting, operational, managerial strategies, taxation and finance issues related to business bankruptcy and insolvency.
Learning Objectives
After successfully completing these courses and the examinations you will be able to:
- Render professional services for debtors, trustees, creditors' committees, individual creditors or equity holders, and other interested parties in Chapter 11 bankruptcy proceedings and out of court workouts
- Apply the provisions in the bankruptcy code relevant to the financial services performed
- Categorize business failures according underlying causes
- Perform analysis for preferences and fraudulent transfer recovery
- Prepare financial information to be included in Chapter 11 and out of court plans
- Prepare applications for retention and petitions for fee allowance required in bankruptcy proceedings
- Prepare financial statements according to provisions of SOP 90-7
- File operating reports required by the U.S. Trustee's office
- Identify tax issues that should be addressed in chapter 11 proceedings and out of court workouts
Prerequisites for program enrollment
- Be a regular member of AIRA in good standing.
- Possess (at least) a bachelor's degree from an accredited college or university.
Requirements for Certification
- Completion of five years of accounting or financial experience. Relevant experience includes public accounting, crisis management, consulting, investment banking, credit management, loan workout or applicable government experience (e.g. financial analyst with Office of the U.S. Trustee, Pension Benefit Guarantee Corporation, FBI and SBA, etc.)
- Completion of 4,000 hours, within an eight year period ending no earlier than the exam completion date, of specialized distressed businesses, restructuring and insolvency experience.
- Completion of the course of study and the passing of the uniform written examination.
- Pledging of oath regarding professional standards.
- Three letters of reference (excluding your current employer or other members of your firm) attesting to your character, professional experience, and specialized expertise.
Advanced Preparation
The study course, one for each part, will involve the advance preparation consisting of reading assignments of 10 to 15 hours and the answering of multiple choice questions from the course materials for each part. The material for the various parts of the examination will be mailed one month prior to the class. Each part consists of a two and one half day course. A three hour examination will be given on the third day.
- Applicants may register for one or more parts in any series of courses that are offered. It is recommended that Part 1 be taken before Part 2; however, Part 3 may be completed before Part 1 or 2. All three parts must be passed within a period of 3 years.
- A grade of 75 is considered passing. If an applicant fails to pass one ore more part(s) of the examination, the exam(s) may be retaken with the course ($200) or without the course ($75)
Checklist for Course and Examination Registration
- License holder as a CPA, CA, CMA or bachelor's degree.
- Submit enclosed application.
- Submit $650 payment for each part for which you are registering/Government and Educational Members $275
- Be a regular member AIRA in good standing.
Specialized Business Turnaround, Restructuring & Bankruptcy Experience
To receive certification, the applicant must have 4,000 hours of specialized business turnaround, restructuring and bankruptcy experience within an eight year period ending no earlier than the exam completion date. Experience as a financial advisor for a trustee or debtor; creditor or equity holder committees, or specific creditors or equity holders; business turnaround specialist, including business receivers and reorganization management or consultants; bankruptcy trustee; bankruptcy examiner or accountant for examiner; educator and/or author of published works in the area of business turnaround, restructuring and bankruptcy; and expert witness regarding bankruptcy issues, is applicable.
