Certified Insolvency & Restructuring Advisor - CIRA

Rendering financial advisory services in the business turnaround, restructuring and bankruptcy practice areas requires both special knowledge and extensive relevant experience. In 1992, the AIRA established the Certified Insolvency and Restructuring Advisor program to recognize by public awareness and certification those individuals who possess a high degree of knowledge and proficiency across a spectrum of functions related to serving clients in situations involving distressed and/or insolvent entities. Such expertise includes accounting, operations, strategic, taxation and finance issues related to business bankruptcy and insolvency.

Note: Course parts do not need to be taken in sequence.

Prerequisites for Program Enrollment

  1. Regular or Government/Academic Member of AIRA in good standing

  2. Bachelor's degree from an accredited college or university

  3. Submission and approval of program application and course registration.CIRA Program Application

Requirements for Certification

  1. Completion of course of study and passing exam—all 3 parts of the course of study and uniform written examination must be successfully completed within a 3-year period of the date of the first course taken. Course and Examination Content
  2. Professional and Ethical Conduct—uphold the Code of Professional and Ethical Conduct as well as all requirements and standards stated in the Bylaws and other determinations by the Certification Committee and Board of Directors.
  3. Five years of Accounting/Financial Experience—may be completed after entering the program. Information about professional experience provided on the initial CIRA Registration & Application Form will be counted toward this requirement; additional experience, if needed, to fulfill this requirement after entering the program must be reported to the CIRA Director. Relevant experience includes public accounting, crisis management, financial or operational consulting, investment banking, claims management, credit management, loan workout or applicable government experience (e.g., financial analyst with Office of U.S. Trustee, Pension Benefit Guarantee Corporation, FBI, SBA). 
  4. 4,000 hours of Specialized Experience—candidates must complete 4,000 hours of specialized, diverse and relevant distressed business experience* (see detail below) within an 8 -year period ending no earlier than, or starting no later than, the date of passing all 3 exams. *At least 2 case studies are required. Whether or not a candidate’s experience satisfies the specialized experience requirement is subject to the Certification Committee’s judgment. Before or at any time during the program, candidates may request the Committee to evaluate the extent to which the experience requirement is satisfied. See Specialized Experience FormPDF format ,DOC format (Part 1, Part 2)
  5. Three Confidential Character and Experience References—attesting to candidate’s character, professional experience, and specialized and/or diverse expertise with respect to distressed businesses, restructuring and/or insolvency matters. Only one letter of reference may be from the current employer and that letter must be from a current supervisor. See Confidential Character and Experience Reference FormPDF format , DOC format

*     Specialized business turnaround, restructuring and insolvency experience:  Includes financial advisor for a trustee, debtor, creditor or equity holder committee, 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 area of business turnaround, restructuring and insolvency; expert witness regarding bankruptcy issues.

Requirements to Maintain Certification

  1. Continuing professional education (CPE)—for each 3-year period beginning January 1 after the Certificate date, CIRAs must complete and submit to the CIRA Director a total of 60 CPE credits comprised of the following (see CPE Requirements and Form):
    1. 20-Hour Directly-Related Requirement—During each 3-year reporting period at least 20 hours of CPE credits from courses directly related to bankruptcy and reorganization practice and offered by AIRA must be completed. All AIRA conferences, conferences cosponsored by AIRA, Webinars, and other AIRA courses including courses in the CDBV program will satisfy this requirement. If a CIRA is unable to attend AIRA's annual conferences or other AIRA conferences or seminars, other conferences or courses focusing directly on business turnaround, restructuring and bankruptcy may be substituted.

      NOTE—Attendance at all sessions of one of AIRA's annual conferences can satisfy the 20-Hour Directly-Related requirement. Also, CIRAs that submit an article accepted for publication in the AIRA Journal receive 3 hours of “Directly-Related” CPE credit for each printed article page.
    2. Other Courses to Meet the 60-Hour Requirement—The balance of 40 hours of CPE credit to fulfill the 60-hour total requirement for each 3-year reporting period may come from courses related to business turnaround, bankruptcy and reorganization practice or credits of a general nature as long as they provide knowledge that is useful to business turnaround, restructuring and bankruptcy practice.
  2. Continued AIRA membership in good standing—including timely payment of annual dues; once certified, a Maintenance Fee of $100 is billed with dues.
  3. Uphold all other requirements and standards—as stated in the Code of Professional and Ethical Conduct, the Bylaws and other determinations by the Certification Committee and Board of Directors.

CIRA Online
CIRA courses are also presented in a live, web–based group format consisting of four online class meetings from
5:00 – 9:00 pm Eastern Time, followed by examinations administered at approved sites near candidate locations. Taught by AIRA Executive Director, Thomas Morrow, CIRA, the CIRA Online program follows the same curriculum and standards as the traditional program. See Course Schedule for current offerings.

Program Director
The Director of CIRA & CDBV Programs, Terry Jones, may be contacted at AIRA’s office (541) 858–1665 or by email
to tjones@aira.org

Refunds and Cancellation Policy

A full refund (if materials sent to you in advance of the course are returned) or full credit toward future enrollment will be allowed if notice of cancellation is received at least 10 business days before the start of the course. If notice of cancellation is received 3 to 9 business days in advance, credit toward a future course will be allowed minus a $75 service charge per part. Cancellations less than 3 business days in advance result in a service charge of $150 per part.

CPE Credit for CIRA Courses

Twenty CPE credits are available for each part of the course of study, Parts 1, 2 and 3.

Retaking an Examination

If an applicant fails to pass an examination, it may be retaken with another section of the course and examination for $200, or separately, without the course, for $75. The fee for any proctored exam is $75.

Additional Information

For detailed standards and requirements as determined by the AIRA Board of Directors, see AIRA Bylaws, Article VII

Question Resolution

For assistance regarding refunds, program cancellations, or other program related matters, please contact our offices at (541) 858-1665 or by email aira@aira.org.

National Registry of CPE Sponsors

"Association of Insolvency and Restructuring Advisors" is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.