Course and Examination Content - Parts 1, 2 & 3

The CIRA course of study and examination is divided into three parts. Candidates may register for one or more parts in any location or series of courses that are offered. It is recommended that Part 1 be taken before Part 2; however, Part 3 may be taken before the other parts. Each part consists of a two and one-half-day course comprising two days of review and a three-hour examination on the last half day. The course level is intermediate. Each of the three parts involves advance preparation of at least 10-15 hours reading and studying the course materials and answering review questions. Course materials are mailed one month prior to the course.

Overview of Objectives
The CIRA course of study is comprehensive and advanced. Through successful completion of the three-part course of study and uniform written examination (see detail for Course and Examination Parts 1-3 below), candidates will achieve and demonstrate the proficiency necessary to:

Part 1:
Managing Turnaround and Bankruptcy Cases
Part 2:
Plan Development
Part 3:
Financial Reporting, Taxes, & Ethics
  • Financial statement analysis of troubled companies
  • Causes of business failures
  • Profitability Improvements Including outsourcing
  • Turnarounds and workouts
  • Stages of turnaround process
  • Operational/strategic issues
  • Dealing with creditors and their committees
  • Pre-bankruptcy planning
  • Managing bankruptcy cases
  • Special investigations including preferences and fraudulent transfers
  • Valuation Analysis (going concern and liquidation)
  • Financing the turnaround and the plan
  • Establishment of classes and interests
  • Negotiation of the terms of the plan
  • Tax impact of plans
  • Disclosure statement
  • Chapter 11 plans and out of court plans
  • Conversion to chapter 7 and liquidation plans
  • Retention of financial advisors and fees
  • Financial reporting during
  • Accounting for the reorganization
  • Financial reporting on emergence from Chapter 11
  • Accountants' reports and application of litigation services guidelines
  • Responsibilities of accountants
  • Tax considerations


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

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: