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 16 hour review and a three hour exam. In-person sessions are held over two and a half consecutive days comprising two days of review and the three hour exam on the third half day. On-line review sessions are conducted over 4 four-hour sessions generally spread over two weeks. The exam is scheduled thereafter. 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. A link with the course materials is provided upon registration.

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 or credit will be made for parts that are cancelled 10 business days before the part begins. For parts cancelled with less than 10 business days notice a $100 service charge per part will apply. For parts cancelled with 3 or less business days notice, a $150 service charge per part will apply.

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 $250, or separately, without the course, for $125. The fee for any rescheduled exams is $125.

Additional Information

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

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:

Financial Aid Policy

AIRA’s financial aid policy has been established for CIRAs, CPAs, attorneys and others who wish to attend AIRA’s courses for CPE or CLE credit or pay renewal notices to keep their AIRA membership current but who are unable to do so because of cost considerations. Please see the Financial Aid Policy

Question Resolution

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