The CIRA is the Certified Insolvency & Restructuring Advisor credential from the Association of Insolvency & Restructuring Advisors, taken by people with distressed-business experience. This page gives you free practice sets by topic, three worked questions with explanations, a study plan and answers to common questions. Everything here is written with AI tools and is not taken from real exam questions.
Numbers in brackets link to the official sources listed under Sources & last verified. Dates that have passed are removed automatically.
| Item | Detail | Source · Verified |
|---|---|---|
| Number of questions | Multiple choice plus two long-form essays[1] | Association of Insolvency & Restructuring Advisors · Oct 25, 2026 |
| Time limit | 4 hours per part[2] | Association of Insolvency & Restructuring Advisors · Oct 25, 2026 |
| Retake fee | $125 exam only; $250 with another course section[3] | Association of Insolvency & Restructuring Advisors · Oct 25, 2026 |
| Retake policy | Free reschedule with 2 business days' notice[3] | Association of Insolvency & Restructuring Advisors · Oct 25, 2026 |
| Validity | All 3 parts within 3 years[4] | Association of Insolvency & Restructuring Advisors · Oct 25, 2026 |
| Renewal | 60 CPE per 3-year period[4] | Association of Insolvency & Restructuring Advisors · Oct 25, 2026 |
| Delivery | Online, self-proctored timed document[1] | Association of Insolvency & Restructuring Advisors · Oct 25, 2026 |
| Eligibility | AIRA membership, bachelor's degree, 5 yrs experience, 4,000 hrs distressed work, 3 references[4] | Association of Insolvency & Restructuring Advisors · Oct 25, 2026 |
| Next exam date | Exam blocks typically 4 consecutive days[1] | Association of Insolvency & Restructuring Advisors · Oct 25, 2026 |
| Testing window (Part 1) | Oct 29 – Nov 1, 2026[5] | Association of Insolvency & Restructuring Advisors · Oct 25, 2026 |
| Testing window (Part 2) | Nov 5–8, 2026[5] | Association of Insolvency & Restructuring Advisors · Oct 25, 2026 |
| Testing window (Part 3) | Nov 12–15, 2026[5] | Association of Insolvency & Restructuring Advisors · Oct 25, 2026 |
According to Association of Insolvency & Restructuring Advisors, “Pages 2-9 are for the two long-form essay questions (Questions 2 & 3).”[1]
The CIRA credential is awarded by the Association of Insolvency & Restructuring Advisors (AIRA) to people who work in distressed business situations. The AIRA site lists these eligibility items: AIRA membership, a bachelor's degree, 5 years of experience, 4,000 hours of specialized distressed work and 3 references. Candidates must pass all 3 course and examination parts within 3 years.
The exams are delivered online in a self-proctored testing environment. Each part is available during a scheduled exam block, which is typically a consecutive 4-day period, and uses an uninterrupted 4-hour timer. The format combines multiple choice with two long-form essay questions, so you need to be able to write out your reasoning as well as recognize the right answer. The blocks AIRA lists are Part 1 on Oct 29 – Nov 1, 2026, Part 2 on Nov 5–8, 2026 and Part 3 on Nov 12–15, 2026.
If you need another attempt, a failed examination may be retaken for $125 on its own, or $250 when taken with another course section. You can reschedule to another exam block without charge if you notify AIRA at least 2 business days ahead. After certification, CIRAs report 60 CPE credits for each 3-year period.
We could not verify a published passing score, question count or official content outline, so check the AIRA pages for those details and for any change to dates or fees.
Prepare for the CIRA - Certified Insolvency & Restructuring Advisor exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.
These are practice questions written for this site, not questions from the real exam. Each explanation shows why the right answer is right and why the others are wrong.
Question: Why is cash flow analysis important in restructuring?
Answer: B. Assess ability to pay debts
Explanation:
The correct answer is that cash flow analysis assesses the ability to pay debts. A restructuring plan only works if the business can generate enough cash to meet the obligations it keeps, so the analysis tests whether the plan is feasible and shows where liquidity runs short.
Ignoring payments is wrong because the analysis tracks payments rather than setting them aside. Increasing liabilities is wrong because analysis describes the position and does not change what is owed. Delaying decisions is wrong because the purpose is to inform decisions sooner and with better evidence.
Rule to remember: in restructuring, cash flow is the test of whether a proposed plan can actually be carried out.
Question: What is the primary purpose of the 'automatic stay' that takes effect upon a Chapter 11 bankruptcy filing?
Answer: A. To immediately halt most collection actions and lawsuits against the debtor
Explanation:
The automatic stay immediately halts most collection actions and lawsuits against the debtor once a Chapter 11 case is filed. That gives the debtor room to reorganize without a race among creditors.
Freezing management in place permanently is wrong because the stay is a temporary protection, and it does not lock anyone into a role. Prohibiting payment of employees is wrong because the stay restricts creditors, not the debtor's ordinary operations. Requiring vendors to keep supplying the debtor is wrong because the stay stops collection efforts and does not create a duty to extend new credit or deliver goods.
Rule to remember: the stay pauses creditor enforcement, and it does not rewrite the debtor's relationships.
Question: Under the CIRA Body of Knowledge, which concept describes a lender's right to receive proceeds from collateral before unsecured creditors?
Answer: B. Secured creditor priority
Explanation:
Secured creditor priority is the concept that a lender with an interest in collateral is paid from the proceeds of that collateral before general unsecured creditors receive a distribution.
Equitable subordination is wrong because it is a remedy that pushes down a claim because of inequitable conduct, and it is not the ordinary right attached to collateral. Administrative claim seniority is wrong because it concerns the cost of running the estate, not a lender's rights in specific collateral. Preference recovery right is wrong because it concerns recovering certain pre-filing transfers for the estate.
Rule to remember: ask what the claim is attached to. A claim tied to specific collateral is paid from that collateral first.
Start with the official AIRA material for the part you are sitting, since the course and exam content come from there. Use our sets to find weak spots, not to learn the subject from scratch.
For every wrong answer, read the explanation, then write a short note in your own words on why the correct option wins. Because the exam includes long-form essays, practise explaining a few of those notes in full paragraphs under a timer. In the final days, rework only the questions you missed.
No. The questions on this page were written by us with AI tools and are not taken from the real exam. They help you practise topics and test your reasoning. For the actual content and rules, rely on the Association of Insolvency & Restructuring Advisors.
It is delivered online in a self-proctored testing environment. Each part is available during a scheduled exam block, typically a consecutive 4-day period, and runs on an uninterrupted 4-hour timer. The format is multiple choice plus two long-form essay questions.
AIRA lists Part 1 for Oct 29 – Nov 1, 2026, Part 2 for Nov 5–8, 2026 and Part 3 for Nov 12–15, 2026. Dates can change, so confirm them on the AIRA schedule pages before you plan around them.
A failed examination may be retaken for $125 on its own. If you retake it with another course section, the cost is $250. You can also reschedule to another exam block at no charge if you give AIRA at least 2 business days' notice.
AIRA lists AIRA membership, a bachelor's degree, 5 years of experience, 4,000 hours of specialized distressed work and 3 references. You must pass all 3 course and examination parts within 3 years. Check the AIRA site for how each requirement is assessed.
CIRAs report 60 CPE credits for each 3-year period, which begins January 1 of the year after certification. AIRA publishes the details of what counts toward CPE, so check its CIRA page for the current rules.
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