CIRA Study Guide 2026
Everything you need to pass the CIRA exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
CIRA exam key facts
- Each CIRA exam has a multiple-choice section and two long-form essay questions. Source
- Each online CIRA examination uses an uninterrupted four-hour timer. Source
- CIRA participants may reschedule to another exam block without charge with at least 2 business days' notice. Source
- CIRA candidates must pass all three course and examination parts within three years. Source
📋 CIRA Exam Format at a Glance
📚 CIRA Topics to Study (23)
✍️ Sample CIRA Questions & Answers
1. An 'executory contract' in bankruptcy is best described as:
An executory contract is one where both the debtor and counterparty have ongoing obligations; the debtor may assume (keep) or reject (breach and treat as pre-petition claim) such contracts.
2. What is the MOST effective way for new CIRA professionals to build competency?
Building competency requires formal education, mentored practice, and ongoing development.
3. Which of the following is a common technique used in out-of-court restructurings to reduce a company's debt load?
In a debt-for-equity swap, creditors agree to cancel debt in exchange for equity in the company, reducing the debt burden while giving lenders an ownership stake in the reorganized business.
4. When conducting a risk assessment for CIRA operations, which factor should receive the HIGHEST priority?
The probability and severity of potential harm are the primary factors in risk assessment.
5. Why must insolvency advisors understand legal requirements?
Insolvency advisors must have a comprehensive understanding of legal requirements to effectively navigate complex bankruptcy and restructuring processes. This knowledge ensures that all actions taken are compliant with relevant laws, such as the U.S. Bankruptcy Code, protecting the rights and interests of all stakeholders, including creditors, debtors, and employees. Adherence to legal frameworks is crucial for legitimate, ethical, and successful outcomes.
6. In distressed M&A, a '363 sale' under the Bankruptcy Code allows assets to be sold:
Section 363 of the Bankruptcy Code enables a debtor to sell assets outside the ordinary course of business free and clear of liens, subject to court approval and a bidding process.
🎯 Free CIRA Practice Tests
📖 CIRA Guides & Articles
What Practice Test Geeks adds beyond an AI chat for CIRA
An AI chatbot can quiz you, but it can't reproduce the exam conditions or keep your record. Here you get:
- A timed, full-length CIRA mock exam — 150 questions in 240 minutes with a 75% pass mark, modeled on the official exam's question count and time limit, followed by a score report broken down by exam domain.
- A fixed CIRA question bank: the same test every attempt, so your score is comparable from one try to the next instead of changing with every regenerated quiz.
- Progress saved on your device: completed tests, scores and missed questions stay in My Progress, so you can retake only what you got wrong.
- A printable CIRA cheat sheet you can print or save as a PDF.
- CIRA flashcards built from the same question bank.
- Free CIRA practice tests with the correct answer shown after each question.
How this page was made: written with AI tools and published by Nathan Beja, founder of Practice Test Geeks, who is responsible for its content. Exam facts are checked against the official sources listed below. Not reviewed by a subject-matter expert. Editorial policy
Sources & references
Exam facts on this page (fees, format, dates, passing scores) are checked against these official sources; the date is our last check. Editorial policy
- aira.org — Test dates, time limit, test delivery, exam dates, exam format, retake fee, retake policy, eligibility, renewal, score validity · verified Oct 2026