CIRO Study Guide 2026

Everything you need to pass the CIRO 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.

📚 CIRO Topics to Study (69)

✍️ Sample CIRO Questions & Answers

1. What is 'double materiality' as used in the EU's Corporate Sustainability Reporting Directive (CSRD)?
Assessing both how sustainability issues affect the company and how the company affects society/environment

Double materiality requires companies to assess both the financial materiality (how ESG risks affect the company) and the impact materiality (how the company affects people and the environment).

2. A company trades at a P/E of 18x while its peer median is 24x. All else equal, what might an IR officer communicate to investors?
The stock may be undervalued and represents a potential opportunity

A P/E below the peer median may signal undervaluation, which IR can highlight as a potential investment opportunity.

3. What is a 'whisper number' in the context of earnings calls?
An unofficial, informal estimate of expected earnings that often differs from published consensus

A whisper number is an informal, often higher expectation circulating among traders and investors that may differ from the official analyst consensus estimate.

4. What does 'street name' ownership mean in proxy distribution?
Shares held by a broker or bank on behalf of the beneficial owner

Street name ownership means shares are registered in the name of a broker-dealer or bank as nominee, while the beneficial owner holds the economic interest.

5. An IR officer is building a targeting list for a company expanding into renewable energy. Which new investor category should be added to the outreach plan?
Clean energy and thematic ESG funds

A strategic pivot into renewables opens the company to clean energy and ESG thematic funds whose mandates specifically include companies with green energy exposure.

6. Which scenario represents a VIOLATION of Regulation FD?
Sharing an earnings pre-announcement with a sell-side analyst before filing an 8-K

Sharing a material earnings pre-announcement with a single analyst before public disclosure via 8-K is a classic Reg FD violation involving selective disclosure.

🎯 Free CIRO Practice Tests

📖 CIRO Guides & Articles

Your CIRO Study Path
1. Learn with Flashcards → 2. Drill Practice Tests → 3. Take the Full Exam Simulation
Was this helpful?
CIRO Study Guide 2026 — Exam Format, Topics & Practice Questions