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