Ivey is pleased to offer North America's first and only investor relations certification program with the Canadian Investor Relations Institute.

Once completed, participants will be eligible to write the certification examination for a nominal fee and become a Certified Professional in Investor Relations.

Upcoming Sessions

Join us for one of our upcoming sessions.

January 15 - January 17, 2018


$9,450 CDN

Program fees are tax exempt.

Have a question? Call us: 1.800.948.8548 or 1.519.661.3272
  • Starts with 3-days in-class. January 15 - 17, 2018 in Toronto.
  • 12 online sessions (Dates TBD) - each online session consists of a two hour video to watch at your leisure and a one hour live online session
  • Concludes with 2 days in-class in Toronto.
  • Optional 1 day in-class Finance and Accounting Tutorial - January 14, 2018. Tutorial fee: $1,500 CIRI members, $1,600 non-members.

Who Should Attend?

Investor Relations Professionals seeking certification. A limited number of spaces are available.

The CIRI/Ivey Investor Relations Certification Program is a stimulating, challenging, and rewarding experience. The program structure includes 3 days of classroom learning. This is followed by 12 online sessions spanning over 9 months, and finishing with 2 days in-person in Toronto. Participants who successfully complete the Certification Program will then be given the opportunity to write the CIRI certification exam. More details on program content are below.

Program Content Mix

  • Breakdown of content will be approximately as follows:

Content % of Program
Finance & Accounting 40%
Capital Markets & Regulation 20%
Communications 20%
Strategy 20%

Optional Accounting & Finance Tutorial

This supplementary tutorial is a one-day workshop designed for those participants who have limited exposure to financial accounting and the analysis of financial statements. The objective is to provide a crash course on transaction analysis and the accounting cycle including the preparation of the balance sheet and an income statement. Many of the fundamental accounting concepts, including money measurement, entity concept, going-concern concept, matching concept, etc., will be discussed as well as the difference between accrual accounting and cash flow. In addition, time value of money will be discussed in order to understand the basics of valuation.

Finance & Accounting

Finance and Accounting makes up 40% of the program content.

Accounting & finance supplemental workshop

  • Debits & credits
  • Time value of money

Financial statement analysis

  • Income statements
  • Balance sheets
  • Cash flow statements

Financial ratio analysis

  • Liquidity metrics
  • Resource management metrics
  • Capacity metrics
  • Profitability metrics
  • Differences across sectors

Understanding annual reports

  • Financial reporting regulations
  • Management discussion & analysis
  • Annual report case study

Corporate finance & capital structure

  • Bonds
  • Stocks
  • Cost of capital
  • Debt-equity mix

Business valuation

  • Book value versus market value
  • Capitalized earnings approaches
  • Multiples & comparables
  • Discounted cash flow

Capital raising, mergers & acquisitions

  • IPOs, SEOs, recapitalization
  • Merger & acquisition activity
  • Spin-offs & reorganization
  • Cross-listings

Understanding analyst research reports

  • Research report case study
  • Financial forecasting
  • Drivers of growth & risk
  • Earnings guidance
  • How IR can develop models

Integrative case study & presentation

  • "Investor day" role-play and case study

Capital Markets & Regulation

Capital Markets and Regulation makes up 20% of the program content.

Capital markets

  • Capital markets: trading
  • Market efficiency: concepts & evidence
  • Pricing models
  • Behavioural finance: concepts & implications

Regulation: disclosure

  • Corporate disclosure policies
  • Materiality & how to determine it
  • Compensation use & disclosure
  • Say-on-pay issues
  • Shareholder engagement

Regulation: securities law

  • Security law related to debt issues, equity & share buybacks
  • Transfer agent duties
  • Stock exchange rules, M&A rules, Proxy voting
  • Competition law, anti-competitive behaviour & IR potential pitfalls


  • CIRI code of ethics
  • Ethics case studies


Communications makes up 20% of the program content.

Effective IR presentations

  • Telling the company's story through a variety of media
  • Presenting & reporting to the Board
  • Effective IR presentations peer "workshop"

Crisis management

  • Media & investor relations during a crisis

Additional IR communication tools

  • Using communication tools such as websites, lists of FAQ's, press releases, conference calls, and social media tools


Corporate strategy

  • Understanding corporate strategy
  • Board of director role
  • Board engagement

IR strategy

  • Key steps in developing an IR strategy
  • Design IR programs
  • Identify an existing and an ideal shareholder base
  • Develop IR reports

Assessing competition

  • Competitive landscape
  • Core competencies

Shareholder activism

  • Shareholders & competitors
  • Annual meetings during crisis


  • Understanding the nature of interdependence between negotiation parties
  • Applying key concepts of negotiation
  • Building trusting relationships with key stakeholders
  • Negotiating in an IR context


To participate in the CIRI/Ivey Investor Relations Certification Program you must:

  • Have at least three years investor relations experience where 50% or more of your time was spent on investor relations


  • Have four years of related corporate experience and have participated in CIRI's Essentials of IR program within the past five years


  • Have four years of combined experience in investor relations and a related field and have participated in CIRI's Essentials of IR program within the past five years

Related investor relations corporate experience may include:

  • Finance
  • Communications
  • Marketing
  • Capital Markets


Application Process

To enroll in the CIRI/Ivey Investor Relations Certification Program you must complete the following steps:

Applications are considered on a first come, first served basis.

The deadline to apply is November 15, 2017.



In order to maintain your Certified Professional in Investor Relations (CPIR) designation, you must maintain your membership in CIRI, agree to comply with CIRI's code of ethics and complete a minimum of 14 continuing education units (CEU) annually. The following are the broad categories that will be considered for CEUs. 

  1. Continuing Education/Events: Activities include the Annual Conference; IRO Roundtables; workshops and local Chapter events.

  2. Instruction/Mentorship: Activities include speaking at CIRI National and Chapter events and mentoring through the Chapter mentorship programs.

  3. Articles/Research: Activities include researching and authoring articles for CIRI publications and participating in a CIRI issues/research task force.

  4. Board/Committee Volunteer: Activities include volunteering on a CIRI National or Chapter Board or Committee. 

For more information about the number of CEUs attached to each activity and for the CEU log form, click here.


“Every IRO role is not the same. We work in different industries, for different businesses and have different core responsibilities. What’s been great about the CIRI/Ivey Certification Program is that it brings together what is core about being an IRO, regardless of where one works. I have gained a broader understanding of what can and should be done by an IR team to help create and communicate shareholder value. The insights from the professors and the network of IR professionals I have met will be invaluable as I move forward in my career.”

Mary Lou Frazer, CPIR, Senior Director, Investor & Financial Communications, Canadian Imperial Bank of Commerce

"I thoroughly enjoyed and benefited from the CIRI/Ivey Investor Relations Certification Program. It  gave me the opportunity to connect with IR professionals from across Canada, in addition to learning from the highly regarded faculty at the Ivey Business School. I took away something meaningful from every session."

Nathalie Megann, Vice President, Investor Relations and Corporate Affairs, Chorus Aviation Inc.

Stephen Foerster

Stephen Foerster: Faculty Director

Steve Foerster is a Professor of Finance at Ivey Business School, where he has taught since 1987. He received a BA (Honors Business Administration) from Western University, and an MA and PhD from the Wharton School, University of Pennsylvania. He obtained the Chartered Financial Analyst (CFA) designation in 1997 and has taught Financial Management, Investments, and Portfolio Management courses in the HBA, MBA, and Executive MBA Programs. He has won numerous teaching awards.

Foerster has written two textbooks: Financial Management: A Primer, and Financial Management: Concepts and Applications. Foerster has written over 100 cases and technical notes in the areas of investments and financial management. He has over 50 publications including empirical studies in leading academic journals such as the Journal of Financial Economics, the Journal of Finance, the Journal of Financial and Quantitative Analysis, as well as practitioner-oriented publications such as Canadian Investment Review. He has also co-authored Cases in Financial Management and is editor of Finance and Money Market Cases.

Fernando Olivera

Fernando Olivera

Fernando Olivera is an Associate Professor in Organizational Behavior at the Ivey Business School. He joined the Ivey Faculty in 1998. He earned a Ph.D. and M.S. in Industrial Administration from the Graduate School of Industrial Administration at Carnegie Mellon University and a B.S. in Electronics Engineering from the Instituto Tecnologico y de Estudios Superiores de Monterrey, Mexico.

Olivera's primary research interests are in the areas of organizational memory, group and individual learning, and the impact of communication technology on group work. His work has been published in the Academy of Management Review, Small Group Research, the Journal of Management Studies, the Research on Managing Groups and Teams book series, and other books and conference proceedings. He co-edited the volume Organizational Learning and Knowledge Management: New Directions. He has presented his work at various academic conferences, including the Academy of Management Annual Meetings, the Society of Industrial and Organizational Psychology, and the Institute for Operations Research and the Management Sciences. He is a member of the editorial review board of the Journal of Organizational Behavior.

Professor Olivera teaches courses in Organizational Behavior and Interpersonal Negotiations in Ivey's MBA, EMBA and Ph.D. programs.

D.A. (Rick) Robertson

D.A. (Rick) Robertson

Rick Robertson is a retired professor of Managerial Accounting and Control at Ivey Business School. He has a BA in Business Administration, and an MBA and PhD from Western University. He earned a CA with Ernst & Young and has completed the CICA In-depth Tax Course for practicing tax specialists. In 1991, to increase his practical tax knowledge, he began working full-time for Ernst & Young as a Senior Tax Manager in the London office. After two years of client service in the tax area, he returned to Ivey Business School and began the process of developing a managerially-oriented tax course.

Robertson's research interests lie in the area of accounting for corporate income taxes and the provision of pension benefits by corporations. He has taught extensively on professional accounting programs, has served on several committees of the Institute of Chartered Accountants of Ontario (ICAO) and was an elected council member of the ICAO for five years. He is currently one of two Ontario representatives on the CICA's International Qualifications Appraisal Committee. He was also involved in the development of a new accounting standard in Corporate Income Tax. He was a director of Stackpole Ltd., a TSX-listed company, serving as chair of the audit committee and currently is the audit committee chair for ADB Systems International Ltd.

W. Glenn Rowe

W. Glenn Rowe

W. Glenn Rowe served in the Canadian Navy for 22 years. In his final three years he served as the Commanding Officer of Minor War Ships that were used to train junior officers in ship-handling, navigation and seamanship. In 1990, he retired and became a full-time lecturer in the Faculty of Business Administration (FBA) at Memorial University of Newfoundland. In 1992, he began studying leadership within the context of strategic management at Texas A&M University, where he completed his PhD in 1996. He rejoined Memorial’s FBA in September 1995, where he taught strategic management and strategic leadership. He was an invited professor at Royal Roads University from 1998 to 2000. Glenn joined Ivey on July 1, 2001. He served as the faculty coordinator for the PhD program in general management (including strategy) from January 2002 to July 2009. From July 2009 to June 2012, he served as the Director of Ivey's Executive MBA Program. He currently serves as the General Management Area Group’s Coordinator. In January 2016, he was appointed as the Executive Director, Ivey Publishing where he oversees Ivey’s Case Publishing house and the Ivey Business Journal.

He has taught strategy and strategic leadership to undergraduate business students, MScs, MBAs and EMBAs. He taught a strategy doctoral seminar from 2003 to 2009. He currently teaches Business Unit Strategy and Corporate Level Strategy in Ivey’s MBA Program. He serves as an ad hoc reviewer for several academic journals and is active in the community. He has facilitated strategic-thinking sessions for several organizations including a couple of banks, a fish farming company, and Fishery Products International. He is the lead coauthor of the Cases in Leadership (4th Edition) case/textbook and a coauthor of the Strategic Analysis and Action (9th Edition) textbook. His research is published in journals such as Strategic Management Journal, Journal of Management Studies, Journal of Management, Leadership Quarterly, Journal of World Business, Journal of Business Ethics and Journal of Management Inquiry. He has written/co-authored 54 cases and is currently supervising the completion of several more. He teaches 80 case classes per year in Ivey’s MBA program. He has facilitated Case Teaching Workshops in the United States, Canada and Lebanon, and Case Writing Workshops in Canada, Qatar, and Mexico. His executive education teaching includes having taught on programs for provincial and federal government departments and for publicly funded organizations.

Michael Sider

Michael Sider

Dr. Sider teaches Management Communication at the Ivey Business School. He teaches in Ivey's Executive MBA, MBA, and HBA programs, and is heavily involved in Ivey's executive development programs.

Dr. Sider has led communications workshops for managers from many organizations, including Ford, GM, 3M, TELUS, McCormick, Comcare, Convergence Corporation, Maple Leaf Foods, J.D. Irving, Agnico-Eagle, the Canadian Investor Relations Institute, the City of London, the City of Stratford, Syngenta, CIBC, The Weather Network, ATCO, the First Nations Tribal Councils, and the Canadian Association of Independent Schools. He has delivered specialized communications and writing workshops for lawyers, engineers, economists and political scientists, and has created and delivered a wide range of teaching workshops to help professors improve their teaching. In 1998 and 1999, he delivered communication workshops in the public sector for the London Board of Education and Human Resources Development Canada. Many of his workshops have been delivered for multi-cultural audiences from China and Mexico, including administrators and professors from Mexico's ITESM, China's Tsinghua University, and Korea's Advanced Institute of Science and Technology. He has also provided public relations advice for several non-profit organizations, including Distressed Children International and WOTCH.

David Carey

David Carey

David Carey, Senior Vice President Capital Markets for ARC Resources Ltd. in Calgary, Alberta, teaches on the CIRI/Ivey Investor Relations Certification Program. He has over thirty years of diverse experience in the Canadian and international energy industries covering exploration, production, project evaluations, acquisitions, finance and investor relations in conventional western Canada, oilsands (both mining and in-situ), the Canadian frontiers and international.

David holds both an Honours B.Sc. in Geological Engineering and a MBA from Queen’s University in Kingston, Ontario and has received his ICD.D certificate from the Institute of Corporate Directors. He is the Past Chairman of the Board of the Canadian Investor Relations Institute, a member of the Petroleum Advisory Committee for the Alberta Securities Commission and a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta.

Carol Hansell

Carol Hansell

Carol Hansell, Founder and Senior Partner at Hansell LLP, teaches on the CIRI/Ivey Investor Relations Certification Program.

Carol completed her MBA at York University and her areas of expertise are in capital markets, corporate governance and mergers and acquisitions. She is a member of the National Association of Corporate Directors and has taught courses on corporate and securities law, financial statements, transactions and negotiation skills. Carol has written and published a number of papers, articles and commentaries on corporate governance and has also spoken widely in the area. She is the author of the best-selling What Directors Need to Know: Corporate Governance, a resource for corporate directors, and Directors and Officers in Canada: Law and Practice, a loose-leaf service and is a contributing editor to Corporate Governance, a quarterly journal published by Federated Press. She has received many awards and recognition for her work, most recently was identified as one of 2011 Canada's Most Powerful Women: Top 100 in the category of Corporate Directors. Carol sits on numerous boards and is affiliated with the American Bar Association, the National Association of Corporate Directors and the Canadian Investor Relations Institute.

Mark Reno

Mark Reno

Mark Reno, Assistant Professor and Post-Doctoral Research Fellow with Ian O. Ihnatowycz Institute of Leadership, teaches Business Ethics on both Ivey’s HBA Program and the CIRI/Ivey Investor Relations Program. His research in Leader Integrity and Character has been featured in prominent business journals, Ivey case studies, presentations and will be included in The Handbook of Virtue Ethics in Business and Management (Forthcoming, 2014).

He was awarded the SSHRC Insight Grant for his work with Mary Crossan, Gerard Seijts and Jeffrey Gandz on their Leader Character Study: requisite character strengths for organizational leaders; associated motivations, capacities, personality traits, and conduct; and, learning processes that cultivate leader character strengths. In addition to his Ph.D. from the University of Toronto, Mark also holds a Master of Education from University of Toronto and Master of Business Administration from Ivey Business School.