Skip to Main Content

CIRI/Ivey Investor Relations Certification Program

Be Informed. Be Connected. Be Current. Be Certified.

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.

  • Starts with 3-days in-class. January 15 - 17, 2018 in Toronto at Vantage Venues.
  • 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 at the Ivey Tangerine Leadership Centre.
  • 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.




Maintaining the CPIR

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

Faculty Director
Stephen Foerster

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.

Read more

Fernando Olivera

Fernando Olivera

Associate Professor
D.A. (Rick) Robertson

D.A. (Rick) Robertson

Professor Emeritus
W. Glenn Rowe

W. Glenn Rowe

Associate Professor
Michael Sider

Michael Sider

Assistant Professor
David Carey

David Carey

Lecturer (part-time)
Carol Hansell

Carol Hansell

Lecturer (part-time)
Mark Reno

Mark Reno

Lecturer (part-time)

Where You Learn