This article explores how the general term of assessment literacy can be specified to the area of reading through the lens of the informal reading inventory, Qualitative Reading Inventory-5. This article will investigate the common misconceptions that teachers, who were enrolled in a graduate program to become state-certified specialized literacy professionals, had when conducting and interpreting the QRI-5. The data that will be presented is from a project that examined the theories that undergird informal reading inventories, and how teachers understood these theories. We will then include recommendations for improving assessment literacy for developing specialized literacy professionals.