While studying at Kaunas J. Naujalis School of Arts (in B. Kumpikienė's class), I. Petrauskaitė already played solo programs and chamber music, even performing with the Lithuanian National Symphony Orchestra. In 1993, she won the 3rd prize in the S. Vainiunas International Competition. In 1994, she won first place in the National Chamber Music Competition together with Vilhelm Čepinskis. In 1995, she entered V. Vitaitė's class at the Lithuanian Academy of Music and Theatre (LMTA) and finished her bachelor's and master's studies. While studying in Lithuania, she successfully participated in international competitions in Italy (2nd place in Senigallia), Canada (3rd place in L. Knezkova-Hussey), and Latvia (Grand Prix in Alternativa 97). In 1999, she won the 3rd prize in the M.K. Čiurlionis International Competition for Pianists and Organists.
In 2000, I. Petrauskaitė graduated from LMTA and entered the Royal Academy of Music in London (in the class of Prof. Ch. Elton), where she also regularly studied with pianists Petras Geniušas and Aleksandras Sats. She completed her master's degree and received the highest degree of the Royal Academy of Music (DipRAM) for her outstanding final recital. During her studies in London, she attended master classes by world-renowned musicians such as A. Satz, M. Rollo, J. O'Conor, F. Rados, R. Levin, B. Berman, L. O. Andsnes, and P. Lewis. I. Petrauskaitė has performed with the Lithuanian National Symphony Orchestra, Lithuanian State Symphony Orchestra, Lithuanian Chamber Orchestra, Kaunas Symphony Orchestra, London Soloists Orchestra, Royal Academy of Music Symphony Orchestra, and other orchestras conducted by Juozas Domarkas, Saulius Sondeckis, Gintaras Rinkevicius, Modestas Pitrėnas, Mirga Gražinytė-Tyla, Helmut Rilling, and others. As a soloist, she performed with the Stuttgart Bach Academy Joint Youth Orchestra conducted by H. Rilling in the halls of Vilnius, Riga, and St. Petersburg philharmonics. She has participated in festivals such as Pazaislis, Santander (Spain), Oxford Lieder (England), and others. She constantly collaborates with the State Vilnius Quartet and gives master classes (Kaunas Juozas Naujalis Gymnasium, VDU). In 2018, the British record company Toccata Classics released a compact disc of her performance, which included well-known Ravel works as well as her own arrangement of a piano suite from the ballet Daphnis et Chloé.