Certification

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Path to Certification

Turnaround Management Association has streamlined the process to earn the CTA or CTP, making it simpler to differentiate yourself, but no less valuable.

All applicants must submit an Application Form and fee before taking an exam.
CTP candidates must submit a Qualifications Statement for Standards Subcommittee review before taking exams.


CTA Applicant Portfolio


CTP Applicant Portfolio

    Application Portfolios are considered complete when all above documents are received by TMA.


    Submission Procedures

    Submit all portfolio materials electronically to certification@turnaround.org whenever possible. Please note that mailing documents will delay processing versus electronic submission. If necessary, mail documents to:

    Turnaround Management Association
    Attention: Certification
    150 North Wacker Drive, Suite 1900
    Chicago, IL 60606
    Fax: 312-578-8336

    Application fees may be paid by check. Please mail checks to:

    Turnaround Management Association
    P.O. Box 95172
    Chicago, IL 60694-5172


    Important Notes on Application Materials

    Confidential Professional References and Position and Experience Confirmation Forms

    CTP candidate portfolios require the submission of three Confidential Professional Reference forms and three Position and Experience Confirmation forms. These forms should be completed by six unique individuals. One professional reference from a current colleague or supervisor is acceptable, otherwise forms should be completed by individuals at other firms.

    References should be sought from individuals employed by distinct firms (i.e., not more than one bank or law firm represented). These references must be familiar with the applicant’s work as a turnaround leader, and together must demonstrate experience with the candidate across three or more distinct engagements. Current TMA members should be sought as references where possible.  Candidates with no TMA member references will receive additional scrutiny.

    Education Requirements

    CTP and CTA applicants must possess a bachelor’s degree from an accredited college or university. 

    Applicants who have not earned a bachelor's degree but can demonstrate at least five years of executive management, consulting, or loan workout experience also qualify.

    CTP Experience Requirements

    CTP Candidate Portfolios will be reviewed by the Standards Subcommittee in accordance with the following rubric:
    Download the rubric as a PDF 

    Applicant Criterion Required/Recommended

    Must be or must have held positions such as Chief Restructuring Officer (CRO), Interim C-Level Executive (e.g., CEO, COO, CFO), Operating Trustee, or Turnaround Team Leader1 of a distressed entity.

    There are a variety of roles in the turnaround industry that are important to our profession. However, not all roles fulfill this requirement. Traditional roles that are not considered fulfillment of this requirement include:

    1. Investment Banking,
    2. Legal Advisory,
    3. Accounting type roles,
    4. Financial Advisory roles,
    5. Creditor committee roles,
    6. Lender Advisory roles, or
    7. Members on the team supporting a CRO.
    Required
    Specific, demonstrated experience in the financial, legal, and managerial components of a turnaround.

    Additional information is requested in these areas for applicants that have non-traditional paths to the CTP credential, including those who roles have not been traditional TMA member roles, and those whose recommendations are from outside the TMA membership.2
    Required

    Candidate must have experience in most of the following areas:

    • strategic evaluation and planning;
    • crisis management;
    • business reconfiguration, bankruptcy or liquidation;
    • managing cash in crisis situations;
    • negotiating with creditors and vendors, and
    • knowledge of the various aspects of bankruptcy and corporate law.

     

    Candidate must demonstrate most of the requirements.
    Minimum of four years of turnaround leadership experience. Only experience within the past 15 years from the date of application will qualify.

    We are not looking for team members but turnaround leaders.
    Required

    1 Turnaround Team Leader must specify the turnaround work performed and the members of the Turnaround Team. A Turnaround Team Leader must have led an effort that was specifically engaged for a turnaround and had specific responsibilities for outcomes that must be explained in the candidate's Qualifications Statement.

    2  Non-Traditional applicants: Applicants who have not worked as turnaround consultants may qualify for this certification but their applications may receive additional scrutiny. Applicants may be requested to provide additional information that supports that their roles were indeed turnaround focused. The Standards Subcommittee will determine if additional information is required.

    Applicants working in the corporate renewal profession and have acquired some, but not all of the necessary work experience are encouraged to pursue the CTA certification. Earning the CTA indicates that the candidate has demonstrated proficiency in the legal, managerial, and financial aspects of a turnaround. CTAs who wish to earn the CTP do not need to reapply or retake the Certification Exams, but are required to submit the qualitative components of the CTP applicant portfolio for consideration by the Standards Subcommittee.
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