Turnaround Management Association

Chicago, Illinois | May 16 - 18

Washington, dc | September 30 - October 2

Registration for the Wasington, DC courses and exams has not yet opened.

Accounting/Finance and Law exams are scheduled from 4:30 p.m. – 7:00 p.m; Management exams are scheduled from 3:30 p.m. – 7:00 p.m. Body of Knowledge courses for each subject take place prior to the exams. Learn more about the courses.

2012 Update: Registrants must submit their Application for Certification Form and $295 application fee along with their Exam Registration Form.

Pre-approval by the Standards Subcommittee is not required.

Exam Registration Policies

Exam registration and fees must be received at TMA International Headquarters by 5:00 p.m. Central time at least five business days before the scheduled exam; TMA will not accept late or onsite exam registration.

The exam fee allows admission for the designated individual only; substitutions are not allowed. Registrations are not considered complete until payment is received.

Registered test-takers will receive confirmation of their registration by e-mail. This notice contains important exam details. Please carefully review the notice for accuracy and retain a copy for your records.

Important: Please read cancellation and refund policies before registering.

About the Certification Exams

Each certification exam is designed to assess advanced knowledge of the corporate renewal profession in the U.S. Candidates who pass the examinations have demonstrated competence in the financial, legal and managerial aspects of a turnaround.

Candidates have 24 months to pass all three exams. The exams are offered multiple times throughout the year in a variety of locations nationwide. They are primarily essay format, paper and pencil exams and are available in English only. The exams do not have to be completed in any specific order.

Candidates are allowed 2-1/2 hours to complete the Law and Accounting/Finance examinations and 3-1/2 hours to complete the Management examination. Within 8 weeks of taking an exam, examinees’ score reports are sent, in writing, and indicate the words "pass" or "fail" and the exam that was completed.

Candidates may NOT retest until they have received their official score report.

By registering for an exam, candidates agree to abide by the testing site rules.

Candidates who have earned the CIRA designation, offered by the Association of Insolvency & Restructuring Advisors, are exempt from taking the Accounting/Finance exam. Please fax a copy of your certificate to 312-578-8336, attention: Certification.

Please click here to request an examination accommodation under Title III of the Americans with Disabilities Act.

Preparing for the Certification Exams

The certification exams are challenging and candidates should prepare well in advance of their scheduled testing date. They are comprised mainly of essay questions and require candidates to draw upon their professional experiences as well as theories and concepts in law, management, and finance/accounting as they relate to the turnaround profession.

There are many ways to prepare for the examinations and a great deal of "what works best" is largely dependent on the individual’s learning style, studying preferences, level of experience, and prior knowledge. Candidates may opt to attend courses, participate in online learning forums, read books and/or articles, partner with colleagues, or self-study. TMA offers some review materials to assist candidates in refreshing their knowledge of the legal, managerial, and financial aspects of a turnaround.

Body of Knowledge Review Courses

TMA, in conjunction with university faculty and industry practitioners, has developed three Body of Knowledge courses - Law, Accounting/Finance, and Management - to help candidates review and understand important practices, concepts, and theories as they relate to the turnaround profession. These courses have been used not only by candidates for examination preparation, but also by practitioners for individual continuing education purposes, by firms as a corporate training resource, and by individuals who wish to expand their knowledge base and gain an edge over others. The review courses provide education on the concepts listed below, among others.

Management

Causes of business failure
Early warning signs of decline/failure
Basic requirements for successful turnarounds
Characteristics of effective turnaround managers
Management change
Situation analysis
Design and selection of a turnaround strategy
Emergency action
Business restructuring
Return to normal

Additional topics:

Worker Adjustment and Retraining Notification Act (WARN)
Consolidated Omnibus Budget Reconciliation Act (COBRA)
Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)
Age Discrimination in Employment Act of 1967
Implementing out-of-court reorganization

Accounting and Finance

Understanding financial statements
Financial markets
Cost of capital
Valuation of business
Capital structure
Sources of capital
Shareholder value
Cost analysis
Profit planning and budgetary control
Performance measurement
Tax awareness

Law

Commercial and business law
Secured transactions
Employment issues
Environmental issues
General contract issues
Payment systems
Judicial debt collection
Bankruptcy
Types of bankruptcy relief
What types of enterprises can be debtors under Bankruptcy Code
Bankruptcy case commencement
Effect of bankruptcy filing
Debtor in possession financing and cash collateral
Use, sale and lease of property estate
Parties in Chapter 11 proceedings
Trustee’s avoiding powers
Executory contracts
Claims & interest
Chapter 11 plan
Bankruptcy courts and jurisdiction

Although candidates find these courses useful in preparing for the exaaminations and re-orienting themselves to advanced knowledge of the field, what is asked on the examinations does not encompass all that is taught in the courses. The examination questions require the integration and application of prior theoretical, conceptual, and practical knowledge to a variety of turnaround situations, all of which cannot possibly be covered in a one-day course. Depending on the level of experience, candidates are expected to prepare before attending the courses and familiarize themselves with the fundamental corporate renewal concepts. One way of doing this is by reading and studying the Body of Knowledge course books (see below). The courses are extremely interactive and build on the information in these texts.

Body of Knowledge Books - Online and Printed

TMA offers three Body of Knowledge books - Law, Accounting/Finance, and Management - that are used as the foundation for the Body of Knowledge courses. The books present an overview of important legal, financial, and managerial theories and concepts, and it is highly recommended that candidates read and review these books before attending a review course. The books are a valuable professional development resource and serve as a self-study tool in preparation for the examinations. The books can be purchased independently of the courses.

Preview the Body of Knowledge books: Accounting/Finance I Law | Management
Order the Body of Knowledge printed books
Order the Body of Knowledge digital books with practice tests (may not be printed)