Have a question about Certification?
Here you will find answers to frequently asked questions (FAQ) pertaining to TMA’s certification process. Click on the question for the response to be reaveled. If you have any further questions feel free to contact: certification@turnaround.org
Depending on your level of experience in the industry, you may wish to start by purchasing the Body of Knowledge volumes. There is no commitment to earning either certification; you can review the BOK as a professional reference.
If you are newer to our industry, you may wish to attend a TMA Restructuring Boot Camp. TMA will waive the CTA application fee ($295) for members who complete the Boot Camp.
If you already have several years of turnaround leadership experience, begin by submitting your Qualifications Statement, which will be reviewed by the Certification Oversight Committee, Standards Subcommittee. If you have the required experience, you will be pre-approved to earn the Certified Turnaround Professional (CTP) and can proceed to the Certification Exams.
Yes! TMA will waive the CTA/CTP application fee ($295) for members who complete the Boot Camp.
CTA and CTP annual maintenance dues are separate from TMA chapter membership dues. You will receive separate invoices for your TMA chapter membership based on your renewal date, and your certification maintenance ($295 for CTPs, $150 for CTAs) will always be billed in Q4 of that calendar year.
Purchasing one of the Body of Knowledge and Certification Exam bundles still leaves you with complete flexibility on the timeline to pass your Exams. You will receive additional information after your purchase about scheduling your Exams for the future dates that work for you.
There are two exemptions possible from the TMA Certification Exams for both CTA or CTP candidates. Certified Insolvency and Restructuring Advisors (CIRAs) are exempted from the Accounting & Finance Exam. Individuals who have earned a Juris Doctor (JD) are exempted from the Legal Principles Exam. There is no exemption for Certified Public Accountants (CPAs) from the Accounting & Finance Exam; in addition, there is no exemption for any tests for those who have earned a Master of Business Administration (MBA).
Turnaround Management Association (TMA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. However, we are only approved to confer CPE credit in the Group-Live and Group-Internet Based formats. Unfortunately, TMA is not approved to confer CPE credit in the self-study format at this time. You can refer to your state board of accountancy for self-study CPE credit opportunities that may be of interest to you.
We can generate a letter of completion once you pass the exam. Please reach out to us and let us know when you pass the exam and we will generate the letter.
In order to retake an exam, you would need to purchase another registration through turnaround.org, paying $399 for an individual exam, or at a discount if purchased through a bundle. You can find more information and purchase the exam again here: https://turnaround.org/certification/certification-exams
EACTP is a licensee of the Turnaround Management Association. TMA is proud of the progress that EACTP has made to create, sustain, and codify this professional credential for turnaround and restructuring professionals in Europe. EACTP has recently partnered with Leiden University to establish a solid academic foundation for this credential. Leiden faculty are working closely with EACTP leadership to codify the Body of Knowledge and examinations required to earn the EACTP credential. The EACTP credential is analogous to the CTP credential offered by TMA Global. They are related credentials that share the same foundation in Accounting and Finance, Legal Principles, and Management. You will find that the EACTP credential is focused on European restructuring regimes and legal processes, while the CTP (and CTA) certification is based on US legal frameworks.
We are not able to schedule or reschedule exams on an applicant’s behalf. Once you have purchased an exam, if you need to cancel or reschedule your exam, you can do so through your original Calendly link found in your purchase confirmation email. Here is that link in case you have lost the original email:
Accounting and Finance Exam: https://calendly.com/tmacalendly/accounting-finance
Legal Principles Exam: https://calendly.com/tmacalendly/legal-principles
Management Exam: https://calendly.com/tmacalendly/management
Appointment cancellation or rescheduling must be completed two business days prior to your exam. You can use the Calendly link to cancel or reschedule; we are not able to schedule, cancel, or reschedule exams on a candidate’s behalf.
Once you create an appointment, you will receive a confirmation from no-reply@talview.com that contains your login instructions.
Please view the Talview Candidate Guide (https://info.talview.com/candidatehub) for system requirements and technical support for your upcoming exam.
Preview the look and feel of the exam by taking a Practice Assessment (https://attend.talview.com/as/272263/landing).
Your exam will be monitored by a live proctor. These are closed-book exams. You are allowed scratch paper, a writing implement, and a calculator. Unauthorized resources, such as a cell phone, present in your testing area may result in disqualification or a failing score. You will receive your exam score and candidate portfolio update once your proctor’s report has been reviewed by TMA.
For certifications, we will absolutely consider any applicant’s statement of financial hardship. Discounted or waived fees for certification are considered case-by-case. Prospective certification applicants are asked to submit their requests in writing to Turnaround Management Association’s Certification team here at certification@turnaround.org, documenting the financial hardship circumstances. Requests will be considered for employment hardship, family and medical situations, and other circumstances. Our certification team will work with the Certification Oversight Committee to approve requests for financial assistance, with financial assistance being subject to approval at the sole discretion of TMA.
Each TMA Restructuring Boot Camp takes place over two, 2.5-hour sessions. Part 1 covers Finance & Management considerations, while each Part 2 covers Legal Principles and Ethics. Both sessions are led by Certified Turnaround Professional (CTP) instructors. The Boot Camp is a great starting point toward earning the CTA or CTP certifications. Before Part 1 and Part 2, you will receive access to pre-reading materials and approximately 40 minutes of video content to prepare for each session. You can learn more here: https://turnaround.org/about-tma-restructuring-boot-camp
Each TMA Restructuring Boot Camp takes place over two, 2.5-hour sessions held on the same day.
Once you have earned the CTA credential, you can “top up” to the CTP once you have amassed the required experience in turnaround and restructuring leadership roles. Only the qualitative components of the CTP portfolio are required: a Qualifications Statement and Position and Experience Confirmation Forms. You may submit new Professional References if you wish, but this is not required. Your Qualifications Statement and other forms will be reviewed by the Certification Oversight Committee’s Standards Subcommittee once complete. There is no additional application fee required, and you do not need to retake the Exams to move from the CTA to the CTP.
The application costs for either the CTA or CTP designation are comprised of: an application fee ($295), exam registration fees ($399 for each exam), and the recommended Body of Knowledge books as your study material (available as individual volumes or the complete set of three books, roughly $499 total). Once you earn either certification, there is an annual maintenance fee billed in Q4 of every calendar year ($295 for CTPs and $150 for CTAs).
This is all separate and distinct from your TMA chapter member dues ($395).
Many TMA events at your chapter will confer CEU credit, and these events may be free for TMA members, or could have an additional registration fee. TMA Global events, such as the TMA Distressed Investing Conference and the TMA Annual Conference, will confer CEU and other continuing education credit types, and are an additional registration fee. TMA Town Hall webinars are free, open to the public, and confer CEU credit. TMA members have access to these programs on-demand via TMA Learning Link, where you can also earn CEU credit.
Overall, your CTA or CTP candidate portfolio will be active for five years (60 months). Once you have a passing exam score, that score will remain valid for 24 months. You must complete your remaining exams during this 24-month window. Most applicants complete the Certification Exams within 12 to 18 months.
Yes, all the TMA webinars confer CEU credit for CTAs and CTPs. A one-hour presentation confers 1.2 CEUs.
Exam scores are valid for two years from the first exam taken
The CTA and CTP designations are recognized internationally, and a growing number of professionals outside of North America are pursuing and have recently earned the CTA and CTP. However, as these credentials are based upon knowledge of American Generally Accepted Accounting Principles (GAAP) and the U.S. Bankruptcy Code, they may not be as relevant to turnaround professionals outside of the U.S. Some TMA chapters have their own certification, such as the Australian CTP, Japanese CTP, and the European Association of Turnaround Professionals (EACTP). If you practice primarily in one of these jurisdiction, these affliated certifications may be better suited for your work.
Unfortunately, we don’t have aggregate pass-rate data readily available for these exams at this moment.
The three topics covered by the certification exams are Accounting & Finance, Legal Principles, and Management.
Each exam is a multiple-choice test with 100 questions.
Each TMA Restructuring Boot Camp takes place over two, 2.5-hour sessions. Part 1 covers Finance & Management considerations, while each Part 2 covers Legal Principles and Ethics. Both sessions are led by Certified Turnaround Professional (CTP) instructors. The Boot Camp is a great starting point toward earning the CTA or CTP certifications, though.
Although the TMA Restructuring Boot Camp is an excellent way for those newer to the industry to learn about the challenges that arise in restructuring engagements, it is not intended as a test prep course to earn the CTA or CTP credential. TMA will waive the CTA application fee ($295) for members who complete the Boot Camp, but you may need to spend additional time studying and preparing before taking the Certification Exams.
No, certification is separate from TMA membership. While we encourage all certification applicants to be active members of a TMA chapter, membership is not a requirement to earn either the CTA or CTP designation. If you are a TMA member, you will receive separate invoices for your TMA chapter dues ($395) and your annual certification maintenance ($295 for CTPs, $150 for CTAs).
The TMA Certification Exam process is built to be flexible and recognizes the time constraints of busy restructuring professionals. We recommend individuals spend approximately 40 hours reviewing the Body of Knowledge materials for a particular topic (e.g. Accounting & Finance) before taking the exam. You may find that you need more or less time to feel comfortable with the material based on your level of experience or professional background. You can find more information about preparing for your exams here: https://turnaround.org/certification/certification-exams
Anyone may purchase and sit for any one of the three TMA Certification Exams. However, once you have a passing exam score, that score will only remain valid for 24 months. You must complete your remaining two exams during this 24-month window. Several parts of the certification process can run concurrently; for example, you can request and await Confidential Professional References while preparing for an exam.
As such, while you can sit for exams prior to applying for certification, we encourage all applicants to begin their journey to becoming a CTA or CTP by first submitting their application. We find that applicants have the greatest success when they submit their application as their first step in this process.
Those CTPs and CTAs whose certifications have been revoked may apply for reinstatement without re-applying as a new CTP/CTA only within five years from the date of revocation. Reinstatement applications shall be accompanied by a statement describing the applicant’s experience subsequent to the time the certification was revoked. The Certification Oversight Committee will review all reinstatement applications and assess reinstatement fees in accordance with the duration of lapse, up to but not to exceed the value of unpaid dues for the period.
There is no limit to the number of retakes you can use for an exam. If you are not successful on your first exam attempt, there is no minimum waiting period before your next testing session.
The certifications that TMA confers are designed to recognize individuals in the turnaround industry who possess a certain and specific level of knowledge and skills essential for corporate renewal work. In this, TMA’s role as a professional credentialing organization lies primarily in recognition of these requirements and conferment of the credentials that demonstrate such.
However, TMA does strive to provide opportunities for industry professionals to gain knowledge and skills that prepare them in several ways for work in the industry and certification. TMA offers the Body of Knowledge books (BOKs) as resources for applicants and non-applicants; the BOKs themselves are not, however, designed to directly impart all of the knowledge and skills required of the certification.
As the premier international organization for turnaround and restructuring professionals, TMA is the ideal place for you to learn more about turnaround management. Below I’ve outlined a variety of resources TMA offers:
The TMA Body of Knowledge
The TMA Restructuring Boot Camp
Your local TMA Chapter Events
TMA Learning Link
The core difference between the two certifications rests on an applicant’s duration of leadership experience in the turnaround industry.
The Certified Turnaround Analyst (CTA) certification is a knowledge-based certification designed for professionals who are working in the corporate renewal profession but have not yet acquired all of the necessary turnaround leadership experience; the CTA is for relatively new practitioners or non-practitioners who are looking to designate themselves as holding the skills essential for corporate renewal work. In contrast, beyond demonstrating knowledge in the legal, financial, and management aspects of a turnaround, the Certified Turnaround Professional (CTP) designation requires turnaround leadership experience. Meaning, a qualified CTP applicant must have at least four years (within the past 15 years) of leadership experience in working with companies or large business units that are in financial crisis.
While there are a variety of roles in the turnaround industry that are important to the profession, not all roles fulfill the requirement to be qualified as a Certified Turnaround Professional (CTP). Qualifying positions include positions such as Chief Restructuring Officer (CRO), Interim C-Level Executive (e.g., CEO, COO, CFO), Operating Trustee, or Turnaround Team Leader of a distressed entity. While position titles may vary and not fit neatly into the aforementioned titles, all roles that qualify turnaround leadership experience in order to earn the CTP signify candidates have both led an effort that was specifically engaged for a turnaround and had specific responsibilities for the engagement’s outcomes. Applicants who have not worked as turnaround consultants may qualify for 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.
If you are working in the corporate renewal profession and have acquired some, but not all, of the necessary work experience to qualify for the CTP, you are encouraged to pursue the CTA.
If you qualify for the CTP based on the experience requirements, your next step would be to submit your CTP application online here.
If you have any questions about your experience, please email the Certification team at Certification@turnaround.org.
The certifications that TMA confers are designed to recognize individuals in the turnaround industry who possess a certain and specific level of knowledge and skills essential for corporate renewal work. In this, TMA’s role as a professional credentialing organization lies primarily in recognition of these requirements and conferment of the credentials that demonstrate such.
However, TMA does strive to provide opportunities for industry professionals to gain knowledge and skills that prepare them in several ways for work in the industry and certification. TMA offers the Body of Knowledge books (BOKs) as resources for applicants and non-applicants; the BOKs themselves are not, however, designed to directly impart all of the knowledge and skills required of the certification.
We strongly recommend that candidates read and review the Body of Knowledge (BOK) books prior to taking their examinations. More information about the books may be found here: http://www.turnaround.org/certification/body-knowledge-courses-0 However, there are many ways to prepare for the examinations and a great deal of “what works best” is largely dependent on the individual’s ways of learning, studying habits and preferences, level of industry experience, and overall prior knowledge.
Also, to help applicants best prepare for the exams, we have provided sample exam questions and their answers on our website.
In addition, TMA’s various educational offerings, outlined below, can prove helpful for applicants who wish to learn more about the corporate restructuring profession:
The TMA Body of Knowledge
The TMA Restructuring Boot Camp
Your local TMA Chapter Events
TMA Learning Link