Turnaround professional certification

The Certified Turnaround Professional (CTP) credential was designed in the USA to encourage professional excellence, provide an objective measure and recognition of expertise, and provide evidence of an individual’s commitment to the turnaround and corporate renewal industry. 

To this end, TMA-SA has commenced with activities to launch the Certified Turnaround Professional programme in South Africa under license from TMA, and in partnership with Services SETA.  The expected implementation date is late 2011.

Outside of the USA, Japan has already implemented the programme.  Australia, like South Africa, is in the process of doing so.  More countries are expected to implement turnaround certification to meet the needs of business rescue legislation.

Benefits of certification for turnaround professionals

Certification provides evidence of attributes that will enhance a turnaround professional's credibility and ability to operate successfully:

• It provides evidence of an individual’s commitment to the turnaround industry.
• it attests to a level of expertise that non-certified professionals may find difficult to prove. 
• It attests to verified qualifications and experience, and where applicable, that the Turnaround Certification Governance Board's three exams in turnaround management, law (including Chapter 6) and turnaround-related finance/accounting were successfully passed.
• Interim qualifications for persons to be appointed as business rescue practitioners in terms of Chapter 6 of the Companies Act No. 71 of 2008 are specified in Regulation 133 of the draft Company Regulations, 2010: Qualifications for person to be appointed as practitioner.  Professionals admitted to be business rescue practitioners will increase their ability to receive appointments if certified as Certified Turnaround Professionals.

Further reasons to pursue the Certified Turnaround Professional qualification

If you are a service provider (turnaround practitioner or consultant, business rescue practitioner, attorney, accountant, financial advisor, etc.), corporate turnaround or interim manager, lender workout or restructuring executive at a bank or Development Fund Institution or in investor e.g. private equity or institutional:

• Raise your knowledge of the managerial, legal and accounting/finance aspects of turnaround management to an accredited level.
• Demonstrate your commitment, competency and expertise in the turnaround industry.
• Distinguish yourself from your professional colleagues in terms of your knowledge and experience, and raise your stature in the turnaround industry to gain a competitive edge.
• Promote the professionalism of the turnaround and corporate renewal industry.

If you are a turnaround practitioner or consultant, business rescue practitioner, or corporate turnaround or interim manager:

• Increase your ability to be appointed by financially troubled companies or their investors.
• Increase your ability to be nominated by banks to help their troubled borrowers in informal creditor workouts.
• Increase your ability to be appointed by boards of distressed companies or by affected persons associated with distressed companies as a business rescue practitioner in terms of new business rescue legislation.

If you are an attorney, accountant or financial advisor:

• Increase your ability to be appointed by financially troubled companies.
• Increase your ability to be appointed by business rescue practitioner of, lenders to or investors in financially troubled companies.

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Who are eligible for certification?

In short, the answer is turnaround professionals from all disciplines that have passed the prescribed exams, in possession of a prescribed qualification, and with appropriate experience in their fields of the turnaround of companies suffering financial distress or in a financial crisis, including:

• Corporate turnaround managers and interim turnaround managers.
• Service providers to troubled companies and their financiers:
  • Turnaround practitioners and consultants.
  • Business rescue practitioners admitted as such under Chapter 6 of the Companies Act No. 71 of 2008.
  • Advisors including attorneys, accountants and financial advisors.
• Business rescue practitioners in terms of Chapter 6 of the (future) Companies Act.
• Financiers of troubled companies:
  • Workout / restructuring executives of lenders e.g. banks and Development Fund Institutions.
  • Investment executives of institutional investors, venture capital and private equity investors, Development Fund Institutions, etc.

The Turnaround Certification Governance Board and TMA-SA endorse the principles of equal opportunity. 

Eligibility criteria for examination and certification under the certification programme are applied equally to all applicants, regardless of age, race, colour, religion, gender, sexual orientation, gender identity, ancestry, national or ethnic origin, or disability. 

Participation in the certification programmes is voluntary and open to anyone meeting the eligibility requirements.