Certified Turnaround Professional (CTP)
Please note that the information on this page is provisional until the certification programme has been officially established
The Certified Turnaround Professional (CTP) qualification, introduced in the USA in 1993 and in Japan in 2005, and which is being planned in Australia, is earmarked for introduction in South Africa in late 2011.
The Certified Turnaround Professional (CTP) qualification is an objective measure of the experience, knowledge, and integrity that is necessary to conduct corporate renewal work.
To become a Certified Turnaround Professional (CTP), professionals must meet stringent standards of education, experience, and professional conduct that have been developed by TMA’s Standards Subcommittee, and which will be administered by TMA-SA's Standards Subcommittee.
Each person who is awarded the CTP qualification is expected to serve his or her clients in an independent, competent, and professional manner, and to exercise unprejudiced and unbiased judgment on each client's behalf.
The path to becoming a Certified Turnaround Professional is often rigorous and challenging, but earning the CTP qualification is significant - a demonstration of the highest level of professional achievement and commitment - and a source of pride and personal accomplishment.
Minimum CTP requirements
- A bachelor’s degree from an accredited university or at least ten (10) years of experience in executive or senior management, interim management, consulting, loan workout/restructuring, or in the legal or accounting professions or as a business rescue practitioner or liquidator.
- A minimum of five (5) years of experience as listed above, three (3) years of which must be fulltime in turnaround, two (2) years of which must be fulltime with regard to companies suffering financial distress or in a financial crisis.
- Successfully completed the written CTP examinations in management, law and finance/accounting prepared and graded by the Academic Subcommittee.
- Attended a course in directorship approved by the Standards Subcommittee.
- After certification, complete at least 50 hours of continuing professional education during each two-year period, including two hours of ethics credit (see Certification maintenance).
- Provide recommendations from three professional peers of the candidate.
- Submit letters from at least three (3) clients confirming the turnaround nature of the assignments undertaken. Clients will not be asked to evaluate the candidate’s performance.
- Submit five (5) case studies confirming the turnaround nature of the assignments undertaken.
- Reveal any pending disciplinary action or prior public discipline, any criminal conviction, any malpractice judgment or admission of malpractice and any refusal, denial or revocation of a license to practice or certification by another professional body.
- Not subject to an order of probation in terms of Section 162(7) of the Companies Act.
- Would not be disqualified from acting as a director of the company under supervision in terms of Section 69(8) of the Companies Act.
- Agree to support and adhere to the Code of Ethics of the Turnaround Management Association.
- Payment of all required fees.