Preparing for the Examinations

Please note that the information on this page is provisional until the certification programme has been officially established

The CTP Certification Examination is a three-part examination (Law, Finance/Accounting, and Management).  Each examination is designed to assess advanced knowledge of the turnaround profession in South Africa.  Candidates who pass the examinations have demonstrated competence in the financial, legal, and managerial aspects of a turnaround.

The examinations 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.

Examinees are allowed 2-1/2 hours to complete the Law and Accounting/Finance exams and 3-1/2 hours to complete the Management exam.

The examinations are paper and pencil, are available in English only, and are offered in the evenings at a variety of locations nationwide.

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.

TMA-SA offers compulsory review materials to assist candidates in refreshing their knowledge of the legal, managerial, and financial aspects of a turnaround.

Candidates may opt to attend courses, participate in online learning forums, read books and/or articles, partner with colleagues, or self-study.

The 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 some important practices, concepts, and theories as they relate to the turnaround profession.

These courses have been used not only by candidates seeking examination review, but 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.

Body of Knowledge courses of TMA will be customised by the Academic Subcommittee of the Turnaround Certification Governance Board of TMA-SA for South African requirements.  The review courses provide education on the concepts listed below, among others:


  • 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:
    • Labour legislation.
    • Informal creditor workout.
    • The business rescue practitioner as per Chapter 6 of the Companies Act No. 71 of 2009.

Accounting and Finance

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


  • Business rescue legislation as per Chapter 6 of the Companies Act No. 71 of 2009.
  • Commercial and business law.
  • Secured transactions.
  • Employment issues.
  • Environmental issues.
  • General contract issues.
  • Payment systems.
  • Judicial debt collection.

Although candidates find these courses useful in preparing for the examinations 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.  The courses are extremely interactive and build on the information in these texts.

The Body of Knowledge Course Books Turnaround Management Association SA offers three Body of Knowledge course 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.

Click on the following titles to preview the Body of Knowledge course books (still to be converted for South African requirements):

Additional References

Some candidates opt to forego attending the courses and purchasing and reading the books, deciding instead to read other books and/or articles in preparation for the examination.  Additional resources that can be useful for examination review can be found at Additional references.

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