What is a CTP?
The Certified Turnaround Professional (CTP) designation was introduced in 1993 as an objective measure of the experience, knowledge, and integrity that is necessary to conduct corporate renewal work. The CTP program establishes quality standards for an otherwise unregulated profession.
Why is Certification Important?
The Certified Turnaround Professional (CTP) designation provides evidence of an individual’s commitment to the turnaround and corporate renewal industry and also attests to a level of expertise that non-certified professionals may find difficult to prove. Completing the CTP certification process provides a corporate renewal professional with a solid foundation to operate successfully in the industry and could very well enhance future earning power.
In fact, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (S. 256) makes certification more important than ever. Section 415 directs courts to consider whether a professional person is certified or has otherwise demonstrated skill and experience in the bankruptcy field. This amendment makes certification a specific factor in the award of compensation to professionals.
Why Pursue CTP?
Demonstrate your commitment, competency and expertise in the corporate renewal industry
Distinguish yourself from your professional colleagues
Raise your stature in the corporate renewal industry and gain a competitive edge
Promote the professionalism of the turnaround and corporate renewal industry
To become a Certified Turnaround Professional (CTP), professionals must meet stringent standards of education, experience, and professional conduct that have been developed and are administered by TMA’s Standards Subcommittee.
Each person who is awarded the CTP designation 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. In addition, each person who achieves certification is required to remain active as a professional, to abide by the association´s Code of Ethics, and to complete at least 50 hours of continuing professional education during each two-year period, including two hours of ethics credit.
The path to becoming a Certified Turnaround Professional is often rigorous and challenging, but earning the CTP designation is significant - a demonstration of the highest level of professional achievement and commitment - and a source of pride and personal accomplishment.
Who Can Become a CTP?
The Certification Oversight Committee and TMA International endorse the principles of equal opportunity. Eligibility criteria for examination and certification under the CTP program are applied equally to all applicants, regardless of age, race, color, religion, gender, sexual orientation, gender identity, ancestry, national or ethnic origin, veteran status, or disability.
Participation in the CTP program is voluntary and open to anyone meeting the eligibility requirements. Membership in TMA is not required.
TMA offers two CTP designations: the Certified Turnaround Professional (CTP), intended for seasoned practitioners, and the Certified Turnaround Professional - Designate (CTP-D), an interim step to obtaining full certification for individuals who have not yet acquired the necessary experience.
CTPs have a proven track record and years of experience in working with companies or large business units that are in financial crisis. CTPs must be or must have held positions such as, but not limited to, turnaround practitioners, consultants, workout lenders, or attorneys and must demonstrate competency in the legal, financial and management aspects of a turnaround.
CTP-Ds meet both the educational and professional endorsement requirements of certification, yet they have not yet acquired the requisite experience for full certification. Applicants who are recent college graduates or who are working in the corporate renewal profession but have not yet acquired all of the necessary work experience are encouraged to pursue the CTP-D certification. This interim step to full certification indicates that the candidate has demonstrated proficiency in the legal, managerial, and financial aspects of a turnaround, and is concurrently working toward the CTP designation.
In general, CTPs are comprised of the following groups of professionals:
Corporate turnaround executives
Industry veterans who have significantly contributed to the turnaround and corporate renewal industry and have demonstrated through their practice a high degree of technical and practical knowledge
Retiring professionals who want to maintain their CTP designation by becoming a CTP Emeritus
To find a Certified Turnaround Professional within the Chicago Chapter, please click here: Find a CTP