New 'Force' Behind
BY DAVID F.W. COHEN, TMA GLOBAL CHAIR
Jedi Knights. Why? First and foremost,
CTPs are at the forefront of the fight
to save distressed businesses and
the jobs they provide. They represent
a founding and core membership
group in TMA and have unique
skills and experience essential to the
functioning of our industry. Moreover,
turnaround professional membership
is the foundational element of TMA.
Fostering and enhancing their skills are
core to TMA’s success. Advancement
and recognition of our turnaround
professionals is one of the most
important day-to-day activities of TMA.
TMA Global is home to 472 Certified
Turnaround Professionals in North
America. Our existing CTPs have
passed a rigorous vetting and testing
process before being granted this
designation. They are among the
most qualified participants in the
turnaround professional community.
What has TMA done to promote and
grow the ranks of CTPs and CTAs?
We have streamlined the procedure
for obtaining the CTP and CTA
designations. Formerly a process
that required purchasing printed
textbooks, travel for coursework, and
sitting for a proctored exam, TMA
has introduced an updated, digitized,
and simplified path to certification.
Candidates may now go through the
entire certification process, all from
the comfort of their office or home on
a schedule that fits their availability.
No more travel costs or loss of billable
time to attend multiday courses.
The preparation materials—the Body
of Knowledge books—are available
in digital and printed formats, and
have been completely rewritten
and updated by industry experts
and veteran CTPs. Topics include
Legal Principles, Accounting and
Finance, and Management.
For firm leaders and partners, the
CTA and CTP certifications not
only can be used as an outsourced
training program, but they also
provide a great benefit for your team.
When professionals have a CTP or
a CTA credential after their names,
it showcases a proven track record
and years of experience in working
with companies or large business
units that are in financial crisis.
A frequent misconception about
the certification program is that
it's only for practitioners. The CTA
program and Body of Knowledge
books are appropriate for lenders,
attorneys, and appraisers seeking
to expand their knowledge and
understanding of the industry.
For a limited time, TMA is offering
the CTP Industry Veteran application.
The three exam requirements for
practitioners with more than 12 years of
experience in the industry (including
five or more years in senior leadership
positions) are waived, provided that it
is clearly established that the candidate
holds the necessary expertise, skills,
and industry leadership experience.
Unlike the Jedi Knights, the number
of CTPs and CTAs is not dwindling.
We are fostering the growth of
their ranks, knowing full well that
a vibrant community of CTPs and
CTAs is essential to the recognition
and health of our industry. Is either
designation appropriate for you?
to learn more. J
David F. W. Cohen is a partner
with Gowling WLG in Toronto.
In November 2016 the TMA Executive Board reaffirmed that one of its core values is to “attract,
Turnaround Professional (CTP) and
Certified Turnaround Analyst (CTA)
programs and designations.
CTPs are our seasoned veteran
practitioners who possess the
demonstrated experience, seniority,
and knowledge essential to be
considered industry leaders. The
CTA designation is targeted toward
more junior practitioners who are
working toward their CTPs or for
non-practitioners looking to equip
themselves with the skills essential
for corporate renewal work.
Anyone who likes the Star Wars movie
franchise will remember the Jedi
Knights. I have for some time been
comparing our CTPs to the mythical