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Turnaround Management Association


From 2021 Analyst and CTP applicants must demonstrate a level of technical knowledge appropriate to public practice of Turnaround Management by passing Theoretical Knowledge examinations in accordance with the procedures set out herein.  The new European Learning Management System (LMS) will bring Europe into line with the US and the CTP qualifications.  This online portal capability will allow our members and new examination candidates the opportunity to study for an industry recognised turnaround qualification in the disciplines of Management and Finance and Accounting.  For applications and further information, please contact eactp@turnaround.org.

The LMS faculty is Leiden University and training materials and examinations are run in association with and meet Leiden University academic standards.

Approved Theoretical Knowledge Course

All candidates are required to complete an approved Theoretical Knowledge course prior to attempting the Theoretical Knowledge examinations.  The LMS will provide recommended self-study materials leading to examinations across:

  • Accounting & Finance
  • Law
  • Management

leading to the European Turnaround Certified Analyst (CTA) level qualification.

The curriculum modules are:

Accounting & Finance Topics

  • Bankruptcy reports
  • Financial reporting by entities in reorganization
  • Cash flow forecasting and planning
  • Realizable liquidation analysis
  • Bank covenants
  • Financial statements and cash flow analysis
  • Tax awareness
  • Product line/customer profitability taking into account allocation of overhead costs

Please click here to see the table of contents of the Accounting and Finance Body of Knowledge

Legal Topics

Relevant pre insolvency processes, insolvency triggers, automatic stays, employment issues, proprietary and essential contracts, directors’ liabilities in major European jurisdictions;
France, Germany, Italy, Netherlands, Spain, UK, together with knowledge of US Chapter 11 and 15 and relevant EU Regulations.

Please click here to see the table of contents of the Legal Body of Knowledge

Management Topics

  • Cause of business failure
  • Early warning signs of decline and failure
  • Basics requirements for successful turnaround
  • Characteristics of effective turnaround managers
  • Development of the turnaround plan
  • Design and selection of turnaround strategies
  • Emergency action
  • Stabilization
  • Ethics
  • Restructuring options

Please click here to see the table of contents of the Management Body of Knowledge

The main review materials for the certification exams is contained within the 'Body of Knowledge' (BOK) books which candidates will have online access to. Additional resources may be viewed as supplementary materials to augment any development areas a candidate may identify during their preparation.

We do require that applicants complete all three examinations within a two-year window that begins following the receipt of their first passing examination score.

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The Certified Turnaround Analyst Online Learning Programme is the only European-wide accreditation programme for turnaround professionals and is the first step to becoming a fully accredited Certified Turnaround Professional (CTP)

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