Dear Members:      

Would it surprise you to know that only 15 of about 300, or 5%, of our Philadelphia Chapter members have earned the distinction of Certified Turnaround Professional (CTP)?  This compares unfavorably to the average of all U.S. TMA Chapters of 6%, and there are eight other chapters that have achieved even higher: from 6% to 15%.  As your Chapter CTP liaison, and a CTP myself, I have some insights, but I'd love to hear from our majority who have chosen NOT to get the designation. What are your reasons not to?

First, my personal insight; I was a member of TMA for almost a decade before I got my designation, despite the fact that the great firm I worked for at the time had all of us study and sit for the exams.  In fact, they paid for the cost of all study materials, classes, tests and application fees, which were not insignificant.  In 2001, when I first went through the CTP process, two realizations hit me.  First, I had only been in the turnaround business for a year, and as I now know, so much of what we do is also based on an accumulation of on-the-job experiences - something I didn't have at the time.  Second, when I attempted to complete the rather onerous application, I couldn't qualify for the designation because I didn't have the experience.  Both of these factors, not to mention trying to stay billable, didn't make earning my CTP designation a high priority.

Like so many things we put off in life, I learned later that perhaps I should not have shelved earning my CTP for so long (I earned my designation in 2012).  When I wanted to make partner at my first firm, I found out that having my CTP designation was essential.  Turns out when I switched firms to Deloitte CRG, the same held true.  In fact, anyone working for a law firm or accounting firm knows continuing education and certifications are annual and career-long endeavors.  NextGen Members take note!

I am happy to report that the CTP designation process has dramatically changed since I received my designation, and borrowing a phrase from a major office supply store chain, TMA Global has given its Chapter members an EASY button to earn certification.   The TMA Certification Program has rebranded the CTP-D designation as the Certified Turnaround Analyst (CTA), enabling professionals to showcase their knowledge of turnaround, restructuring, and bankruptcy subject matters.  The CTA is beneficial to NextGen and those new to our profession, and is available to attorneys, accountants, lenders, business executives and other service providers.

The best part about getting your CTA designation now is it can be your first step in ultimately earning a CTP certification, a designation which is distinguished by its leadership requirement.  The CTA shares the same examinations and some of the applicant portfolio components required for CTP.  Essentially, CTA plus leadership experience equals CTP.  Below are the EASY requirements for CTA:  

• Application ($295 fee) for exam eligibility
• Three (3) professional references from distinct firms
• Copy of transcript or diploma
• Pass exams in Accounting/Finance, Law and Management
• Approval by the Standards Subcommittee

To earn your CTP, you only need to complete the requirements listed above for the CTA plus:  

• Four (4) years of turnaround experience
• Three (3) or more Position and Experience Confirmation Forms verifying at least one (1) position and five (5) roles/experiences were completed

 Importantly, if you hold the CIRA designation, you are exempt from taking the Accounting/Finance exam.  If you are a Juris Doctorate, you are exempt from taking the Law exam.  Also, if you qualify for the new "Industry Veteran," which means you have 12+ years of turnaround experience verified by the Standards Subcommittee, you are exempt from taking all three exams. All other application portfolio materials apply.   I know we have many Industry Veterans in the Philadelphia Chapter that should love this new exemption and rush to get their CTP!

Why is earning your CTA or CTP designation important?

• It enhances your qualifications and thus your personal brand and that of your firm, helping you get on industry panels and building your expertise and eminence.
• It will distinguish you from competitors that don't have it, and thus should give you an edge in winning business.
• TMA Global has developed a Confirmation Statement that you can insert in your proposals that helps explain the benefits and qualifications of designation holders.
• It will grant you exclusive access to CTA/CTP-only events and networking opportunities from TMA Global.
• It demonstrates your commitment to and support of our industry and the Turnaround Management Association.

Let's push to get our Chapter to have the highest percentage of CTA/CTP members across the country! 

Richard S. Infantino 

 Maria Aprile Sawczuk is Of Counsel in the Bankruptcy and Financial Restructuring Practice Group in the Wilmington, Delaware office of Stevens & Lee, PC. She represents creditors' committees as well as creditors and debtors in bankruptcy proceedings, out-of-court workouts and commercial lending matters, including loan restructuring and debtor-in-possession financing. She has been primary or Delaware counsel to numerous creditors' committees. She is involved in many bankruptcy cases in the District of Delaware, representing creditors, committees, liquidating trustees, landlords and tenants, equipment lessors, asset purchasers, plaintiffs and defendants in avoidance actions, and virtually every other type of participant in a complex case.  

Maria is a longstanding member of TMA. She especially appreciates the TMA Philadelphia Chapter's Networking Organization of Women events.

"When I first joined TMA, there was no women's group, and I recall being one of only two or three women at an event," Maria said, "Although I always knew people, it is great to meet other women in the profession. When you work in what appears to be a mostly male-dominated industry, these events are an important venue for the women of TMA to connect from time to time and develop friendships."

Another benefit of being a long-term member of TMA is meeting people at regional and national events. In February of 2013, Maria attended a regional event hosted by the Florida chapter in Orlando that had over one hundred attendees. In addition to a good program, receptions and CLEs, Maria felt a connection with the women at the conference. She decided to invite all eight women who attended the conference to dinner, which turned out to be a success for sharing both personal and professional dialogue.

"TMA is a good networking organization and affords me the opportunity to meet non-lawyers in the group. I like the mix; discussions go in different directions and offer different perspectives. There is a good deal of business development in the conversations and that is always important. I don't mind the travel for national meetings because it enables me to meet people in the industry beyond the local counsel."

Currently, she is on the planning committee for the Philadelphia Chapter's Networking Organization of Women Casino Night that will take place in January 2014.