Turnaround gets new qualification

A new formal qualification is set to be launched for turnaround professionals because of the increasing number of entrants the sector attracts.

The Turnaround Management Association has said it will introduce a formal qualification for turnaround professionals, following the increase in people entering the sector.

In an exclusive interview with Accountancy Age, Mark Blayney, director of the Turnaround Management Association, said the group was looking to introduce a formal qualification of 'certified turnaround professionals' within a year.

He said TMA president Chris Burford, once part of Baker Tilly's business recovery team, 'is putting together a strategic plan and an education scheme' for the qualification.

'Our New Zealand chapter has a similar qualification and business recovery laws there are comparable to those of the UK, so it should be possible,' said Blayney.

He said that, like insolvency qualifications, the turnaround professional would not just be educated in courses and an exam but would also require practical experience.

The move comes in response to the increasing amount of people entering this new and largely unregulated profession where the roles and aims have yet to be clearly defined. The TMA sees itself as a driving force behind defining the new profession.