The Turnaround Management Association UK said the growing interest in the work among young professionals means a qualification was needed.
As the government promotes the rescue culture, the number of young professionals interested in turnaround is growing and more companies are opting for restructuring before they reach the critical stage of going into administration.
But with this growth, professionals in the area are becoming increasingly preoccupied with setting out what it means to be a good professional and setting out the right rules and guidelines.
Mark Blayney, one of the directors of the TMA, has seen a sudden surge in professionals choosing to enter into this new career. To give them and the profession credibility Blayney says the TMA aims to introduce a brand new qualification within the next 12 months.
A qualification for turnaround will be timely given current concerns attached to the issue. Recently Colin Haig, president of the Insolvency Practitioners Association, expressed worries about the number of young professionals opting to work in turnaround instead of the more traditional area of insolvency
Blayney said: ‘Turnaround has become fashionable. The idea is now out there in the culture.’
But with the increase in people interested in working in company turnarounds, there is also a danger of abuse, and there is growing concern that ‘cowboy’ turnaround professionals could soon begin to crawl out of the woodwork.
Rogue company doctors remain a major worry and the only way the public can check whether a practitioner is genuine is to go directly to one of the two professional bodies.
The TMA is a US organisation that was established in the UK three years ago but is now looking to expand on this side of the Atlantic.
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