TMA Study Guide 2026

Everything you need to pass the TMA exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.

TMA exam key facts

Each TMA certification exam is a multiple-choice test consisting of 100 questions. Source
The TMA Management certification exam has a 3-hour time limit. Source
Candidates must earn a score of 70% or better to pass each TMA certification exam. Source
Passing TMA exam scores remain valid for 24 months, while candidate portfolios remain active for 5 years. Source

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📋 TMA Exam Format at a Glance

100

Questions

150 min

Time Limit

70.00%

Passing Score

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📚 TMA Topics to Study (25)

Introduction to Business · 11 cards Introduction to Strategy · 11 cards Cash Flow Management · 7 cards Introduction to Business · 7 cards Introduction to Business · 7 cards Introduction to Business · 7 cards Introduction to Business · 7 cards Crisis Management · 6 cards Crisis Management · 6 cards Crisis Management · 6 cards Financial Restructuring · 6 cards Financial Restructuring · 6 cards Financial Restructuring · 6 cards Legal and Bankruptcy Framework · 6 cards Legal and Bankruptcy Framework · 6 cards Legal and Bankruptcy Framework · 6 cards Operational Turnaround · 6 cards Operational Turnaround · 6 cards Operational Turnaround · 6 cards Stakeholder Management · 6 cards Stakeholder Management · 6 cards Stakeholder Management · 6 cards Valuation in Distressed Situations · 6 cards Valuation in Distressed Situations · 6 cards Valuation in Distressed Situations · 6 cards

✍️ Sample TMA Questions & Answers

1. What is the 'exclusivity period' in Chapter 11?

✓ The period during which only the debtor can propose a reorganization plan

The exclusivity period, initially 120 days under the Bankruptcy Code, gives the debtor the sole right to file a reorganization plan before creditors can propose competing plans.

2. What is the first priority in an operational turnaround engagement?

✓ Stabilizing cash flow and stopping the bleeding

The immediate priority in any operational turnaround is to stabilize cash flow by identifying and stopping cash drains before implementing longer-term improvements.

3. Which of the following best describes 'operational restructuring' in a turnaround?

✓ Reducing costs and improving efficiency in core business operations

Operational restructuring focuses on improving the underlying business through cost cuts, process improvements, and performance optimization.

4. A company's quick ratio is 0.6. What does this indicate?

✓ The company may struggle to meet short-term obligations without selling inventory

A quick ratio below 1.0 suggests the company cannot cover current liabilities with its most liquid assets.

5. What does 'revenue enhancement' mean as a turnaround lever?

✓ Taking actions to grow or protect revenue alongside cost reduction efforts

Revenue enhancement encompasses pricing improvements, sales force effectiveness, and customer retention initiatives that grow the top line alongside cost-cutting measures.

6. What is 'management credibility' and why does it matter in a turnaround?

✓ The degree to which stakeholders trust management's assessments and commitments during the restructuring

If stakeholders don't believe management's projections or commitments, it is nearly impossible to negotiate a restructuring — credibility must be established or restored for the process to succeed.

🎯 Free TMA Practice Tests

Introduction to Strategy · 11 questions Introduction to Business · 11 questions Introduction to Business · 7 questions Introduction to Business · 7 questions Introduction to Business · 7 questions Introduction to Business · 7 questions Cash Flow Management · 7 questions Legal and Bankruptcy Framework · 6 questions Crisis Management · 6 questions Crisis Management · 6 questions

📖 TMA Guides & Articles

Your TMA Study Path

1. Learn with Flashcards → 2. Drill Practice Tests → 3. Take the Full Exam Simulation

🃏 TMA Flashcards (165)🏆 TMA Exam Simulation

What Practice Test Geeks adds beyond an AI chat for TMA

An AI chatbot can quiz you, but it can't reproduce the exam conditions or keep your record. Here you get:

A timed, full-length TMA mock exam — 100 questions in 150 minutes with a 70% pass mark, modeled on the official exam's question count and time limit, followed by a score report broken down by exam domain.
A fixed TMA question bank: the same test every attempt, so your score is comparable from one try to the next instead of changing with every regenerated quiz.
Progress saved on your device: completed tests, scores and missed questions stay in My Progress, so you can retake only what you got wrong.
A printable TMA cheat sheet you can print or save as a PDF.
TMA flashcards built from the same question bank.
Free TMA practice tests with the correct answer shown after each question.

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How this page was made: written with AI tools and published by Nathan Beja, founder of Practice Test Geeks, who is responsible for its content. Exam facts are checked against the official sources listed below. Not reviewed by a subject-matter expert. Editorial policy

Sources & references

Exam facts on this page (fees, format, dates, passing scores) are checked against these official sources; the date is our last check. Editorial policy

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