High School

In high school, you should take a college-preparatory curriculum that includes classes in business, accounting, mathematics, computer science, statistics, psychology, and social studies. Since CROs need to be master communicators, you should also take as many English, speech, and writing classes as you can as well as a foreign language.  

Postsecondary Education

Chief restructuring officers need a minimum of a bachelor’s degree in accounting, business, finance, quantitative finance, or a related field. Some employers prefer to hire CROs with a master’s degree in one of the aforementioned fields, while others seek those with law degrees and considerable experience in bankruptcy, business finance, operations, and restructuring.

Certification

Professional associations, colleges and universities, and other providers offer online, in-person, and hybrid certificates in restructuring, business, finance, bankruptcy law, and related fields. For example, the Turnaround Management Association offers a restructuring boot camp certificate program and the University of Detroit Mercy offers a business turnaround management graduate certificate. Earning a certificate is a great way to augment your skills, as well as explore the field without making a huge educational financial investment.

Other Education or Training

Colleges and universities; for-profit, online learning platforms (such as Udemy, edX, and Coursera); and professional associations (such as the Association of Insolvency & Restructuring Advisors, Turnaround Management Association, American Bankruptcy Institute, American Management Association, and National Management Association) provide continuing education classes to help students build their knowledge-base and qualify for certification or re-certification. Contact these providers for more information.

Certification or Licensing

Voluntary certification is available from the Association of Insolvency & Restructuring Advisors (certified insolvency & restructuring advisor, certification in distressed business valuation), Turnaround Management Association (certified turnaround professional, certified turnaround analyst), and Association for Financial Professionals (certified treasury professional). A CRO with a background in accounting will need to have the certified public accountant (CPA) credential. The Uniform CPA Examination, which is administered by the American Institute of Certified Public Accountants, is used by all states.

This is not an entry-level position. You will need to have 5 to 10 years of experience in lower-level business restructuring positions in order to become a chief restructuring officer.

In addition to strategic, operational, and financial expertise, CROs need a variety of skills. They must have top-notch communication and interpersonal abilities in order to build consensus among stakeholders, negotiate with in-company and outside parties, and explain the complexities and intricacies that are involved in the restructuring process to corporate team members. CROs must be transparent about their work and regularly communicate with the board and other stakeholders regarding the restructuring plan—even if there is bad news—in order to build trust and a good working relationship. Chief restructuring officers must be excellent leaders who can inspire staff but also motivate and challenge them, when needed. Other important traits include consistency, a professional demeanor, patience, empathy, a thick skin, grace under pressure, excellent organizational and time-management skills, flexibility, and an openness to new ideas.