How can I enrol?
To enrol on CertITM as a standalone ACT certificate please complete and return the certificate enrolment & booking form to the ACT by the enrolment deadlines:
15 September for April examination
15 March for October examination
For further information please call +44 (0)20 7847 2540
Entry requirements
- Good standard of english: due to the course being written and examined in English, students will need to possess a good standard of English.
- Internet Browser version: the eLearning website is an important part of this course as you will be able to access the online course manual, discussion forum and further information. Therefore you do need the latest browser to access the content. We suggest one of the following browsers: Internet Explorer 7 or 8, Firefox 3 or Google Chrome to view the content correctly.
Student subscriptions
Students enrolling on ACT Certificates or the AMCT Diploma are required to pay an annual student subscription fee of £134 on a pro-rata basis from the month of enrolment and thereafter a yearly subscription each May.
This provides full student membership benefits including a subscription to The Treasurer magazine, special student rates when attending ACT training courses and events and purchasing the International Treasurer's Handbook.
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Course content
An overview of the course content is provided below. For a detailed outline download the full syllabus
Study Unit 1 - The Fundamentals of Treasury
Study unit 1 examines the context for international cash and liquidity management such as financial and banking systems and the time value of money. It introduces core tools such as money markets, bank loans and deposits and foreign exchange, plus operational aspects including cash and liquidity forecasting and management and optimisation of bank services.
This Study Unit describes the treasury function and organisation in the context of the firm. It looks at how treasury departments are set up to deliver against their objectives. It also introduces a number of concepts that are core tools for a treasurer such as interest rates, the time value of money an fundamentals of foreign exchange.
Study Unit 2 - Corporate Financial Management
Study Unit 2 reviews core corporate finance theory and examines the external perceptions of the organisation – financial reporting and related ratio analysis. It covers the fundamentals of decision making methodology, business valuations and capital structure including dividend policy and the payoff between risk and return for investors.
Study Unit 3 - Capital Markets and Funding
Study Unit 3 examines core concepts of equity and debt, and introduces their associated public and private markets. It covers both the raising of debt and equity and the associated legal, regulatory and documentary issues. It discusses practical aspects of debt management, as well as introducing alternatives to “vanilla” debt such as asset-backed finance.
Study Unit 4 - Cash and Liquidity Management
Study Unit 4 examines the context of international cash and liquidity management. Core tools for cash management such as cash and liquidity forecasting are explained. The markets and instruments available such as money markets, bank loans and deposits are introduced. Finally, it considers managing cash in practice including the optimisation of bank services.
Study Unit 5 - Risk Management
This Study Unit introduces the concept of risk, what is meant by risk management, the types of risks faced by the firm, and a framework for managing these risks. It then considers the development of risk management policy and how risk and its management are reported. Starting from this broad base, the study unit then goes on to consider the role of treasury in financial risk management. It discusses hedging, then explains key aspects of generic risk management instruments before considering instruments to manage the “classic” financial risks of interest rate and foreign exchange risks in particular.
Study Unit 6 - Treasury Operations and Controls
The final Study Unit of the course examines how systems are used to assist in managing or performing tasks and processes within treasury. It discusses how policy, objectives and controls are established within the context of the firm and of wider corporate governance requirements, so that treasury is able to manage significant risks and cash flows safely and securely.
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Who should take this qualification?
CertITM is relevant to anyone who needs a core understanding of treasury in either a corporate or financial institution. It is aimed at both corporate staff working within the treasury, risk and corporate finance areas and bankers dealing with corporate lending and other services where there is a need to understand the wider issues dealt with by corporate financiers, risk managers and treasurers. In particular, it is relevant for those who:
- Are in the early stages of their treasury career or who wish to join a treasury or corporate finance team in either a corporate or financial institution
- Wish to gain an understanding of the wider issues dealt with by corporate financiers, risk managers and treasurers
- Have responsibility for treasury matters as part of a wider overall role
- Are considering a career in treasury or corporate finance either domestically or internationally
- Work in financial institutions where there is a need to understand the corporate environment
- Deal with treasury matters as part of an advisory or consultancy role.
Course objectives
- To equip students with a practical knowledge of the core elements of international treasury management and help them apply this knowledge in their day-today working environment
- To provide an international focus that will meet the needs of finance professionals working in today's multinational business environment
- To deliver a flexible learning programme and tutor support to students wherever and whenever they choose to study.
Learning outcomes
You will gain:
- A clearer understanding of the essential principles and techniques of international treasury management
- The core knowledge, technical and practical skills required for a role in treasury, risk and corporate finance
- A certified professional qualification from the leading provider of international treasury education.
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How will I study?
CertITM is a distance learning programme combining self study with optional face-to-face tuition. The study materials are delivered online through the course website, supplemented with a range of online resources designed to support your learning. The online resources for this course include downloadable PDF versions of the course material, practical exercises, self tests and further reading materials. Each study group also has the support of a dedicated course tutor to answer questions, solve problems and offer advice through the online discussion forum. This enables regular interaction with both the course tutor and other students.
What’s included: Access to the e-learning website, study materials, online resources and discussion forum.
You will need: Access to a computer with an internet connection.
This is an ONLINE course therefore you will not receive a hard copy course manual. You will only be able to access course materials once the website opens which is approximately one week before the course start date.
Optional supplementary reading
For those new to finance, and in particular who have never studied accountancy, we recommend the following books as supplementary reading to the Certificate in International Treasury Management. The purchase of these books is not compulsory, nor is the content examinable.
Introduction to Accounting and Finance by Geoff Black (Prentice Hall) provides accessible coverage of accounting practice for those students who have not previously studied accounting. As well as the basics of double-entry booking and understanding financial reporting, it also covers the interpretation of accounts, cash flow forecasts, management and cost accounts, and budgeting. It provides technical background in direct support of the course content and also introduces accounting concepts commonly used in operating units, and which are useful for the treasurer to be aware of.
Finance, the basics by Erik Banks (Routledge) is a broad introduction to the world of finance. It is particularly useful for those students who are new to finance and would like an overview of the financial markets, the participants and the type of transactions that take place. This is an accessible book that will introduce you to such topics as derivatives and corporate finance as well as key financial tools such as net present value.
Essentials of Managing Treasury by Karen A. Horcher (Wiley & Sons, Inc.): Treasury is the financial hub of an organization-a hub with many spokes. This concise reference describes each functional area within treasury and includes guidelines for best practices and revelant technologies. With tips and techniques, it provides a practical overview of treasury and its relationship to every part of an organization.
You may also find it useful to purchase a financial dictionary. Two recommended books are:
- A Dictionary of Finance and Banking. Edited Brian Butler & Alan Isaacs (Oxford Paperbacks)
- Essential Finance: The Essential A-Z. Nigel Gibson (Published by the Economist)
These books can be obtained from bookshops or from www.amazon.co.uk
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Hong Kong intensive tuition and revision course.
This is an intensive programme covering elements of both tuition and revision. The focus will be on the key numerical techniques and question answering skills necessary for success in the CertITM exam. Tuition will be interactive and will be based on classroom notes incorporating detailed illustrations and worked examples to facilitate a thorough learning experience. Students will be issued with a comprehensive study guide approximately 6-8 weeks before course commencement detailing required pre-course work to help maximise the effectiveness of the programme.
The teaching course takes place on weekends and week evenings and includes up to 34 hours of teaching.
Tuition and revision dates
October 2012 exam:
Date: Sat 28 July 2012
Time: 9am – 5pm
Date: Sun 29 July 2012
Time: 9am – 5pm
Date: Wednesday 1 August 2012
Time: 6:30pm – 9:30pm
Date: Thursday 2 August 2012
Time: 6:30pm – 9:30pm
Date: Saturday 4 August 2012
Time: 9am – 5pm
Date: Sunday 5 August 2012
Time: 9am – 5pm
For further information please view our Hong Kong teaching brochure
AMCT October 2012 tuition and revision schedule
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How will I be assessed?
Students are assessed by a three hour paper-based multiple choice exam.
Pass mark and pass rates
The pass mark for CertITM will vary from one examination sitting to another according to the difficulty grade of the multiple choice paper. As a guide a student achieving 70% or over will have passed CertITM. The mark you need to achieve a pass in all other papers is 50%.
Booking your exam venue
Students are automatically registered to sit the exam in London. If this is where you intend to sit your exam, no further communication with us is necessary.
We have exam venues in Edinburgh, Dublin, Hong Kong, Singapore, Qatar, Zambia, Dubai, Johannesburg, Cape Town and Durban in South Africa which you can book. These may be subject to change. You don’t need to book your exam venue when you enrol, we will write to you 10 weeks before the exam date asking you to select your venue.
If you cannot take your exam at one of the above venues and you live outside of the UK mainland, you can request to take your exam at a venue local to you. It is your responsibility to contact a suitable venue. The first point of contact is the British Council, although Universities and Colleges of Higher Education are also acceptable venues. Further details will be available to you when you enrol as a student.
There is no additional fee if you are sitting your exam in London, Dublin, Edinburgh, Johannesburg, Cape Town or Durban in South Africa. For students sitting exams at any other venue, an administration fee will be payable directly to your chosen local exam venue.
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ACT faculty membership
Once you have completed CertITM you are eligible to join the International Treasury Management Faculty, which will continue your involvement with the ACT once you have finished studying and support your continuous professional development.
Benefits include access to a wide range of resources including the knowledge centre with updated CertITM course materials, best practice guidance and the latest technical content as well as The Treasurer magazine. Networking opportunities will also be available through the faculty member directory, discussion forum and ACT regional group events.
Use of the designatory letters, CertITM is exclusive those who have passed CertITM and become members of the ITM faculty.
Continuing your studies
As well as a standalone qualification, you may also count CertITM as one of the seven papers that comprise the AMCT Diploma in Treasury: the ACT's core treasury qualification which leads to associate membership and use of the designatory letters AMCT.
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Frequently asked questions
These frequently asked question pages answer generic questions on our qualifications processes and rules which are applicable across the range of our products.
Alternatively you can go straight to your area of interest:
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