*The discounted course fee of £750+VAT only applies if you are taking CertCFF as a stage three AMCT paper, ie if you are studying for or have completed CertITM. See AMCT for further details.
How can I enrol?
To enrol on CertCFF as a standalone ACT certificate please complete and return the certificate enrolment & booking form to the ACT by the enrolment deadlines:
30 September for April examination
31 March for October examination
CertCFF is recognised as an individual certificate and also counts towards the AMCT Diploma in Treasury - the ACT's core treasury qualification which leads to associate membership. To enrol on CertRM as part of AMCT please complete the AMCT enrolment & booking form or go to the AMCT page for further information.
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 £125 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 plus free access to the ICAEW library and information service.
Course content
An overview of the course content is provided below. For a detailed outline download the full syllabus or fast-track syllabus.
Study Unit 1 – The Financial World
Before you start learning the mathematical techniques and theory of corporate financial management, Study Unit 1 provides an overview of what finance is about. You will review some core concepts including the objectives of the firm, corporate governance, the role of finance and the importance of the financial sector. You will also look at how the company presents itself to the outside world. The primary way in which a company communicates with investors is by its financial statements, so we will look at how these are built up, before moving on to consider what information can be derived from them.
Study Unit 2 - Valuation
Study unit 2 begins with valuation of a project and examines a number of approaches to project appraisal including net present value (NPV) and internal rate of return (IRR). Good technical appraisal combined with appropriate practical application helps separate those projects that generate shareholder wealth from those that destroy it. It then moves on to consider the valuation of a business. Knowing how to value shares and entire companies is an essential skill for financial managers. The methods covered include net asset valuations, dividend valuation models, use of price-earnings ratios and cash flow based methods. It also discusses the valuation of unquoted companies and the main value considerations in takeovers.
Study Unit 3 – Risk, Return and Capital Structure
Study unit 3 explores the relationship between these three fundamental inputs to shareholder value creation. The study unit covers Modigliani and Miller’s theories of capital structure and discusses these and other factors that influence the debt level adopted by companies. Dividend theory is examined plus other factors which influence the pattern of dividend payouts. Study unit 3 concludes by exploring the various methods used to determine the risk-weighted cost of capital for a business. Optimising the cost of capital should result in shareholder wealth being increased at the optimum rate.
Study Unit 4 – Managing for Value
This study unit introduces the concept of value-based management, a managerial approach in which the primary purpose is long-run shareholder wealth maximisation. This approach is contrasted with more traditional accounting-based performance measurements. Value-based strategy provides a framework for wealth creation and value metrics provide reliable measures of value to facilitate choice between alternate paths. Shareholder value is commonly an important factor in mergers and acquisitions, so the study unit concludes with an overview of the most important issues in this field.
Study Unit 5 – Sources of Finance
Study unit 5 focuses on the sources of finance including equity capital and corporate debt. The different types of equity capital are discussed along with equity markets, flotations, placings and rights issues and private equity. Corporate debt looks at bank lending, the capital markets, private placements, medium-term notes and commercial paper. The practical aspects of corporate debt are also covered including documentation, bank relationship management and credit ratings. Study unit 5 concludes by looking at other funding solutions such as trade finance, project finance and leasing.
Who should take this qualification?
CertCFF is relevant for those who:
- Are in the early stages of a treasury career or who wish to join a treasury or corporate finance team either in a corporate or financial institution
- Wish to gain an understanding of the wider issues dealt with by corporate financiers and treasurers
- Have responsibility for treasury matters or financial resource allocation 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
- Equip you with technical knowledge of corporate financial management, the capital markets and funding and help you apply this knowledge in your day-today working environment
- Develop essential valuation skills and understanding of different methods, including net asset valuations, dividend valuation models, use of price-earnings ratios and cash flow based methods
- Explore the relationship between risk, return and capital structure and their impact on shareholder value creation
- Examine the main sources of finance including equity capital and corporate debt.
Learning outcomes
You will gain:
- A clear understanding of the essential theories, principles and techniques of corporate financial and funding management
- The core knowledge, technical and practical skills required for a role in treasury or corporate finance
- Insight into how to take decisions which create and maintain value for shareholders.
How will I study?
CertCFF 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 can access the course materials as soon as the course website opens. This is usually approximately one week before the course starts.
Optional suplementary reading
Corporate Financial Management by Glen Arnold. Published by Pearson Education Ltd.
Corporate Financial Management is a thorough and comprehensive introduction to corporate finance, set within a realistic and practical based context. It provides extensive coverage of financial decision making within the organisation and explains the financial markets in a highly accessible manner. The emphasis is on connecting finance theory to practical management.
The core theoretical principles of corporate financial management are explained with rigour and clarity and given a strong real world relevance through the use of Financial Times articles, vignettes and mini case studies.
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
Tuition and revision
Corporate finance and funding considers the longer term and market context within which treasury operates. Corporate finance involves many parties and a clear common language is essential for the various professionals to complete deals successfully. The tuition course integrates theory with the capacity to apply theory in practice. Topics covered include the fundamentals of valuation through net present value, financial information analysis and issues associated with debt and equity markets.
This course is suitable for you if you want to supplement your online learning with classroom-based teaching.
The revision course covers exam preparation techniques, revision, tutor-structured solutions and exam question practice. The objective of the revision course is to revise material covered earlier, to enhance your confidence in attempting exam standard questions in the topics covered. Coverage is not comprehensive, but is designed to complement your final exam preparations and the previous tuition course and/or self study programme.
This course is suitable for you if you have already attended tuition and want some extra revision support. If you haven't attended tuition, to get the most out of this course you should have worked through all of the CertCFF study materials and be in the revision phase of your studies.
You can book onto the optional tuition and revision when you enrol or up to 10 days before the start of the courses.
Dates
Teaching dates for October 2010 exam
CertCFF tuition Course:
Day 1: 05 July 2010
Day 2: 06 July 2010
Day 3: 22 July 2010
Day 4: 23 July 2010
CertCFF revision course:
Day 1: 06 September 2010
Day 2: 07 September 2010
Day 3: 08 September 2010
CertCFF Fast-Track tuition course
Day 1: 22 July 2010
Day 2: 23 July 2010
CertCFF Fast-Track revision course
Day 1: 07 Septmber 2010
Day 2: 08 September 2010
How will I be assessed?
Students are assessed by a three-hour written exam.
Pass mark and pass rates
The mark you need to achieve a pass 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 and Singapore which you can book. 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.
For students sitting exams at venues other than London, Edinburgh and Dublin, an administration fee will be payable directly to your chosen local exam venue.
ACT faculty membership
Once you have completed CertCFF you are eligible to join the Corporate Finance 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 CertCFF 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, CertCFF is exclusive to members of the CF faculty.
Continuing your studies
As well as a standalone qualification, you may also count CertCFF 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.
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.
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