The Certificate in Financial Fundamentals for Business (CertFin) provides a framework of core knowledge in financial and management accountancy, economics and statistical analysis, corporate taxation and business law. It establishes the underlying financial understanding that underpins corporate treasury.
Exemptions from AMCT stage one are available for qualified and part qualified accountants from IFAC member bodies and those individuals with previous relevant qualifications.
How to enrol
To enrol on CertFin 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
CertFin is recognised as an individual certificate but also counts as stage one of the AMCT Diploma in Treasury - the ACT's core treasury qualification which leads to associate membership.
To enrol on CertFin as part of AMCT please complete the AMCT enrolment & booking form
To enrol on CertFin as an individual certificate please use the certificate enrolment & booking form
Exemptions
Exemptions from CertFin at AMCT stage one is available for qualified and part qualified accountants and those individuals with previous relevant qualifications.
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 CertFin course content is provided below. For a detailed outline download the full syllabus
Module 1 – Financial and Management Accounting (100 study hours)
External and internal users require information about the financial performance and position of businesses. Treasurers need to understand the principles on which financial statements are produced, the basic content of these statements and the accounting requirements relating to their area of operation. This module covers the framework of company reporting, the primary financial statements produced by a company, group accounting requirements and accounting standards relevant to treasury. It also covers the internal use of financial information for planning budgeting and control.
Module 2 – Economics and Statistical Analysis (30 study hours)
Economics and statistical analysis provides the basic theoretical framework for analysis of commercial activity. Economics is the social science that seeks to understand the interaction between people and the production, distribution, and consumption of goods and services. The study of economics provides a platform for understanding business and a reference framework for business systems and techniques. Economics has been combined with statistical analysis in this module. The focus is on statistics relevant to business. When analysing data in support of a conclusion or a decision, statistical techniques can be useful and will often provide a quick and effective solution that might otherwise have involved considerable time and effort.
Module 3 – Corporate Taxation (35 study hours)
All countries around the world need to raise finance to fund their expenditure requirements. This module will explore the various ways in which countries raise finance from companies through taxation with particular emphasis on the UK's taxation regime but with reference to other major countries such as the US. It is important to appreciate how different taxes are collected in different countries and how the tax authorities assess such taxes where tax returns are filed or when action is required to collect tax from companies who fail to comply with the taxation rules.
Module 4 – Business Law (35 study hours)
This module examines legal issues as they relate to business and will provide you with an understanding of potential legal implications of the transactions you enter into during your working day. The module includes an introduction to the law of contract, legal considerations affecting various business ownership structures and corporate insolvency rules in the UK, the EU and the US.
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Who should take this qualification?
CertFin is relevant to anyone who needs a basic understanding of the financial principles and techniques underpinning corporate treasury and corporate financial management. It provides a framework for understanding and analysing commercial activity and insight into the key areas of corporate taxation and law as applicable to corporate treasury and business transactions.
As stage one of AMCT Diploma in Treasury it provides the financial foundation on which to build your knowledge of treasury, risk and corporate financial management at stages two and three of AMCT.
In particular it is aimed at those who:
- Have little or no previous financial qualifications or experience
- Are in the early stages of their career or 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 customer
Learning outcomes
Following completion of the course you will be able to:
- Understand the principles of financial statements, company reporting and accounting requirements relevant to treasury
- Apply a basic theoretical framework for analysis of commercial activity and employ statistical techniques relevant to business
- Appreciate how different taxes are collected in different countries and how the tax authorities assess such taxes
- Understand the potential legal implications and background to the transactions you enter into during your working day
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How will I study?
CertFin 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.
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Is there any face-to-face teaching?
Whilst it is possible to fully complete the the course successfully using just the online learning programme, tuition and revision days are available for those wanting the option of face-to-face teaching. These are currently provided in the UK.
Tuition
Tuition has been tailored to cover the key areas of each module, reinforcing and improving knowledge. Tuition days complement your home study; each day is intensive, covering a number of topics in detail with worked examples and tutorial sessions. Tuition for modules 2-4 also covers exam preparation technique. Tuition options are available as follows:
- Module 1 - Financial and Management Accounting (FMA): 3 days
- Module 2 - Economics and Statistical Analysis (ESA): 1 day
- Module 3 - Corporate Taxation (CT): 1 day
- Module 4 - Business Law (BL): 1 day
Tuition is suitable for you if you want to supplement your online learning with classroom-based teaching.
Revision
A two-day revision course is provided for Module 1 - Financial and Management Accounting. The revision course covers exam preparation techniques, revision, tutor structured solutions and exam question practice.
Revision 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 Module 1 study materials and be in the revision phase of your studies.
Dedicated revision days are not provided for Modules 2-4. Exam preparation techniques and review of past exam papers will be covered during the tuition day.
You can book onto the optional teaching courses when you enrol or up to 10 days before the start of the course.
Dates
Tuition and revision dates for October 2012 exam
Tuition course (5 days)
Module 1 - FMA: June 19 - 21
Module 3 - CT: July 19
Module 4 - BL: July 18
Module 2 - ESA: July 20
Revision course (2 days)
Module 1 - FMA: August 30 - 31
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How will I be assessed?
CertFin is assessed by four written examinations held over one day:
- Module 1 - Financial and Management Accounting (FMA): 2 hours
- Module 2 - Economics and Statistical Analysis (ESA): 1 hour
- Module 3 - Corporate Taxation (CT): 1 hour
- Module 4 - Business Law (BL): 1 hour
Pass mark and pass rates
The mark you need to achieve a pass is 50%.
Download sample exam paper – FMA module
Download sample exam paper – ESA module
Download sample exam paper – CT module
Download sample exam paper – BL module
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, and Johannesburg 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 and Johannesburg. 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 CertFin you are eligible to join the ACT faulty 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 CertFin 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, CertFin is exclusive to faculty members.
Continuing your studies
As well as being recognised as an individual qualification, gaining CertFin means you have completed stage one of 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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