Certificate in International Treasury Management (CertITM)

Course overview

The ACT Certificate in International Treasury Management (CertITM) provides a fundamental understanding of the core elements of treasury. Combining technical skills with practical application, it provides insight into the principles and techniques of treasury, risk and corporate financial management. Its international focus will meet the needs of finance professionals working in today's multinational business environment.

CertITM counts towards the AMCT Diploma in Treasury as the stage two compulsory paper, as well as being available as a standalone certificate.

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*Fees for these courses may be subject to change

Student subscriptions

From 1 May 2009 all new 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.

How can I enrol?

To enrol on CertITM as a standalone ACT certificate please complete and return the enrolment & booking form to the ACT by the enrolment deadlines:

30 September for April examination
31 March for October examination

• Download enrolment & booking form (PDF 128K)

To enrol on CertITM as part of the AMCT Diploma in Treasury please go to the AMCT page.

Course objectives

• 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
• Provide an international focus that will meet the needs of finance professionals working in today's multinational business environment
• Deliver a flexible learning programme and tutor support to students wherever and whenever they choose to study.

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.

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.

Course content

Study Unit 1 - Cash and Liquidity Management

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.

Study Unit 2 - Capital Markets and Funding

Study unit 2 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 3 - Corporate Financial Management

Study unit 3 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 before examining dividend policy and the payoff between risk and return for investors. It concludes with the concepts of shareholder value in the context of the wider market.

Study Unit 4 - Risk Management

This study unit introduces the concept of risk, what is meant by risk management, the types of risks faced by the organsiation, 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, it then considers the role of treasury in financial risk management. It discusses hedging and 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.

Study Unit 5 - Treasury Operations and Controls

This study unit describes the treasury function and organisation in the context of the organisation. It looks at how treasury departments are set up to deliver against their objectives. It examines how systems are used to assist in managing or performing tasks and processes. It discusses how policy, objectives and controls are established within the context of the organisation and of wider corporate governance requirements, so that treasury is able to manage significant risks and cash flows safely and securely.

How will I study?

CertITM is a distance learning programme combining self study with optional face-to-face tuition. The course offers a flexible approach to learning through an online study programme comprising:

• Learning resources - the searchable resource database includes technical content, practical exercises, self tests and further reading materials
• Study guide - the step-by-step guide directs students through the course and the activities to be completed. It provides guidance on how to get the most from the different learning resources
• Tutor guided forum - each study group has the support of a tutor to answer questions, solve problems and offer advice through the online forum. This enables regular contact and discussion with both the course tutor and other students.

What’s included: Access to the e-learning website, learning resources, study guide and forum

You will need: Access to a computer with internet connection

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

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.

Tuition and revision

A five day optional tuition course covers core course topics, one day per unit. Tuition has been tailored to cover the key areas of the course, reinforcing and improving knowledge. Tuition days complement your home study; each day is intensive, covering a number of topics in detail with lecturers, worked examples, and tutorial sessions.

You can book onto the optional tuition course when you enrol or up to 10 days before the start of the course.

• Meet the tutors

Assessment and examination

Students are assessed by a three hour paper-based multiple choice exam.

The mark you need to achieve a pass in all papers apart from CertITM is normally 50%. For CertITM the mark you need to achieve a pass is normally 70%. This higher mark is accounted for by the fact that in a multiple choice examination, marks may be gained by guessing the correct answer.

ITM Faculty

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 to 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.