Certificate in International Treasury Management (CertITM)

How to enrol

Complete the Enrolment Form by the enrolment deadline and return by post, fax or email a scanned copy of the form to enrolments@treasurers.org

Deadlines to enrol:

15 September for April examination
15 March for October examination

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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 can access the course materials as soon as the course website opens. This is usually approximately one week before the course starts.

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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Is there any face-to-face teaching?

Whilst it is possible to fully complete the course successfully using just the online learning programme, teaching courses are available for those wanting the option of face-to-face teaching. These are currently provided in the UK, Dubai and South Africa.

Tuition

The 5 day tuition course is designed to assist your distance learning. The focus of each day is on the understanding and practice of material fundamental to the associated study unit, particularly key numerical techniques. Whilst tuition is delivered in a classroom style environment, this is interspersed with practical exercises to ensure that your learning remains active. The formal teaching day ends between 4.15 and 4.45, but is followed by a period where the tutor is available to individual students to answer their specific questions, or to explain problematic areas.

This course is suitable to students who wish to supplement online learning with classroom-based teaching.

Revision

The two day revision course is designed to maximise your chances of passing your CertITM exam. As a multiple choice question (MCQ) based exam, your exam technique will vary from a written exam. The emphasis will be on clarifying what changes you need to make to your exam technique, and how you should approach your revision. Classes will consist of a combination of working, reviewing and expanding upon MCQs set in past CertITM exams.

This course assumes students have either attended CertITM tuition or have worked diligently through the CertITM tuition materials, and are broadly familiar with the CertITM learning materials.

5-day intensive revision course

This 5 day intensive revision course is an extended version of the 2 day revision course. It is focused on exam standard question practice based on the CertITM question bank, but because of the additional time available allows for supplementary tuition, as required, in more complex or demanding area. The course is not designed to be a replacement for tuition.

This course is suitable for students who have attended the CertITM tuition course but feel they are in need of additional support to supplement their revision or students who were unable to attend tuition, but are very familiar with the ACT learning materials. This course can only be taken as a full 5 day course.

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

Dates

• Teaching schedule for April 2013 exams

• Meet the tutors

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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.

• See historic exam pass rates
• Download past exam paper

Exam venues

Once you enrol, we write to you 10 weeks before your exam asking you to select your exam venue. Students are automatically entered to sit the exam in London. If this is where you intend to sit, no further communication with us will be necessary.

We have Pre booked venues in:

• Edinburgh
• Dublin
• Hong Kong
• Singapore
• Dubai
• Lusaka, Zambia
• Qatar

Other overseas venues - If you cannot take your exams at one of the above venues and you live outside of the UK mainland, you can request to take your exams at a venue local to you. It will be 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.

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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.

• visit the FAQs (a new browser window will open)

Alternatively you can go straight to your area of interest:

• Studying for the AMCT Diploma or a Certificate
• Elearning site and study material
• Teaching days
• Exam venues
• Exam dates, format & pass rates
• Fees & payment details

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