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:
30 September for April examination
31 March for October examination
CertITM 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 CertITM 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
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.
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.
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
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
The tuition days are designed to help consolidate what you have learned during each of the five study units. The focus of each day is on material fundamental to the associated study unit, as well as on explaining and practising key numerical techniques.
This course is suitable for you if you want to supplement your online learning with classroom-based teaching.
Revision
The 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 past MCQ set in the past CertITM exams.
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 CertITM study materials and be in revision phase of your studies.
5-day intensive course
This week long intensive course combines both teaching based on the CertITM course materials and exam standard question practice based on the CertITM question bank. The course will assume that you are broadly familiar with the CertITM materials.
This course is suitable for you if you haven't been to tuition and want to combine both tuition and revision into one week long intensive course.
You can book onto the optional teaching courses when you enrol or up to 10 days before the start of the course.
Dates
Tuition dates for October 2010 exam
Day 1 – 12 or 27 May 2010
Day 2 – 13 or 28 May 2010
Day 3 – 07 or 28 June 2010
Day 4 – 08 or 29 June 2010
Day 5 – 09 or 30 June 2010
5-day intensive course date for October 2010 exam
16-20 August 2010
Revision dates for October 2010 exam
Day 1 – 03 or 06 September 2010
Day 2 – 04 or 07 September 2010
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.
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 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.
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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