How can I enrol?
To enrol on CertITM-PF 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-PF 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-PF 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 the financial markets and cash management activities.
Study Unit 2 - Capital Markets and Funding
Study unit 2 examines core concepts of equity and debt and their associated public and private markets plus legal, regulatory and documentary issues and practical aspects of debt management.
Study Unit 3 - Corporate Financial Management
Study unit 3 provides an introduction to financial accounting and reporting as it
impacts on treasury management, investment decision making and capital structures.
Study Unit 4 - Risk Management
This study unit explains the relationship between risk and business strategy, and the role of treasury, the development of policy and the key instruments used in financial risk management.
Study Unit 5 - Treasury Operations and Controls
This study unit examines the treasury function, systems and operation in the context of the organisation and how policy, objectives and controls are established to manage treasury activity efficiently and securely.
Who should take this qualification?
CertITM-PF is relevant for UK-based staff who need a core understanding of treasury in the UK public services. It is aimed at those managing funds in the public services and working within the treasury management area of their organisation or where there is a need to understand the wider issues within treasury management. In particular, it is relevant for those who:
- Work in treasury management in the public services
- Need to understand the wider issues of treasury management
- Have responsibility for treasury matters as part of a wider overall role
- Are considering a career in treasury management either domestically or internationally
- Deal with treasury matters as part of an advisory or consultancy role.
Course objectives
- To provide practical understanding of the core elements of international treasury management for the public services and help you apply this knowledge in your day-to-day working environment
- To offer 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 that is accessible wherever and whenever you choose to study.
Learning outcomes
Treasury management in the corporate world is driven from the perspective that the purpose of a firm is to increase shareholder value. However, this motivation, to increase shareholder wealth, is more than a simple profitability test. It is about the adequacy of profitability and about the risk surrounding that profitability.
Whilst public bodies do not have the same concept of shareholder value and do not consider profitability in the same way, they do have a public duty to ensure the most effective use of public funds. Common principles, such as those seen in the analysis of security, liquidity and yield of an investment, show that there is a lot to be gained from the corporate perspective.
The CertITM-PF course covers the main areas of corporate treasury and whilst some of the topics may not appear directly relevant to those who work within public finance treasury, a knowledge of them will help you put the public finance aspects of the course into context , allow you to see the contrast between the two sectors and enhance your understanding of treasury in the public finance world.
Through this course 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 management
- A certified professional qualification from the leading provider of international treasury education and the leading professional accountancy body specialising in the public services.
- Eligibility to become a member of the ACT’s ITM faculty which offers a continuous professional development resource and networking opportunities for holders of CertITM and CertITM-PF
- Eligibility to become an Affiliate Member of CIPFA and use the designatory letters CIPFA (Affil).
How will I study?
CertITM-PF 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 will only be able to access course materials once the website opens which is approximately one week before the course start date.
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
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.
The tuition 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.
The revision 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.
You can book onto the optional teaching courses when you enrol or up to 10 days before the start of the course.
Dates
Tuition course
Day 1: 10 June 2010
Day 2: 11 June 2010
Day 3: 14 July 2010
Day 4: 15 July 2010
Day 5: 16 July 2010
Revision course
Day 1: 09 September 2010
Day 2: 10 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-PF 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-PF. The mark you need to achieve a pass in all other papers 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 CertITM-PF 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-PF 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-PF is exclusive to members of the ITM faculty.
CIPFA affiliate membership
Successful completion of the CertITM-PF also means you are eligible to become an Affiliate member of CIPFA allowing you to use the designatory letters CIPFA (Affil).
CIPFA membership provides you with the networks and resources to keep up to date with all the latest finance developments within the public services. These are highlighted in CIPFA’s weekly Public Finance magazine which you will receive free of charge.
Continuing your studies
As well as a standalone qualification, you may also count CertITM-PF 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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