Certificate in International Cash Management (CertICM)

Course overview

The Certificate in International Cash Management (CertICM) provides a thorough understanding of international cash management operations and optimising cash flow efficiency. Developed and delivered by experts in the field, it reflects the broad range of subjects covered in global cash management and is designed for those working in both banks and corporates.

CertICM counts towards the AMCT Diploma in Treasury as one of the Stage 3 electives as well as being available as a standalone certificate.

Current ACT student? Please visit the Student Area

*Fees for these courses may be subject to change

Course objectives

• Delivers core understanding of international cash management from both a corporate and banking perspective
• Provides a practical toolkit for international cash management, including the use of instruments and strategies for optimising cash management efficiency
• Helps you to work through solutions to typical cash management problems, exchange ideas and practically apply the theory in the manuals.

Who should take this qualification?

• Bankers who want to understand and advise their clients on cash management issues
• Cash managers working in larger corporations
• Anyone with responsibility for cash management outside of their own country
• Treasury professionals who wish to broaden their international cash management knowledge
• Accountants and regulators who need to know how international cash management works.

Learning outcomes

Following completion of the course you will be able to:

• Understand international cash management from both a corporate and banking perspective
• Appreciate the wider relevance of cash management to corporate treasury and international banking
• Understand global money transmission techniques and the details of major clearing systems
• Add real value when organising and negotiating international cash management arrangements
• Have acquired a suitable toolkit for practical international cash management.

Course content

The Certificate in International Cash Management explores the instruments, infrastructure and techniques of managing cash from the basics of payments and collections to foreign exchange swaps and outrights. It explains the links with working capital management together with the effects of legal, tax, technology and regulatory issues on cash management and banking relationships.

Section 1: Reviewing the basics

Introduction to cash management
Important cash management concepts
Introduction to the company
Introduction to working capital management
Introduction to banking
Basic banking services
International payment vehicles
Settlement and clearing systems

Section 2: Cash management fundamentals

International banking infrastructure
Spotlight on international systems
Foreign currency accounts
Treasury technology
Liquidity management: Forecasting
Short-term investment
Short-term borrowing

Section 3: International cash management tools and techniques

Cross-border liquidity management: Netting techniques
Cross-border liquidity management: Pooling and cash concentration
Cross-border liquidity management: Tax and regulatory implications
Foreign exchange and risk management
Treasury organisation
Bank relationship management
Efficient account structures

Section 4: Cash management case studies

Managing cash at the local level:
Case Study 1: UK vignettes
Case Study 2: Japan

Managing cash in an important but challenging environment:
Case Study 3: China

Managing cash across a region:
Case Study 4: Scandinavia and Western Europe
Case Study 5: European cross-currency, cross-border pooling
Case Study 6: Southeast Asia

Managing cash on a global basis:
Case Study 7: BP’s Virtual Treasury project

Country-specific information:
Selected country profiles
Tax and regulatory summary for selected major countries and regions
Additional sources

Study tools

• A comprehensive course manual
• Integrated five day tuition programme
• e-learning website providing access to the course manual, progress tests, past exam papers, glossary and course tutors

What’s included: Course manual (print and online), access to the e-learning website, tuition.

You will need: Access to a computer with internet connection

Entry requirements

Due to the course being written and examined in English, students will need to possess a good standard of both written and spoken English as well as an understanding of mathematical principles. An exposure to cash management is advantageous, but is not essential.

Tuition and revision

The compulsory five day tuition school is an integral part of the CertICM course. Taught by leading international cash management tutors, it incorporates case studies led by cash management practitioners and enables students to actively participate in finding solutions to typical cash management problems. There is a mock examination during the tuition school therefore it is important that all students are familiar with the manual by the time they attend.

Tuition schools take place in:

• India
• Hong Kong
• Shanghai
• United Kingdom
• United States

• Meet the tutors

Assessment and examination

Students are assessed by a three-hour written 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.

How can I enrol?

To enrol on CertICM as a standalone 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 81K)

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

Student case studies

Nick Howden, CertICM, Sales and Relationship Manager, JPMorgan, UK

I manage a large portfolio of US Multinational Corporate clients with subsidiaries around the EMEA region, providing cash management advice to corporate treasurers, CFOs, shared service centres and in-country finance managers. I decided to take the Certificate in International Cash Management because it provided the global foundation that I needed to support my client base. At the time I was based in Singapore and covering Asian subsidiaries of US MNCs and the course enabled me to gain a truly international perspective covering the three dominant cash management regions – Asia, Europe and the United States. CertICM differentiates itself from the competition through providing global cash management knowledge that corporate treasurers need and their banking partners are expected to provide.

Through completing CertICM I gained valuable confidence in discussing a client’s theoretical and practical cash management requirements in detail. By providing innovative solutions and demonstrating sound cash management knowledge, a banker can build a corporate client’s trust and further develop key relationships. As technology and regulatory environments change (e.g. SEPA and the emerging markets) so must a corporate treasurer’s global understanding of the environment develop and it is important for them to turn to banking advisers who can help them maximise their international opportunities, which can range from tax incentives and liberalisation of FX controls to enhanced yield on surplus short-term cash balances. CertICM gives both corporate treasurers and banking service providers the knowledge to understand the bigger picture, more confidently understand the future trends in cash management, and develop truly global and scalable cash management solutions to enhance the balance sheets of both parties.

From a banking perspective, it enables proactive dialogue with the senior management of corporate clients to understand the benefits of innovative treasury structures and how to develop solutions to meet those requirements. Understanding how global clearing systems, FX, tax and regulations, liquidity management, netting, and corporate treasury structures operate, and the positive and negative aspects of each, adds significant value to both the bank that you work for and the client that you can now confidently advise.

I found the week long residential course particularly helpful in distilling the course book into key points and reinforcing the theory in a practical way. The ongoing access to the website, past exams, and reference texts enables participants to keep refreshed and at the forefront of the competition.

Without a doubt completing CertICM has given me a better understanding of my corporate clients’ needs. By understanding the balance sheet implications of varying potential solutions, products and services, I can provide sound advice and grow relationships to mutual gain. After several years in this role it is evident to me that good relationships lead to enhanced opportunities and strong revenues on both sides of the partnership.

Attila Hardi, CertICM, Manager, Project and Consultancy, BMW Group Financial Services, Japan

I identified CertICM as a programme that would provide me with an international perspective of treasury management, while developing in-depth knowledge of international cash management best practice and the latest cash management technology. This followed BMW’s decision to centralise their treasury activities for Asia, setting up a Treasury Centre in Singapore. CertICM seemed a good fit considering the cross-cultural implications and the heavily autonomous structure already in place across the region.

The qualification has undoubtedly helped in my professional development. As a project manager, I lead major finance related projects including system development and new service implementation. Recent projects include a Central Collection System consolidating our payment processes across the region. CertICM has enabled me to approach projects with a new perspective, for example, on the central collection project it enabled me to analyse and develop effective cash flow structures to best suit the need at BMW.

The course is very well structured and develops a complete understanding of cash management techniques and the international cash management environment. The programme confirmed my knowledge in the areas where I was up to date and gave me new skills where there was room for improvement. The international perspective of the course has broadened my outlook and provided me with new financial initiatives which I have used to develop BMW Group Financial Services.

The tuition school brings the whole course together and is a great opportunity to share perspectives with peers from both the corporate and banking world. From a corporate point of view I found it useful to exchange knowledge with other corporate professionals. However, discussing the possible implications with the bankers and understanding how they approached issues was invaluable. Additionally, the guest speaker presentations gave us relevant and topical illustrations of the issues that we had covered during the seminar sessions, with the opportunity to ask them specific questions.

I would recommend this course to anyone with an interest in international cash and treasury management. It provides a fantastic foundation in these areas, while giving extensive knowledge of cash management best practice. While the qualification is highly regarded at BMW – the company has since enrolled further members of staff – the real benefit to my work and my career comes from the knowledge that I gained during the course.

CertICM has worldwide recognition and is increasingly viewed as a prerequisite for applicants considering a position in Treasury and Finance.

Continuing your studies

Once you complete your Certificate in International Cash Management, you are eligible to join the CertICM affiliates scheme – an exclusive network of cash management practitioners and to use the designatory letters CertICM. As well as a standalone qualification, you may also count CertICM as one of the seven papers that comprise the AMCT Diploma in Treasury – the ACT’s core treasury qualification.