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									     Certificate in International
     Treasury Management
     A certified qualification in the fundamentals of treasury,
     risk and corporate finance

• A new global standard in treasury, risk and corporate finance from the ACT
• Essential for anyone who needs a core understanding of treasury in either a
  corporate or financial institution

• Combines knowledge and technical skills with practical application
• Accessible worldwide through an online study programme and tutor support
• Endorsed by leading international treasury associations
For further information visit:
Certificate in International
Treasury Management
A certified qualification in the fundamentals of treasury,
risk and corporate finance

The Certificate in International Treasury Management (CertITM) is a new professional
qualification in treasury, risk and corporate finance from the Association of Corporate
Treasurers (ACT). It delivers core knowledge, technical and practical skills and is the only
qualification to provide a fundamental understanding of all aspects of corporate
financial management from an international perspective.

    Aims of the course                                            Study tools
    • To equip candidates with a practical knowledge of the       The CertITM course offers a flexible approach to learning
      fundamentals of international treasury management           through an online study programme comprising:
      and help them apply this knowledge in their day-to-
                                                                  • Learning resources
      day working environment.
                                                                  A searchable resource database that includes technical
    • To provide an international focus that will meet the        content, practical exercises, self tests and further reading
      needs of finance professionals working in today’s           materials.
      multinational business environment.
                                                                  • Study guide
    • To make the course programme and tutor support
                                                                  A step-by-step guide that directs candidates through the
      accessible to candidates wherever and whenever they
                                                                  course and the activities to be completed. Provides guidance
      choose to study.
                                                                  on how to get the most from the different learning resources.
                                                                  • Online communications facility
    Course overview
                                                                  Each study group has the support of a tutor to answer
    CertITM is a six-month course of 150 study hours. It is       questions, solve problems and offer advice through the
    assessed by a comprehensive multiple choice                   online communications facility. Enables regular contact and
    examination and comprises five study units:                   discussion with both the course tutor and other candidates.
    • Money Management
    • Risk Management                                             Benefits
    • Corporate Financial Management                              Candidates will gain:
    • Capital Markets and Funding                                 • A clearer understanding of the essential principles and
    • Treasury Operations, Controls and Systems                     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
     Enrolment deadlines:                                           provider of international treasury education.
     31 March for October examination                             • Eligibility to become an Affiliate of the Association of
     30 September for April examination                             Corporate Treasurers.

Syllabus                                                                                              About the
Study Unit 1: Money Management
Section 1: The Financial Banking System
                                                     Study Unit 3: Corporate Financial
      Monetary Policy
                                                     Section 1: Financial Accounting and
                                                                                                      of Corporate
1.3   Central Banks
1.4   History and the International Monetary
                                                           Introduction to Financial Statements
                                                           Financial Ratio Analysis                   Treasurers
                                                     1.3   IFRS and the Treasurer
Section 2: Cash and Liquidity Management             1.4   International Tax Issues
2.1 Cash Management                                  Section 2: Shareholder Value, Efficient          The Association of Corporate
2.2 Cash Forecasting                                 Markets and Portfolio Theory                     Treasurers (ACT) is the international
2.3 Forms and Uses of Cash Flow Statements           2.1 Shareholder Value Management
                                                                                                      body for finance professionals
Section 3: The Time Value of Money and               2.2 Efficient Capital Markets
                                                                                                      working in treasury, risk and corporate
Interest Rates                                       Section 3: Return Required by Investors and
3.1 Time Value of Money                                                                               finance. It is also the world’s leading
                                                     Implications for Capital Structure
3.2 Interest Rates                                   3.1 Risk, Return and Cost of Capital             examining body for treasury,
3.3 The Yield Curve                                  3.2 Capital Structure                            providing benchmark qualifications
Section 4: Investing and Borrowing                   3.3 Dividend Policy                              and continuing development through
Instruments                                          Section 4: Investment Decision Making            training, conferences and publications
4.1 Introduction to Money Markets                    4.1 Investment Appraisal and Capital Budgeting   – including The Treasurer magazine.
4.2 Bank Borrowing and Deposits                      4.2 Business Valuation
4.3 Other Investment and Borrowing                   4.3 Mergers, Acquisition and Divestments         For further information visit
4.4 Borrowing and Investing Principles               Study Unit 4: Capital Markets and
Section 5: Foreign Currency                          Funding
5.1   Foreign Exchange Markets                                                                        Education Programme
                                                     Section 1: Equity
5.2   Forward and Short-dated Swap Markets
                                                     1.1 Equity Capital                               Structure
5.3   Linking Spot Forward and Future Spot Rates
                                                     1.2 Equity Issuance and Private Equity
5.4   Accounting for Foreign Currency Transactions                                                    CertITM is one of several Certificate
                                                     Section 2: Debt Instruments                      Papers that can be taken as
Section 6: Managing Money in Practice                2.1 Introduction to Debt
6.1   Money Management Tools and Techniques                                                           independent qualifications but can
                                                     2.2 Debt Capital Markets
6.2   Netting                                                                                         also count towards the Diploma in
                                                     2.3 Bank Lending
6.3   Pooling                                                                                         Treasury and the highly respected
6.4   Overlay Structures                             Section 3: Practical Aspects of Debt
                                                     Management                                       designatory letters AMCT.
6.5   Regulatory, Tax and Legal Issues
                                                     3.1 Loan Documentation                           For further information visit
Study Unit 2: Risk Management                        3.2 Credit Ratings
Section 1: Risk                                      Section 4: Other Financing Arrangements
1.1   What is Risk?                                  4.1   Project Finance
1.2   Types of Risk                                  4.2   Leasing                                    CertITM Affiliates
1.3   Treasury’s Role in Risk Management             4.3   Intercompany Funding
                                                                                                      On passing CertITM you are eligible
1.4   A Framework to Manage Risk                     4.4   Islamic Finance
                                                                                                      to become a CertITM Affiliate of the
Section 2: Risk Identification, Assessment           Study Unit 5: Treasury Operations,               ACT either independently or to
and Evaluation
2.1 Risk Identification                              Controls and Systems                             complement membership of any
2.2 Risk Assessment                                  Section 1: Treasury Organisation and             international treasury association.
2.3 Risk Evaluation                                  Operations                                       This provides a number of benefits
                                                     1.1   The Treasury Function                      including a dedicated CertITM
Section 3: Managing Risk
                                                     1.2   Treasury Structure
3.1 Hedging                                                                                           Affiliate Directory and subscription to
                                                     1.3   Outsourcing Treasury
3.2 Fixing Instruments                                                                                The Treasurer magazine.
                                                     1.4   Treasury Organisation
3.3 Options
Section 4: Risk Management Instruments               Section 2: Treasury Systems                      For further information visit:
                                                     2.1   Role of Technology               
4.1   Foreign Exchange Risk Instruments
                                                     2.2   Treasury Systems Framework
4.2   Interest Rate Risk Instruments – Short Term
                                                     2.3   Systems Selection Process
4.3   Interest Rate Risk Instruments – Longer Term
                                                     2.4   Security and Disaster Planning
4.4   Cross-Currency Interest Rate Swaps
                                                     2.5   Issues, Trends and Innovations
Section 5: Risk Reporting
5.1 Management Reporting
                                                     Section 3: Treasury Policy and Objectives
                                                     3.1 Policy Framework
5.2 Reporting Financial Instruments
                                                     3.2 Treasury Process
5.3 Hedge Accounting
                                                     3.3 Performance Measurement
Section 6: Other Financial Risks
6.1   Commodity Risk
                                                     Section 4: Treasury Controls and Corporate
6.2   Credit Risk
                                                     4.1   Corporate Governance
6.3   Pension Risk
                                                     4.2   Operational Risk and Control
6.4   Other Risks
                                                     4.3   Treasury Reporting
                                                     4.4   ACT Ethical Code
Certificate in International Treasury Management (CertITM)
Enrolment Form
Yes I would like to enrol on the Certificate in International Treasury Management Qualification
      October examination (enrolment deadline 31 March)
      April examination (enrolment deadline 30 September)
Course Fees: £950.00 + £166.25 VAT = £1116.25

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     Please complete this form and return to the ACT:
     Fax to: +44 (0)20 7374 8744
     Post to: The Education Department, ACT, 51 Moorgate, London EC2R 6BH, UK
     For further information please call: +44 (0)20 7847 2540

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