The Award in International Cash Management (AwardICM) seeks to help students understand the role played by treasury in international businesses in managing cash and liquidity. It develops knowledge in a range of tools, techniques and products of relevance to those working in treasury.  It is also of relevance to people working for Financial Institutions (FIs) providing them with better insight into their clients’ international cash management needs and how banking products and services can be better targeted at meeting these needs. 

The qualification provides a useful introduction to both treasury and international cash management.  It also provides practical insight into different techniques used in international cash management.  Finally, it outlines key elements of financial and risk management of relevance to international cash management.


Perfect for you if you:

  • are looking to take the first step in developing the essential skills and knowledge required for a career in cash and liquidity management, 
  • have recently moved into a cash management role (or would like to), either within corporate treasury or as part of a general finance remit, and would like to gain an understanding of international cash management
  • are a banker or a consultant who needs to understand the key elements of  international cash management from the perspective of the corporate in order to advise clients more effectively


Three online units

3-6 months study time 

(150 study hours)


One online exam

90 minute multiple choice exam


You are a Student member of the ACT while you study and once qualified, you are eligible to become an eAffiliate member.


The Award in International Cash Management is made up of the three units below. Once you have completed this award, you can then progress on to the Certificate in International Cash Management qualification. 

Unit 1: Introduction to international cash management 

This unit is intended to provide an overview of both treasury and international cash management.  It sets out the key roles and responsibilities within treasury and the typical benefits that effective treasury management can deliver for the organisation.  It also sets the context within which organisations operate and the impact that internal and external factors can have on international cash management decisions and activities.   

Secondly, the unit explores the role of banks and banking services in international cash management. Different types of financial and other organisations are examined and their role in supporting treasury in optimising international cash management.  The use of relevant banking services is crucial in international cash management.  Key services are explored and their fees considered.  The unit also considers the impact of technology on solutions provided by banks and other third-party organisations.

At the end of this unit you should be able to: 

1.  Define terms of relevance to treasury and international cash management.

2.  Explain internal and external factors and their impact on treasury and international cash management action and decisions.

3.  Explain the role of banks and other organisations in international cash management.

4.  Explain different regional products and services available from banks and other organisations to support international cash management.


Unit 2: The business of managing cash

This unit focuses on the practicalities of managing cash.  The first part explores the key issues of payables and receivables management and their importance.  The effective management of these is crucial in international cash management.  Different methods of making and receiving payments are examined as is the critical importance of understanding the cash conversion cycle.

Secondly, the unit considers the importance of maximising value from international cash management.  It explores the importance of liquidity and working capital management and techniques in cash flow forecasting.  It also examines the key elements of bank balance identification and availability.  It also considers the important areas of maximising interest earned, minimising interest costs and understanding transaction costs.  All key contributory factors in highly effective international cash management. 

At the end of this unit you should be able to:

5.  Explain different methods of making payments in international cash management and the importance of payables management.

6.  Explain different methods of receiving payments in international cash management and the importance of receivables management.

7.  Describe techniques used to provide visibility of the organisation’s current and future available cash positions.

8.  Describe methods of optimising interest (both earned and received) on surplus cash and borrowing positions, recognising and minimising transaction costs.


Unit 3: The business of reporting on international cash management 

This final unit focuses on financial elements, risk management, reporting, governance, culture and ethics in the context of international cash management.  The first part is focused specifically on finance and explores key internal and external (published) financial documentation of relevance in international cash management.  It includes consideration of the main financial ratios (liquidity, efficiency, leverage and profitability) in international cash management.  An ability to calculate and interpret these is vital.

Secondly, the unit addresses risk management.  Different types of risks and how they can be managed are explored.  This includes internal techniques for managing risk and products available from third parties that can be used for risk mitigation.  The unit also addresses important issues relating to reporting, monitoring and control in international cash management.  It considers the role of governance and the increasingly important area of ethics and culture in international cash management decision-making.

At the end of this unit you should be able to:

9.  Discuss key internal and external (published) financial statements and their use in treasury and international cash management.

10.  Calculate relevant financial ratios of use in treasury and international cash management.

11.  Explain risk management in the context of international cash management.

12.  Explain the importance of ethics, culture, reporting and governance in international cash management.


There are no entry requirements for this award.

Our qualifications pathway is designed to support you at every level of your career. There are however a number of ways for you to get recognition for what you have already learnt and achieved through your previous studies of either professional qualifications or at university. This may result in exemptions ranging from one study unit to the whole qualification.

Qualified accountant

If you are CIMA, ICAS or ICAEW qualified, you are exempt from the Award in International Cash Management.

You are eligible to fast track onto the Certificate in International Cash Management. 

Take a look at the accountancy exemptions information to see which exemptions apply to you.

If these accounting exemptions apply to you, you will be able to buy your exemption from the Award in International Cash Management  at the same time as you buy your Certificate in International Cash Management qualification.



The ACT Educational Trust is a charity that promotes the treasury profession through education and support. The Trust offers bursaries to assist students from developing countries who are unable to fund or gain sponsorship for their studies, to study for an ACT qualification. If you are a national and resident of one of the countries listed here, and are unable to gain sponsorship for your studies from your employer, you can apply for a bursary for the Award in International Cash Management. The bursary covers the course fee, student membership fee and assessment fee.

The next bursary application deadline is 24 October 2020

Find out more and apply


This qualification is delivered online through the ACT Learning Academy study site. As it is accessible online, you can start your studies at any time.

You will be able to book your exam at a time convenient to you as we now offer on demand exams. This means that you can book your exam when you feel ready.

The qualification is 150 study hours, and we estimate you should be able to complete the course in three to six months alongside your full-time work. 

Learning licence

When you buy your learning materials you will have access to them for 12 months upon booking.

You can complete the learning for all the units in three to six months (150 study hours in total), so the 12-month learning licence gives you plenty of time to choose when you want to sit your assessment.

Learning materials

Online learning materials include:

  • Study guides take you through the learning step-by-step
  • Study guides can also be downloaded, if you prefer to learn offline
  • Practice progress tests after each unit
  • Practice exams
  • Recorded webinars
  • Revision webinars

Learning support

Online learning support includes:

  • Student discussion forum
  • Online tutor support forum
  • Access to study techniques and tips
  • Access to additional resources


If you'd like to see a free sample of the study materials for the Award in International Cash Management so that you can try before you buy, express your interest by filling in the form from the link below.

Register your interest


Whilst you are studying it’s up to you to decide when you are ready to opt in and take your assessment. You can take your assessments from anywhere in the world, wherever you have a reliable internet connection.

The assessment is one online exam and is now available on demand.


90-minute exam

75 Multiple choice questions


You can view all the detailed assessment information here:


Find out more


When booking onto the Award in International Cash Management you will need to become a student member of the ACT.  Your student membership is valid for the duration of your 12 month learning licence, or until you pass the qualification, whichever is soonest.

This gives you access to lots of great things: 

  • booking your assessment
  • subscription to The Treasurer magazine
  • careers resources
  • events, regional groups and webinars
  • policy and technical updates
  • mentoring service

Remember to take advantage of these benefits - they really help make your introduction into treasury a fuller experience and will ensure you make valuable contacts which can impact your career, especially if you’re just starting out! When you have successfully completed the award, you will be eligible to become an eAffiliate member and use the designatory letters AwardICM. These are the internationally recognised letters that go after your name that recruiters and employers look out for as they show you are a very credible candidate. You can find out more about ACT membership here.


Award in Cash Management Fundamentals learning materials, membership and assessment fees:

When you start studying, you buy your online learning materials and student membership at the same time. Your assessment can be booked at a later date, when you feel prepared and ready to sit the exam.

Online learning materials GBP 1,250
Online assessment GBP   105
Student membership GBP   105

Fees are subject to local rate of VAT where applicable.

Award in International Cash  Management exemption fees:

The following fee applies if you are eligible for an exemption from the Award in International Cash Management.

Exemption GBP 105

Fees are subject to local rate of VAT where applicable.


Bookings open: August 2020  

Course starts: Autumn 2020


On demand assessment window open 16 November 2020
Assessment bookings open 4 November  2020
Assessment booking deadline 5 days before you wish to sit your exam

When you buy your assessment, you will need to log in to your ACT Learning Academy account. If you do not have one, you will be prompted to create one.

Have your credit / debit card details to hand; you will be required to make online payment through WorldPay. Upon submission, you will receive an automated summary email.

Your booking will be processed within two working days.



We can also deliver cash management learning to companies with teams that are interested in taking either the Award in International Cash Management, or the Certificate in International Cash Management, and tailor it to your business needs. Find out more about in-company solutions here