CERTIFICATE IN TREASURY

Become a trusted treasury professional, relied upon for your operational competencies and technical know-how. By completing the Certificate in Treasury (CertT), you will be able to add value to the business or your clients by offering practical guidance to colleagues, while driving continuous improvements.

1. IS THE CERTIFICATE IN TREASURY RIGHT FOR YOU?

Perfect for you if you:

  • have a background in business or finance (either academic or experience)
  • are in the operational stage of your career and need to know about treasury
  • work in a department that works closely with treasury
  • are moving to a treasury role
  • have completed the Certificate in Treasury Fundamentals (CertTF)

The qualification builds on the knowledge gained in the Certificate in Treasury and the syllabus provides a comprehensive grounding in the terminology and core technical concepts of treasury, and how they apply in a way that is relevant and transferable between roles, organisations and locations worldwide.

1.1 COURSE STRUCTURE

LEARNING

Five online units

6-12 months study time 
(250 study hours)

ASSESSMENT

One online exam per unit

2 hour exam per unit

MEMBERSHIP

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

1.2 COURSE CONTENT

The Certificate in Treasury is made up of the five units below. For full ACT accreditation you will need to complete all five units and sit the assessments.

Unit 1: The context of treasury

The first part of the unit looks at how the treasury department is structured to support the business in meeting its overall aims.

The second part of the unit will introduce you to two of the fundamental principles of finance: interest rates and the time value of money. You will investigate some general aspects of interest rates and how interest is calculated, which leads onto concepts including the time value of money and discounted cash flow analysis. These concepts will then be used to examine practical treasury issues, for example, how interest rates vary with maturity, and what long-term interest rates can tell us about future short-term rates.

The third and final section looks at the essentials of foreign exchange. It starts with a general overview of the foreign exchange markets and then considers the mechanics of spot and forward foreign exchange dealing. The final part of the unit examines the important relationship between spot and forward foreign exchange rates.

On completing unit one you will be able to:

  1. Explain the role of the corporate treasury function and, in particular, how a treasury department is structured and the controls in place to ensure its effectiveness in supporting the financial and risk management objectives of the organisation.
  2. Explain and apply a range of interest rates, yields and discount rates, undertake discounted cash flow analysis, differentiate between different yield curves and undertake relevant yield curve calculations.
  3. Describe the features, participants and conventions of the foreign exchange market in order for the organisation to maximise the value of its net assets and minimise foreign exchange risk.

Unit 2: Cash and liquidity management

This unit will cover the key concepts of cash and liquidity management. It will first address core terminology and concepts before moving on to investigate the benefits of cash flow forecasting. The unit will look at the principal payments and receipts of different businesses and will show how to determine which of these flows are discretionary and which are non-discretionary. It will explore the working capital cycle in detail looking at the impact that changes in assets and liabilities have on the liquidity position of a business.

It goes on to explore what considerations should be made when selecting short-term finance and the key sources, including bank borrowing, commercial paper, alternative funding solutions and trade finance.

Finally, the unit will investigate the practical aspects of cash and liquidity management, including the structure of the cash management function, managing bank accounts, and the principles which treasurers should adopt when investing surplus cash.

On completing unit two you will be able to:

  1. Explain the principles of cash, liquidity and working capital, the relationship between them and how cash moves through the business for cash forecasting and working capital management purposes.
  2. Evaluate the implications of using bank borrowing, money markets, and selected international trade finance instruments in order to make appropriate recommendations for different commercial situations.
  3. Select the most appropriate management solutions, including payments systems, in order to safeguard the organisation’s cash and optimise its net interest expense or income, while maintaining the organisation’s operational flexibility and its reputation.

Unit 3: Corporate finance

The unit begins with an overview of the main capital markets, identifying the sources of finance available and assessing their benefits and drawbacks with a view to designing the best financing combination, known as optimal capital structure.

It goes on to demonstrate how the application of investment appraisal techniques can be used to justify decisions whether to retain any surplus cash within the business or to pay it out to shareholders and, ultimately, how to maximise shareholders’ wealth.

On completing unit three you will be able to:

  1. Describe the main sources of capital for an organisation and their practical characteristics in order to be able to access these sources in a cost effective way and with an appropriate level of risk, thus maximising long-term shareholder wealth while safeguarding the assets, cash flows and operational flexibility of the organisation.
  2. Discuss an appropriate capital structure for a given organisation and calculate the cost of capital using a range of appropriate practical models and techniques.
  3. Select and apply a range of appropriate practical investment appraisal techniques, and thus support the maximisation of long-term shareholder wealth.

Unit 4: Ethics, governance and regulation in treasury

This unit will investigate the role of treasury policy, procedures and performance measures. It will also explore treasury reporting for a variety of organisations and treasury operations as well as analysing the framework and content of treasury policy documents. The purpose and principles of reporting measures, both internal and external, will be demonstrated.

The unit addresses the construction of the main financial statements, and the key accounting regulations which impact on treasury operations. The key drivers for legislation and regulation of corporate governance and treasury operations and the wider organisation will be discussed.

The unit will also explore operational risk and control. Ethics, as applied to treasury, will encompass codes of practice from professional bodies such as the ACT, to provide a holistic insight into the ethical expectations of treasurers.

Finally, the unit establishes the IT system requirements needed to maximise the value added by treasury. It analyses a range of IT solutions for treasury management including security and controls, and how effective project management can successfully integrate IT systems into the treasury function.

On completing unit four you will be able to:

  1. Explain the principles, importance and detailed application of treasury policy, procedures and reporting in order to support their development and implementation in practice.
  2. Demonstrate how corporate governance and regulatory controls and policies apply to treasury and how they enable treasury functions to be carried out in an efficient and ethical manner.
  3. Explain the fundamental principles of financial reporting and taxation relating to treasury in order to support the preparation and analysis of financial reports, tax analysis and financial and business analysis.
  4. Assess and recommend appropriate IT solutions for differing treasury requirements and describe the project management steps required for successful implementation and security controls.

Unit 5: Risk analysis and management

The unit will initially explore the nature of risk, and then investigate the broad range of approaches that organisations can take to deal with various financial risks. The unit covers the process of identifying the key risks for which the treasury department has responsibility, and using a risk management framework, investigate how these risks are measured, managed and reported in practice to add value to the organisation.

On completing unit five you will be able to:

  1. Explain the fundamental importance to an organisation of identifying and measuring the risks that it faces and the benefits of establishing a robust process for the management of risk.
  2. Assess the role and responsibilities of treasury in managing the key financial risks which the organisation faces in order to protect it against potential losses.
  3. Analyse the key practical techniques for the measurement, management and reporting of treasury risks to protect the organisation against losses and support the organisation and its stakeholders with relevant risk-related information.

1.3 ENTRY REQUIREMENTS AND EXEMPTIONS

The progressive learning structure of ACT qualifications means entry requirements apply. 

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.

I have completed the Certificate in Treasury Fundamentals

You get automatic entry to the Certificate in Treasury if you have successfully completed the Certificate in Treasury Fundamentals

You don’t have to provide evidence of any qualifying experience, because we will have a copy of your results already.

 

I have completed the Certificate in International Cash Management

You get automatic entry to the Certificate in Treasury if you have successfully completed the Certificate in International Cash Management.

You don’t have to provide evidence of any qualifying experience, because we will have a copy of your results already.

 

Qualified accountant

If you are an accountant qualified with either CIMA or ICAEW, you can claim exemption from Units 1, 2, 3 and 5.

  • You only need to complete the learning and assessment for Unit 4 in order to qualify for the Certificate in Treasury.
  • You will need to provide a copy of your accounting qualification certificate when booking.
  • You will need to buy your exemption from the Certificate in Treasury Fundamentals.

 

If you are an accountant qualified with ACCA, you can claim exemption from Units 2, 3, 4 and 5.

  • You only need to complete the learning and assessment for Unit 1 in order to qualify for the Certificate in Treasury.
  • You will need to provide a copy of your qualification certificate when booking.
  • You will need to buy your exemption from the Certificate in Treasury Fundamentals.

 

If you are an accountant qualified with an IFAC member body, you can claim exemption from Unit 3.

  • This means you only have to successfully complete the learning and the assessments for the remaining four units to achieve the qualification.
  • You will need to provide a copy of your accounting qualification certificate when booking.
  • You will need to buy your exemption from the Certificate in Treasury Fundamentals

 

If these accounting exemptions apply to you, you will be able to buy your exemption from the Certificate in Treasury Fundamentals at the same time as you buy your Certificate in Treasury units and exemptions.

 

Prior work experience

If you have three years’ experience of working in a treasury role or working with treasury in either a financial institution or a treasury consultancy, then you may be exempt from the Certificate in Treasury Fundamentals and eligible for direct entry onto the Certificate in Treasury.

We recommend that you do take the Certificate in Treasury Fundamentals to get a full grounding in the treasury context, however you can begin your studies with the Certificate in Treasury if you prefer to do so. When booking for the Certificate in Treasury, you will need to complete and upload a work experience declaration form.

If you are unsure that your work experience is sufficient to begin with the Certificate in Treasury, then take a look at the operational level of the ACT Competency Framework. If you recognise these competencies in your personal work, then the Certificate in Treasury will be a suitable starting point for your studies.

Additional guidance for applicants who have acquired work experience through a financial institution:

If you are applying on the basis of work experience that you have acquired through your work at a financial institution, you should be able to demonstrate in your work experience declaration form that you either:

1) Work in an asset and liability management related area of the institution, or

2) Work in an area in which you:

  • Are client facing and deal with those responsible for corporate treasury on a daily basis or
  • Are not client facing but deal with corporate treasury issues on a daily basis or
  • Have the opportunity to review the treasury requirements of businesses and suggest appropriate products and solutions to meet their needs

Possible job areas include:

  • Asset and liability management
  • Bank treasury
  • Cash management
  • Compliance
  • Corporate finance advisory
  • Credit
  • Debt restructuring
  • Derivative sales/money market sales/corporate desk
  • Global/corporate/wholesale banking
  • Internal audit
  • Leasing
  • Product development
  • Relationship management
  • Structured products
  • Supply chain finance
  • Syndicated/other loans
  • Trade finance

You will need to provide a copy of your qualification certificate and a completed work experience declaration form. This is available on the booking form.

If prior work experience exemption applies to you, you will be able to buy your exemption from the Certificate in Treasury Fundamentals at the same time as you buy your Certificate in Treasury units.  The work experience declaration form will be available to download and complete on the booking form.

 

Previous degree

If you have any of the following qualifications, you are exempt from the Certificate in Treasury Fundamentals:

(A) Recognised degree in Accounting or a joint honours degree if achieved within the last 10 years

You are eligible for exemption from the Certificate in Treasury Fundamentals if you have a recognised degree in Accounting or a joint honours degree combining two of the following subjects and if this has been achieved within the last 10 years:

  • Accounting
  • Finance
  • Economics
  • Banking
  • Business studies

Your degree will need to be from:

You will need to upload your qualification certificate, or Statement of Comparability if you have gone through NARIC, when booking.

(B) MBA

You are eligible for exemption from the Certificate in Treasury Fundamentals if your MBA is from an accredited institution:

  • AACSB
  • AMBA
  • EQUIS

You will need to provide a copy of your qualification certificate.

(C) Recognised degree in any other graduate discipline

If you have a recognised degree in any graduate discipline and you have twelve months' experience of working in a treasury role or working with treasury in either a financial institution or a treasury consultancy, then you are eligible for exemption from the Certificate in Treasury Fundamentals

We recommend that you do take the Certificate in Treasury Fundamentals to get a full grounding in the treasury context, however you can begin your studies with the Certificate in Treasury if you prefer to do so. When booking for the Certificate in Treasury, you will need to complete and upload a work experience declaration form.

If you are unsure that your work experience is sufficient to begin with the Certificate in Treasury, then take a look at the operational level of the ACT Competency Framework. If you recognise these competencies in your personal work, then the Certificate in Treasury will be a suitable starting point for your studies.

You will need to provide a copy of your qualification certificate and a completed work experience declaration form when booking on the Certificate in Treasury.

If the previous degree exemption applies to you, you will be able to buy your exemption from the Certificate in Treasury Fundamentals at the same time as you buy your Certificate in Treasury units. 

 

I have qualified with an ACT Accredited University

If you are studying or have studied with one of our accredited universities, you may be exempt from the Certificate in Treasury Fundamentals and certain units of the Certificate in Treasury. Select your university below for more detailed information on how to apply based on your qualification.

Birmingham Business School

  • MSc Financial Management

Fachhochschule Wiener Neustadt GmbH (University of Applied Sciences Wiener Neustadt) 

  • Masters in Treasury and Investment Programme 

Hertfordshire Business School

  • BA Finance
  • BA Accounting and Finance 

Kingston Business School 

  • BSc Accounting and Finance 
  • MSc Finance
  • MSc Accounting & Finance 
  • MSc Financial Business Management
  • MSc Banking & Finance
  • MSc Investment and Financial Risk Management

Macquarie University

  • Masters of Applied Finance 

Sheffield Business School

  • BA International Finance and Banking 
  • MSc Banking and Finance 

 

 

Other professional qualification

If you are a CFA Charter holder, then you are eligible for exemption from the Certificate in Treasury Fundamentals and can begin your studies with the Certificate in Treasury.

You will need to provide a copy of your qualification certificate when booking on the Certificate in Treasury.

If the other professional qualification exemption applies to you, you will be able to buy your exemption from the Certificate in Treasury Fundamentals at the same time as you buy your Certificate in Treasury units.

 

None of the above applies to me

You will first need to successfully complete the Certificate in Treasury Fundamentals in order to become eligible to move onto the Certificate in Treasury.

 

2. HOW YOU LEARN

All five units of the Certificate in Treasury are delivered online through the ACT Learning Academy study site. As they are accessible online, you can start your studies at any time.

There are three assessment windows every year. This means that you can study until you feel ready and then you can book your assessment time for the next available window.

Each unit will take you approximately 50 hours of study time to complete, with 250 hours study required in total. We estimate you should be able to complete the course in six to twelve months alongside your full-time work.

Learning licence

When you buy your learning materials you will have access to them for 24 months upon booking.

You can complete the learning for all the units in 6-12 months (250 study hours in total), so the 24-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
  • Webinars which explain certain concepts in more detail
  • Podcasts to supplement your learning
  • Practice progress tests after each unit
  • Practice exams

Learning support

Online learning support includes:

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

To help you plan your learning around your existing work / life commitments, take a look at the following suggested study plans.

They show a guideline of how you can complete the course in either 3, 6 or 12 months.

2.1 FREE LEARNING MATERIALS SAMPLE
Would you like a free sample of the study materials for the Certificate in Treasury so that you can try before you buy? You can request for a sample to be emailed to you by filling in your details in the form below.

3. ASSESSMENT

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 per unit. There are three exam windows each year to choose from.

LENGTH FORMAT NOMINAL PASS MARK
120-minute exam 30 multiple choice questions and 7 long form questions 50%

You can view all the 2019 dates and detailed assessment information here:

Find out more

 

4. STUDENT MEMBERSHIP

When booking onto the Certificate in Treasury you will need to become a student member of the ACT.  Your student membership is valid for the duration of your 24 month learning licence, or until you pass your full qualification, whichever is soonest.

Student membership 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 membership 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 certificate, you will be eligible to become an Affiliate member and use the designatory letters CertT. 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.

5. FEES

Certificate in Treasury 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 the sit the exam.

Online learning materials - per single unit

GBP 385

Online learning materials - 4 unit bundle

GBP 1,320

Online learning materials - 5 unit bundle

GBP 1,650

Online assessment per unit

GBP 155

Student membership

GBP 173

Fees are subject to local rate of VAT where applicable.

Certificate in Treasury exemption fees:

The following fee applies if you are eligible for an exemption from the Certificate in Treasury.

Exemption per unit GBP 155

Fees are subject to local rate of VAT where applicable.

6. BUY YOUR LEARNING MATERIALS AND STUDENT MEMBERSHIP

When you buy your learning and membership, 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.

A student membership fee is payable on booking. Your student membership is valid for the duration of your 24-month learning licence, or until you pass your full qualification, whichever is soonest.

Your booking will be processed within five working days. 

You will be sent a booking confirmation with information on how to start your studies and at this time you will become a Student member of the ACT.

Buy qualification

 

If you are applying for direct entry with prior work experience, please download the work experience declaration form below. You will need to upload the completed form when you book.

7. BUY YOUR ASSESSMENT
Next assessment window 29 October - 31 October 2019
Bookings open 1 July 2019
Booking deadline Friday 4 October 2019, closing at 5pm

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 five working days.

Buy assessment

8. ADDITIONAL LEARNING SUPPORT

If you would like some additional support to help you get assessment ready, you can book an intensive revision learning workshop, or some 1-2-1 coaching in addition to your online learning package.

Find out more

I returned to work from maternity leave to my Middle Office Analyst role. By this time, I had passed 2 of the CertT modules. Even though I hadn't been working, I had something to add to my CV. I had gained knowledge and a better understanding of treasury processes without even being in the office. A month later a Treasury Controls & Systems Manager role came up and because I was studying towards the CertT I was able to apply. I successfully passed the recruitment process and am in the role today. I believe that without studying for the CertT, I would not have been able to even apply for the role. I was benefiting already! I have a BSc degree in Accountancy and am also a fellow of the ACCA (FCCA) but the CertT qualification provides more specific knowledge of treasury related process.
Claire Bird, Treasury Controls & Systems Manager, Jaguar Land Rover (JLR)
BOOKING FOR YOUR TEAM?

We can also deliver treasury learning to companies with teams that are interested in taking either the full qualification or selected units, and tailor it to your business needs. Find out more about in-company solutions here