Certificate in Treasury

Become a trusted treasury professional, relied upon for your operational competencies and technical know-how. You’ll add value to the business or your clients by offering practical guidance to colleagues, while driving continuous improvements.


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


This qualification is made up of the five units below. For full ACT accreditation you will need to complete all five 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 an 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.


  How you study
Course materials are online so you can start your studies any time. There are three online assessment windows every year. This means you can study until you feel ready and then you can book your assessment time for the next available window.

  Study time
Complete all units in 6 - 12 months. 250 study hours in total.

  Learning licence
Access to the online course for 24 months.

Five online assessments (2 hours each).
You can take your assessments from anywhere in the world, wherever you have a reliable internet connection. Find out more.

Course fee per unit £385  
Student membership fee £173 (valid for the duration of your 24 month learning licence, or until you pass your full qualification, whichever is soonest).
Assessment fee per unit £155

  Entry requirements
The progressive learning structure of ACT qualifications means entry requirements apply. To join CertT you need to have either completed the Certificate in Treasury Fundamentals, hold a relevant qualification or have sufficient work experience. To see which applies to you, please take a look at the full list of entry requirements.

If you do not meet the criteria, why not start with the Certificate in Treasury Fundamentals?

If you are ACCA, CIMA, ICAEW qualified or qualified with an IFAC recognised body, you are exempt from certain units of the CertT. Click here to check the full list of accountancy exemptions.

The Certificate in Treasury is delivered online through the ACT Learning Academy learning management system. Study guides take you through the learning step by step. You can also download them if you want to study offline. Learning materials also include webinars and podcasts to help get you assessment ready. You will have access to your online content for 24 months upon booking, giving you plenty of time to choose when you want to sit your assessment.

24 / 7 access so you can study when and where you want


Webinars, podcasts, specimen exam, study techniques and tips


Online dedicated tutor support and student discussion forums


When booking onto the Certificate in Treasury you will need to become a student member of the ACT.  Your CertT 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 enhance your learning experience. 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.


When you are ready to book, you will be asked to create an ACT Learning Academy account if you haven’t already got one. You will need to provide date of birth, full postal address, telephone number and email address.

If you need to submit evidence of your eligiblity to study the Certificate, please have this ready. You will need to upload this on the booking form so that we can fully process your online course booking or exemption purchase. 

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. 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. 

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.


Individual unit: *
GBP 385 | AED 1,800 | USD 495 

Four unit bundle IFAC Qualified accountants: *
GBP 1,320 | AED 6,180 | USD 1,690

Five unit bundle: *
GBP 1,650 | AED 7,720 | USD 2,110

Student membership fee: *
GBP 173 | AED 810 | USD 220 

Exemption fees: *

Certificate in Treasury Fundamentals
You can buy your exemption for the Certificate in Treasury Fundamentals on the CertT course booking form.
GBP 100 | AED 470 | USD 130

Certificate in Treasury
You can buy your exemptions for the Certificate in Treasury units on the course booking form.
GBP 155 | AED 725 | USD 200 per unit

* Fees are subject to local rate of VAT where applicable

Buy qualification

To help you get assessment ready, you can purchase a learning workshop in addition to your online learning package. Workshops run throughout the year, so if you’re unsure right now, you can always come back and book these at a later date.


This one-day revision workshop is fast paced and focuses on preparing you for your assessment. Your expert tutor will bring their industry expertise to the classroom, covering assessment preparation techniques, revision, tutor-structured solutions and assessment question practice. There is an intensive revision workshop for each of the units. Intensive revision workshops are run in London.

  • A one-day classroom workshop taught by an expert tutor with printed revision notes to recap
  • Question banks provided before and after the course for additional question practice
  • Tutor-structured solutions and assessment question practice
  • Increased confidence in your ability to tackle the assessment
  • Supported by your tutor at any time via the ‘Ask the tutor email’

Location: London

For further information and dates, please see the brochure below.

Intensive revision fee:

Book your place at least 14 days before the workshop, to avoid disappointment.

GBP 400 | AED 1,870 | USD 510 per unit *

* Fees are subject to local rate of VAT where applicable

Buy a workshop



When you need some specific help, you can book this personalised support service, which includes individualised support on a selected topic of your choice via phone or skype. Your tutor will design some questions prior to the call that are tailored to your requested topic area. You will receive additional exam practice questions and feedback on your response to help you with your exam technique, designed to consolidate your knowledge on any topic areas you are struggling with and get you assessment ready.

This service provides 2 hours of personalised support via phone or via skype (broken up into 2 x 1 hour sessions)

Detailed personalised tuition on pre-agreed topics:

  • Additional guided exam standard question practice. The tutor will design some questions prior to the call that are tailored to requested topic areas 
  • Opportunity to answer the questions during the call to test your knowledge and for the tutor to provide you with immediate feedback. 
  • Key advice on exam technique

Coaching service fee:

GBP 125 | AED 585 | USD 160 per unit *

* Fees are subject to local rate of VAT where applicable

Buy a workshop


Your online assessments for each unit can be booked at any time through the ACT. You can book straight away or wait until closer to the booking deadlines. 
Fee: £155 per unit *

* Fees are subject to local rate of VAT where applicable

Book assessment


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


Would like a 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.