CERTIFICATE IN TREASURY

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Do you want to understand key topics around treasury, cash and liquidity, corporate finance, governance, technology and financial risk management? 

By studying the Certificate in Treasury (CertT), you will become a trusted treasury professional, relied upon for your operational competencies and technical know-how. 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:

  • already have a background in business or finance (either academic or experience)
  • need to know about treasury and are in the operational stage of your career
  • 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 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. It builds on knowledge gained in the Certificate in Treasury Fundamentals.

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

This first unit starts by providing an overview of treasury and the core activities typically undertaken by a treasury function.  It also examines different types of structures for the treasury function and the implications of each.  In addition, it considers the key treasury policies and their impact on decision-making and activities.

The unit then considers two areas of crucial importance to treasury professionals – interest rates and foreign exchange.  All organisations are impacted by interest rates, whether as a borrower or investor (sometimes both).  The fundamental principles and concepts relating to interest rates are explored.  Different types of rates and their calculations are discussed.  The unit considers the differences between yield and discount.  It also discusses the importance of the yield curve and its application in treasury.

As regards foreign exchange, the unit provides an overview of the market, its participants and conventions.  It explores considerations in relation to market dealing and the use of forward foreign exchange markets.  It discusses relationships between spot rates, interest rates and forward rates.  It examines the role and activities of treasury in managing foreign exchange transactions and exposures.

 

On completing unit one you will be able to:

  1. explain the role of the corporate treasury function, recommending and justifying appropriate treasury policies and structures
  2. discuss different interest rates, yields and yield curves and undertake relevant calculations to support recommendations
  3. analyse the features, participants and conventions of the foreign exchange (FX) market and the role and activities of treasury in this market (including undertaking relevant calculations).

Unit 2: Cash and liquidity management

Managing cash and liquidity are vital functions of treasury in most organisations. This unit starts by providing an explanation of the general principles relating to cash, liquidity and working capital.  To be effective, treasury professionals must understand the importance of these to the business.  In addition to exploring the fundamentals of cash and liquidity, the unit also considers cash flow forecasting and the working capital cycle.  The unit examines the relationships between working capital and liquidity and the steps that can be taken, within the organisation, to improve its cash position. 

The unit then examines considerations in relation to short-term borrowing and international trade.  Specifically, the unit examines bank borrowing (both committed and uncommitted facilities) of relevance to treasury.  It also considers the use of commercial paper as a form of short-term funding.  It explores intra-group funding and other alternative solutions, which may be more appropriate for the organisation.  An introduction to foreign exchange featured in the previous unit; this unit explores other considerations relating to international trade transactions.

Finally, the unit focuses on the practicalities of cash management and managing surplus cash positions. The key principles of cash management are examined and their implications for treasury.  Different cash management structures and solutions are considered, including those available from more recent entrants to the financial services market.  Different investment options are explained including those addressing specific requirements, for example, Sharia compliant products.

On completing unit two you will be able to:

  1. explain the principles of cash, liquidity and working capital and how these principles are applied by treasury to support the business (including undertaking relevant calculations)
  2. recommend and justify appropriate short-term borrowing instruments and international trade solutions (including undertaking relevant calculations)
  3. recommend the most appropriate cash management and investment solutions to safeguard the organisation’s cash and minimise interest expense, justified by relevant calculations.

     

Unit 3: Corporate finance

This unit focuses on corporate finance from a treasury perspective.  It starts by examining capital markets and a range of funding sources and techniques.  The characteristics and considerations of these various funding options are all explored.  This includes comparisons between debt and equity funding.  The unit also explores important considerations that will impact funding decisions including ESG drivers (environmental, social and governance).  The world of finance continues to evolve at pace.  Recent trends and developments, as well as alternative funding sources, are all explored.

The unit examines considerations relating to different capital structures, building on the earlier comparisons between debt and equity finance.  In particular, different theories, models and approaches to calculating the cost of capital are explored.

Finally, the unit examines investment appraisal.  It considers the principles of, and techniques used in, investment appraisal.  Different business valuation techniques are discussed, including both discounted cash flow (DCF) and non-DCF methods.  The content includes explanations and examples of relevant calculations to determine business and project valuations and outcomes. 

On completing unit three you will be able to:

  1. discuss the main, and contemporary, sources of capital for an organisation and their practical characteristics to enable appropriate funding recommendations to be made (including undertaking relevant calculations)
  2. discuss appropriate capital structures for the organisation and calculate the cost of capital, using a range of appropriate practical models and techniques
  3. recommend and justify a range of appropriate practical valuation and investment appraisal techniques and calculate business and project valuations and outcomes.

Unit 4: Technology, governance and ethics

This unit focuses on three very important areas of influence on treasury decisions and activities.  First, it examines the considerations in relation to corporate governance, regulation, ethics and controls.  These are all vital to the effective running of any organisation, but can also have a significant impact externally, on the organisation’s reputation, should things go wrong. The meaning and application of corporate governance is explored as are relevant regulations which impact treasury.  There is discussion on operational risk and the importance of compliance and control.  Treasury policy and procedures are also examined.  The important factors of culture and ethics are also explored, in addition to the ACT’s own Ethical Code, which sets the minimum standard of behaviour for treasury professionals.  The landscape is continually evolving in all these areas.  Recent trends and developments are also examined and their impact for treasury are considered.

The unit then focuses on the principles of financial accounting and reporting and tax, all of which can have significant implications for treasury transactions, planning and decision-making.  The content provides an overview of the key financial statements and the importance of business analysis.  It considers the implications, for treasury, of international accounting standards.  It discusses tax and international tax planning, which play a significant role in influencing treasury decisions.  There is also consideration of the importance of treasury reporting and how the performance of treasury might be measured.

Finally, the unit focuses on the use of technology within treasury and its impact on operations.  There is discussion on the role and importance of technology in treasury and specific focus on different types of treasury management systems.  In particular there is examination of the key considerations for selecting and implementing an appropriate treasury management system, based on the organisation’s requirements.  The unit concludes by considering the risks that might arise due to the use of technology within treasury, for example cyber-crime and fraud. 

On completing unit four you will be able to:

  1. discuss how corporate governance, regulatory controls and policies apply to treasury and the importance of ensuring ethical behaviour
  2. explain the fundamental principles of financial reporting and tax and their implications for treasury transactions and planning (including undertaking relevant calculations)
  3. compare technology solutions for differing treasury requirements and recommend actions to protect the business from the risk of fraud.

Unit 5: Financial risk analysis and management

The focus of this final unit is on financial risk analysis and management, which are key areas of treasury responsibility.  Treasury decisions and transactions can themselves carry risk for the organisation.  Conversely, many transactions are executed by treasury with the aim of minimising risk.  It is essential that treasury professionals understand the principles of risk management and the various tools and techniques that can be used to help manage risk. The first part of the unit provides an overview of these principles and of the main areas of risk that can arise in treasury.  It explores risk management frameworks and a range of tools and techniques to support risk analysis.

The unit then focuses on the use of different hedging instruments and techniques used specifically in the management of treasury-related risks.  The main instruments are examined and compared.  These include the use of instruments where there is some degree of certainty in relation to the exposure, for example where the details of future transactions are known and firm.  Hedging approaches when there are greater levels of uncertainty are also explored.  Characteristics, considerations and pricing of all these different tools are considered.

Finally, the unit concludes by examining the practical considerations and application of methods of risk management and reporting in treasury.  A range of interest rate and foreign exchange risk management tools and techniques are be examined.  The practical application of these is considered, in the light of appropriate hedging strategies based on the organisation’s specific requirements.

 

On completing unit five you will be able to:

  1. analyse the key risks that organisations face and the frameworks used by treasury to ensure a structured risk management approach is taken
  2. analyse how risks are assessed, evaluated and managed using a range of techniques (including undertaking relevant calculations)
  3. explain risk management tools, considerations and reporting (including undertaking relevant calculations).

 

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, ICAEW or ICAS, 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.

 

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.

 

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.

 

 

 

 

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, 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:

  • a UK higher education institute or,
  • any other institute that is recognised by the UK ENIC National Agency as being at an equivalent academic level.

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 and provide a copy of your qualification certificate.

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.

 

 

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 

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 Finance and Banking 
  • MSc Banking and Finance 

 

 

Other professional qualifications

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

If you hold the Certified Treasury Professional (CTP) qualification you get automatic entry to the Certificate in Treasury and the Certificate in International Cash Management.   

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

 

 

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

In March 2022, we upgraded our study site and you will have an interactive and engaging experience. 

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

Our assessments are all on demand, and you can opt in when you  feel ready and at a time that is convenient to you.  

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 18 months upon booking.

You can complete the learning for all the units in 6-12 months (250 study hours in total), so the 18-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
  • short activities to complete at the end of each reading
  • practice progress tests after each unit
  • practice exams.

Learning support

Online learning support includes:

  • student network and online tutor discussion forum
  • access to study techniques and tips
  • access to articles and additional resources.

To help you plan your learning around your existing work/life commitments, we are working on a suggested study plan. If you wish to receive a copy when ready, please email learning@treasurers.org.

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. ADDITIONAL SUPPORT

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

Find out more

4. 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.  From September 2022, CertT will be moving to on demand which means that you can book your assessment whenever you feel ready to take it.  Assessments must be booked at least five days before you want to sit them.  Our on-demand assessment windows will close periodically over the course of the year, so please check these on our key dates webpage.

LENGTH FORMAT NOMINAL PASS MARK
120-minute exam 60 multiple choice questions and 4 long form questions 50%

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

Find out more

 

5. 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 18 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.

6. 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 sit the exam.

Online learning materials - per single unit

GBP 435  

Online learning materials - 4 unit bundle

GBP 1,500  

Online learning materials - 5 unit bundle

GBP 1,875  

Online assessment per unit

GBP 180

Student membership

GBP 197

Fees are subject to local VAT rate 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 180

Fees are subject to local VAT rate where applicable.

7. BUY YOUR LEARNING MATERIALS AND STUDENT MEMBERSHIP

When you buy your learning and membership, you will need to log in to your ACT Learning 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 Stripe. We accept AMEX, Mastercard and Visa card payments. 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 18-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.

8. BUY YOUR ASSESSMENT
Assessment window
  • Window 1: 05 September - 21 October 2022
  • Window 2: 02 November – 27 November 2022
CertT assessments are moving to on demand from 05 September 2022 so you can book your assessment as soon as you feel ready.  Assessments must be booked at least five days before you wish to sit.

 

When you buy your assessment, you will need to log in to your ACT Learning 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 Stripe. We accept AMEX, Mastercard and Visa card payments.  Upon submission, you will receive an automated summary email.

Your booking will be processed within five working days.

Buy assessment

 

On successful completion of the qualification, we’ll issue and send you a link to your digital credentials: a badge and/or an eCertificate. Digital credentials are a great way to showcase your achievement, and can be easily and safely displayed on your CV or website or shared online via LinkedIn, email signatures, social media, blogs and ePortfolios.
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

The Certificate in Treasury improved my knowledge of key topics important to the group treasurer. This meant I was able to not only move from working with mid-market companies to large corporates, but to better be able to do my role once I had made that transition.
Emma Skyrme, Associate Director - Large Corporates, HSBC