SYLLABUS CertITM. updated

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1 SYLLABUS CertITM updated

2 OVERVIEW The Certificate in International Treasury Management covers the fundamentals of international treasury, risk and corporate finance and builds upon it in a practical, applied way. STUDY UNIT 1 The Fundamentals of Treasury This Study Unit describes the treasury function and organisation in the context of the firm. It looks at how treasury departments are set up to deliver against their objectives. It also introduces a number of concepts that are core tools for a treasurer such as interest rates, the time value of money and fundamentals of foreign exchange. STUDY UNIT 2 Corporate financial management Study Unit 2 reviews core corporate finance theory and examines the external perceptions of the organisation financial reporting and related ratio analysis. It covers the fundamentals of decision making methodology, business valuations and capital structure including dividend policy and the payoff between risk and return for investors. STUDY UNIT 3 Capital markets and funding Study Unit 3 examines core concepts of equity and debt, and introduces their associated public and private markets. It covers both the raising of debt and equity and the associated legal, regulatory and documentary issues. It discusses practical aspects of debt management, as well as introducing alternatives to vanilla debt such as asset-backed finance. STUDY UNIT 4 Cash and liquidity management Study Unit 4 examines the context of international cash and liquidity management. Core tools for cash management such as cash and liquidity forecasting are explained. The markets and instruments available such as money markets, bank loans and deposits are introduced. Finally, it considers managing cash in practice including the optimisation of bank services. STUDY UNIT 5 Risk management This Study Unit introduces the concept of risk, what is meant by risk management, the types of risks faced by the firm, and a framework for managing these risks. It then considers the development of risk management policy and how risk and its management are reported. Starting from this broad base, the study unit then goes on to consider the role of treasury in financial risk management. It discusses hedging, and then explains key aspects of generic risk management instruments before considering instruments to manage the classic financial risks of interest rate and foreign exchange risks in particular. STUDY UNIT 6 Treasury operations and controls The final Study Unit of the course examines how systems are used to assist in managing or performing tasks and processes within treasury. It discusses how policy, objectives and controls are established within the context of the firm and of wider corporate governance requirements, so that treasury is able to manage significant risks and cash flows safely and securely. Association of Corporate Treasurers 1

3 Study Unit 1 The fundamentals of treasury Section 1.1 Treasury organisation and operations The treasury function The role of treasury in the organisation The organisation of treasury Section 1.2 Discounted cash flow analysis Interest rates Discounted cash flow analysis and the time value of money The yield curve Section 1.3 Foreign exchange The foreign exchange market Forward foreign exchange markets and swap foreign exchange markets Linking spot rates, interest rates and forward rates Study Unit 2 Corporate financial management Section 2.1 Capital structure and risk and return Capital structure Risk, return and cost of capital Dividend policy Section 2.2 Investment decision making Investment appraisal Business valuation Shareholder value management Section 2.3 Financial accounting and reporting Introduction to financial statements Financial ratio analysis and financial profiling IFRS and the treasurer Tax and international tax planning Study Unit 3 Capital markets and funding Section 3.1 Equity Equity capital Equity issuance and private equity Section 3.2 Debt instruments Introduction to debt Debt capital markets Long term bank lending Association of Corporate Treasurers 2

4 Section 3.3 Practical aspects of debt management Loan documentation Credit ratings Managing bank relationships Section 3.4 Intra-group funding and alternative funding solutions Intra-group funding Alternative funding solutions Study Unit 4 Cash and liquidity management Section 4.1 Cash, liquidity and the business Cash and liquidity management Cashflow forecasting Working capital management Section 4.2 Borrowing and investing markets and instruments The money markets Short term bank borrowing Short term bank investments Non-bank instruments: commercial paper and money market funds Section 4.3 Managing cash in practice Banks and bank accounts Banking systems Notional pooling and cash concentration Efficient cash management structures Study Unit 5 Risk management Section 5.1 Risk and its management The concept of risk A risk management framework Risk measurement tools and techniques Section 5.2 Financial risk and instrument types Types and sources of risk Treasury financial risks checklist Fixing instruments Options Section 5.3 Practical application for risk management Interest rate risk management: short-term Interest rate risk management: long-term Foreign exchange risk management Association of Corporate Treasurers 3

5 Study Unit 6 Treasury operations and controls Section 6.1 Treasury policy, performance and reporting Treasury policy Treasury procedures and performance measurement Treasury reporting Section 6.2 Corporate governance and treasury controls Corporate governance Operational risk and control Treasury reporting ACT ethical code Section 6.3 Treasury systems Role of technology Treasury management systems Systems selection process Association of Corporate Treasurers 4

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