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Student Syllabus

​Syllabus for the Chartered Institute of Treasury Management (CITM) Qualification

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Version: 1.0
Effective Date: 
Target Audience: Student Members of CITM

1. Qualification Aim

To provide student members with the expert knowledge, practical skills, and ethical grounding required to operate as a competent and strategic treasury professional. Upon successful completion, candidates will be awarded the designation Chartered Treasury Professional (CTP) and be eligible to apply for Full Membership of the CITM.

2. Programme Structure

The CTP qualification is divided into three levels, reflecting a progression from fundamental knowledge to advanced application and strategic management. The entire programme is designed to be completed in 36-48 months alongside gaining practical experience.

  • Treasury Management (Examination Level 1) (4 Modules)

  • Treasury Management (Examination Level 2) (4 Modules + Integrated Case Study)

  •  Treasury Management (Examination Level 3 (3 Modules + Final Capstone Project)

3. Assessment Methodology

A blend of assessments ensures a robust evaluation of knowledge, application, and professional competence:

  • Computer-Based Exams (CBEs): For knowledge-based modules.

  • Case Study-Based Assignments: To assess application of knowledge in realistic scenarios.

  • Practical Experience Requirement (PER) Logbook: Mandatory record of 36 months of relevant experience, verified by a workplace supervisor.

  • Final Capstone Project & Viva: A comprehensive business project and oral examination.

4. Detailed Syllabus Breakdown

  TREASURY MANAGEMENT (Examination Level 1)
(Objective: To ensure a solid grounding in the core principles of finance, accounting, and treasury operations.)

  • Module 1.1: Financial Accounting and Analysis

    • Learning Objectives: Understand and interpret financial statements (Income Statement, Balance Sheet, Cash Flow Statement). Calculate and analyse key financial ratios. Appreciate the impact of international accounting standards (IFRS).

    • Key Topics: Double-entry bookkeeping, accruals vs. cash accounting, profitability, liquidity, leverage, and efficiency ratios; cash flow analysis.

    • Assessment: 2-hour Computer-Based Exam.

  • Module 1.2: Core Financial Management

    • Learning Objectives: Understand the time value of money, the cost of capital, and fundamental investment appraisal techniques.

    • Key Topics: Sources of finance (debt vs. equity), NPV, IRR, Payback Period, Weighted Average Cost of Capital (WACC).

    • Assessment: 2-hour Computer-Based Exam.

  • Module 1.3: Introduction to Treasury Operations

    • Learning Objectives: Understand the core functions and strategic importance of a corporate treasury department. Grasp the basics of cash and liquidity management.

    • Key Topics: The role of treasury, treasury policy, cash flow forecasting, working capital management, short-term investing and borrowing.

    • Assessment: 2-hour Computer-Based Exam.

  • Module 1.4: Ethics and Professionalism in Finance

    • Learning Objectives: Understand and apply the CITM Code of Ethics and Professional Conduct. Identify and respond to ethical dilemmas in a financial context.

    • Key Topics: Integrity, objectivity, professional competence, confidentiality, professional behaviour; conflicts of interest; ethical decision-making models.

    • Assessment: Online coursework and assessment with scenario-based questions. Must be passed to progress to Level 2.

TREASURY MANAGEMENT (Examination Level 2)
(Objective: To develop technical expertise in the key specialist areas of treasury management.)

  • Module 2.1: Corporate Funding and Liquidity Management

    • Learning Objectives: Evaluate and execute long-term funding strategies. Manage complex group liquidity structures.

    • Key Topics: Debt capital markets, bank relationship management, credit ratings, syndicated loans, internal and external liquidity management solutions (e.g., cash pooling, Notional Pooling).

    • Assessment: 3-hour Computer-Based Exam with case study elements.

  • Module 2.2: Treasury Risk Management

    • Learning Objectives: Identify, quantify, and manage key financial risks faced by corporations, including foreign exchange (FX), interest rate, and commodity risk.

    • Key Topics: Risk management framework, hedging strategies, use of derivatives (forwards, futures, options, swaps), hedge accounting basics.

    • Assessment: 3-hour Computer-Based Exam with numerical and explanatory elements.

  • Module 2.3: Financial Markets and Instruments

    • Learning Objectives: Understand the structure and operation of global financial markets and the instruments traded within them.

    • Key Topics: Money markets, bond markets, equity markets, foreign exchange markets; pricing and valuation of core instruments.

    • Assessment: Coursework assignment analysing a live market scenario.

  • Module 2.4: Treasury Technology and Systems (FinTech)

    • Learning Objectives: Evaluate and implement technology solutions to enhance treasury efficiency, control, and decision-making.

    • Key Topics: Treasury Management Systems (TMS), ERP integration, API connectivity, payment factories, SWIFT, blockchain in treasury, data analytics.

    • Assessment: Practical assignment to design a systems solution for a given case company.

  • Integrated Case Study (End of Level 2)

    • Assessment: A 72-hour take-home case study requiring students to pull together knowledge from all Level 2 modules to solve a complex, realistic business problem. This tests integrated thinking and application.

 TREASURY MANAGEMENT (Examination Level 3)
(Objective: To develop strategic thinking, leadership, and advisory skills, positioning the treasurer as a key business partner.)

  • Module 3.1: Strategic Corporate Finance

    • Learning Objectives: Advise on major strategic financial decisions, including mergers & acquisitions (M&A), capital structure optimization, and investor relations.

    • Key Topics: M&A lifecycle, valuation techniques, leveraged buyouts, dividend policy, communicating with investors and ratings agencies.

    • Assessment: Coursework assignment based on a strategic analysis of a public company.

  • Module 3.2: Strategic Risk and Governance

    • Learning Objectives: Design and implement a robust risk governance framework. Understand the treasurer's role in corporate governance and managing financial crime risk (e.g., fraud, sanctions).

    • Key Topics: Enterprise Risk Management (ERM), model risk, counterparty risk, operational risk, internal controls, ESG (Environmental, Social, Governance) risks and reporting.

    • Assessment: Exam requiring essay-style answers to strategic questions.

 

 

  • Module 3.3: Leadership and Decision Making

    • Learning Objectives: Develop the soft skills required to lead a treasury function and influence senior management.

    • Key Topics: Treasury leadership, managing change, negotiation, stakeholder management, presenting treasury strategy to the board, behavioural finance.

    • Assessment: Reflective portfolio and a recorded presentation.

  • Final Capstone Project and Viva Voce (Oral Examination)

    • Assessment: This is the final summative assessment.

      • Project: A 10,000-word report addressing a complex, real-world treasury challenge. The candidate must identify a problem, conduct research, analyse data, and propose a justified, strategic solution.

      • Viva Voce: A 45-minute oral exam with a panel of senior assessors who will defend the project and explore the candidate's broader professional judgement and ethical compass.

5. Practical Experience Requirement (PER)

  • Student members must complete a minimum of 36 months of relevant treasury/finance experience.

  • Experience must be recorded and verified in the online PER Logbook.

  • Competencies are aligned to the syllabus modules, requiring evidence of skills in areas such as cash management, risk management, and funding.

  • The logbook must be signed off by a qualified workplace supervisor and submitted for final audit before the CTP designation is awarded.

6. Progression Rules

  • Levels must be completed sequentially.

  • A passing grade (typically 50% or above) is required in each module and assessment.

  • Student membership must be kept active throughout the study period, with annual renewal contingent on demonstrating progression (e.g., passing at least one exam per year).

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