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WELCOME TO THE WORLD OF TREASURY
A guide to an exciting global career in business and finance
1 I Welcome to the world of treasury
The Association of Corporate Treasurers (ACT) supports, informs and empowers the treasury and finance profession. We are a global network of over 7,000 members in over 90 countries.
Guidingthrough policy
& technical updates
Informingthrough
publications and webinars
Supportingthrough
membership services
Educatingthrough
professional qualifications
Networkingthrough
events and conferences
Shaping careers
through treasury training
Choosing to study an ACT qualification is
just the start. Once you qualify, and continue
your ACT membership, you can use your
designatory letters. These are what really set
you apart and offer a mark of professional distinction to your employers, peers and
clients. Membership of the chartered body for
the profession shows you are serious about
your career and committed to maintaining
the very highest standards.
GET THE RIGHT KIND OF ATTENTION FROM EMPLOYERS AND RECRUITERS
1 I Welcome to the world of treasury
Welcome to the world of treasury I 2
Treasury provides a vital link between the business and the external financial world.
Internally, treasury professionals must stay connected to the business. To achieve this, they need
to be proactive in engaging with the business and understand how the organisation works at an
operational level. Treasury will influence strategic business decisions with the Board and heads
of departments. Treasury also needs to understand how each division is spending its cash and
when, so it can advise on risks / opportunities and plan accurate forecasts. This applies to all
areas of the business. Externally (in the financial world), the treasury professional is the main
point of contact for banks, investment analysts, lawyers and regulators.
THE TREASURY
PROFESSIONAL
Accounting Reporting
Control
TaxRisk
Internal audit
Investor relations
IT
Operating units
Human resources
Legal
FUNCTIONS
THE CFO TEAM
The Board
Heads of department
Line staff
INSIDE THE BUSINESSOUTSIDE THE BUSINESS
Legal advisors
Regulators
Banks
Financial institutions
Investment analysts
Credit rating agencies
Tax advisors
Economists
Management consultants
Professional networks
ACT
Procurement
AT THE HEART OF EVERY BUSINESS LIES THE KEY FINANCE FUNCTION THAT IS TREASURYTreasury is a finance function that is vital to the financial health and success of every business.
Treasury determines a company’s financial strategy and policy, advising on where and how
to invest; organising the funding for this and controlling the financial risks involved. Because
treasury is such a vital component to any organisation, professionals who are skilled at
performing treasury functions will always be in high demand. Adding treasury to your skill set
opens up doors to a diverse and well paid finance career.
3 I Welcome to the world of treasury
A FINANCE CAREER WITH VARIETYTreasury skills are highly transferable, valued and internationally relevant. Roles and responsibilities will vary depending on the size and nature of the business you are working in. In addition to technical competencies, treasurers develop important communication, leadership
and people skills which make for a well-rounded professional. Whether you decide to stay in
treasury or move into other roles, your experience will be enjoyable, challenging and full of
variety and your skills and knowledge in demand.
The difference between:
TREASURY ACCOUNTING INVESTMENT BANKING
Connects the business with financial markets
A financial reporting / internal control function in a business
Operates in a financial institution or bank, raising capital for clients
Emphasis on money, financial risks and wealth creation
Emphasis on financial position Emphasis on valuation, purchase and sale
Develops and implements financial strategies and policies to support business objectives
Manages transaction recording, profitibility, cost control, external reporting
Manages execution of funding transactions
Outward / forward lookingFinances future business success
Historic lookingAnalyses past events to influence future decision making
Outward / current lookingEstablishes price today and executes transaction
Effect on business:
immediate / future
Effect on business:
financial reporting
Effect on business:
facilitates funds
How treasury works with accounting and investment banking
Treasury is the vital link between the business and financial markets.
• Treasury works with accountants to understand the past so they can plan for the future
• Treasury works with investment bankers on complex transactions, e.g. mergers and
acquisitions.
Welcome to the world of treasury I 4
Treasury skills are increasingly in demand. Employers rely on finance professionals with treasury expertise for their ability to make the most of all available money and resources, while managing risk and creating competitive advantage. Is a career in treasury for me?
A career in treasury is for you if you are
curious, interested in financial markets,
numerate and good at problem solving.
It’s also a great choice if you enjoy
making things happen and like working
with lots of different people.
You need a combination of technical,
finance and social skills, together with a
willingness to ask questions and become
closely involved in the business and its
people. It’s also important that you can
win trust, work ethically and act with
integrity and confidence when making
business decisions. Good communication
and interpersonal skills are key.
Skills and character traits include:
• good with numbers
• technically capable and willing to learn
and develop your skills
• problem solving, big picture thinker
• good at strategic thinking and planning
• curious about the wider business with a
desire to be in a pivotal role
• open to variety and challenge
• very good at attention to detail
• driven, hardworking and self-motivating
• outgoing and sociable
• a good communicator and influencer
• confident to work with people at all
levels and from different fields
• conservative in terms of financial risk
and confident in handling it
HIGHLY TRANSFERABLE, VALUED AND INTERNATIONALLY RELEVANT SKILLS
EXCELLENT EARNING POTENTIALSalaries vary depending on the size, location and nature of the business. The role and your level of experience will also influence how much you are paid.
Graduates working in London, UK, entering treasury at a junior level tend to earn 35 - 55k GBP, mid-level roles rise to 60 - 90k GBP and senior roles fetch upwards of 125k GBP. Professional qualifications can make a real difference with earning potential and eligibility for promotion. ACT qualifications are internationally recognised, respected industry wide and can have a positive effect on your potential.
5 I Welcome to the world of treasury
Abu Dhabi Commercial BankAdidasAfrican Development BankAkzo NobelAl FahimAl FuttaimAmerican Express ANZ ArcelormittalArupAstrazenecaAT&TAvivaBacardi-MartiniBank of America Merrill LynchBank for International SettlementsBank MuscatBank of EnglandBank of Zambia Barclays
Standard BankPakistan State OilPwCQuantasRabobankRalph LaurenRBSRio TintoRolls RoyceSchneider ElecricShellSiemensTata CapitalTelefónica UKThe Walt Disney CompanyUBSUnileverVirgin MediaVodafone
Bear StearnsBHP BillitonBlackrockBloombergBNP ParibasBPBritish American TobaccoBurberryBurton Foods LimitedCapitaCentral Bank of IrelandCitiCredit Suisse Danske BankDeloitteDeutsche BankDiageoEBRD EurostarEmirates NBD ExxonmobilGlaxoSmithKline
HarrodsHilton WorldwideHouse of HabibHSBCHugo BossIBMIkeaInformaInterpolJohnson & JohnsonJP MorganJumeirah GroupKazakhmysKelloggKodakKPMGMajid Al Futtaim Holding LLCMetro BankMitsubishiMubadala GENational Australia Bank National Bank of Abu Dhabi
What kind of organisations do ACT members work for?
TREASURY IN PRACTICE
What kind of job titles do ACT members have?
AdvisorAnalystAssociate Director, Debt AdvisoryAssociate Director, Infrastructure AdvisoryAuditorCEOCFOClient Cash ManagerCommercial DirectorCOOCorporate Finance LeadCorporate Tax PartnerDirector of Corporate DevelopmentDirector of Corporate FinanceDirector of Strategic PlanningDirector, Business Risk ServicesFinancial AdvisorFinancial AnalystFinancial ControllerFinancial AccountantFX SpecialistGeneral Manager - Portfolio ManagementGroup Funding ManagerGroup TreasurerHead of Cash Management
Head of Financial Planning & ReportingHead of Group AuditHead of Liquidity and InvestmentsHead of Risk & InsuranceHead of Treasury AdvisoryManaging DirectorMerger & Acquisitions DirectorPartnerPartner – Leasing & Commercial FinancePartner, Transaction Advisory ServicesPrincipal, Corporate Recovery ServicesRelationship ManagerSenior Audit ManagerSenior ManagerSenior Manager – Capital MarketsSenior Vice PresidentStructured Finance ManagerTax & Treasury DirectorTax Partner – Business Tax ServicesTransfer Pricing ManagerTreasurerTreasury AdvisoryTreasury AnalystTreasury Consultant
Having treasury skills leads to a rewarding, exciting and varied career that helps shape the future of an organisation’s financial strategy. You could work in any industry from music to mining! The skills you acquire are easily transferable, meaning that you can work anywhere in the world. It’s a truly global function. Treasury applies to such a broad range of industries and roles in corporate and financial institutions and consultancies. Have a look at just a few examples below!
Welcome to the world of treasury I 6
FAST TRACK TO ACT QUALIFICATIONSWe are delighted that Fachhochschule Wiener Neustadt / University of Applied Sciences is an ACT Accredited University. As a student on the Masters in Treasury and Investment Programme (part of the Business Consultancy International programme) you can take advatage of the exemptions you will have earned through your university studies to gain the ACT’s internationally recognised professional accreditation.
ACT qualifications pathway
The ACT has a progressive learning path. This means there is a qualification to suit your needs at
whatever level you are at. You can study to support your career development as your progress
from a junior to more senior position or jump on and off the study pathway at your appropriate
level.
• Certificate in Treasury Fundamentals
• Certificate in Treasury
• Diploma in Treasury Management
• Advanced Diploma in Treasury Management
In addition, we provide specialist cash management qualifications, the Award in Cash
Management Fundamentals and the Certificate in International Cash Management.
What this means for you
Completing your Masters in Treasury and Investment means that you are exempt from the
Certificate in Treasury and also exempt from Unit one of the Diploma in Treasury Management.
Of the two options available, you can choose the one that will best meet your needs.
CERTIFICATEin Treasury
Fundamentals
CERTIFICATEin Treasury
DIPLOMAin Treasury
Management
ADVANCED DIPLOMAin Treasury
Management
Tactical (entry) level
Operational level
Managerial level
Strategic levelYou are exempt
You are exempt
You are exempt
from Unit 1
ACT QUALIFICATIONS PATHWAY
All information and prices correct at time of publication, January 2019, but may be subject to change. Please visit academy.treasurers.org for the very latest updates.
CERTIFICATE IN TREASURY (CertT)
Shaen Cullen initially started out in accountancy, but preferred the scope of treasury. Now, as senior treasury analyst with The Walt Disney Company, his role entails dealing with cash operations and investments, liquidity management, treasury tax planning and intercompany loans.
Recommended to him by his mentor, the course, says Shaen, “has given me the tools to expand upon my current responsibilities and take on more strategic operations, such as capital markets. I also feel I better understand international cash management since completing CertT. ACT qualifications are instantly recognisable by anyone in the industry.” Shaen studied for the CertT through the ACT Learning Academy, the ACT’s official study centre. It offers maximum flexibility and delivers resources online through the latest learning management system. His experience of it was certainly a positive one: “It’s a great resource. The flexibility for participation, via forums, is ideal for professional workers, who are otherwise restricted in their ability to attend classes.”
Successful Masters in Treasury and Investment Programme graduates can take up the award of the Certificate in Treasury. This means that you receive an exemption from the Certificate in Treasury and can stipulate you have a dual award for the Certificate in Treasury on your CV.
You do not need to sit an assessment to gain this exemption as your university studies have been mapped to the Certificate in Treasury syllabus.
The fee to receive your award is:
If you want to take up your Certificate in Treasury award, you will need to complete the online exemption form, which can be found at: treasurers.org/universityexemptions
Student membership fee £173
Exemption fees for Certificate in Treasury £775 + VAT
WHAT TO EXPECT You’ll 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.
COURSE CONTENTFive compulsory units - one assessment per unit1. The context of treasury 2. Cash and liquidity management 3. Corporate finance 4. Ethics, governance and regulation in treasury 5. Risk analysis and management
ACT MEMBERSHIP LEVELYou are a student member while you study. Complete the certificate and you are eligible to become an Affiliate Member.
ASSESSMENT METHODS
ONLINEASSESSMENT
PER UNIT
(2 HOURS)
STUDY TIME
6-12MONTHS
WHAT THIS MEANS FOR YOU: OPTION 1
7 I Welcome to the world of treasury
Vineet Gupta started his career as an accountant but found the role brought little sense of engagement with the businesses he worked for and so decided to branch out into treasury to find something more interesting to fulfil his career goals.
In his role as treasury manager at Majid Al Futtaim Holding LLC, Vineet works on everything from liquidity and risk management, to compliance and reporting. “ACT qualifications have given me not only the skills to perform well in my role, but to exceed. The diploma has provided a strong knowledge base and technical expertise. I found it particularly useful that a whole spectrum of treasury disciplines are covered.” Vineet also holds a CFA charter which is more inclined towards investment portfolio management but has found both qualifications complement each other. “I believe the right qualification is the key to progress fast in anyone’s career!”
DIPLOMA IN TREASURY MANAGEMENT (AMCT)WHAT TO EXPECTYou’ll become a confident professional across all areas of treasury management. You’ll be the go-to person for in-depth technical treasury expertise, and respected for your ability to problem solve and enable the business to meet its objectives.
COURSE CONTENTThree compulsory units - two assessments, one assignment1. Corporate finance for treasury 2. Risk management for treasury 3. The treasury managerPlus, one of these optional units:
Financial reporting, tax and regulation for treasuryWorking capital and trade finance
ASSESSMENT METHODS
ACT MEMBERSHIP LEVEL You are an Affiliate Member while you study. On completion of the diploma, you can upgrade to Associate membership and use the letters AMCT after your name.
STUDY TIME
12-18MONTHS
ONLINE ONLINEASSIGNMENT
ASSIGNMENT
ASSIGNMENT
ASSESSMENT ASSESSMENT
(3 HOURS) (3 HOURS)
UNIT 1 UNIT 2
UN
ITS
3, 4
A o
r 4
B
Successful Masters in Treasury and Investment Programme graduates qualify for an exemption from the Diploma in Treasury Management Unit 1 – Corporate Finance for Treasury.
You would therefore only need to complete 3 units to gain the Diploma in Treasury Management qualification. Once the Diploma in Treasury Management has been completed you can apply to become an Associate Member of the ACT.
The fee to complete the Diploma in Treasury Management qualification is:
Exemption fees for Certificate in Treasury £775 + VAT
Student membership fee £173
Exemption fees for Unit 1 of the Diploma in Treasury Management £260 + VAT
Assessment/exam fee (3 units) £780 + VAT
Online course fee (ACT Learning Academy) (3 units) £1,725 + VAT
Once the Diploma in Treasury Management has been completed, there will be a one-off membership upgrade fee of £99. Thereafter, there will be an annual memebrship fee, payable in May.
4A.4B.
If you want to take up your Unit 1 exemption, you will need to complete the online exemption form, which can be found at: treasurers.org/universityexemptions
WHAT THIS MEANS FOR YOU: OPTION 2
Welcome to the world of treasury I 8
9 I Welcome to the world of treasury
WHY YOU SHOULD JOIN THE ACTFachhochschule Wiener Neustadt / University of Applied Sciences has agreed a special arrangement to enable you to take advantage of exemptions gained through your studies. By choosing one of the two options available to you, you will become a member of the ACT.
As a member you will gain:
• Membership of the only chartered professional body in treasury
• Access to the latest financial thinking through The Treasurer magazine, policy and
technical support, blogs and newsletters
• Your exemption and membership information to add to your CV, making you more
marketable to employers
• A global network to support you throughout your career journey
• Access to thought-leaders of the profession through blogs, webinars and events
• Tailored treasury career information through the Career Hub
• Access to experienced mentors to help you get the best out of your financial career
• Direct access to a member of the ACT’s technical team through the membership
helpline
You can find out more about ACT membership at treasurers.org/membership
“MY ACT MEMBERSHIP HELPS ME TO KEEP UP-TO-DATE WITH THE LATEST TREASURY DEVELOPMENTS. IT PROVIDES RESOURCES FOR BOTH TECHNICAL AND PROFESSIONAL SUPPORT, ALONG WITH NETWORKING OPPORTUNITIES AT LOCAL, NATIONAL AND FOR THOSE BASED OVERSEAS, WORLDWIDE EVENTS.”Mary Finn, Treasurer, Burton Foods Limited
DID YOU KNOW?
of treasurers would pick treasury as a career if they
were starting again
87%Source: Hays treasury recruitment survey 2016
Welcome to the world of treasury I 12
CONTACT INFORMATIONIf you have any questions, please contact
the ACT Learning and Member Support
team.
Email: [email protected]
Telephone: +44 (0)20 7847 2529
FURTHER INFORMATIONCertificate in Treasury Fundamentals Course information:treasurers.org/certtf
Assessment information:treasurers.org/professional-standards/
assessment/certtf
Certificate in Treasury Course information:treasurers.org/certt
Assessment information:treasurers.org/professional-standards/
assessment/certt
Diploma in Treasury Management Course information:treasurers.org/diptm
Assessment information:treasurers.org/professional-standards/
assessment/diptm
Advanced Diploma in Treasury Management Course information:treasurers.org/advanced-diploma
Assessment information:treasurers.org/professional-standards/
assessment/advanced-diploma Welcome to the world of treasury I 10
TREASURERS.ORG
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“ACT QUALIFICATIONS BROADEN YOUR KNOWLEDGE BASE, INCREASE YOUR TECHNICAL EXPERTISE AND
ENCOURAGE YOU TO CONSIDER THE BROADER STRATEGIC PICTURE - ALL
OF WHICH MAKES FOR A MORE WELL-ROUNDED AND EMPLOYABLE
INDIVIDUAL.”Rachel Pether,
Assistant Manager, Financial Risk, Group Treasury, Mubadala GE