Celebratingsuccess

ACT professional qualifications pass list October 2012

ACT qualifications and membership route

Two exams, one project

MCT Advanced Diploma

AMCT Diploma

AMCT Stage 3

AMCT Stage 2

AMCT Stage 1

Modular syllabus comprising 3 stages, exemptions available

Select 2 electives to complete AMCT or take as individual certi!cates

Compulsory for AMCT or can be taken as an individual certi!cate

Certi!cate in International Treasury Management – CertITM

CertCFFCorporate Finance

and Funding

CertFMMFinancial Mathsand Modelling

CertICMInternational Cash

Management

CertRMRisk

Management

Certi!cate in Financial Fundamentals for Business – CertFin

Can be taken as part of AMCT or as an individual certi!cate

Contents

P3: ACT professional qualifications overview

October 2012 qualifications pass lists

P4: MCT Advanced Diploma

P6: AMCT Diploma in Treasury

P9: CertFIN

P11: CertITM

P16: CertCFF and CertCFF Fast-Track

P19: CertFMM

P21: CertICM

P25: CertRM

Celebrating the success of ACT students

We are delighted to share ACT's October 2012 exam resultsand it’s great to see the outstanding student achievementsfrom all around the world. We currently have students in 86countries which highlights that our treasury qualificationsare increasingly seen as an opportunity for global success.The excellent results of all our students demonstrate theirdedication, hard work and commitment to acquiring a rangeof crucial financial management skills to help them andtheir organisations succeed.

The demands on professional treasurers and the need fortreasury management expertise continues to increase. Asthe global marketplace becomes increasingly competitive,organisations are recognising ACT qualifications as abenchmark of competency and for their relevance to avariety of roles. ACT qualifications provide fundamentalskills in treasury, accountancy, risk, financial management,banking, relationship management and consultancy –enabling all to speak the same language and understandthe relationships that exist.

Congratulations from everyone at the ACT.

3

Welcome to the ACT

The ACT is the leading professional body forinternational treasury, providing the widest scopeof benchmark qualifications for those working intreasury, risk and corporate finance. We definestandards, promote best practice and supportcontinuing professional development. Our RoyalCharter status underlines our commitment tosupporting the treasury community and raisingthe profile of the profession while strengtheningour position as a leading treasury body.

www.treasurers.org

Designed for senior treasury professionals, the MCT AdvancedDiploma is our most advanced qualification and is recognised asthe gold standard in treasury and corporate finance. Those whohave attained MCT are acknowledged as the leading financeand treasury specialists.

Congratulations to the 10 professionals who became MCTqualified in the October 2012 exams; you join a group of elite treasury professionals who have been awarded the most senior- level treasury qualification.

MCT – Distinction General Exam Case Study Project

“ Having gained the MCT you

know that you’re well equipped

to deal with a lot of the things the

business world can throw at you.

Ben WaltersAssistant Treasurer at Compass Group PLC

”

MCT Advanced Diploma in treasury, risk and corporate finance MCT

Karen Anderson Ove Arup & PartnersDavid Browne Cable & Wireless CommunicationsSimon Century TradeRisksGeoff ChamberlainStephen Louis Chaves Silverfleet Capital Partners Rachel Emery AMECLuke McConnell Royal Bank of ScotlandCatherine Porter Cancer Research UKToby Shore Dubai Aluminium CompanyBenjamin Walters Compass Group

4 5

MCT is very much a “grownup” course. It’s tough, and youhave to accept that very oftenthere are no right answers. The pace is pretty daunting,but I found that the ongoingassessments, tutor markedassignments, followed by theforum assessment and theproject, really helped to pull it all together and focus onwhat I’d covered, providingshort term targets to keep memotivated to see it through.

ACT study has made me betterat my job as we cover mostareas in the syllabus withinthe course of a working day.I’m currently setting up a shortterm forecasting applicationacross the Group which is a direct result of readingsomething within the coursenotes. It’s also certainly helpedme contribute more effectivelyto some of our re-financingactivity and deal with ourbanks on derivatives linkeddirectly to these activities.

I’m someone that likes tochallenge the status quo andget a genuine understanding of an issue, so having the toolsfrom the qualification to dothis more effectively I hopemakes me more of an asset forthe firm (or more of a pain...!)The fact that you can choose todo the course completely on-line is also extremely useful.

I think my ACT qualificationcontributed enormously to myformal move to the treasurydepartment a year ago and to my promotion at that timeto Assistant Treasurer.

The qualification addresses a wide range of issues and the greatest benefit is theconfidence it gives you inyourself. Having gained theMCT you know that you’re wellequipped to deal with a lot ofthe things the business world(or your FD) can throw at you.

MCT Case Study

Ben WaltersMCT

Assistant Treasurer at Compass Group PLC

“ACT courses are clearly wellstructured and the material,ongoing assessment and feedbackis of a high quality and producesvisible results in those workingthrough them. The payback iscertainly positive and as anemployer we would certainlyencourage any of our employeeswho demonstrate the appropriatelevel of commitment to take anACT qualification.” Compass Group PLC

The AMCT Diploma in Treasury is ACT’s core qualification.Certificates in treasury, risk, corporate finance, cashmanagement and financial maths are combined to deliver the essential skill set for any treasury professional.Well done to the 96 candidates who passed their finalcertificate in October 2012, completing the AMCTDiploma in Treasury. This achievement reflects yourdedication and hard work. You join a network of over 4,000 AMCT professionals around the world.

AMCT Diploma in Treasury

I am currently based in Berlinoverseeing the treasuryintegration of Arriva into thecentralised treasury functionof one of the world’s largestpassenger and logisticscompanies, Deutsche BahnAG. After Deutsche Bahn AGacquired Arriva in 2010 in adeal worth 1.6bn GBP, I wasoffered the chance to move to Berlin and work for a trulyglobal firm that operates in130 countries.

I enrolled on AMCT as I wasvery keen to gain a betterknowledge and understandingof treasury that would enable

me to build professionalexpertise. I was also aware thata career in treasury could offera clear path to the boardroom.

I have been able to apply my knowledge gained fromthe course on a daily basis at work. It really gave me theability to get the buy-in fromother departments, as I couldexplain the importance ofwhat we were doing intreasury in a strategic manner.The course itself is onlinewhich meant I could stillaccess the notes whether Iwas in England or Germany. I was also really impressed

with the commitment of thetutors online, answeringquestions around the clock.

I believe that if you want tosucceed in a career in treasurythe ACT qualification providesyou with the tools to do just that.The status of the ACT is growingall the time and now that thebody has received the royal sealof approval (charter status), Iexpect it will become even morewidely recognised. Personally my ACT qualifications havehelped me gain respect from my colleagues and employerswhich has certainly contributedto promotions that I’ve received.

AMCT Case Study

John David MeehanAMCT

Finance and Treasury at Deutsche Bahn AG

Richard Abigail ArupMonika Ahmed Alpha Bank LondonMuhammad Zahiruddin Amin ShireDavid Atkinson Virgin MoneyDale Baxter Lloyds BankRichard Bitter Shell InternationalMichael Blake Transport for LondonPeter Boon City & Docklands Property GroupSophie Boyle Warner MusicSharon Bradford Dubai WorldVictoria Brown Vertu MotorsAndreas Büch BellinEmmet Bulman Barclays BankBlathnaid ByrneClaire Castelli Halfords GroupPei Ling Helen Chia RBSBrian Mwembo Chibwe G4S Secure Solutions ZambiaBen Colyer Sanctuary GroupIan Cooper 3iJoel Curry Pilkington GroupMilan Devji Standard BankAlastair Drew Alan Boswell Insurance GroupCharlotte Edwards National Express GroupGregory Fournier-Breen OpenlinkGareth Francis Affinity Sutton GroupChristina Frett ComputershareGraeme Gibson DeloitteJurian Goei PwCEmma Gosling Croda InternationalDavid Gough Metropolitan Police Service

AMCT – Pass

Shalet Gupta Air-EnergiMarjaana Haljala Shell InternationalRussell Hall FennerSarah Handasyde Dick Endeavour VisionChristopher Harper RBSCe Pei Ho Genting MalaysiaMark Hodges BMS GroupSarah Hogg BPVicky Holloway BAE SystemsRoderick Hyslop Nexus EnergyJoseph Jackson Barclays CorporateNatacha Julien-Saint-Amand DSI HoldingMarc Kagels SchaefflerMichael Kay CommerzbankKetan Khagram BUPAChung Wei Khoo Khazanah NasionalAnthony Kilkenny Severn Trent WaterJonathon Knuppel Land RoverWai Tat Lau Nexen Petroleum UKAnthony Lewis RBSChenwei Lien PhilipsDavid Lowe PoundlandRobert H MayRichard McCambridge Morgan StanleyDes McCarthy KBC Finance IrelandWalter McCulloch Mitsui Bussan CommoditiesJohn Meehan Deutsche Bahn Rohit Moudgil Barclays BankChance Mugala Copperbelt Energy CorporationLlewelyn Mullooly RBS

AMCT – Distinction

CertFIN-BL CertFIN-CT CertFIN-ESA CertFIN-FMA CertITM CertITM-PF CertFMM CertRM CertICM CertCFF CertCFF-FT

6

“Through the application of their enhanced treasury knowledge, the ACT qualifications benefitboth our employees and the Deutsche Bahn Group.”Wolfgang Reuter, Group Treasurer

“The status of the ACT is growing all the time

and now that the body has received the royal

seal of approval (charter status), I expect it

will become even more widely recognised.

John David MeehanFinance and Treasury at Deutsche Bahn AG

7

”

Certificate in Financial Fundamentals (CertFIN)

As stage one of the AMCT Diploma in Treasury,the Certificate in Financial Fundamentalsprovides the foundation from whichcandidates build their knowledge of treasury, risk and corporate financial management. It provides a framework of core knowledge in financial and management accountancy,economics and statistical analysis, corporatetaxation and business law. Congratulations tothe 61 candidates who achieved this qualificationfollowing the October 2012 exams.

CertFIN Case Study

Stephanie EdwardCertFIN

Senior Treasury Dealerat Tesco PLC

The ACT has provided a strong network for

greater understanding, discussions and ideas.

I believe it really opens up the doors for

progression in the future.

Stephanie EdwardSenior Treasury Dealer at Tesco PLC

“

”

Fast FactMore than 1,200 students from

57 countries around the world

were entered for over 1,600

exams in October 2012.

Matthew Norris Petrofac Robert Norris Tetra LavalJussi Nunes ANZ BankWilliam Oliver Forum PartnersDavid Peyton Unipart GroupAndrew Phillips OverburyJames Piper Barratt DevelopmentsLawrence Pluck Shell InternationalLeisl Porter Goodman Real Estate Advisor (UK) Kate Randall Expro North Sea Zarina Sabir easyJet Miriam Salbstein BNP Paribas Xue Shang Fraser Accountancy Services Karen Sheedy Gallions Housing AssociationGillian Simpkins BAE SystemsArun Singh DeloitteGuy Stamp RBSHarriet Stern Barclays Commercial BankBeng Teck Tan PwCJordena Taylor Sainsbury's SupermarketsPriscilla Tettey Oxford InstrumentsAlwyn Thomas Rolls-RoyceGeorge TrevellianDaniel Turpin BUPAAarti Vasudeo RBSSarah Walden Guernsey ElectricityRicky Walia Liquid Capital MarketsPeter Walker-Smith AstraZenecaAlex Warr TomkinsNathan Welch Best Buy Europe Distributions

Kieran Welsh Lloyds Banking GroupAnna Willshire DixonsGeert Wognum PricewaterhouseCoopersDishani Yagama Co-operative BankYi Zhang Santander UKMāris Zutis Dematic Group

9

AMCT – Distinction

CertFIN-BL CertFIN-CT CertFIN-ESA CertFIN-FMA CertITM CertITM-PF CertFMM CertRM CertICM CertCFF CertCFF-FT

8

I currently manage the market exposures for Tesco’sInternational businesses whichinvolves working closely withour local treasury teams andregional treasurers.

I worked within the bankingindustry for over seven yearsand wanted a career change. I felt that corporate treasurywas an exciting part of anybusiness to work in and acorporate treasury role wouldallow me to make use of myfinancial markets experienceas well as gain a great deal of new experience.

I enrolled on the ACTqualification because I felt it would provide me with asolid grounding in corporatetreasury and show mycommitment to working withinthe corporate treasury arena. It is very highly regarded –amongst treasury professionalsespecially, and I think it’s animportant qualification to gain in order to progress.

CertFIN gave me anunderstanding of corporatetreasury issues that you don’t fully grasp or appreciatewhen working day-to-day onthe banking side. It has alsoenhanced my network of

treasury professionals andallowed me to open updiscussion channels andinformation sharing, which is quite important in thecorporate treasury world.

I think overall it has enhancedmy awareness of the broadspectrum of corporate treasuryconcerns which in turn hasallowed me to question thingswith more confidence. The ACThas provided a strong networkfor greater understanding,discussions and ideas.

I believe it really opens upthe doors for progression in the future.

Certificate in International Treasury Management (CertITM)

CertITMCase Study

“ Employers will benefit

from a fresh application

of theoretical knowledge

in the workplace.

Adam DobbsAnalysis Manager at Marks & Spencer

”

Marion Akuamoah RBSAlice Aveline EurohypoAnnamaria BodiClaire Castelli Halfords GroupPoonam Chauhan RBSRebecca Cook RBSThomas Cridland Camelot UK LotteriesAndrew Cruickshank Santander UKLuke Derham Citic Pacific Mining ManagementMichael Doherty Network RailNigel Downie Cairn EnergyRoisin Doyle FTSEHenry Dryden Santander UKMarcus Duley Yorkshire Building SocietyStephanie Edward TescoAsal Erimbetova SungardStuart Farquharson National Australia BankRoss Findlay Santander Corporate BankingKylie Frappell DeloitteLuke Gent RBSLauren Glancy RBSMarc Gozzett Marex SpectronGautam Gupta British American TobaccoPham Hong Hanh CitibankMartyn Head Sector Treasury ServicesNayeem Karim Hitachi Capital UKAnil Khurmi KPMG Tomasz Kietlinski PolenergiaArcher Kilpatrick Lloyds BankJohn Lanham RBS

CertFIN – Pass

Iain Lesmoir-Gordon Infrastructure InvestmentsAnthony Lewis RBSChenwei Lien PhilipsJemini Makwana SungardNina Merlo Hirsch Lloyds BankNatalie O'Byrne Lloyds BankMaximilian Oppenheim BP InternationalDavid Owen The Funding CorporationNilay Patel William HillNicolas Pedel Bank of Tokyo-Mitsubishi UFJJaime Pelaz Anciola Barry CallebautFarhad Poacha HSBCEmma Simo Pinatella Sabic CapitalManinder Singh West Bromwich Building SocietyMario Situm Bank fur Tirol und VorarlbergDavid Sneade Arena HousingMatthew Sutherland Barclays BankLotta Syrjala DeloitteMark Taylor Skipton Building SocietyMichael Thompson AMECTom Thorn Imperial Tobacco GroupAshley Toy RBSErik Van Vliet Bank of America Merrill LynchJames Wadsworth Nationwide Building SocietyNathan Welch Best Buy Europe DistributionsPaula Wheatley OMD GroupBradley Woodards RBSMatthew Woolmore RSA Insurance GroupLee Wridgway Bank of America Merrill LynchMāris Zutis Dematic Group

CertFIN – Distinction

Business Law Corporate Tax Economics & Statistical Analysis Financial and Management Accounting

11

The Certificate in InternationalTreasury Management providesa good base of knowledge and calculations that arefundamental to everyday life in treasury, covering everything from the yield curve mathematics throughto the selection of the correct treasury management system.

Since the global financial crisisthe profile of debt financingand the capital markets hasbeen raised, and as a result,understanding of this is a key

requirement for senior financepositions, a point confirmed by a recruitment consultingfirm to me last year.

Experience in any role will teachyou a certain amount, howeverthrough undertaking the ACTqualification and considering thetheory, employers will benefitfrom a fresh application of thistheoretical knowledge in theworkplace.

The ACT provides the keyqualification that is sought after

for any employer of treasuryprofessionals as it demonstratestechnical capabilities and widercorporate finance understanding.

Additionally, as a financeprofessional competition isstrong for roles, and thereforeadding an additional relevantqualification to your CV willdefinitely enhance careerprogression, both in the shortterm and long term. Thebenefits you receive fromachieving an ACT qualificationare definitely worth the effort.

Adam DobbsCertITM

Analysis Manager at Marks & Spencer

10

The Certificate in International Treasury Management is our most popular qualification with candidates from 42 different countries entered for the October 2012 exam. A truly global qualification, CertITM provides a fundamental understanding of all aspects of corporate financial management from an international perspective, providing candidates with practical knowledge they can immediately apply to their role. We congratulate the following 224 candidates who qualified as CertITM in October 2012.

Katie Davison Rolls-RoyceNaomi Day Jardine MotorsBen Deverell Lloyds BankMichael Devine Volkswagen Financial Services (UK)Ashika Dheda Standard Bank South AfricaVincenzo Di Lena PwCWarren Douglas MacquarieHenry Dryden Santander UKWasiu Fadahunsi Notting Hill Housing TrustStephen FieldMark Findlay Scottish PowerStephen Finn Vita Group ServicesCharl Fouche Peermont GlobalShona Fraser Scottish PowerAlexander Fyfe HSBCBas Godijn Rabobank InternationalMarc Gozzett Marex SpectronJean Grigg Dover Harbour BoardJoanne Gritti ExperianWikus Grobler SenwesSiona Grummett RBSErnest Kwame Gyimah ADC African Development CorporationWilliam HaiserJayne Hall PSA Peugeot-Citroen (UK)Jeremy Hamon SiemensStephen Harvey Save the ChildrenGregg Hawson Sappi InternationalCatherine HermantoBrendan Herriott Australia and New Zealand Banking GroupZoltan Horvath Vodafone Hungary Oliver Howard Barclays CorporateTimothy Howard Jaguar Land RoverPaul Hughes RM EducationSandor Huszar DiageoSaharsh JainPoonam Joshi The Economist

Adam Jungling Diageo Business ServicesJoshua Kable Tomkins Colman Kajau Yorkshire Ambulance ServiceOlivia Kenneally PepsicoChung Wei Khoo Khazanah NasionalGergely Kiss DiageoMark Kitchen HSBCArn Knol ZandersAlexander Knothe Deutsche BankAbi Knudssen LateroomsJonathon Knuppel Land RoverAlexander Kolpakov BATRoshni Korya Japan Tobacco InternationalChoi Lai MingJohn Lanham RBSAnna Magdalena Lasik Standard Chartered BankHerve Laurentin Albéa GroupDebbie Law Siiu Leung Barclays BankXiaochun Li Akzo Nobel (China) Investment CoXuan Li Perfetti van Melle HoldingXiao Rong Li Yan Hui PPD GlobalTomasz Jan LipiarzXuelian Ma Linde Veronika Makka Kia Motors SlovakiaIlja MalkinsChristopher Marlow Systagenix Wound ManagementClarence MarshallLorna Martin Aspire Defence David McCall RBSPatrick McCarthy Balfour Beatty InvestmentsMatthew Mckee S&P Capital IQLindsay-Anne McKenzie JW HoldingsPutri McVicker Wilson FletcherIsaac Mensah Homerton NHS TrustDavid Metcalfe ASB Bank

CertITM – Distinction

Ajay Angoteea Lloyds BankDavid Atkinson Virgin MoneyAndrew Bone RBSRory Brown Lloyds BankJuan Bueno Thomson ReutersAdam Burgoyne RWE NpowerJulien Callmander LitascoPoonit Chandarana RBSMarco De Chiara SafiloAdam Dobbs Marks & SpencerMark Doody Bank of IrelandJames Dunbar Co-operative Banking GroupJames Fordham Lloyds BankPhilip HemsleyRichard Hulme KPMGMohamed Fazaz Abdul Majeed Standard Chartered BankTomas Matta Rio TintoMartin Mulligan Lloyds BankDavid Mullin GlaxoSmithKlinePatrick Mwebaze Tullow Uganda OperationsLászló Nényei SPAR MagyarországAlastair Oastler Helical BarNathan Pickles Genesis Housing GroupAndrew Roberts RBSMartin Rybak Ernst & YoungPeter Somkuti Vodafone HungaryOliver Stobbs RBSWei Ting PwCWanjia Zhang Barclays Capital

CertITM – Pass

James Adams RBSOluyanmife Akinyemi RBSJoy Aninon Shell Treasury Centre EastHakim AshagidigbiPhillip Bailey VA PartnersDounia Bakhiche Tesco BankBenjamin Balmer Yorkshire Building SocietyGregor Barr Orbit GroupMagnus Batsvik-Miller World First UKSulaiman Bawany Escribir CollegeAlan Beaver Ross & LiddellRobert Bell University of East AngliaJiankai Bi Huawei TechnologiesMargaret Bingham Premier FoodsLinda Birta Siemens Capital CompanyRobert Blackman Barclays WealthDavid Bogard Sony Computer Entertainment EuropeBeat Bolliger Covidien Group NeuhausenSaurav Bothra Essar Global ServicesDaniel Bourdon Solution OpportunitiesDavid Broderick Pork FarmsNeil Brown Barclays WealthFabio Calierno Santander UKChipulu Chapewa KPMGPoonam Chauhan RBSKing Fai Cheung HSBCBrendan Chiu RBSAndrew Collins Imperial InnovationsSimon Connell Lloyds BankWayne CookEdina Cseszneki Vodafone HungaryAimee Cullen Johnson & JohnsonEmyr Davies Alliance Boots ServicesPaul Davies BrightHouse

12 13

Ermelindo Varela PwCPal Yozsef Vida Magyar PostaMatthew Vincent RBSAlex Warr TomkinsMagdalena Watson Colt Technology Services GroupPaula Wheatley OMD GroupBenjamin Thomas WhistonMatthew Wigley RBSRobert Wills Gammon ConstructionDarren Wilson BUPAStephen Windsor Lloyds BankShane Woods DeloitteBen Wright BG GroupRobby Zahr Al JaberLing Zhang Huawei TechnologiesSikhumbuzo Simon Zulu

Andrew Gordon Milmine Betclic Everest GibraltarCharlotte Mitchell Barclays CorporateKarl-Michael Molzer Siemens OsterreichDavid Moore Robinson HealthcareLee Morrison Tesco BankPhilip Mouchet GlaxoSmithKlineRebecca Elizabeth Jane Murdoch National TreasuryDoreen Mary Nakake-KadduTram Nguyen StocklandTrong Pham Nguyen Preferred Freezer ServicesTendai Nhema AIB GroupMathias Nikolay Siemens OsterreichHarpal Nirwal Hutchison 3G UKSanchita Niyogi NalcoOscar Nkhuwa Pensions and Insurance AuthorityEdward Nowak Cambridge Building SocietyEmma Nuttall RBSBoon Long Oh Akzo Nobel Paints (Asia Pacific)Hendrik Oosthuizen National TreasuryJatinder Padda KPMGAmitkumar Padhiyar Zafco TradingRuth Pans Suarez ArcelorMittal TreasuryKatherine Parsons BP InternationalAnn Peters SegroRachel Pether Mubadala Development CompanyJonathan Petty DeloitteAndrew Pickering InnospecJeanine Polley InvestecTom Poppelaars PwCVladislav Pouchkarov TriFinanceChristopher Price Edward Snell & CoChristopher Priest RBSNaeem Iqbal Qureshi UK Power NetworksDavid Ransome HuntingAnthony RichterMichela Ruzza ACCOR UK

Paul Samson HuntingEwelina SaneckaAlan SearleDerek Seely Charterquest Matthew SharkeyVijay Singh Rolls-RoyceVictor Sinjani PwCArtur Skowronski Virgin Atlantic AirwaysHelen Smale HSBCAndrew Smith BelronDavid Sorrell West Bromwich Building SocietyBenjamin Souter UK Power NetworksRichard Spencer Bunzl Kulathunga Singham SriranganGuy Stamp RBSAlex James Standing Lloyds BankMichael Stefansky Swiss International AirlinesNeil Stirling The Weir GroupCathy Leanne Sumner Lloyds BankMarysia Sysko Carphone Warehouse GroupPeter Szeker Diageo Business ServicesHenrietta Szenteszki DiageoAlwin Hoan Liang Tan Transavia AirlinesSui Pan Ivan Tang DeloitteJohnny TangBrian Taylor Co-operative Banking GroupMichael Thompson AMECPatrick Thompson KPMGKevin Townsend Stock Spirits GroupBarry TrevelyanArianna Trevisani RBSPeter Tu Family MosaicJames TutenNatascha Uszkurat TradeRisksDenise Van Wyk SenwesBreton Vandenberg London & Quadrant Housing Trust

CertITM Public Finance – Pass

Nigel Allen Durham County CouncilPaul Halfpenny Wigan RecyclesJohn Spence Swindon Borough Council

Fast Fact36% of ACT students are already

qualified accountants and for those

studying for AMCT Diploma in

Treasury, this number rises to 52%.

14 15

“CertITM is a challenging paper requiringmastery of both a knowledge of treasuryterminology and context, as well as treasuryrelated numerical techniques. It is pleasingto see an increasing number of candidates,year on year, demonstrating theircompetence in these areas.”

Chief Examiner, CertITM

Certificate in Corporate Finance & Funding (CertCFF)

The Certificate in Corporate Finance & Funding addresses the practical issues in corporatefinancial management, the capital markets and funding. We offer a fast-track option forqualified accountants who take this certificate as part of their pathway to the AMCTDiploma in Treasury. Congratulations to following 94 candidates who successfullyattained the CertCFF and CFF fast-track qualification in the October 2012 exams.

CertCFF was very useful as it provided practical exampleswhich we are faced with everyday at work.

In my corporate finance paper,understanding how investorsand markets value the companyhelps reinforce everything wedo at easyJet to always focuson shareholder value.

I enrolled on an ACTqualification when I moved intomy current role as I wanted tobe able to add further value to the team and the company.

I felt that the ACT qualificationwould enhance my knowledgeof issues that, as senior financemanagers, we need to alwaysbe aware of.

ACT qualifications provide aholistic view of an organisationand the importance of cash,liquidity, control and risk. It has made me think much morestrategically and look at a macroview of the business and all thedecisions and issues it faces inorder to survive and grow.

The ACT course is a solid, well recognised and powerfulqualification that willdifferentiate you from being anaccountant, to a well-roundedfinance business professional.It helps to align your mind-setto think externally, as well asinternally, on all aspects offinance. The study material isconcise and explains pointsvery clearly to help genuineunderstanding of the subject.

CertCFF Fast-Track Case Study

Zarina SabirCertCFF

Group Chief Accountant at easyJet PLC

CertCFF – Pass

Anjum Ahmad Imperial InnovationsMuhammad Zahiruddin Amin ShireRaj Balaraman PwC Robin Bond Warner Estate HoldingsSophie Boyle Warner MusicSharon Bradford Anglian WaterPascaline Caron Alstom ManagementJoel Curry Pilkington Group Timothy Dart HSBCDavid Dick Warner Estate HoldingsPhillip Dominique RBSPhilip Evans BarclaysChristina Frett ComputershareGianluca Gubbini MTV Networks EuropeSarah Handasyde Dick Endeavour VisionMartin Hayball Pennon GroupAled Jenkins Lloyds BankSachin Jayant Jobanputra Synergy HealthMichael Johnson RBSChris Johnston HSBCRosemary Jones Tesco BankKetan Khagram BUPARaza Khan Phillips 66Kristian Kjaer Danske Bank

Anetta Kormos Vodafone HungaryAndrew Macdonald Direct WinesDes McCarthy KBC Finance IrelandLeone McKinley BNP ParibasRohit Moudgil Barclays BankDavid Moyal ActelionPaul Newman Matthew Norris PetrofacAnthony Page Standard BankDavid Peyton Unipart GroupJames Piper Barratt DevelopmentsKate Randall Expro North SeaVladislav Smirnov Ernst & YoungHarriet Stern Barclays Commercial BankScott Taylor ENRCAlwyn Thomas Rolls-RoyceGeorge TrevellianKrisztina Viczjan Vodafone HungaryCharlotte Virally EDF EnergyRicky Walia Liquid Capital MarketsPeter Walker-Smith AstraZenecaAlex Warr TomkinsNathan Welch Best Buy Europe DistributionsAnna Willshire Dixons

CertCFF was very useful as it

provided practical examples which

we are faced with every day at work.

Zarina SabirGroup Chief Accountant at easyJet PLC

“”

CertCFF – Distinction

Gareth Francis Affinity Sutton GroupRussell Hall FennerLuke McGuigan RBSKyle Tibble RBS Aarti Vasudeo RBSKieran Welsh Lloyds Banking Group

16

“Accurate estimation of financing costsis an essential function of treasurymanagement, and it was hearteningto see the majority of CFF candidatesshow a high degree of competence incalculating the effective annual costsof alternative loan arrangements ondiffering terms.” Chief Examiner, CertCFF

17

Martin WilliamsCertFMM

Treasury ManagerStrategy & Financeat Royal Mail

Certificate in Financial Maths and Modelling (CertFMM)

The Certificate in Financial Maths and Modellingemphasises the practical modelling of real lifeproblems and opportunities. It provides an integratedset of quantitative tools to understand and explainfinancial instruments, financial risk and corporatevalue and the important relationship between them.We congratulate the 26 candidates that becameCertFMM qualified in the October 2012 exams.

Having studied mathematicsat university I chose financeas a career and qualified as achartered accountant in practicebut quickly wanted to move intoa more practical role in business.I spent 12 years in variousfinance roles at Royal Mailbefore I joined the treasurydepartment – seeking out amore technically demanding job.

Having been in treasury for anumber of years, I felt it was theright time to both broaden anddeepen my skills. My manageris AMCT qualified so was wellaware of the advantages anACT qualification can provide.

CertFMM provides a broadcoverage of detailed technicalbackground on the maths thatunderpins financial instrumentsand risk analysis. As an addedbenefit, the course provideduseful basic grounding inmodelling best practice.

The improved understandingof how financial products workat the very base level allowsme to better understand whichproducts best suit the risksbeing managed and to modelthe impact they could havewhen added to our riskmanagement portfolios.

Being AMCT qualified willprovide me with an opportunityto be involved in more diverseprojects across the business.

ACT qualifications allow youto gain a good understandingof all areas of treasury, its roleand its importance withinorganisations. You are able tostudy chosen areas in greaterdetail through the second stageelectives. The qualifications arerespected for their rigour andbeing AMCT qualified meanssomething worthwhile.

CertFMMCase Study

CertFMM provides a broad

coverage of detailed technical

background on the maths

that underpins financial

instruments and risk analysis.

Martin WilliamsTreasury Manager Strategy & Finance at Royal Mail

”

CertCFF Fast-Track – Distinction

Ben Colyer Sanctuary GroupAdam Dobbs Marks & SpencerAlastair Drew Alan Boswell Insurance GroupZarina Sabir easyJetAndrew Sloman Devon and Cornwall Housing

CertCFF Fast-Track – Pass

David Atkinson Virgin MoneyUday Barot Barclays WealthMagnus Batsvik-Miller World First UKSauro Belli Sanctuary GroupVictoria Brown Vertu MotorsEmmet Bulman Barclays BankBlathnaid Byrne Jonathan Campbell Gearbulk (UK)Evangelos CatsamasYee Teck Chan DKSH ManagementPei Ling Helen Chia RBSVictoria Clark Alliance BootsJess Coles PetroplanLisa Dukes Drax PowerRachel Emmett Worley ParsonsJessica Geddes Morgan StanleyGraeme Gibson DeloitteLai Yin Larry Ho Betterfit Intimate Apparel CompanyVicky Holloway BAE SystemsChung Wei Khoo Khazanah NasionalAnthony Kilkenny Severn Trent WaterWai Tat Lau Reliance Security GroupChristopher Livingston Coventry Building SocietyRichard Lomas RBSDouglas McAndrew Urbanest UKWalter McCulloch Mitsui Bussan Commodities Trong Pham Nguyen Preferred Freezer ServicesRobert Norris Tetra Laval William Oliver Forum Partners Shaffi Shaffi Airbus OperationsKaren Sheedy Gallions Housing AssociationBeng Teck Tan PwCRobert Wills Gammon ConstructionYi Zhang Santander UK

19

Fast Fact51% of ACT students work

in banks, consultancy,

insurance, auditing and

other financial services.

“ACT qualifications add value to the membersof our treasury team, adding credibility to thefunction and members of the department intheir dealings with both internal managementand external counterparties.”Group Treasury Director, Royal Mail

“

18

The Certificate in International Cash Management is favoured strongly by internationalcandidates with students from 32 different countries sitting the October 2012 exam. The certificate focuses exclusively on global cash management and allows candidates to appreciate the wider relevance of cash management to corporate treasury and international banking. The course is equally favoured by those from banks and corporate organisations and is designed to assist the understanding of both. The week long tuition school is an integral andenjoyable part of the course. We regularly run schools inthe UK, Singapore, Hong Kong, Dubai, USA and now inSouth Africa for the first time in 2013. Congratulationsto our newly qualified CertICM professionals fromthe October 2012 exams and well done to the USA group who achieved an excellent 90% pass rate.

Sarah HoggCertICM

Cash ManagementExecutive at BP

“Many candidates start the coursefeeling least confident about optionstrategies and option theory. It washeartening to see questions onbinomial and Black Scholes optionvaluations answered well and thematerial understood. Corporatevaluation is a fairly new topic toCertFMM, so it was pleasing to seecandidates do so well on the examin this area.”

Chief Examiner, CertFMM

I wanted to broaden

my knowledge and

differentiate myself

from other accountants.

Sarah HoggCash ManagementExecutive at BP

“

I originally chose finance asmy career path as I had mysights set on a high power role, such as a top CFO beinginvolved in the exciting worldof mergers and acquisitions,strategic manoeuvres andfinancial markets.

After completing BP’s TraineeScheme, I enrolled on an ACTqualification having decided to pursue a career in treasury. I saw treasury as an excitingplace to be, having moreinteraction with the businessand its decision making. I wanted to broaden myknowledge and differentiatemyself from other accountants.

Having just moved into a cash management role beforetaking CertICM, I found itextremely useful. It covered allaspects of cash management,including the techniques weuse at BP which helped me tounderstand why we do a lot of the things we do. I found itvery practical and the guestspeakers really brought thecourse to life. Sharing the vastknowledge and experience of the tutors, speakers and my classmates was bothinteresting and enjoyable.

CertICM, and the other ACTpapers I have taken towardsAMCT, have increased my

financial knowledge andunderstanding. I have beenable to apply this to existingand often complex newsituations. In my role I need to understand and interactwith all functions of treasuryand the business, as they allimpact the group’s cash flowsor debt. The confidence I havegained through my studies has enabled me to do this.

I would highly recommendCertICM to any potentialstudents who are looking topursue a career in treasury as it provides you with acomplete understanding of allaspects and is really practical.

CertICM Case Study

CertFMM – Pass

Oleksandr Basiuk Credit Agricole Corporate & Investment BankFredrik Bernold Sika ServicesDaniel ChappellMichelle DouglasDaniel Fraser SG HambrosChristina Frett ComputershareJoseph Jackson Barclays CorporateNayeem Karim Hitachi Capital UKChung Wei Khoo Khazanah NasionalWai Tat Lau Nexen Petroleum UKHe Meng Sungard System ChristchurchLawrence Pluck Shell InternationalLeisl Porter Goodman Real Estate Advisor (UK)Marc Savriapen Ireland BlythIsobel Stannett Trade RisksLik TsoiNatascha Uszkurat TradeRisksAlex Warr TomkinsGeert Wognum PricewaterhouseCoopersMichelle Yeoh Hui Fang PricewaterhouseCoopers

CertFMM – Distinction

Victoria Brown Vertu Motors Gregory Fournier-Breen OpenlinkShalet Gupta Air-EnergiMichael Kay CommerzbankXue Shang Fraser Accountancy ServicesMartin Williams Royal Mail Group

Certificate in International Cash Management (CertICM)

21

Fast FactOver 650 students attended

an ACT accredited teaching

course to help them prepare

for the October 2012 exams.

”

20

”An excellent set of results from theOctober 2012 exams with studentsgiving sufficiently detailed answers toshow they had studied well and fullycovered the range of study material.”

Chief Examiner, CertICM

CertICM – Pass

Alishba Ali JP MorganLourdes Jhuliana Antonio Luna Philips InternationalKeith Bailey Svenska HandelsbankenAneeta Bains Wells FargoDick Barbier RBSJennifer Bardouille Wells FargoAbul Barkatullah HSBCLesley Bingham PwCMichael Blake Transport for LondonPeter Boon City & Docklands Property GroupBrendon Bouwer Standard Bank South AfricaSally BriggsAndreas Büch BellinDeborah Buckingham Lloyds BankAmit Chaturi AegonClarence Chiam Hong Kong and Shanghai Banking CorporationMatthew Cornwall Capita GroupWietse De Windt RBSChantelle DebusMiao Juan Catherine Deng Australia and New Zealand Bank(China) CompanyPankti Desai Bank of America Merrill LynchDrew Devine Silicon Valley BankSandeep Dhawan HSBCAkhil Doegar DBS BankSuzanne Dunphy Visa EuropePiers Element Bank of America Merrill LynchDarren Ellison ANZPriya Gill Standard Bank PlcSayeed Hai HSBCAdam Hanke Barclays BankXiaoyuan He HSBC Bank (China)Katherine Herron Danske BankSinead Horan RBSNan Hu HSBC

CertICM – Distinction

Richard Abigail ArupStephen Betts Associated British FoodsJan Bruun Danske BankBen Colyer Sanctuary GroupSarah Hogg BPMira Loh Hui MinHarishankar Kailasam First Gulf BankLlewelyn Mullooly RBSSuganya Subramanian Barclays BankBenjamin Sykes Barclays BankRobert Vacher HSBCSachin Varshney Hong Kong and Shanghai Banking CorporationJo C M Wan HSBC

I embarked on a finance career a number of years ago and qualified as aChartered Accountant withPricewaterhouseCoopers. I have always enjoyed theelement of treasury in myroles, and at Arup I was giventhe opportunity to develop the treasury function. It is an enjoyable challenge tocommunicate the need formanagement of financial risk on a global basis.

The technical knowledge ofCertICM provides an invaluableunderstanding of the ‘nuts

and bolts’ of how corporatesoperate in a vast, fast pacedand complex financial world.The qualification provides the foundation on which alltreasury functions are based.

The network and learningfrom other treasurers is alsoextremely valuable. The oneweek residential teachingcourse for CertICM is a fantasticopportunity to learn from notjust excellent teachers, but fromfellow students and externalpresenters, helping to embedthe technical foundationswith practical examples.

In my daily role, CertICM hasallowed me to approach thebanks with confidence in my knowledge and to be able to quickly analyse the bestsolution for the Group.

I believe ACT qualificationsprovide an instantly recognisedlevel of expertise in treasuryand are relevant worldwide.They differentiate you fromothers in the treasury area andprove to employers that youhave the intellectual ability tosit rigorous professional examsand a genuine commitment to treasury.

CertICM Case Study

“Arup recognises that investment inthe development and training of itspeople contributes to our success.The ACT qualifications are knownworldwide as the premier treasuryqualification. The knowledge, skillsand network ACT provides ensuresArup’s treasury function remains akey driver of financial excellence inthe Group.” Matthew Tweedie, Group Finance Director, Arup

Richard AbigailCertICM

Group Treasurer at Arup

2322

The technical knowledge of CertICM provides

an invaluable understanding of the ‘nuts and bolts’

of how corporates operate

in a vast, fast paced and

complex financial world.

Richard AbigailGroup Treasurer at Arup

”

“

Once I knew I wouldn’t be aprofessional footballer, thenext best thing was finance!

ACT qualifications wererecommended to me by myGroup Treasurer as well as myDeputy Group Treasurer whois MCT qualified. They said itwould assist me in my role and they were right! I’m keen to continuously develop andlearn new things so the ACTqualification was a greatopportunity for this, and great for career progression.

There was lots of invaluableknowledge that I gained as

well as refreshing knowledgeI had forgotten from university.For me one of the most usefulareas has been the riskmanagement evaluationtechniques and hedginginstruments from CertRM.

I have used the knowledgegained from the riskmanagement evaluation andhedging instrument sections of CertRM to assist the GroupTreasurer in analysing theGroup’s foreign exchange risk.

The qualification has been of great benefit to my career to date. It has helped me to

understand treasury relatedactivities in much more detailand this has helped me toprovide analysis to assist inboard level decisions. As a result,my profile has been raised andI have recently got a promotionto Senior Treasury Analyst.

Treasury is an area that hasgained importance at boardlevel of all companies,especially since the 2007/2008financial crisis. The knowledgeand techniques learned arevery useful for anyone wantingto work in treasury or financeand the qualification is greatfor enhancing your career.

CertRM Case Study

Ian CooperCertRM

Senior Treasury Analystat 3i plc

25

Certificate in Risk Management (CertRM)The highly practical nature of the Certificate in Risk Managementmakes this one of ACT’s most popular qualifications. Providing a clear understanding of the theories, principles and tools forfinancial risk management, CertRM delivers practical knowledgeand skills needed by finance professionals in addressing everydayproblems in financial risk management. As with all of ourcertificates, CertRM can be taken as an individual qualification or towards the AMCT Diploma in Treasury. Congratulations to the following 79 candidates who passed CertRM in theOctober 2012 exams.

The qualification has been a great benefit

to my career... my profile has been raised

and I have recently got a promotion

to Senior Treasury Analyst.

Ian CooperSenior Treasury Analystat 3i plc

“

”

Ewald Iking ING BankChristina Joergensen Danske BankAndrew Kelchner Bank of AmericaAsifa Khan HSBCLuke Knighton BarclaysEmiel Kuiken PwCAnupama Kuppa G4SMan Suen Lam ANZJonathan Lamb Standard Bank South AfricaGiancarlo Lanny HSBCEmilia Lanza HSBCChee Lee HSBCLloyd Li CIMB BankRichard Lim ANZ BankTai Lim HSBCSanthosh Lobo BBKJiong Lu HSBCAlex Mandziak HSBCKent Marais Standard Bank South AfricaKelly Michelle Marsh Bank of America Merrill LynchAaron Martin HSBCEmma McCarthy HSBCArvin MoganManuel Alejandro Molina Rodriguez SAP DeutschlandChance Mugala Copperbelt Energy CorporationSwen Nanakkal George HSBCHow Ng Hong Kong and Shanghai Banking CorporationYiu Po Ngan Barclays BankCraig Nicholls Life TechnologiesCormac O'Reilly BNP Paribas

Adrian Perez JP Morgan BankVinayak Prabhu Mashreq BankChaw Ming Quek ANZ BankMalgorzata Radko Danske BankGirish Rao ANZ BankDavid Robinson Standard Bank South AfricaHeather Schmidt JP Morgan Bank Rahul Sharma HSBCBei ShiSoeren Siefert Danske BankMeetu Singh DBS Bank Madelyn Stasko Bank of the WestRuurd Streng ING BankRaza Syed HSBCGeorge Syrtadiotis HSBCGeok Tan HSBCKok Fong Teoh Hong Kong and Shanghai Banking CorporationMarco Van Harten PwCGeorg Von der Thusen Vesteda Investment ManagementTracey Wainwright PZ CussonsJamahl Webster ANZJack Tan Wei Loong Australia and New Zealand Banking GroupWei Weng HSBCCandace Wenzel HSBCHollie White AirgasSheryl Wilhelmy US BankMelissa Yambao Hong Kong and Shanghai Banking CorporationPatricia Yip HSBCYu Peng Zheng HSBC Bank (China)Māris Zutis Dematic Group

24

CertRM – Distinction

Emmet Bulman Barclays BankIan Cooper 3i plcRugare Dean Dimairo CharterquestCharlotte Edwards National Express GroupGraeme Gibson DeloitteChristopher Harper RBSRoderick Hyslop Marc Kagels SchaefflerDavid Lowe PoundlandAndrew Macleod London Borough Barking & Dagenham Jordena Taylor Sainsbury's Supermarkets

CertRM – Pass

Sujita Adhikari LM & AssociatesMonika Ahmed Alpha Bank LondonMuhammad Zahiruddin Amin ShireLu Bai Volvo (China) Investment CompanyDale Baxter Lloyds BankErvin Berki PwC Richard Bitter Shell InternationalMichael Brandt British American TobaccoRobert Buckley ITE GroupPei Ling Helen Chia RBSBrian Mwembo Chibwe G4S Secure Solutions ZambiaKatrina Alicia Corinaldi Edmundson ElectricalJoel Curry Pilkington GroupMatthew Davies United Utilities GroupMilan Devji Standard BankAlastair Drew Alan Boswell Insurance GroupMohd Amir Firdaus Aldermore BankJurian Goei PwCSandeep Goenka PwCEmma Gosling Croda InternationalDavid Gough Metropolitan Police ServiceAndrew Grant First Quantum MineralsMarjaana Haljala Shell InternationalRussell Hall FennerMichael HintonCe Pei Ho Genting MalaysiaMark Hodges BMS GroupVicky Holloway BAE SystemsYahya Hussein Islamic Bank of BritainWilliam Jones Lloyds BankRichard Jones BPPNatacha Julien-Saint-Amand DSI HoldingJonathon Knuppel Land RoverFaye Marshall TD Waterhouse

Simon Mayo Shell InternationalRichard McCambridge Morgan StanleyJohn Meehan Deutsche BahnCatharina Meijer PwCDaniel Mika EUROFIMAJussi Nunes ANZ BankLara Okukenu DeloitteDepen Patel Network RailDavid Peyton Unipart GroupAndrew Phillips OverburyThomas Roxburgh Standard Chartered BankZarina Sabir easyJetMiriam Salbstein BNP ParibasAmandeep Samra Standard Life InvestmentsJodi Scattergood DS SmithGillian Simpkins BAE SystemsArun Singh DeloitteRengiz Sonan WPP 2005William Stevenson The Housing Finance CorporationPriscilla Tettey Oxford InstrumentsVishal ThakerRobin Thomas ITVGeorge TrevellianBrenda Tsvetu FirstRand BankJonathan Turner Synergy HealthDaniel Turpin BUPAHiten Vadgama RBSNora Varhegyi Serco GroupNicholas Voges ShellPavandeep Wakem RBSSarah Walden Guernsey Electricity Sarah Warren Newcastle Building SocietyDishani Yagama Co-operative BankYi Zhang Santander UK

Take your career to the next level

AMCT Diploma

If you’ve completed an ACT certificate you’ve taken the firststep to becoming recognised as a leading treasury professional.Don’t stop the journey here; attaining AMCT will build on yoursuccess and increase your financial knowledge, confidenceand earning potential, as you continue your journey to the top of your profession. On completion of the AMCT Diploma you will be eligible to become an associate member of the ACT and use of the designatory letters AMCT after your name.

MCT Advanced Diploma

MCT is our most senior-level qualification which will build onyour success and increase your confidence to make sound andevidence-based decisions in complex business environments.

Whatever you want to achieve, MCT will help you get there.You will increase your ability to think strategically and havethe ability to develop alternative and creative solutions withthe knowledge that these are solidly grounded in financeprinciples.

The MCT designatory letters are an important indicator oftechnical competence and evidence of your commitment topersonal development in the treasury profession. Employerscan be confident that you have completed the highest standardof treasury qualifications, meaning MCT opens doors to thetop roles in treasury and finance.

Enrol today

For more information, or to enrol on an ACT qualificationtoday, visit www.treasurers.org/qualifications.

26

“It was encouraging to seecandidates display a firm grasp ofthe risk management framework,demonstrating that qualifiedcandidates understand the needfor a practical toolkit to analyseand manage risk in the workplace.”Chief Examiner, CertRM

www.treasurers.org

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Enrol today

For more information, or to enrol on an ACT qualification today, visit www.treasurers.org/qualifications.