1. The Association of Corporate Treasurers
An introduction to:
The Hungarian Treasury Club
James Lockyer, Director of Education and International Development
November 2011

2. What is corporate treasury?
It is the interface between the company and financial markets
It deals with three critical questions in finance:
How do we decide what to invest in?
How do we raise the money to make those investments?
How do we control risk in the organisation?
Which can be summed up as
What is our financial strategy and policy?
The finance director is responsible for advising the board
The treasurer is responsible for advising the FD
But often briefs the board directly
And it has major operational responsibilities too.
Strategically – 3 critical questions
Strong strategy link – each treasury unique, but happens in all businesses of all sizes
Value - CFO – accounting perspective, Treasurer – cash perspective - complements
The Association of Corporate Treasurers (ACT) sets the benchmark for international treasury excellence and is the voice of corporate treasury   
The ACT leads the treasury profession through its internationally recognised suite of treasury qualifications, defines standards, promotes best practice and supports continuing professional development.
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3. Role and profile of treasurers
Principal tasks broadly defined under five core treasury elements:
Capital markets and funding
Cash and liquidity management
Corporate financial management
Risk management
Treasury operations and controls
Profile
“One day I'm a banker, the next I'm an accountant
and then I'm a trader. Still I’m a corporate treasurer.”
The financial crisis has raised profile of treasurers
UK Government report flagged training, transparency and challenge as constituting good treasury practice.
Operationally - The role of a treasurer can be broad or quite narrow - Indeed the person executing the role may have another title as treasury might be only part of what they do!
The ACT breaks treasury down into 5 core elements…
Profile of treasury profession raised by current crisis
Companies challenged to ensure that they can access funds / protect deposits - many well placed because of efforts of treasurers
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4. ACT in 2011 Members and students in 70 countries
4,200+ members – 20% outside the UK
2,400+ students – 40% outside the UK
c70% of members and students already have a finance qualification (eg ACA, CIMA, ACCA)
Highly respected within the UK
87% of FTSE 100 have >8 ACT members
53% of FTSE 350 have >1 ACT member
Now supporting
Career treasurers, and
Career finance professionals – CFOs, financial controllers, internal auditors etc.
Some key data
Not for profit organisation established in 1979
First exams 1985
Membership – Individual by examination or Corporate
Established suite of qualifications
Activities
Global standard in treasury education and qualification
Policy and technical
Events, training and publishing.
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5. ACT – international presence
Tuition and/or events in Germany, Hong Kong, India, Ireland, Netherlands, Russia, Singapore, South Africa, UAE and UK
Active member of International and European treasury groupings (IGTA and EACT)
Providing education support to 8 national treasury associations around the world
Middle East network launched in
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6. ACT – promoting international professional treasury standards
Committed to developing ACT’s networks and support for members and students overseas, in particular
Europe
Hong Kong
India
Middle East
North America
Singapore
South Africa
In raising the profile of ACT overseas we can increase recognition of professional treasury qualifications and in turn the profession.
30 national treasury associations (NTAs) around the world
20 in Europe – members of EACT*.
Total Membership c50,000
AFP – USA / ACT – UK membership c25,000 50% in 2 largest NTAs
NTAs where qualifications requirement for membership AFP & ACT
So 28 NTAs don’t require members to pass formal qualifications
Mandatory CPD AFP only
ACT reviewing requirements 2011
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7. Who do we work with? Treasury Associations:
EACT, IGTA & Members (CAT (Czech), SAF (Slovakia), AITI (Italy), IACCT (Hong Kong), ACTSA (South Africa), IACT (Ireland), ACTS (Singapore)
Accountancy Bodies:
ICAEW, ACCA, CIMA, CIPFA, HKICPA, ICPAS, SAICA, IFAC
Regulators / Government:
FRC, FSA, Bank of England, Treasury, European Commission, IASB (and EFRAG), UK Financial Reporting Council (FRC)
Other professional bodies:
ICSA, IIA, IRM
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8. Why treasury qualified?
You wouldn’t trust your key legal decisions to someone who isn’t a qualified lawyer, so – whatever the size of your organisation – why entrust your treasury, risk and corporate finance to someone who isn’t a qualified treasury professional?
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9. Standard route to ACT qualifications and membership
Fast-track route and exemptions
Standard route to ACT qualifications and membership
Level of ability
MCT Advanced Diploma
Advanced treasury knowledge and strategic decision making – proven ability and expertise
Full Member of the ACT
Direct entry with relevant finance qualification or senior experience
AMCT Diploma
Modular syllabus comprising 3 stages
Technical treasury competence
acknowledged standard Associate Member of the ACT
AMCT Stage 3
Select 2 electives to complete AMCT or take as individual certificates
Shorter CertCFF paper and exam for AMCT Fast-Track eligible accountants
CertCFF
Corporate Finance
& Funding
CertFMM
Financial Maths
& Modelling
CertICM
Cash
Management
CertRM
Risk
Management
Specialist skills
ACT Faculty Member
AMCT Stage 2
AMCT entry point for qualified accountants from IFAC member bodies and those with other relevant qualifications
Compulsory for AMCT or can be taken as individual certificates
Broad practical understanding of treasury
ACT Faculty Member
Certificate in International Treasury Management – CertITM
Certificate in International Treasury Management Public Finance – CertITM-PF
Fundamentals of financial and management accounting, economics, corporate tax and law for business
ACT Faculty Member
Qualified accountants are exempt from AMCT stage 1
Exemptions available with
other relevant qualifications
AMCT Stage 1
Can be taken as part of AMCT or as individual certificate
Certificate in Financial Fundamentals for Business – CertFin
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10. The voice of corporate treasury
Representing the corporate user of financial services to regulators and standard setters and in developing market practices. A few recent examples
OTC derivative regulation in Europe - Successfully argued for carve out for non financial companies
European Financial Transaction Tax (FTT) - Political momentum is increasing for a new FTT in Europe
Supply Chain Finance (SCF) - Chaired working group set up by the Bank of England.
Market Abuse Directive - Lobbying for EU to adopt same high standards
Credit rating methodologies - Responded to consultations from rating agencies on changes to methodologies for rating banks and for rating Money market Funds
Independent Commission on Banking (UK)
Submitted evidence to the Vickers review
For more go to

11. ACT – promoting international treasury standards
The Treasurer magazine and Middle East Treasurer
Readership >20,000, 49% outside the UK
Editorial leadership – by treasurers, for treasurers
Specialist supplements/reference books
Monthly e-newsletter
Handbooks
International Handbook – 40% distributed outside UK
Asia Handbook – regional specific content
Flagship Events
ACT Annual Conference
ACT Middle East Annual Conference
talkingtreasury – the international thought-leadership series
Annual Dinner, London
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12. The Association of Corporate Treasurers