CrTAS study guide
CrTAS · Work through your exam, one topic at a time.
The Certified Risk and Treasury Analyst Specialist (CrTAS) is an independent-practice credential for professionals who sit at the junction of risk control and treasury execution: bank treasury analysts, ALM and liquidity analysts, credit and market risk officers, middle-office controllers, and finance staff moving into a risk-and-treasury remit. The syllabus is deliberately integrated rather than siloed. The CrTAS study guide has 7 sections and about 2,877 words.
01Risk Management Fundamentals and Governance
This domain tests whether you can classify a risk correctly, trace accountability through the governance hierarchy, and convert a board risk appetite into limits a desk can actually operate. Questions are scenario-driven - a limit breach, a new product, an unclear escalation path - rather than definition recall.
429 words, about 2 min02Market Risk Measurement and Management
This domain tests whether you can choose the right VaR or ES method, compute a number, and explain why it understates or overstates risk. Expect one numeric VaR question and one interpretation question on backtesting exceptions or model limits.
416 words, about 2 min03Credit Risk Analysis and Counterparty Exposure
This domain tests PD, LGD and EAD mechanics, expected loss, structural credit models, and the counterparty layer: exposure profiles, netting, collateral and CVA. Expect one calculation and one conceptual question on wrong-way risk or CVA hedging.
446 words, about 2 min04Liquidity and Asset-Liability Management
This domain tests the two Basel liquidity ratios and the ALM toolkit: repricing gaps, duration, NII and EVE sensitivity, and funding concentration. Expect a numeric LCR with haircuts and caps applied, plus a conceptual ALM question on behavioural assumptions.
399 words, about 2 min05Operational, Compliance, and Model Risk
This domain tests the operational risk capital framework, loss-event classification, and model risk management expectations. Expect one Standardised Measurement Approach calculation and one question separating validation from development.
404 words, about 2 min06Treasury Operations, Cash, and Payments
This domain tests the mechanics of cash positioning, payment rails, settlement risk and intraday liquidity. Expect a headroom or sweep calculation plus a question on Herstatt risk, finality or ISO 20022 migration.
377 words, about 2 min07Risk Reporting, Stress Testing, and Capital
This domain tests whether you can design a stress test, walk capital through it, and report the result credibly to a board. Expect a CET1 ratio walk and questions on scenario choice, the capital stack or BCBS 239 data quality.
406 words, about 2 min