NIBAF Foreign Trade study plan
NIBAF Foreign Trade · Give each week a clear focus.
8 weeks · About 7 hours per week
Regulatory and Legal Framework for Foreign Trade
Map the primary regulators and statutes governing foreign trade (central bank FX rules, customs law, import/export control lists) into a one-page hierarchy diagram
Distinguish the licensing, registration and membership obligations that apply to authorised dealers versus ordinary traders
Identify the documentary and record-retention requirements each regulation imposes, and note the retention period for each
Rank the regulatory topics in this domain by exam-weight likelihood and flag the three you understand least
Your checkpoint
A one-page regulator-and-statute map with a companion list of 15 record-retention and licensing rules, self-tested with a 15-question quiz scored at 80% or above
Import Operations and Documentation
Sequence the full import transaction lifecycle from contract and proforma invoice through customs release and post-import documentation
Assemble a model import file containing the commercial invoice, packing list, bill of lading, certificate of origin and import declaration, and annotate what each document must contain
Classify ten sample goods against HS chapter headings and justify each classification in one sentence
Diagnose five common documentation discrepancies and state the correction required for each
Your checkpoint
A complete annotated model import document set plus a 10-item HS classification log with written justifications
Export Operations and Documentation
Sequence the export lifecycle from order confirmation and export contract through shipment, realisation of proceeds and export declaration closure
Differentiate the documentary requirements for the main Incoterms groupings and match each term to who arranges carriage, insurance and customs clearance
Prepare a model export document set and cross-check every figure and date across invoice, packing list and transport document
Explain the export incentive, duty-drawback and proceeds-repatriation obligations that attach to an export shipment
Your checkpoint
A cross-checked model export document set with a signed-off discrepancy log showing every figure reconciled or corrected
Letters of Credit and UCP 600
Trace the lifecycle of a letter of credit from application and issuance through presentation, examination, honour and reimbursement
Apply the UCP 600 examination standard to ten sample presentations and issue a complying, discrepant or refused decision for each with the article relied on
Distinguish revocable from irrevocable credits, confirmed from unconfirmed, and sight from deferred payment and usance structures
Compute the maximum drawing and the tolerance bands for quantity and amount under stated credit terms
Your checkpoint
A ten-case LC examination worksheet with article citations and a score of at least 8 out of 10 correct decisions
Letters of Credit and UCP 600 & Collections, Guarantees and Trade Finance Instruments
Reconstruct how discrepancies are handled: refusal notices, waiver, applicant acceptance and reimbursement timelines under UCP 600
Compare documentary collections (D/P and D/A) with letters of credit on risk allocation, cost and bank liability
Draft the structure of a bank guarantee and a standby letter of credit and distinguish their trigger events and governing rules
Select the appropriate trade finance instrument for six given risk scenarios and defend each choice
Your checkpoint
A six-scenario instrument selection memo that names the recommended instrument and justifies the choice against at least two alternatives
Collections, Guarantees and Trade Finance Instruments & Foreign Exchange Remittances and Payment Systems
Compute the cost of financing under a collection versus an LC for a stated tenor, showing the arithmetic
Outline the FX remittance channels available for trade payments and identify which documentation each channel requires
Match the correct payment message or settlement mechanism to advance payment, open account, collection and LC transactions
Identify the FX exposure points in a trade transaction and describe one hedging or mitigation response for each
Your checkpoint
A worked remittance and cost comparison for four payment structures, showing the arithmetic and the documentation required for each
Trade-Based Money Laundering and AML/CFT Compliance
Explain the trade-based money laundering typologies - over- and under-invoicing, multiple invoicing, phantom shipments and misrepresented goods - and describe how each distorts a document
Apply a red-flag checklist to eight trade scenarios and classify each as low, medium or high risk with a rationale
Outline the AML/CFT obligations for trade finance: customer due diligence, sanctions screening, suspicious transaction reporting and record-keeping
Draft the questions a compliance officer should ask when a shipment's value, weight or route is economically inconsistent
Your checkpoint
An eight-scenario risk classification matrix with a written rationale and escalation recommendation for every high-risk case
Risk Management in Trade Finance
Catalogue the principal risk types in trade finance - credit, country, FX, operational, documentary, fraud and compliance - and match each to one control
Assess five trade cases for fraud indicators (altered documents, round-value pricing, circular trade) and state the control that would have caught each
Synthesise all eight domains into a single revision sheet organised by domain weight
Sit a full-length timed mock examination under exam conditions
Your checkpoint
A one-page risk-and-control matrix plus a full-length timed mock exam scored at 75% or above, with an error log of every missed item mapped back to its domain
Milestones
Week 2: Score 80% or above on a 20-question quiz covering domains 1 and 2, and confirm the model import document set is complete with no missing mandatory fields
Week 4: Score 70% or above on a 40-question mixed examination spanning domains 1 to 4, and correctly resolve at least 8 of 10 LC examination cases
Week 6: Score 70% or above on a 20-question quiz covering domains 5 and 6, and demonstrate correct arithmetic on all four payment-structure cost comparisons
Week 7: Correctly classify at least 7 of 8 trade scenarios by AML risk tier and justify every high-risk escalation
Week 8: Achieve 75% or above on the full-length timed mock exam, with every missed question logged and mapped to its domain for final targeted revision