NIBAF CTM study guide
NIBAF CTM · Work through your exam, one topic at a time.
The NIBAF Certified Treasury Manager (CTM) is a professional credential for treasury and finance practitioners who want a structured, exam-verified demonstration of competence in corporate and bank treasury work. Candidates typically include treasury officers, cash and liquidity analysts, corporate finance staff, bankers moving into treasury roles, and accountants broadening into funding and risk. The NIBAF CTM study guide has 9 sections and about 3,203 words.
01Treasury Management Framework and Governance
Treasury is the unit that raises funding, manages liquidity, market risk and the investment portfolio on a mandate granted by the board. The exam tests whether you know who authorises what, how the three treasury functions are separated, and how policy is converted into a daily limit discipline that survives audit and regulatory review.
389 words, about 2 min02Liquidity Management and Cash Flow Forecasting
Liquidity management ensures the institution can meet obligations as they fall due, at a reasonable cost, in both normal and stressed conditions. The exam tests both views of liquidity: the stock of liquid assets held as a buffer, and the flow of cash through a maturity ladder that must be forecast, stressed and funded.
361 words, about 2 min03Working Capital and Cash Conversion Cycle Management
Working capital management balances the cash locked in inventory and receivables against the credit taken from suppliers. The exam tests whether you can compute the cash conversion cycle correctly, interpret what each day of it costs, and judge whether a proposed release of cash damages the business.
371 words, about 2 min04Money Markets, Short-Term Instruments and Funding
Money markets cover instruments of one year or less: treasury bills, interbank placements and deposits, repos, commercial paper, certificates of deposit and short-dated FX swaps used for funding. The exam tests instrument mechanics, quoting conventions and whether you can compare two short-term offers on a genuinely common basis.
357 words, about 2 min05Capital Markets, Debt and Equity Financing
Long-term financing is raised through debt (bonds, sukuk, term finance certificates, syndicated loans) or equity (initial public offering, rights issue, private placement). The exam tests capital structure reasoning, the cost of each source, and whether you can rank financing options on after-tax, risk-adjusted terms rather than headline coupon.
338 words, about 2 min06Foreign Exchange and Interest Rate Risk Management
Market risk management identifies FX and interest rate exposures, quantifies them, and neutralises those the institution does not wish to retain. The exam tests exposure classification, hedge instrument selection, forward pricing logic and the measurement limits of common risk metrics.
357 words, about 2 min07Investment Portfolio and Asset-Liability Management
This domain links the treasury investment book to the balance sheet as a whole. The exam tests whether you can set an investment policy, classify and value securities, and quantify how interest rate movements change both net interest income and the economic value of equity.
369 words, about 2 min08Treasury Operations, Controls and Regulatory Compliance
Treasury operations turn executed deals into settled cash and accurate books. The exam tests confirmation and settlement discipline, reconciliation, payment controls, and the reporting obligations that keep treasury inside regulatory limits.
325 words, about 2 min09Ethics and Professional Standards in Treasury
Treasury professionals handle confidential client and bank information and execute transactions in markets where a few seconds of advance knowledge has value. The exam tests whether you can identify a conflict of interest, apply the correct standard, and escalate through the right channel rather than resolve it quietly.
336 words, about 2 min