ICM Exam: Everything You Need To Know About It And Achieve Success

ICM Exam: Everything You Need To Know About It And Achieve Success

ACT’s drive for excellence

The Association of Corporate Treasurers or ACT is an internationally recognized professional body that deals particularly in the corporate treasury profession in the United Kingdom. Founded in 1979, ACT functions as the leading advocate in embedding the highest standards when it comes to professionalism and integrity not only in the world of treasury but also in the field of risk and corporate finance accounting in a globally competitive market.

Acting on its advocacy, the Association of Corporate Treasurers has developed an international qualification that will hone financial professionals towards excellent financial skills and expertise. It promotes several studies and best practices act to develop treasury management and finance in general. In fact, they examinations ACT has developed was considered as the standard gauge when it comes to treasury education and management.

The International Cash Management (ICM) Exam is a top-notch examination created by ACT to allow its students to better understand the role played by the treasury in the international business dynamic as it affects cash and liquidity. If you pass this exam, you will be given the Certificate of International Cash Management which renders you an expert and a highly valued service provider when it comes to accounting, banking and finance.

 

Is passing the International Cash Management Exam worth it?

If you belong or work in a financial institution, passing this exam is extremely worth it.

The course and the topics covered for this exam allows you to use the knowledge that you have learned here as vital tools, products and techniques that are crucial for anyone who is connected in a financial institution. It even provides its students with better financial insight and judgment and connect it with how the products and services of this financial entities cater to the needs addressed in any cash management related conundrums.

 

What kind of work is the Cash Management Exam meant for?

You don’t have to be already in the accounting work for you to require taking the exam. As long as you want to push through a promising in the field, then this exam is intended for you. It should be best taken by the following individuals or professionals who are related to the following:

  • If you are looking for a job that is in any way connected in cash and liquidity management;
  • you are trying to develop your skills related to cash management
  • you are connected in a bank

 

What is the general coverage for the entire course?

For you to be able to earn the Certificate in International Cash Management, one must ultimately take the ICM Exam. However, the entire course should cover these 7 units where one must be able to fully learn and understand. These are the following:

  1. Cash Management
  2. Working Capital Management
  3. Making and Receiving international payments
  4. The international cash management function
  5. Managing the international treasury function
  6. Managing cross border liquidity and risk
  7. Creating efficient international account structures

 

How many months should I prepare for this exam?

It should take a minimum of about 3 to 6 months or a total of 150 hours for you to study so that you will be able to sufficiently have enough knowledge for the exam.

What is the exam type?

This online exam takes 90 minutes for you to finish. It is a multiple choice type of exam which basically deals with questions covering the following topics, namely:

  • Introduction to international cash management
  • The business of managing cash
  • The business of reporting on international cash management

 

Wow, MCQ aren’t really that bad. Are my chances of passing this exam high?

While it may be true that this exam multiple choice questions only, don’t get your hopes up too much.

The multiple choice questions here can be so complicated that it really requires you to fully read and understand all the reference materials provided for this subject. In fact, you might have to encounter the following multiple choice question types throughout the entirety of the exam:

  • Closed questions: this is a type of MCQ question which is followed by 4 possible answers where only 1 is the correct answer. This is usually commenced with the word “What”.
  • Open questions: this is a type of MCQ question which starts with an incomplete sentence and the four options would correctly complete the sentence. Here, only 1 option out of 4 is correct.
  • “Except” type: this is a type of MCQ question which 3 out of the four options are considered correct and only 1 option is not true. Here, the incorrect option should be the answer in such a case.
  • Set of items: this is a type of MCQ question which provides a set of questions based on an information or data contained in the preceding paragraph.

 

I’m interested to take this exam. How much money should I prepare for this course?

One must be able to prepare this much if you plan on taking the ICM course. These expenses vary depending on the nature of the fees you will take. Take note that rates may vary depending on the third party provider. However, this should be the average cost that you can expect:

€3,400.00:

This approximately covers for the online course and at the same time the           tuition fees in the UK setting. This rate does not yet include VAT.

€2,990.00:

This approximately covers for the online course and at the same time the          tuition fees in the Hong Kong setting. No VAT is charged.

€2,990.00:

This approximately covers for the online course and at the same time the          tuition fees in the Singapore setting. No VAT is charged.

€176.00:

This is student membership fee

€105.00:

This is assessment fee equivalent to 1-2 units. This rate does not yet include VAT.

€270.00:

This is assessment fee equivalent to 3-7 units. This rate does not yet include VAT.

 

Given the dynamic and modern trend that we are in, the professional environment of UK is now ever changing. While there is nothing wrong in adapting the conventional principles, ICM is now covering more breakthroughs in terms of incorporating cash management with the technological change. It is only but fitting and proper that before we go through all these conundrums, one must achieve first the basic and the most important requisite of it all and that is to pass the International Cash Management Exam.

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Oscar Gordon

Oscar Gordon

Oscar is the Senior Exam Consultant in ICMExam.