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Fundamentals of Treasury Practice 2015
Department of Finance and Investment Management
Fundamentals of Treasury Practice 2015 Page 1
TABLE OF CONTENTS
1. PURPOSE OF THE PROGRAMME ...................................................................................................... 2
2. RULES OF ACCESS ............................................................................................................................. 2
3. CLOSING DATE FOR APPLICATIONS .................................................................................................. 2
4. SELECTION PROCESS ........................................................................................................................ 3
5. REGISTRATION AND FEES ................................................................................................................. 3
6. COMMENCEMENT OF LECTURES ..................................................................................................... 4
7. CURRICULUM ................................................................................................................................... 4
8. LECTURES AND PROGRAMME .......................................................................................................... 5
9. PRESCRIBED MATERIAL .................................................................................................................... 5
10. COMPOSITION OF MARKS ................................................................................................................ 5
11. APPLICATION PROCEDURES ............................................................................................................. 6
12. ENQUIRIES ........................................................................................................................................ 6
13. COURSE OUTCOMES AND ASSESSMENT CRITERIA .......................................................................... 8
Department of Finance and Investment Management
Fundamentals of Treasury Practice 2015 Page 2
1. PURPOSE OF THE PROGRAMME
The Fundamentals of Treasury Practice is a short learning programme with seven independent modules
covered during the course of a year. The purpose of this short learning programme is to provide the
student an opportunity to study in a field focused on Treasury Management. The student will then be
able to apply the knowledge learnt in their working career in treasury management. This programme
will broaden a student’s knowledge and skills in the area of treasury and cash management to ensure
efficient allocation of a company’s cash resources necessary to maintain on-going activities. Applicants
will be required to understand theoretical financial aspects of corporate treasury, while developing
practical and strategic insights into treasury and risk management.
Applicants will gain a solid foundation in operations of treasury markets in the Southern Africa
environment, global financial sectors and multinational companies. Major areas of focus are principles
and concepts corporate treasury management, the practical knowledge of financial instruments as well
as the tools to analyse and manage financial and operational risks.
2. RULES OF ACCESS
National Senior Certificate (NSC) obtained in 2008 or after, or Senior Certificate (SC) obtained prior to
2008.
Meeting the minimum admission requirements does not assure acceptance into the programme as all
applicants will be subjected to a selection process as determined by the Department of Finance and
Investment Management.
3. CLOSING DATE FOR APPLICATIONS
The closing date is 15 January 2015 for foreign (i.e. non-South African resident) applicants and for South
African resident applicants for study in 2015. All foreign applicants (i.e. international applicants) applying
should consult with the International Admissions Office at the University of Johannesburg on 011 559
4517 or visit www.uj.ac.za/international
Department of Finance and Investment Management
Fundamentals of Treasury Practice 2015 Page 3
4. SELECTION PROCESS
Prospective applicants that have not studied at the University of Johannesburg previously should also
complete a University of Johannesburg application form and pay the non-refundable 2015 application if
applicable. This is done online via the UJ
application link found on:
http://www.uj.ac.za/EN/StudyatUJ/Student
EnrolmentCentre/ApplicationProcess/Onlin
eWebApplication/Pages/Continuing-
Education-Programme-Extra-curricular-
Short-Course.aspx
Failure to submit all the required
documentation may result in your
application not being considered. All
prospective applicants will be subjected to
a selection process conditional to the rules of access.
5. REGISTRATION AND FEES
Registration details for the programme will be communicated to successful applicants in January 2015.
A registration deposit must be paid during registration each year. The exact cost of the programme will
be communicated in the acceptance letter.
The programme fees are R2 850 per module. Please note that this is only an indication as the fees for
2015 will be communicated to successful applicants in their acceptance letter.
The course fees excludes a 2015 non-refundable registration fee (annual fee), and a non-refundable ICT
levy (annual fee), as well as residence fees (annual fee if residing on campus) and prescribed textbooks.
Focused Treasury Management
Department of Finance and Investment Management
Fundamentals of Treasury Practice 2015 Page 4
6. COMMENCEMENT OF LECTURES
The Fundamentals of Treasury Practice Programme lectures will commence in February 2015. A time
table for the Fundamentals of Treasury Practice Programme will be sent to all applicants once they are
registered.
7. CURRICULUM
The Fundamentals of Treasury Practice is a short learning programme with seven independent modules.
It is presented over one year after working hours. Students are not required to complete all seven
modules, but can select which modules they wish to study. However, all seven modules will need to be
completed to complete the Fundamentals of Treasury Practice programme. All modules are 4 weeks in
duration. Each module has three classes, followed by an examination. Classes will be held once per week
on a Monday evening. Evening classes start at 17.30 and end at 20.00. Applicants have to pass the
modules they selected.
Modules:
Introduction to Treasury Management (Semester 1)
Processes in Treasury Management (Semester 1)
Cash and Liquidity in Treasury Management (Semester 1)
Financial Markets in Treasury Management (Semester 1)
Funding in Treasury Management (Semester 2)
Risk in Treasury Management (Semester 2)
Financial Treasury Management (Semester 2)
Detailed information of the course outcomes and assessment criteria are listed on page 8 – 11.
Department of Finance and Investment Management
Fundamentals of Treasury Practice 2015 Page 5
8. LECTURES AND PROGRAMME
Lectures will be presented by full-time academics and occasional guest lecturers. Lectures will
commence in February 2015. Successful applicants will be supplied with a detailed programme and
timetable once they have registered.
9. PRESCRIBED MATERIAL
The prescribed textbook for each module will be communicated to accepted applicants in January 2015
once they have registered.
10. COMPOSITION OF MARKS
Your studies are your responsibility. Although the lecturers share that responsibility with you, you will
determine how well or poorly you perform in each subject. You have to ensure that you prepare for, and
attend classes, make use of consulting hours and set up appointments to discuss subject matter that is
not clear, study and write assessments throughout the academic year.
Each module lecturer will publish their module mark calculation in the module work programme at the
commencement of the module on uLink and in the module work programme. Your final module mark
will be calculated as follows:
A module mark of at least 40% is required for admission to the last assessment opportunity
(examination)
Students that do not obtain a module mark of 40% and above, will not be allowed to write the
last assessment opportunity.
Module marks will count 50% towards the final mark
The final assessment will carry a weighting 50% towards the final module mark
A final mark for each module of 50% or above must be achieved to pass a module
A student passes a module with distinction if he/she obtains a final mark of at least 75%
Department of Finance and Investment Management
Fundamentals of Treasury Practice 2015 Page 6
Students will complete a number of assessments throughout the duration of each module. Assessments
may take the form of assignments and/or projects. A last assessment opportunity in the form of an
examination will be completed at the end of each module.
11. APPLICATION PROCEDURES
Please follow the following process to apply for the programme:
An application needs to be submitted to UJ, either via the Student Enrolment Centre (situated opposite
the library next to the A Block)
OR Online via
http://www.uj.ac.za/EN/StudyatUJ/StudentEnrolmentCentre/ApplicationProcess/OnlineWebApplication
/Pages/Continuing-Education-Programme-Extra-curricular-Short-Course.aspx
All prospective students that wish to apply to study this programme MUST submit the following
documents before the above deadlines:
Application forms
Certified copy of identity document (or passport if foreign student);
Certified copy of your Grade 12 (matric) certificate;
SAQA evaluations certificate if your highest academic qualification was not obtained in South
Africa.
12. ENQUIRIES
University of Johannesburg - Department of Finance and Investment
Queries related to the above content should be addressed to:
dfiminfo@uj.ac.za
For general departmental information please consult the departmental website:
http://www.uj.ac.za/EN/Faculties/ecofin/fininvestman/Pages/default.aspx
Department of Finance and Investment Management
Fundamentals of Treasury Practice 2015 Page 7
Association of Corporate Treasurers of Southern Africa
Queries regarding the Association of Corporate Treasurers of Southern Africa should be addressed to:
Artemis Galatis on agalatis@actsa.org.za
For general information regarding the Association of Corporate Treasurers of Southern Africa please
consult the ACTSA website: http://www.actsa.org.za/
Department of Finance and Investment Management
Fundamentals of Treasury Practice 2015 Page 8
13. COURSE OUTCOMES AND ASSESSMENT CRITERIA
Fundamentals of Treasury Practice
Brief description of course content
Topics covered
Module 1. Introduction to Treasury Management (Month Module)
Module 2. Processes in Treasury Management (Month Module)
Module 3. Cash and Liquidity in Treasury Management (Month Module)
Module 4. Financial Markets in Treasury Management (Month Module)
Module 5. Funding in Treasury Management (Month Module)
Module 6. Risk in Treasury Management (Month Module)
Module 7. Financial Treasury Management (Month Module)
Outcomes
Students will be able to:
Assessment criteria
Students will be competent if:
Module
1
• analyse the theories,
concepts, procedures and
structure of treasury
management in entities and
implement; and
• evaluate key calculations
necessary to understand the
exposure that financial
instruments have on the
financial structure of an
entity
• the goals of the treasury manager are explained;
• the functioning of a treasury market is analysed;
• the treasury management process is described;
• the nature and development of treasury
management is evaluated;
• the main roles of a treasury department and the
key concerns of managers when dealing with
working capital are described;
• the factors influencing the balancing of the
different types of debt in terms of maturity,
currency and interest rates are explained;
• simple financial problems related to treasury
management are solved;
• the structure of treasury management is
evaluated;
• the functions of a treasurer are described;
• the various banking services offered are
understood; and
• the steps involved in the competitive bid process
for bank selection is described.
2 • manage an entity’s Treasury
Operations and Capital
Structure in a commercial
• the key factors in managing an entity’s treasury
operations and contracts are analysed;
• the ability to identify and manage an entity’s key
Department of Finance and Investment Management
Fundamentals of Treasury Practice 2015 Page 9
environment including
managing processes,
operations and controls in a
treasury management
environment.
treasury exposures is demonstrated;
• bank term loans are understood and capital issues
of debt and equity securities are described;
• systems that reduce holdings of non-earning cash
balances to minimum levels are managed while
still providing adequate liquidity;
• technology to streamline the cash management
process is understood;
• domestic and international banking relationships
to support global cash management are described;
• an entity’s internal policies/processes and external
variables that impact cash management are
explained;
• the role of treasury operations in an international
or a local bank is described;
• several different treasury management systems,
their functions and features are explained;
• treasury policy and control is described and its
importance and elements are evaluated; and
• a treasury framework is understood and explained.
3 • describe and implement
cash and liquidity
management; and
• calculate the financial
instruments relevant to cash
and liquidity management in
a treasury management
environment
• a basic cash flow forecast is explained and
implemented;
• the steps involved in preparing a cash flow forecast
are understood;
• forecasting techniques are described and
preformed;
• the types of collection methods and strategies
within treasury management are explained;
• the need and purpose of planning, organising and
controlling of cash and borrowing by the means of
treasury management are described;
• both short- and long-term borrowed funds are
managed in a timely manner and at an acceptable
cost;
• credit facilities to fund corporate cash shortages
are evaluated and correctly explained;
• the link between corporate strategy and treasury
operations are described, and a basic corporate
strategy linked to a long term financial plan and
forecast can be developed;
Department of Finance and Investment Management
Fundamentals of Treasury Practice 2015 Page 10
• short-term interest bearing instruments are
described; and
• short-term interest bearing instruments are
calculated correctly.
4 • differentiate between
various financial markets;
and
• describe and calculate
financial market instruments
utilised in a treasury
management environment.
• various financial markets are clearly described;
• financial market instruments (in capital markets,
debt and equity markets, foreign exchange
markets) used in treasury management are
correctly calculated and implemented; and
• the factors affecting the various markets are
evaluated.
5 • explain, calculate and
evaluate funding options
and the linked financial
instruments in a treasury
management environment.
• working capital concepts and issues are explained;
• working capital is effectively managed;
• sources of short- and long-term financing are
identified;
• considerations of issuers and investors are
described;
• the factors of the forms of funding are evaluated
and the forms of funding are correctly utilised; and
• the financial instruments used to give effect to the
form of funding adopted are correctly calculated.
6 • describe and interpret risk
management techniques and
processes; and
• calculate the effect of risks in
treasury management.
• the concepts of risk, its processes, identification and
measurement, is correctly described and
implemented;
• methods how the treasurer might reduce risk for
the firm can be identified;
• the exposure to interest rate risk, foreign exchange
risk and other financial risks can be explained,
monitored and controlled;
• the financial risks facing organisations are assessed;
• the management principles for managing and
hedging liquidity risk, interest rate risk, foreign
exchange risk, and credit risk (including the use of
credit ratings) are described;
• the risk management processes are explained;
• the application of hedging techniques used in
corporates treasury operations is evaluated; and
• the financial instruments and strategies used to
manage risk are correctly identified, calculated and
interpreted.
Department of Finance and Investment Management
Fundamentals of Treasury Practice 2015 Page 11
7 • analyse the theories and
concepts, undertake the
management; and
• calculate the effects of
management strategies on
funding in treasury
management by the use of
financial management
principles.
• corporate valuations is performed and assessed;
• basic financial accounting and reporting in the
treasury management environment is understood;
• portfolio management theory is described and
implemented;
• the required organisational structure for treasury
operations within entities are analysed and
selected;
• recommendations to devise relevant policy and
objectives can be done;
• treasury performance is evaluated; and
• corporate cash is efficiently understood and
evaluated.
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