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Learning path

FX & Treasury for Global Business learning path: everything to study, topic by topic

Comprehensive FX and corporate treasury assessment covering treasury fundamentals, FX exposure management, hedging instruments, cash and liquidity management, funding and investment, risk and controls, and treasury operations and technology.

Short answer

To learn FX & Treasury for Global Business, work through 7 modules and 24 topics in the order they build on each other. It starts with FX & Treasury Fundamentals, then moves on to FX Exposure Management and Hedging Instruments. Use the map as a checklist, or measure your level and study only what is missing.

7
modules
24
topics
50
min to assess

What you will study

Topics are grouped by module. Open one to see its objectives and key concepts.

1 · FX & Treasury Fundamentals3 topics
  • The Treasury Function

    The mandate of corporate treasury: liquidity, funding, risk management, and the front-middle-back office model

    Objectives

    • Explain the core responsibilities of a corporate treasury function
    • Distinguish the front, middle, and back office roles

    Key concepts

    • liquidity management
    • treasury mandate
    • front office
    • middle office
    • back office
  • Global FX Markets

    How the global currency market works: spot, quoting conventions, bid-ask spread, and major currency pairs

    Objectives

    • Read and interpret a currency quote and its bid-ask spread
    • Identify the major global currency pairs and their conventions

    Key concepts

    • spot rate
    • bid-ask spread
    • currency pair
    • quoting convention
    • interbank market
  • Core Currency Exposures

    The three classic FX exposures a multinational carries and how each arises from business activity

    Objectives

    • Classify a given cash flow into transaction, translation, or economic exposure
    • Explain how functional currency choice creates exposure

    Key concepts

    • transaction exposure
    • translation exposure
    • economic exposure
    • functional currency
    • exposure source
2 · FX Exposure Management4 topics
  • Transaction Exposure

    Measuring exposure from booked receivables, payables, and committed cross-currency cash flows

    Objectives

    • Quantify net transaction exposure from a set of receivables and payables
    • Determine the value date that crystallizes a transaction exposure

    Key concepts

    • transaction exposure
    • receivables
    • payables
    • committed cash flow
    • net exposure
  • Translation Exposure

    Accounting exposure from consolidating foreign subsidiaries into the group reporting currency

    Objectives

    • Estimate translation exposure of a foreign subsidiary's net assets
    • Explain how the cumulative translation adjustment arises

    Key concepts

    • translation exposure
    • reporting currency
    • net investment
    • consolidation
    • CTA reserve
  • Economic Exposure

    Long-run impact of currency movements on competitiveness, cash flows, and enterprise value

    Objectives

    • Identify sources of economic exposure beyond booked transactions
    • Assess how a structural currency shift affects competitiveness

    Key concepts

    • economic exposure
    • competitive exposure
    • operating cash flow
    • enterprise value
    • pricing power
  • Exposure Measurement & Reporting

    Aggregating, netting, and reporting FX exposure with value-at-risk and sensitivity metrics

    Objectives

    • Build a consolidated exposure report that nets offsetting positions
    • Apply value-at-risk to size aggregate FX risk

    Key concepts

    • exposure netting
    • value at risk
    • sensitivity analysis
    • exposure report
    • currency bucketing
3 · Hedging Instruments4 topics
  • FX Forwards

    Pricing and using outright forwards and forward points to lock in a future exchange rate

    Objectives

    • Price a forward rate from spot and forward points
    • Hedge a future payable with an outright forward

    Key concepts

    • forward contract
    • forward points
    • interest rate parity
    • value date
    • outright forward
  • FX Options

    Vanilla currency options, premium, strike selection, and option strategies for asymmetric hedging

    Objectives

    • Choose between a forward and an option for a contingent exposure
    • Structure a zero-cost collar to bound a currency outcome

    Key concepts

    • currency option
    • option premium
    • strike price
    • collar
    • asymmetric hedge
  • FX & Currency Swaps

    FX swaps for rolling positions and cross-currency swaps for funding and long-dated hedges

    Objectives

    • Use an FX swap to roll a maturing forward position
    • Apply a cross-currency swap to hedge foreign-currency debt

    Key concepts

    • FX swap
    • cross-currency swap
    • basis spread
    • rolling hedge
    • near and far leg
  • Hedge Policy Design

    Setting hedge ratios, horizons, layering, and governance in a board-approved hedge policy

    Objectives

    • Define hedge ratios and horizons appropriate to a risk appetite
    • Draft governance controls for a corporate hedge policy

    Key concepts

    • hedge ratio
    • hedge horizon
    • layered hedging
    • hedge policy
    • hedge governance
4 · Cash & Liquidity Management4 topics
  • Cash Pooling

    Physical and notional cash pooling to centralize group liquidity and reduce idle balances

    Objectives

    • Compare physical and notional pooling for a multi-entity group
    • Design a zero-balancing structure for a regional treasury

    Key concepts

    • cash pooling
    • notional pooling
    • physical pooling
    • zero balancing
    • in-house bank
  • Cash Forecasting

    Building rolling cash forecasts by currency to anticipate funding gaps and surpluses

    Objectives

    • Construct a 13-week rolling cash forecast by currency
    • Measure and improve cash forecast accuracy

    Key concepts

    • cash forecast
    • rolling forecast
    • funding gap
    • forecast accuracy
    • liquidity buffer
  • Working Capital Management

    Optimizing the cash conversion cycle through receivables, payables, and inventory levers

    Objectives

    • Calculate and interpret the cash conversion cycle
    • Identify working-capital levers to release trapped cash

    Key concepts

    • working capital
    • cash conversion cycle
    • days sales outstanding
    • days payable outstanding
    • supply chain finance
  • Liquidity Planning

    Sizing liquidity buffers, committed facilities, and stress-testing liquidity under adverse scenarios

    Objectives

    • Size a minimum-cash and committed-facility buffer for a group
    • Stress-test liquidity against a revenue-shock scenario

    Key concepts

    • liquidity buffer
    • committed facility
    • liquidity stress test
    • minimum cash
    • contingency funding
5 · Funding & Investment3 topics
  • Funding Strategy

    Choosing among bank debt, bonds, and commercial paper and managing maturity and currency mix

    Objectives

    • Select a funding mix balancing cost, tenor, and currency
    • Manage refinancing risk through maturity laddering

    Key concepts

    • funding strategy
    • debt maturity
    • commercial paper
    • bond issuance
    • currency of funding
  • Intercompany Financing

    Intercompany loans, transfer pricing, and netting to fund subsidiaries efficiently

    Objectives

    • Structure an intercompany loan at an arm's-length rate
    • Operate an intercompany netting cycle to cut settlement volume

    Key concepts

    • intercompany loan
    • transfer pricing
    • intercompany netting
    • thin capitalization
    • arm's length rate
  • Surplus Cash Investment

    Investing surplus cash within an investment policy balancing security, liquidity, and yield

    Objectives

    • Allocate surplus cash across liquidity tiers within policy limits
    • Trade off yield against credit and liquidity constraints

    Key concepts

    • investment policy
    • money market fund
    • yield
    • credit quality
    • liquidity tier
6 · Risk & Controls3 topics
  • Counterparty Risk

    Managing credit exposure to banks and dealers through limits, CSAs, and diversification

    Objectives

    • Set counterparty credit limits for FX dealing banks
    • Use a CSA and collateral to mitigate derivative exposure

    Key concepts

    • counterparty risk
    • credit limit
    • credit support annex
    • settlement risk
    • counterparty diversification
  • Treasury Controls

    Segregation of duties, dealing mandates, payment controls, and fraud prevention in treasury

    Objectives

    • Design segregation of duties across front, middle, and back office
    • Implement four-eyes controls over high-value payments

    Key concepts

    • segregation of duties
    • dealing mandate
    • payment control
    • four-eyes principle
    • fraud prevention
  • Hedge Accounting

    Applying hedge accounting under IFRS 9 to align derivative gains with hedged items

    Objectives

    • Qualify a cash flow hedge for hedge accounting under IFRS 9
    • Test and document hedge effectiveness

    Key concepts

    • hedge accounting
    • hedge effectiveness
    • cash flow hedge
    • fair value hedge
    • hedge documentation
7 · Treasury Operations & Technology3 topics
  • Treasury Management Systems

    Selecting and operating a TMS for deal capture, position keeping, and straight-through processing

    Objectives

    • Define core requirements for a treasury management system
    • Design straight-through processing from dealing to settlement

    Key concepts

    • treasury management system
    • deal capture
    • position keeping
    • straight-through processing
    • system integration
  • Payments & Settlement

    Cross-border payment rails, SWIFT messaging, and settlement risk mitigation via CLS

    Objectives

    • Route a cross-border payment through the appropriate rail
    • Mitigate FX settlement risk using CLS

    Key concepts

    • cross-border payment
    • SWIFT
    • settlement
    • CLS
    • payment factory
  • Bank Relationship Management

    Managing the banking panel, wallet allocation, KYC, and bank account rationalization

    Objectives

    • Allocate wallet share across a relationship banking panel
    • Rationalize bank accounts to cut cost and risk

    Key concepts

    • bank relationship
    • banking panel
    • wallet share
    • KYC
    • account rationalization

Levels: Junior, Mid, Senior, and Expert

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Frequently asked questions

Where should I start studying FX & Treasury for Global Business?

Start with FX & Treasury Fundamentals: The Treasury Function, Global FX Markets, and Core Currency Exposures. The map orders topics by what they depend on, so each one prepares the next.

How long does a full FX & Treasury for Global Business assessment take?

A full assessment of this path takes about 50 minutes. Study time depends on where you start; a diagnostic shows which topics you can skip.

Do I need an account to use this page?

No. The map, objectives and key concepts are open. You only need an account to be measured, get your gap by topic and receive a plan.