Learning path
Treasury & Liquidity Management learning path: everything to study, topic by topic
Comprehensive treasury management assessment covering cash management, liquidity planning, debt and capital management, risk hedging with derivatives, investment management, banking relationships, treasury technology, and strategic treasury leadership.
Short answer
To learn Treasury & Liquidity Management, work through 7 modules and 20 topics in the order they build on each other. It starts with Cash Management, then moves on to Liquidity Management and Debt & Capital Management. Use the map as a checklist, or measure your level and study only what is missing.
What you will study
Topics are grouped by module. Open one to see its objectives and key concepts.
1 · Cash Management3 topics
Cash Positioning & Visibility
Daily cash position reporting, bank statement reconciliation, intraday liquidity monitoring, and multi-entity cash visibility
Objectives
- Compile a daily cash position across multiple banks and entities
- Identify and resolve common cash position discrepancies from value dating and float
Key concepts
- daily cash position
- bank reconciliation
- intraday liquidity
- value dating
- float management
- nostro/vostro accounts
Cash Pooling & Concentration
Notional pooling, physical pooling, zero-balance accounts (ZBA), sweep structures, and intercompany lending frameworks
Objectives
- Design a cash pooling structure that optimizes interest and reduces idle balances
- Evaluate trade-offs between notional and physical pooling across jurisdictions
Key concepts
- notional pooling
- physical pooling
- zero-balance account
- sweep accounts
- target balancing
- intercompany loans
Payment Operations & Controls
Payment factory design, SWIFT messaging, payment fraud prevention, segregation of duties, and batch processing
Objectives
- Implement payment controls including dual authorization and segregation of duties
- Identify common payment fraud vectors and design preventive controls
Key concepts
- payment factory
- SWIFT MT/MX
- ISO 20022
- payment fraud
- segregation of duties
- dual authorization
2 · Liquidity Management3 topics
Cash Flow Forecasting
Short-term and medium-term cash forecasting methodologies, forecast accuracy measurement, variance analysis, and rolling forecast techniques
Objectives
- Build a 13-week rolling cash forecast using the direct method
- Measure forecast accuracy and implement continuous improvement processes
Key concepts
- direct method forecasting
- indirect method forecasting
- rolling forecast
- forecast accuracy metrics
- variance analysis
- scenario planning
Working Capital Optimization
Receivables acceleration, payables extension, inventory financing, supply chain finance, and cash conversion cycle management
Objectives
- Quantify working capital release opportunities across the cash conversion cycle
- Evaluate supply chain finance programs and their impact on working capital metrics
Key concepts
- cash conversion cycle
- days sales outstanding
- days payable outstanding
- days inventory outstanding
- supply chain finance
- reverse factoring
Regulatory Liquidity Metrics
Liquidity Coverage Ratio (LCR), Net Stable Funding Ratio (NSFR), high-quality liquid assets (HQLA), Basel III liquidity requirements, and stress testing
Objectives
- Calculate LCR and NSFR and interpret results against regulatory thresholds
- Design a contingency funding plan that addresses multiple stress scenarios
Key concepts
- LCR
- NSFR
- HQLA
- Basel III liquidity
- liquidity stress testing
- contingency funding plan
3 · Debt & Capital Management3 topics
Debt Instruments & Issuance
Commercial paper, revolving credit facilities, term loans, bonds, private placements, and debt issuance process management
Objectives
- Compare debt instruments by cost, flexibility, tenor, and covenant implications
- Manage the end-to-end process of a syndicated loan or bond issuance
Key concepts
- commercial paper
- revolving credit facility
- term loan A/B
- bond issuance
- private placement
- syndicated loans
Capital Structure Optimization
Optimal debt/equity mix, WACC minimization, rating agency considerations, leverage targets, and capital allocation frameworks
Objectives
- Determine an optimal capital structure balancing tax shield benefits against financial distress costs
- Assess the impact of capital structure decisions on credit ratings and borrowing costs
Key concepts
- WACC
- optimal capital structure
- credit rating impact
- leverage targets
- Modigliani-Miller
- tax shield
Covenant Compliance & Management
Financial covenant monitoring, leverage ratio tests, interest coverage requirements, covenant waiver negotiations, and amendment processes
Objectives
- Monitor covenant compliance and calculate headroom under various stress scenarios
- Navigate a covenant waiver or amendment negotiation with lender syndicates
Key concepts
- leverage covenant
- interest coverage covenant
- net debt/EBITDA
- fixed charge coverage
- covenant headroom
- waiver and amendment
4 · Risk Hedging3 topics
FX Risk Management & Hedging
FX exposure identification, forward contracts, options, cross-currency swaps, hedge accounting (IFRS 9/ASC 815), and FX policy design
Objectives
- Design an FX hedging program covering transaction and translation exposures
- Apply hedge accounting under IFRS 9 to reduce P&L volatility from hedging
Key concepts
- FX forward
- FX option
- cross-currency swap
- transaction exposure
- translation exposure
- hedge accounting
Interest Rate Risk & Swaps
Interest rate swap mechanics, fixed-vs-floating analysis, ISDA Master Agreement, Credit Support Annex (CSA), swaption strategies, and curve risk
Objectives
- Structure an interest rate swap to convert floating-rate debt to fixed and evaluate the cost/benefit
- Navigate ISDA/CSA documentation and understand collateral posting obligations
Key concepts
- interest rate swap
- ISDA Master Agreement
- CSA
- fixed-vs-floating
- swaption
- basis risk
- SOFR transition
Commodity Risk & Hedging
Commodity exposure mapping, futures and options hedging, basis risk, hedge ratio optimization, and commodity hedge accounting
Objectives
- Map commodity exposures and design a hedging program with appropriate instruments and tenor
- Evaluate and manage basis risk between hedging instruments and underlying exposures
Key concepts
- commodity futures
- commodity options
- basis risk
- hedge ratio
- crack spread
- hedge effectiveness testing
5 · Investment Management3 topics
Short-Term Investment Vehicles
Money market funds, repos, T-bills, commercial paper investments, certificates of deposit, and yield optimization strategies
Objectives
- Select appropriate short-term investment vehicles balancing yield, liquidity, and credit risk
- Construct a laddered investment portfolio that matches projected cash outflow timing
Key concepts
- money market fund
- repurchase agreement
- Treasury bills
- commercial paper
- certificates of deposit
- yield curve positioning
Investment Policy Design
Investment policy statement (IPS) construction, permissible instruments, concentration limits, duration limits, and credit quality thresholds
Objectives
- Draft an investment policy statement with appropriate risk parameters and governance
- Establish compliance monitoring processes for investment policy adherence
Key concepts
- investment policy statement
- concentration limits
- duration limits
- credit quality thresholds
- benchmark selection
- compliance monitoring
Counterparty Credit Risk
Bank creditworthiness assessment, counterparty exposure limits, CDS spreads as early warning, netting agreements, and collateral management
Objectives
- Assess bank counterparty creditworthiness using CDS spreads, ratings, and financial metrics
- Design a counterparty limit framework with exposure netting and collateral management
Key concepts
- counterparty exposure limits
- CDS spreads
- netting agreements
- collateral management
- wrong-way risk
- credit valuation adjustment
6 · Bank Relationship & Technology2 topics
Bank Relationship Management
Wallet sizing, bank scorecard design, RFP process management, fee negotiation, and multi-bank architecture optimization
Objectives
- Design a bank scorecard that balances service quality, pricing, and strategic value
- Run a competitive RFP process for treasury banking services and negotiate optimal terms
Key concepts
- wallet sizing
- bank scorecard
- RFP process
- fee negotiation
- relationship banking
- ancillary business allocation
Treasury Management Systems & Technology
TMS selection and implementation, API-based bank connectivity, SWIFT integration, cash management automation, and data analytics in treasury
Objectives
- Evaluate and select a treasury management system based on functional, technical, and cost criteria
- Design an API-based bank connectivity architecture enabling straight-through processing
Key concepts
- treasury management system
- SWIFT connectivity
- API banking
- cash management automation
- straight-through processing
- treasury analytics
7 · Expert Treasury3 topics
Global Treasury & In-House Banking
Regional treasury center design, in-house bank structures, intercompany netting, transfer pricing for treasury, and multi-currency management at scale
Objectives
- Design a global treasury center with in-house bank and intercompany netting capabilities
- Evaluate payment-on-behalf-of and collection-on-behalf-of models for a multi-entity group
Key concepts
- regional treasury center
- in-house bank
- intercompany netting
- payment-on-behalf-of
- collection-on-behalf-of
- transfer pricing
Treasury Strategy & Transformation
Treasury operating model design, centralization vs decentralization, treasury KPIs, board reporting, and treasury as a strategic business partner
Objectives
- Design a treasury transformation roadmap from decentralized to centralized model
- Define treasury KPIs that demonstrate strategic value to the board and C-suite
Key concepts
- treasury operating model
- centralization
- shared service center
- treasury KPIs
- board reporting
- strategic treasury
Treasury Risk Governance & Reporting
Treasury risk framework design, risk appetite articulation, board-level treasury reporting, regulatory compliance (Dodd-Frank, EMIR), and internal audit interaction
Objectives
- Design a treasury risk governance framework with clear risk appetite boundaries and escalation procedures
- Present treasury risk exposures and hedging effectiveness to the board in a clear, decision-ready format
Key concepts
- treasury risk framework
- risk appetite statement
- board reporting
- Dodd-Frank
- EMIR
- internal audit
Levels: Junior, Mid, Senior, and Expert
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Frequently asked questions
Where should I start studying Treasury & Liquidity Management?
Start with Cash Management: Cash Positioning & Visibility, Cash Pooling & Concentration, and Payment Operations & Controls. The map orders topics by what they depend on, so each one prepares the next.
How long does a full Treasury & Liquidity Management 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.