IIBF Certified Treasury Manager Syllabus
One paper, five modules, and a numerical load most candidates underestimate. The full breakdown.
The IIBF Certified Treasury Manager syllabus covers five modules: financial markets and the role of treasury, money market operations, investment and fixed income, forex dealings, and derivatives with dealing ethics. All five are tested in a single online Treasury Operations paper of 100 MCQs, including case-based questions, in 2 hours.
The modules are not equal in the work they demand. Two of them, fixed income and forex, carry most of the calculation questions, and calculation questions are where time runs out on this paper. This page walks each module in the order they build on each other.
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The Five Modules at a Glance
Every module feeds the single Treasury Operations paper. There are no optional modules and no electives.
Financial Market & Role of Treasury
The foundation module- 1Financial markets, participants and instruments
- 2Operating environment and regulations
- 3Front, Mid and Back Office functions
Money Market Operations
Where liquidity questions live- 4Money-market instruments
- 5Call, notice and term money
- 6CRR, SLR and liquidity management
- 7Repo, reverse repo and TREPS
Investment & Fixed Income
The heaviest numerical module- 8Government securities and bonds
- 9Bond valuation, yield and duration
- 10Investment portfolio and reserve management
- 11Asset-Liability Management (ALM)
Forex Dealings
Rates, swaps and settlement- 12Forex quotes and participants
- 13Cash, spot and forward rates
- 14Currency swaps and dealing platforms
- 15Settlement and forex risk management
Derivatives & Dealing Ethics
The closing module- 16Interest Rate Swaps, forwards, futures and options
- 17Hedging strategies and arbitrage
- 18FIMMDA/FEDAI dealing code of conduct
- 19Time value of money and interest-rate calculations
How the Modules Connect
The syllabus is built like a treasury desk. The first module explains who does what: front office deals, mid office watches risk, back office settles. Money market operations then covers the instruments a desk trades daily, and the CRR and SLR requirements that force it to trade them.
Fixed income and ALM sit in the middle because they are the exam's centre of gravity. Bond valuation, yield and duration questions demand actual arithmetic under time pressure, and ALM questions often link back to CRR, SLR and liquidity management rather than standing alone. Candidates who study money markets and ALM as separate topics get caught by exactly those linked case questions.
Forex and derivatives close the syllabus, and they close it numerically: forward rates, swap mechanics and interest-rate calculations. The dealing ethics portion, built on the FIMMDA and FEDAI codes of conduct, is the one reliably readable part of the back half.
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Case-Based Questions Cut Across Modules
The Treasury Operations paper includes case-based MCQs, and cases do not respect module boundaries. A single scenario can price a bond, test its duration, and then ask what the position does to the bank's ALM profile. Study the modules in order, but practise them together.
What to Study First
A sensible order through the five modules:
- check_circleFinancial markets and treasury roles first. It is short, and every later module assumes it.
- check_circleMoney market operations next, with CRR, SLR, repo and TREPS learned to the point of reflex.
- check_circleFixed income third, and slowest. Bond valuation, yield and duration reward worked examples over reading.
- check_circleForex fourth: quotes, forward rates and settlement, again with worked calculations.
- check_circleDerivatives and dealing ethics last. Swaps and options build directly on the forex and fixed-income maths.
Where the Syllabus Comes From
IIBF's own courseware for this exam is the Treasury Management book, with the Fabozzi Handbook of Fixed Income Securities as the reference for the fixed-income modules. The study material page covers how to use each. For how the 100 questions, marks and pass rule work, see the exam pattern page.
Next steps
- Exam Patternarrow_forward
- Study Materialarrow_forward
- Preparationarrow_forward
- IIBF Treasury Manager Guidearrow_forward
100 questions on this exact syllabus, timed and scored.