The Equalified Treasury Strategist (ETS) is Equalifi’s advanced professional designation in treasury management. It recognises the ability to plan, organise and control an organisation’s cash, funds and working capital, maintain liquidity, reduce the overall cost of funds, and manage financial and operational risk, so that the business always has the cash it needs, at the right place, time and cost.
The ETS curriculum covers both corporate and bank treasury: the treasury function and its regulatory framework, financial markets, cash and liquidity management, working capital, payments and treasury operations, money markets and short-term investments, fixed income securities, interest rate and foreign exchange risk management, derivatives and commodity risk, short, medium and long-term financing, corporate finance, bank treasury and asset liability management, treasury risk and controls, accounting, tax and reporting, treasury technology and AI, global and cross-border treasury, governance and ethics, and emerging trends.
The ETS assesses practical judgement, not only recall. The designation is earned in three levels: an MCQ examination, a project and a viva. Together, these test a candidate’s ability to forecast cash, design a funding and investment plan, build a hedging strategy, set risk limits and controls, and defend their recommendations before a treasury committee. The designation is intended for treasury, finance and risk professionals in corporates, banks, NBFCs, insurers and multinational groups.
Two awards, one pathway
| Award | Levels required | What it recognises |
|---|---|---|
| Certificate in Treasury Management (CTM) | Level 1: MCQ Examination | Structured knowledge of liquidity, funding, financial markets, risk management and treasury operations |
| Equalified Treasury Strategist (ETS) | Levels 1, 2 and 3: MCQ Examination, Project and Viva | The ability to apply that knowledge to a real treasury mandate, with sound professional and ethical judgement |
Candidates may stop after Level 1 and hold the Certificate in Treasury Management, or continue to Levels 2 and 3 to earn the ETS designation, which is renewed every three years. Existing holders of the Certificate in Treasury Management may proceed directly to Level 2.
Who should take the ETS?
Corporate treasurers and treasury managers, CFOs and finance controllers, bank treasury dealers and ALM professionals, foreign exchange and money market professionals, risk managers, cash management and transaction banking professionals, chartered accountants and finance professionals in corporates, NBFCs and insurers, and professionals seeking to build a career in treasury.
Important
The Certificate in Treasury Management and the ETS designation are educational qualifications awarded by Equalifi. They do not constitute a regulatory licence or authorisation to deal in securities, foreign exchange or derivatives, or to act as an authorised dealer or intermediary.
Exam details
The ETS is assessed in three levels, taken in order.
Level 1: MCQ examination
The Level 1 examination is the Certificate in Treasury Management examination. It assesses understanding of the full ETS curriculum, with knowledge, application and case-based questions. Passing Level 1 earns the Certificate in Treasury Management.
Equalifi offers the Level 1 examination through an external, remote-proctored platform. Once registration and payment are confirmed, candidates receive an exam link by email. Candidates may schedule and take the exam within one year of registration, from any location, subject to the platform’s requirements.
Candidates need a reliable internet connection and a computer with a working camera. Please read the technical and exam-day instructions before starting the exam.
Level 2: Project
Candidates who pass Level 1 move on to the project, based on a treasury case set by Equalifi, for a corporate, a bank or a multinational group. Candidates prepare a treasury strategy report covering:
- an assessment of the organisation’s cash flows, liquidity and working capital,
- a cash flow forecast and liquidity plan,
- a funding plan and an investment policy for surplus funds,
- a strategy to manage interest rate, foreign exchange and, where relevant, commodity risk, and
- a treasury policy with risk limits, controls, reporting and technology recommendations.
Equalifi will share the project brief, the submission guidelines and the evaluation criteria.
Level 3: Viva
Candidates who pass the project are invited to a viva with an Equalifi assessment panel, conducted as a mock treasury committee or ALCO meeting. Candidates present their strategy, defend their forecasts, hedging decisions and funding plan under questioning, and respond to a professional and ethical scenario typical of treasury work. Candidates who pass the viva are awarded the ETS designation.
Assessment structure
| Level | Assessment | Award on completion | Format | Duration | No. of Questions | Passing Criteria | Negative Marking |
|---|---|---|---|---|---|---|---|
| 1 | MCQ Examination | Certificate in Treasury Management (CTM) | Online, remote-proctored | 2 hours | 100 | 60% | 20% per incorrect answer |
| 2 | Project | — | Written submission (treasury strategy report) | As per project brief | — | As per evaluation criteria | — |
| 3 | Viva | Equalified Treasury Strategist (ETS) | Oral assessment as a mock treasury committee (online or in person) | As scheduled | — | As per evaluation criteria | — |
Validity and renewal
The Certificate in Treasury Management does not expire. The ETS designation is valid for three years from the date of award and is renewed by completing continuing education.
| Requirement | Details |
|---|---|
| Continuing education | 45 hours every three years, with at least 10 hours in each year |
| Ethics | 3 hours of Equalifi Ethics and Professional Conduct, included in the 45 hours |
| Core subject | At least 21 hours in treasury, liquidity, financial markets and risk management |
| Annual | Declaration of adherence to the Equalifi Code of Professional Conduct, and the annual renewal fee |
Ways to earn hours: Equalifi summits, masterclasses, executive education and webinars (credited automatically); courses and events from recognised institutions; speaking, writing, teaching and serving on Equalifi assessment panels; reading professional research; and passing further Equalifi Certificate exams.
Grace period and reinstatement: If the hours are not complete by the end of the cycle, a 90-day grace period applies. After this, the designation lapses and may not be used. Lapsed holders can reinstate within two years by completing the missing hours plus 15 additional hours; after two years, reinstatement requires a fresh viva.
Candidate audit
Equalifi randomly audits a percentage of applications on a regular basis. Candidates are responsible for providing the requested supporting documentation to verify the education and professional background stated in their registration form. Equalifi does not contact employers or educational institutions to obtain verification documents on a candidate’s behalf.
Candidates selected for audit will be notified by email and will have 10 business days to respond. They must meet the audit requirements before receiving the Certificate in Treasury Management or the ETS designation.
Failure to comply with the audit, falsification or misrepresentation of information, plagiarism in the project, or any unprofessional conduct will result in denial or cancellation of the registration and/or revocation of the certificate or designation, and all fees will be forfeited. A candidate who does not comply with an audit will also be subject to audit when reapplying in future.
Fee details
| Route | Fee |
|---|---|
| Certificate in Treasury Management (Level 1) | INR 3,540 |
| Equalified Treasury Strategist (Levels 1, 2 and 3) | INR 17,700 |
Fees are inclusive of GST. The Level 1 examination fee applies to each attempt.
Access Pass benefits
Fee waiver: Equalifi Chartered, Professional and Virtual Pass holders receive a 50% waiver on the exam fee.
Learn more about the Equalifi Access Pass.
Exam preparation: Equalifi provides study notes, tutorial webinars, regular conference calls, additional reading material and mock tests. Access Pass holders receive access to exam preparatory material on the Equalifi portal. For stronger exam readiness, candidates are also encouraged to attend Equalifi’s executive education programmes and masterclasses on treasury and risk management. Access Pass holders receive a 10% to 50% fee waiver based on their pass category.