CITF (Certificate in International Trade and Finance)

CITF (Certificate in International Trade and Finance)

What is CITF Certification (Certificate in International Trade and Finance)?

CITF is the abbreviation of the Certificate in International Trade and Finance.

Certificate in International Trade and Finance (CITF) is a title in international trade finance.

You have to pass a written examination that takes two hours in order to be qualified as a CITF.

CITF certificate has been designed for exporters and importers. Banking professionals may also be benefited from this internationally recognized certificate.

CITF certificate programme has been developed by The London Institute of Banking & Finance in consultation with trade finance experts from across the world.

CITF combines trade finance theory and practice.

By having this certificate you prove that you have enough technical knowledge in international trade finance with the skills to apply them in real life situations.

Scope of the CITF Certificate:

After studying CITF, you will understand:

  • The global trade dynamics and factors shaping the world economy as a whole,
  • The role of the ICC in international trade and the rules that have been created by ICC,
  • How to use ICC international model contracts in daily life,
  • The basics of trade terms and Incoterms rules,
  • The documents used in international trade such as financial documents, official documents and transport documents,
  • What are the risks associated with foreign currencies when exporting and importing?
  • How to mitigate foreign exchange risks in international trade finance?
  • What are the payment methods in international trade?
  • What are the differences between open account, documentary collections, documentary credits and bank payment obligations?
  • The fundamentals of guarantees and standby letters of credit.
  • Differences between short, medium and long term trade finance
  • Fundamentals of Islamic trade finance
  • How to handle disputes arising from international trade operations?
  • Basics of arbitration
  • Fraud prevention and anti-money laundering

Eligibility of the Examination:

CITF would be a highly valuable achievement for exporters, importers and banking professionals who would like to prove their knowledge in international trade and finance in a global scale.

There are no entry requirements for CITF certificate examination. Anyone who pays the submission fee may enter the CITF examination.

But please keep in mind that CITF examination has a moderate difficulty level. Well preparation is a must, experience on related fields is a good asset.

The examination takes place in English language only.

Examination Format:

Assessment for CITF consists of a 2 hour multiple-choice examination, designed to test knowledge and its application.

The examination paper consists of 100 multiple-choice questions, split in to two sections:

  • Section A – 80 multiple-choice questions
  • Section B – four case studies, each with 5 linked multiple-choice questions.

To pass you must achieve the required pass mark of 70%.

CITF is examined in over 30 countries each year and are given in paper format at designated international centres.

Important Note: Examination structure can be modified from one exam to another.

Organizer:

CITF examination held by The London Institute of Banking & Finance. You can reach their website from this link.

Costs:

CITF examination which is held by The London Institute of Banking & Finance cost you around 580GBP. (650EUR)

*for exact and up-to-date cost please refer to above official website.

How to Prepare?

The London Institute of Banking & Finance provides following learning materials to each candidate:

  • online access via MyLIBF – www.myLIBF.com to learning materials and to KnowledgeBank (virtual library);
  • unit syllabuses;
  • study text;
  • specimen paper; and,
  • student-led forum.

Additionally, candidates can benefit from ICC publications as indicated below:

Assessment Criteria:

You can reach CITF examination learning outcomes and assessment criteria from this link.

How to Apply?

You should apply for a CITF certificate exam from The London Institute of Banking & Finance’s official website.

CSDG (Certificate for Specialists in Demand Guarantees)

CSDG (Certificate for Specialists in Demand Guarantees)

What is CSDG Certification (Certificate for Specialists in Demand Guarantees)?

Certificate for Specialists in Demand Guarantees (CSDG) is a title in international trade finance. You have to pass a written examination that takes three hours in order to be qualified as a CSDG.

By having a CSDG certificate you can prove your knowledge and application of the skills required for competent practice in demand guarantees and standby letters of credit in international trade finance.

CSDG certificate is endorsed by ICC so it is recognized in a global scale.

On this page you will find more information about CSDG certificate.

Scope of the CSDG Certificate:

CSDG will cover all of the key areas and aspects that demand guarantee specialists are expected to understand and practice.

CSDG will develop students’ knowledge and expertise in the use of guarantees, industry rules, legislation and the challenges relating to demand guarantees and standby credits.

  • Demand guarantees – including tender, performance and advance payment
  • Indemnities, Suretyships and standby letters of credit and how they compare
  • Scope of industry rules including URDG 758 and ISP98
  • Parties involved in demand guarantees and their roles and obligations
  • Risk issues, including types, control and mitigations
  • Impact of external factors including governing law and force majeure

Eligibility of the Examination:

There are no entry requirements for the CSDG examination. Anyone can enter CSDG examination.

However please keep in mind that it is not easy to pass the CSDG exam. You should prepare well for it.

Examination takes place in English language only.

Time constraint is one of the biggest problems on the examination, especially for the non-native English speakers. As a result, English reading pro-efficiency is a must.

You have to read and understand the questions very fast.

The London Institute of Banking & Finance recommends to the exam participants have a minimum of three years of demand guarantee and standby documentary credit experience for their benefit.

Examination Format:

Assessment for CSDG consists of a 3 hour multiple-choice examination, designed to test knowledge and its application to practical situations.

The content of the CSDG examination is based on the results of a job analysis study that identified key responsibilities of a demand guarantee and standby documentary credit practitioner and areas of knowledge and skills required for competent practice.

To earn the professional designation you are required to pass a three-hour examination that is designed to test your knowledge and its application to practical situations.

The examination is based on an English study text.

CSDG is assessed through a 3-hour paper-based objective exam split into two sections:

  • Section A – 50 multiple-choice questions
  • Section B – 10 standalone multiple-choice questions, one case study with 6 linked multiple-choice questions and 6 simulation exercises

Organizer:

CSDG examination held by The London Institute of Banking & Finance. You can reach their website from this link.

Costs:

CSDG examination which held by The London Institute of Banking & Finance cost you around 580GBP. (650EUR)

*for exact and up-to-date cost please refer to above official website.

How to Prepare?

You have to study by yourself to CSDG examination. Once registered a textbook was planning to send out to every candidate by post.

The textbook planning to send out was “Guide to ICC Uniform Rules for Demand Guarantees (URDG 758)” written by Dr. Georges Affaki, Sir Roy Goode.

According to the information provided by the official website textbook dispatched is not valid any more.

Instead the candidates reach online materials from MY LIBF website.

The candidates will be provided with the following learning resources:

  • online access via MyLIBF – www.myLIBF.com to learning materials and to
    KnowledgeBank (virtual library);
  • unit syllabus;
  • study text;
  • specimen paper; and,
  • student-led forum.

Preparation for the examination usually takes six months with comprehensive learning materials provided.

How to Apply?

CSDG examination held by The London Institute of Banking & Finance. You should apply for a CSDG exam from official CSDG website by clicking here.

Examination:

CSDG Exam: Principles and Practices of Demand Guarantees

Learning Objectives:

The lecture focusing on the importance of rules, practices and guidelines for demand guarantees and standby letters of credit. After studying this lecture;

  • You should understand types, definitions, rules and processes of demand guarantees.
  • You will be able understand terminology related to draft, issue and claim on demand guarantees and standby letters of credit.
  • You will be able to identify the roles, obligations and relationship between parties to demand guarantee transactions.
  • You should be able to identify the risks involved in demand guarantee transactions and be able to manage those risks.
  • You should be able to identify the external factors that can affect demand guarantees and standby credits.

CSDG Syllabus

Learning OutcomeAssessment Criteria
Learning Outcome:
Understand the features, life-cycle, rules and parties to demand guarantees and standby letters of credit and how they are applied within international trade finance contexts.
Assessment Criteria:
*Distinguish between the different types of demand guarantees, standby letters of credit and suretyships and the requirements, role of the parties involved and the life-cycle of each.
*Identify the problems, risks, rules and external factors associated with demand guarantees and standby letters of credit and explain the effect these factors have
Learning Outcome:
Be able to manage demand guarantees and standby letters of credit.
Assessment Criteria:
*Apply appropriate rules and trade terms that govern demand guarantees and standby letters of credit to the management of demand guarantees and standby letters of credit.
*Check accuracy of demand guarantee and standby letter of credit documents.

CSDG Certificate Content Outline

Learning OutcomeAssessment Criteria
Learning Outcome:
Understand the features, life-cycle, rules and parties to demand guarantees and standby letters of credit and how they are applied within international trade finance contexts.
Assessment Criteria:
•Demand guarantee definitions
• What is a demand guarantee?
• What is a standby letter of credit?
•Key features of guarantees, suretyships, and standby letters of credit, including:
• What they are
• Documents required
• Comparison with demand guarantees and with each other
•Rules, standards and guidelines that govern demand guarantees and standby letters of credit:
• Scope and application of the rules
• URDG 758
• ISP98 where these rules differ from URDG 758
•Capacity of different types of guarantee and standby letter of credit and when they are used:
• Scope of a guarantee or standby letter of credit
• Advantages to all parties
• Scenarios where one type of guarantee or standby is preferred over another
•Relationship between parties to the demand guarantee (including advantages to each party)
• Instructing party
• Applicant
• Guarantor
• Beneficiary
•Process, life cycle and challenges of a demand guarantee or standby letter of credit
• Draft
• Issue
• Amendments
• Presentation
• Examination
• Payment
• Termination and reduction Including:
• Rejection (including non-complying demand, waiver, notice)
• Transmission and translation
•The ways in which the rules for demand guarantees or standby letters of credit can be affected by external factors and the implications of these effects, including:
• Indemnity for foreign laws and usages
• Governing / national law
• Jurisdiction
• Force majeure
• URDG and other ICC rules
• Courts
•The risks involved in demand guarantees and standby letters of credit:
• Risks and consequences
• Fraud
• Money laundering
Learning Outcome:
Be able to manage demand guarantees and standby letters of credit.
Assessment Criteria:
• Practitioner element, putting theory in to practice.

Exam Centers:

CSDG examinations will take place in the following locations, subject to demand. The London Institute of Banking & Finance reserve the right to withdraw centres.

The London Institute of Banking & Finance may be able to offer other exam venues, subject to demand.

  • Australia (Sydney)
  • Bahrain (Manama)
  • Bangladesh (Dhaka)
  • Belgium (Brussels)
  • Canada (Montreal, Toronto)
  • China (Anhui, Beijing, Chengdu, Changsha, Jinan, Dalian, Guangzhou, Shanghai)
  • Cyprus (Nicosia)
  • Egypt (Cairo)
  • Germany (Frankfurt)
  • Hong Kong
  • India (Bangalore, Chennai, New Delhi, Mumbai)
  • Indonesia (Jakarta)
  • Jordan (Amman)
  • Kenya (Nairobi)
  • Lebanon (Beirut)
  • Malaysia (Kuala Lumpur)
  • Malta (Valletta)
  • Mauritius (Reduit)
  • New Zealand (Auckland)
  • Nigeria (Lagos)
  • Qatar (Doha)
  • Romania (Bucharest)
  • Russia (Moscow)
  • Saudi Arabia (Jeddah, Riyadh)
  • Singapore
  • South Africa (Johannesburg)
  • South Korea (Seoul)
  • Spain (Madrid)
  • Sri Lanka (Colombo)
  • Sweden (Stockholm)
  • Switzerland (Basel)
  • Taiwan, Taipei
  • Thailand (Bangkok)
  • Turkey (Ankara, Istanbul)
  • United Arab Emirates (Dubai, Sharjah)
  • United Kingdom (Birmingham, London, Manchester)
  • United States of America (New York)
  • Vietnam (Ho Chi Minh City)
  • Zambia (Lusaka)
  • Zimbabwe (Harare)

The list of current venues is reviewed regularly and venues may be changed without notice.

Please contact Customer and Student Services on +44 (0)12 2781 8609 or email [email protected] if you would like us to consider setting up a venue that is not on this list.

How to Prepare CDCS Examination?

How to Prepare CDCS Examination?

Question 1: This question comes from Siddharth, India.

Please advice where can I get different case studies to prepare for my Apr 2014 CDCS examination, please advice if sample test paper can be brought separately.

Question 2: This question comes from Sunil, India.

I want to do CDCS course, request to please guide me. I am working in an export import documentation department of a company in India to provide logistics services to our clients. Along with logistics services we will prepare export documentation as requested by LC.

Answer 1: You should prepare CDCS examination by yourself. Once you are registered to the examination, exam organizers, The London Institute of Banking & Finance and BAFT, supplies you exam preparation materials. These exam preparation materials can be classified under two groups:

  1. Study Text Book: This is the main study material for the CDCS exam preparation. This book covers all subjects of CDCS examination and it is labeled as “The Guide to Documentary Credits” which is written by Gary Collyer.
  2. Online Material: Once you are registered to the CDCS examination The London Institute of Banking & Finance supplies you a password with which you can reach their online resources. On their website you can find one sample CDCS examination.

Answer 2: I can suggest you Coastline Solutions online courses, despite the fact that these course are not intended for the exam preparation.

The good thing with Coastline Solutions courses is that if you will take them after you have been rewarded with the CDCS certificate, you can earn PDUs, which means that you may not need to enter re-examination after 3 years of certificate expiry date.

Coastline Solutions online training cover below topics:

  • UCP 600 Training
  • ISBP 745 Training
  • URC 522 Training
  • URDG 758 Training
  • ISP98 Training
  • URBPO 750 Online Training
  • Incoterms® 2010 Online training
  • ICC Opinions
  • DC Insight
  • ICC Court of Arbitration

CDCS (Certified Documentary Credit Specialist)

CDCS (Certified Documentary Credit Specialist)

What is a CDCS (Certified Documentary Credit Specialist)?

CDCS (Certified Documentary Credit Specialist) is an international title in trade finance.

In order to get the CDCS title, participants must pass an examination which takes around 3 hours. CDCS certificate examination is organised by The London Institute of Banking & Finance.

CDCS ( Certified Documentary Credit Specialist ) is the professional certification which will enable letter of credit practitioners to prove their specialist knowledge and application of the skills required for competent practice in a global scale.

The CDCS certification has been developed in consultation with industry experts to ensure that the certification reflects best practice.

The London Institute of Banking & Finance and BAFT (The Bankers Association for Finance and Trade) jointly developed the CDCS certification programme. CDCS is also endorsed by the International Chamber of Commerce.

It is the only certificate which is approved by ICC on documentary credit field.

The CDCS is the international standard for documentary credit specialists.

Banks prefer CDCS entitled practitioners for their trade departments in order to reduce their own risks by working with professionals who approved their competence from the institution that is creator and governor of the documentary credit rules.

cdcs certificate
Ozgur Eker’s CDCS Certificate from 2009.

Scope of the CDCS Certificate:

  • Documentary credits – an overview, types, characteristics and uses, including standby credits
  • The sales agreement
  • Rules and trade terms, including UCP 600, ISP 98, ISBP 745, Incoterms 2010® and URR 725
  • Parties to documentary credit transactions and their roles and obligations
  • Types and methods of payment / credit used in documentary credit transactions, including the concept of autonomy
  • Types of transport, commercial and financial documents used in documentary credit transactions
  • Risk issues, including types of risks, control and possible mitigations
  • Related products, including letters of indemnity, Air Way Releases and Steamship Guarantees
  • Implications of breaching rules including money laundering and terrorist financing

Eligibility of the Examination:

There are no entry requirements for the CDCS examination. Anyone, who pays the exam fees, can enter the examination.

However please keep in mind that it is not easy to pass the CDCS exam. You should prepare well for the examination.

Examination takes place in English language only.

Time constraint is one of the biggest problems on the examination, especially for the non-native English speakers. As a result, English reading pro-efficiency is a must.

You have to read and understand the questions very fast.

The London Institute of Banking & Finance recommends to the exam participants have a minimum of three years’ documentary credit experience for their own benefit.

Examination Format:

Assessment for CDCS consists of a 3 hour multiple-choice examination, designed to test knowledge and its application to practical situations.

The examination paper consists of 70 multiple-choice questions, 3 in-basket case studies and 3 document checking simulations.

The content of the CDCS examination is based on the results of a job analysis study that identified key responsibilities of a documentary credit practitioner and areas of knowledge and skills required for competent practice.

To earn the professional designation you are required to pass a three-hour examination that is designed to test your knowledge and its application to practical situations.

The examination is based on an English study text.

The examination consists of multiple choice knowledge and application questions as well as sample in-baskets and simulations that test for analysis skills.

Organizers:

  1. USA, Canada and Mexico CDCS examination held by BAFT-IFSA. You can reach their website from this link.
  2. All other countries CDCS examination held by IFS University College. You can reach their website from this link.

Costs:

  • USA, Canada and South America CDCS examination which is held by BAFT-IFSA cost you around 800USD. (2019 fees)
  • All other countries CDCS examination which held by The London Institute of Banking & Finance cost you around 580GBP. (650EUR)

*for exact and up-to-date cost please refer to above official websites.

How to Prepare?

You have to study by yourself to the CDCS examination. Once registered a textbook is sent to every candidate by post.

As of 2014, this text book is “The Guide to Documentary Credits” written by Gary Collyer. This book will be your main textbook.

Also you can enter libf.ac.uk website with your password to reach online materials. Preparation for the examination usually takes six months with comprehensive learning materials provided.

Assessment Criteria:

You can reach CDCS examination learning outcomes and assessment criteria from this link.

CDCS Content Outline

Learning OutcomeSyllabus
Learning Outcome:
1. Understand the main types, characteristics and uses of documentary credits.
Syllabus:
• Understanding of the term documentary credit
• A basic documentary credit transaction (including generic flow
chart of this process)
• Types of documentary credit
• Primary characteristics of documentary credits
• Secondary characteristics of documentary credits:
- Revolving credits
- Instalment
- Advance payments
- Transferable
- Evergreen
- Clean
- Direct pay
• Categorisation of documentary credit by type and characteristic
• Commercial documentary credits
• Standby letters of credit
Learning Outcome:
2. Know the industry rules, standards, guidelines and trade terms that govern the delivery of documentary credit transactions.
Syllabus:
• Incoterms 2010®
• UCP 600 – Uniform Customs and Practice for Documentary
Credits
• ISP98 – International Standby Practices
• URR 725 – Uniform Rules for bank-to-bank reimbursement
under documentary credits
• ICC decision on original documents (Appendix to ICC
publication 645 – ISBP)
• ISBP 681
• eUCP
Learning Outcome:
3. Understand the ways in which documentary credit transaction rules and regulations can be breached and the implications of such breaches.
Syllabus:
• Money Laundering
• Sanctions
• Terrorist Financing
Learning Outcome:
4. Understand the roles and obligations of the parties to documentary credit transactions and the relationships between them.
Syllabus:
• Parties to documentary credits roles and responsibilities:
- Issuing bank
- Beneficiary
- Applicant
- Non-bank issuers
- Confirming bank
- Advising bank
- Negotiating bank
- Paying bank
- Accepting bank
- Reimbursing bank
- Transferring bank
- Nominated bank
- Presenting bank
• Banks roles and obligations:
- Issuing bank
- Confirming bank
- Advising bank
- Negotiating bank
- Paying bank
- Accepting bank
- Reimbursing bank
- Transferring bank
- Nominated bank
- Presenting bank
- Beneficiary
• Relationship of parties in respect of payment of conforming
documents and non-payment of non-conforming documents
• Roles and responsibilities in reimbursement
Learning Outcome:
5. Understand the types and methods of payment and credit used in documentary credit transactions.
Syllabus:
• Types of payment:
- Sight
- Deferred
- Negotiation
- Acceptance
• Transmission of proceeds
• Types of credit
• With and without recourse
• The autonomy of a documentary credit as a payment
mechanism
Learning Outcome:
6. Understand the types of transport, commercial and financial documents used in documentary credit transactions and their requirements under ICC rules.
Syllabus:
• Characteristics, processing and rules that apply to transport
documents:
- Bill of Lading
- Charter Party Bill of Lading
- Non-negotiable Seaway Bill
- Multimodal Transport Document
- Air Transport Document
- Road, Rail or Inland Waterway Transport Document
- Forwarder’s Cargo receipt, Mate’s Receipt and
Consolidator’s Receipt
- Post Receipt or Certificate of Posting
- Courier or Expedited Delivery Service Document
• Financial and Commercial documents:
- Draft / bill of exchange
- Commercial Invoice
- Insurance Document
- Weight Certificate
- Certificate of Origin
- Packing Lists
- Inspection Certificate
• Documents for official purposes and checking mechanisms
Learning Outcome:
7. Understand the processes and challenges involved in documentary credit transactions.
Syllabus:
• Processes and activities associated with:
- Sales agreement / contract of sale
- Issue
- Pre-advise
- Advise
- Confirm
- Amend
- Transfer
- Present
- Examine
- Pay / Reject
- Claim
- Reimburse Funds
- Cancel
• Presentation, Examination and Settlement / Rejection
• Identifying and handling discrepant documents
Syllabus
• Electronic presentations
• Problems that can arise during the documentary credit
transaction process
Learning Outcome:
8. Understand and manage the risks involved in documentary credit transactions.
Syllabus:
• Types of Risk
- Operational / UCP 600
- Credit
- Foreign Exchange
- Fraud
- Legal
- Political
• Other risks / considerations
- Money Laundering
- Sanctions
- Terrorist Financing
- Credit Risk Assessment / Management
• Risks to the parties to documentary credits:
- applicant
- issuing bank
- beneficiary
- advising bank
- nominated bank
- confirming bank
- reimbursing bank
• How risks can be controlled
Learning Outcome:
9. Understand the related products used in documentary credit transactions.
Syllabus:
• Letter of Indemnity
• Air Way Release
• Steamship Guarantee
• Assignment of Proceeds
• Participation and Syndication
• Refinance Credits
• Reimbursement undertaking
Learning Outcome:
10. Be able to manage the transport, commercial and financial documents used in documentary credit transactions.
Syllabus:
• Apply and analyse the transport, commercial and financial
documents used in documentary credit transactions in order to
recommend appropriate courses of action and manage
documentary credit transactions.

How to Apply?

  • USA, Canada and Mexico CDCS examination held by BAFT. You should apply for a cdcs certificate exam from their official website from this link.
  • All other countries CDCS examination held by The London Institute of Banking & Finance. You should apply for a cdcs certificate exam from their official website from this link.

CDCS 2015 Examination Date

2015 cdcs examination date

2015 CDCS Examination Date Announcement

  • April 2015 exam: (Registration closes 31 January 2015) 2015 CDCS examination will take place 10 April 2015 (please note: students sitting examinations in China, Hong Kong, Indonesia and South Korea will be examined in 11 April 2015).
  • October 2015 exam – opens mid-February to August 2015

CDCS Examination Details:

  • What is CDCS? (Certified Documentary Credit Specialist) CDCS (Certified Documentary Credit Specialist) is an international title in trade finance. You have to pass an examination which takes around 3 hours. CDCS certificate examination is organised by The London Institute of Banking & Finance. You can learn more about basics of CDCS from this link.
  • What Topics Do the CDCS Certificate Cover? Documentary credits – an overview, types, characteristics and uses, including standby credits, the sales agreement, rules and trade terms, including UCP 600, ISP 98, ISBP 745, Incoterms 2010 and URR 725, parties to documentary credit transactions and their roles and obligations, types and methods of payment / credit used in documentary credit transactions, including the concept of autonomy, types of transport, commercial and financial documents used in documentary credit transactions, risk issues, including types of risks, control and possible mitigation, related products, including letters of indemnity, air way releases and steamship guarantees, implications of breaching rules including money laundering and terrorist financing. You can learn more about CDCS certification details from this link.
  • What is the Exam Content? Certified Documentary Credit Specialist (CDCS) is a title in international trade finance. You have to pass a written examination that takes three hours in order to be qualified as a CDCS. You can learn more about CDCS exam contents from this link.
  • How to prepare a CDCS examination? You are expected to study CDCS examination by yourself. Preparation for the CDCS examination usually takes six months. You can learn more about CDCS exam preparation from this link.

CDCS® is examined in over 30 countries each year with examinations given in paper format at designated international centers.

Figure 1 : International CDCS Examination Venue List (excluding USA and South America)

 International CDCS examination venue list (excluding USA and South America)