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Treasury education & training. What’s next?
| 11-1-2017 | Theo Paardekooper |
De treasury functie heeft zich de afgelopen jaren verder ontwikkeld. Zowel in technische zin als ook functioneel wordt de positie van de treasurer verruimd. Dit vraagt om uitbreiding van kennis en vaardigheden. Op de website van treasuryXL is informatie te vinden over education & training. De markt vraagt echter om meer. Academische titels vormen een entreebewijs voor de volgende stap. Wellicht een goed voornemen voor 2017. In deze bijdrage derhalve een korte introductie van de mogelijkheden.
Internationale Setting
Het in de UK gevestigde ACT, the Association of Corporate Treasurers zet de wereldstandaard in treasury opleiding. Via de ACT is een Certificaat in Internationaal Cashmanagement te halen, dat wereldwijd een goede reputatie heeft. Dit gaat echter alleen over cashmanagement. De ACT staat bekend om haar treasury opleidingspogramma’s t.w. Certificate of Treasury fundamentals (3-6 maanden), Certifcate of Treasury ( 6-12 maanden), Diploma in Treasury Management (12-18 maanden) en Advanced diploma MCT (15 maanden). Het behalen van het diploma in Treasury Management geeft de titel AMCT (associate member) en het eindstation is het advanced diploma in MCT (Master in Corporate Treasury).
Het is mogelijk om de studie voor het diploma Treasury management (managerial level) te starten zonder de voorgaande 2 diploma’s te hebben behaald. Op basis van praktijkervaring kan een toelatingstest worden gedaan.
AMCT en MCT zijn met name zelfstudie opleidingen. Zowel het studiemateriaal als de examens zijn vrij gedetailleerd. Kosten voor het MCT programma bedragen GBP 10.000,= + aanvullende kosten zoals voor het ACT lidmaatschap. De kosten voor AMCT bedragen GBP 2460,=. Hierbij is alleen sprake van online thuisstudie.
The Dutch way
20 jaar geleden heeft thans emeritus hoogleraar Van der Nat de post-doctorale studie Treasury Management aan de VU te Amsterdam opgestart. Kosten van het 2 jarige programma bedragen EUR 23.500,=. Het programma voorziet in 6 uur college per week (middag en avond) gegeven door diverse hoogleraren en experts uit het bedrijfsleven. Het curriculum is onderverdeeld in 4 onderdelen t.w. Treasury en markten, Financiering en financieel management, risk management en organisatie, governance en control. Het Certificate in International Cashmanagement van ACT is een keuzevak in het curriculum. De studie geeft structuur en overzicht van alle (praktijk)kennis van diverse treasury disciplines en kent een sterke wiskundige basis.
Naast reguliere tentamens wordt de opleiding afgerond met een scriptie. Succesvolle afronding geeft recht op de titel RT.
Theo Paardekoper
Independent treasury specialist
Meer artikelen over opleidingen en trainingen:
Brexit and the effects for treasurers
| 10-1-2017 | PowertoPay | sponsored content |
Netherlands and Belgium
Zooming in on the Netherlands and Belgium, Brexit will leave its marks as well. Because of extended research, Rob Rühl, director of Next Markets, is able to tell treasurers an update on what Brexit means for them. He is going to share his findings on a free Treasury Seminar, which is going to be held in the Netherlands and Belgium in the beginning of March. This seminar is hosted by payment specialized companies PowertoPay, TreasuryServices and the internationally known SWIFT. Since the results of article 50 going into motion or not are approaching, Rob Rühl will be able to update treasurers according to the latest developments. It’s important for treasurers to keep up with the latest developments to optimize their payment flows and thus to keep their businesses optimized. Or as Hans Leybaert, CEO of PowertoPay, looks at it; by focusing on smart Fintech solutions, platforms and ecosystems, you can create broad business opportunities that matter. Not just Brexit is interesting for treasures, but also think of topics as bank independency, cash management and Basel III which are important to learn about. More info and signing up for the seminar: http://info.powertopay.com/sign-up-page-seminar
Claire van Ingen – Online Marketeer
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Optimize proceeds from business transfers
| 9-1-2017 | Peter Schuitmaker |
In this book, the valuation process and the transaction process are elaborated. The valuation process induces the company’s value, as perceived by the buyer, which is fundamentally different as perceived by the seller as a result of the information asymmetry. The transaction process induces the company’s selling price, which is fundamentally different than the company’s value.
Werken aan Waardestuwers
In my book ‘Werken aan Waardestuwers’, the case of Charles’s (Dutch: Karel) carpentry KaKaBo is elaborated. KaKaBo is specialised in the production and installation of hardwood cabinets for high-end office environments. Charles plans to sell the business in three years and evaluates the company’s financial position and performance. From this evaluation, Charles learns that the financials appear to be fine: the EBITDA = 12,5%, the Income before Taxes is 6,5%, the Debt Service Capacity is 3,5 and the Solvency is 60%. At this point, Charles feels comfortable. But the valuation of the company, based on the Adjusted Present Value DCF method, gives rise to an uneasy feeling: the economic value of KaKaBo’s shares at the expected time of sale not much more than it’s book value. And the expected selling price, as a result of the transaction process, is even less than it’s book value. So, obviously, some work needs to be done.
The book describes the choices and concrete steps, which are taken by Charles. He improves the working capital management and reviews and adjusts his investment policy. This has an immediate effect on the cash-cycle of KaKaBo: an immediate cash-in, which adds to Charles’ proceeds.
Furthermore, Charles detects and eliminates some cost inefficiencies. This certainly proves to be not an easy job but effective nevertheless. Besides, Charles evaluates the dependencies on internal and external stakeholders. And above all: his role as dominant player in the operation. By this he achieves a more moderate risk-perception as seen from a buyers’ point of view. At the end, this leads to excess economic value of 67% over the company’s book value. And an expected selling price of more than 50% over it’s book value, due to better business transfer financing opportunities.
“Werken aan Waardestuwers” (ISBN: 9789082615616) is expected to be sold via bol.com in February 2017.
Peter Schuitmaker
Registered Advisor for Business Transfer and Succession