- How long did you study for the CTP exam?
- What parts of the BOK were on the exam?
- Were you asked to do long calculations?
- Are there any lists to remember?
- On a scale of 1 - 10, how difficult is the exam?
- Is the AFP Learning System worth the money?
- Is the TMExam subscription enough?
- Did passing the CTP help your career?
- No one has heard of the CTP exam so do you think it's worth it?
- Would the CTP complement my MBA/CPA/CFA?
- Is the CTP required to get a Treasury position?
- How long did you study for the CTP exam? I think the recommendation is about 6 months but it depends on your background. I had zero significant background in Treasury so I gave myself roughly 9 months to go back over the BOK just to get most of the reading done and understood. This also gave me time to complete the questions at the end of each chapter. I wasn't sure if this would help me during the exam but it did help reinforce the material. Whether those questions in any form would appear on the exam was a risk worth taking because I'd rather have that knowledge and not need it than to need it and not have it. For others who have years of experience working in Treasury (or in some significant part of Treasury), you might not need to take 9 months. Maybe you only need 3 months to feel confident. One client has worked in Treasury for at least 6 years. She put off studying for the exam until the last minute almost doing a major cram session while I had carefully scheduled out my weeks for the last few months to make sure I covered everything in bite size portions. She passed. Easily. On the first try. So, the answer to this question depends greatly on your current Treasury knowledge base and how much time you have available to devote to studying regularly. There is no wrong answer here.
- What parts of the BOK were on the exam? Since the CTP is now in its next phase of testing windows with a completely new edition of the BOK, my answer to this question may be very irrelevant. However, when the suggestion is made to study everything in the book, just in case...you should really study everything in the book, just in case. I took the exam during the June/July 2013 testing window and felt there were a lot of ECR, Earnings Allowance (EA), and Collected Balance (CB) questions in the beginning of the exam. Notice anything ironic about this observation? It could very well be that I calculate ECR, EA, and CB on a nearly daily basis so it would stand out and I would feel like I breezed through the first 20 or so questions. In my opinion, there were some sections which didn't have a heavy presence on my exam which was a relief because they were all part of my "Weak Areas" which means I spent more time studying them, just in case.
- Were you asked to do long calculations? No. I had to do several long annoying Future Value calculations just to get one answer to one question but there isn't anything I can recall which took more than a couple of minutes to work out. Actually, my testing center had a very subpar calculator which could only do the very basic of functions and maybe take the square of something. I was freaking but the guy said if I really needed an actual calculator to let him know and they will find one. Somewhere. Either I wasn't asked to do more than basic calculations or my math skills are insane because I didn't need anything more than what I had.
- Are there any specific lists to remember? I recall a lot of definitions. When I found myself throwing a blank, it was really easy to eliminate the ridiculous options and narrow it down to two. Most times it was basic "choose the best answer" but I remember these being very easy to answer if you knew the material well enough to not get tripped up. Basically, if you weren't 100% sure which was the answer, at least 2 of the 4 were outrageous enough to eliminate themselves increasing your odds of guessing the correct answer.
- On a scale of 1 - 10, how difficult is the exam? In answering this question, I compared it to the CPA or CFA exams which I have not taken but have heard they are some of thee most difficult exams in the Finance/Accounting realm. I don't think the CTP is on the same difficultly level as these exams. However, having taken the exam twice, I thought the first time around was indeed difficult. The second time around was almost a breeze. I contribute this difference in experiences to how prepared I was in both situations so, again, this can vary depending on the person. An experienced Treasurer can think the CTP is easy just as an experienced Accountant could think the CPA wasn't much of a struggle at all. For the sake of giving an answer, I'd say it was right in the middle as far as difficulty for someone with zero prior Treasury knowledge who had prepared well for the exam.
- Is the AFP Learning System worth the money? I didn't use the AFP Learning System either time to prepare for the CTP exam so I can't say whether it is or is not worth the cost.
- Is the TMExam subscription enough to pass? For me, TMExam was not enough. I liked the crossword puzzles and quick quizzes over each section which I took repeatedly. I found the most difficult and helpful practice questions and quizzes came from the Preparing for Treasury Management Certification book (which is sold out indefinitely). The questions are probably more difficult than any you'd find on the actual exam but it helped get me into the mind frame I needed to be in to tackle the subject matters well.
- Did passing the CTP help your career? Not yet. My answer is more optimistic at this point for various reasons including the fact that it has been less than a year since I passed the exam. I still have the same position at my company, the same pay (minus a pay increase mostly for cost of living inflation), and the same responsibilities. My company didn't cover the study materials for the CTP, the exam fee, or the AFP membership which initially goes along with that. Everything was paid out of my own pockets. In this case, my company didn't require the CTP for my position but there are some companies who do require it. I personally know CTPs whose employers covered everything and gave them a pay raise once they passed the exam. In this situation, having the CTP did help their career. Also, most career opportunities which require or even prefer the CTP are not in my area (Vermont) so I am automatically limited in how I can make the CTP work for me. This may not be the case for a vast majority so the answer to this question depends on many variables
- No one I've asked has heard of the CTP exam so do you think it's worth it? Another difficult question to answer because I had to ask the person(s) for more information regarding their background, future career goals, etc. Since the question was asked of me, I assessed my own situation to determine if at this point in time it was worth my efforts (twice); the jury is still out. As stated above, I had to pay for everything required to eventually pass the CTP. As most CTPs know, you are required to complete 36 continuing education credits within 3 years to retain those 3 letters. Unless my company approves and covers my attendance to one of the many AFP conferences held annually, I will be forced to decide whether the cost drowns the benefit of having the CTP. In the meantime, I've been sitting in on every free usually 1.2 CTP credits webinars I can fit into my schedule. In addition, there is a required Recertification fee so you can submit and have your credits processed. However, for someone else, these challenges might not be present at all so they may feel the CTP is definitely worth the time, money, and effort.
- Would the CTP complement my MBA/CPA/CFA? I think so. It shows mastery in a different section of the overall pie but certifications are usually not a bad thing when it comes to setting yourself apart from other applicants. I have a Masters in Accounting. I like to think that adding the CTP shows a breadth or depth of knowledge that's not limited to one specifically small area. Also, I was told that it also shows an aptitude to learn and master concepts. Whatever works.
- Is the CTP required to get a Treasury position? No, it's not required but for some positions it is or may be "preferred". It depends on the company and what the Treasury department determines to be a require skill set or knowledge base to do the job well.
- Are there any specific lists to remember? I recall a lot of definitions. When I found myself throwing a blank, it was really easy to eliminate the ridiculous options and narrow it down to two. Most times it was basic "choose the best answer" but I remember these being very easy to answer if you knew the material well enough to not get tripped up. Basically, if you weren't 100% sure which was the answer, at least 2 of the 4 were outrageous enough to eliminate themselves increasing your odds of guessing the correct answer.
- On a scale of 1 - 10, how difficult is the exam? In answering this question, I compared it to the CPA or CFA exams which I have not taken but have heard they are some of thee most difficult exams in the Finance/Accounting realm. I don't think the CTP is on the same difficultly level as these exams. However, having taken the exam twice, I thought the first time around was indeed difficult. The second time around was almost a breeze. I contribute this difference in experiences to how prepared I was in both situations so, again, this can vary depending on the person. An experienced Treasurer can think the CTP is easy just as an experienced Accountant could think the CPA wasn't much of a struggle at all. For the sake of giving an answer, I'd say it was right in the middle as far as difficulty for someone with zero prior Treasury knowledge who had prepared well for the exam.
- Is the AFP Learning System worth the money? I didn't use the AFP Learning System either time to prepare for the CTP exam so I can't say whether it is or is not worth the cost.
- Is the TMExam subscription enough to pass? For me, TMExam was not enough. I liked the crossword puzzles and quick quizzes over each section which I took repeatedly. I found the most difficult and helpful practice questions and quizzes came from the Preparing for Treasury Management Certification book (which is sold out indefinitely). The questions are probably more difficult than any you'd find on the actual exam but it helped get me into the mind frame I needed to be in to tackle the subject matters well.
- Did passing the CTP help your career? Not yet. My answer is more optimistic at this point for various reasons including the fact that it has been less than a year since I passed the exam. I still have the same position at my company, the same pay (minus a pay increase mostly for cost of living inflation), and the same responsibilities. My company didn't cover the study materials for the CTP, the exam fee, or the AFP membership which initially goes along with that. Everything was paid out of my own pockets. In this case, my company didn't require the CTP for my position but there are some companies who do require it. I personally know CTPs whose employers covered everything and gave them a pay raise once they passed the exam. In this situation, having the CTP did help their career. Also, most career opportunities which require or even prefer the CTP are not in my area (Vermont) so I am automatically limited in how I can make the CTP work for me. This may not be the case for a vast majority so the answer to this question depends on many variables
- No one I've asked has heard of the CTP exam so do you think it's worth it? Another difficult question to answer because I had to ask the person(s) for more information regarding their background, future career goals, etc. Since the question was asked of me, I assessed my own situation to determine if at this point in time it was worth my efforts (twice); the jury is still out. As stated above, I had to pay for everything required to eventually pass the CTP. As most CTPs know, you are required to complete 36 continuing education credits within 3 years to retain those 3 letters. Unless my company approves and covers my attendance to one of the many AFP conferences held annually, I will be forced to decide whether the cost drowns the benefit of having the CTP. In the meantime, I've been sitting in on every free usually 1.2 CTP credits webinars I can fit into my schedule. In addition, there is a required Recertification fee so you can submit and have your credits processed. However, for someone else, these challenges might not be present at all so they may feel the CTP is definitely worth the time, money, and effort.
- Would the CTP complement my MBA/CPA/CFA? I think so. It shows mastery in a different section of the overall pie but certifications are usually not a bad thing when it comes to setting yourself apart from other applicants. I have a Masters in Accounting. I like to think that adding the CTP shows a breadth or depth of knowledge that's not limited to one specifically small area. Also, I was told that it also shows an aptitude to learn and master concepts. Whatever works.
- Is the CTP required to get a Treasury position? No, it's not required but for some positions it is or may be "preferred". It depends on the company and what the Treasury department determines to be a require skill set or knowledge base to do the job well.
Hopefully, this answers most questions anyone may have regarding the CTP. Real answers to real questions from a real person not in a conflict of interest position.
I still welcome questions posted to the blog or emailed to me. Never think you are being bothersome or bombarding me with dumb questions.
Next week, I shall return with more lucid Account Analysis posts.
Happy Studying!
