Certified Treasury Professional (CTP)
The global standard for treasury and finance professionals
Certified Treasury Professional (CTP)
Globally Recognised · Self-Paced
The Certified Treasury Professional (CTP) is the credential awarded by the Association for Financial Professionals (AFP) to people who manage corporate liquidity, capital and financial risk. It is the recognised standard for treasury roles in corporates, banks and shared-service centres, and unlike most finance certifications it is built around a working practitioner rather than a student.
Who is eligible. AFP requires a minimum of two years of full-time employment in a career-based corporate cash/treasury management or corporate finance role. Internships, vacation or holiday employment and volunteer positions do not count. An advanced business degree counts as the equivalent of one year, so one year of qualifying work plus a relevant master's can satisfy the requirement. You may sit the exam before the experience is complete, but the credential is only awarded once every requirement is met.
The exam. The CTP is a single sitting of 170 multiple-choice questions, delivered at Pearson VUE test centres. It runs in two windows a year — one in June/July and one in December/January — and you book an appointment at a centre near you inside your two-month window. AFP scores the exam on a scaled score rather than a fixed percentage, so there is no published number of correct answers that guarantees a pass.
What is on it. AFP publishes the test specifications as five domains, with the number of questions drawn from each:
Liquidity alone is roughly a third of the paper, which is the single most useful fact for planning your study time. By question type, AFP specifies 33–37% basic facts and terms, 38–42% concepts and principles, 23–27% application and analysis, and 10–15% mathematical computation — so the CTP rewards breadth of recall more than heavy calculation.
Upcoming windows and deadlines. The 2026B window runs 1 December 2026 to 31 January 2027, with an early application deadline of 23 September 2026 and a final deadline of 28 October 2026. The 2027A window runs 1 June to 31 July 2027, with an early deadline of 24 March 2027 and a final deadline of 28 April 2027. An accepted application stays valid for six consecutive testing windows.
What it costs. For new applicants AFP lists $925 early / $1,025 at the final deadline for AFP members, $1,320 / $1,420 for non-members (the non-member fee includes one year of membership), and $825 / $925 for corporate members. Re-examination is $250 and there is a $95 no-show penalty. Applying by the early deadline saves $100 in every category, which is the easiest money you will save on this exam.
Keeping it. The CTP is not a one-off. Holders must earn 36 continuing education credits every three years, where one credit equals 50 minutes of learning. Activities do not have to be AFP-sponsored, but they must relate to the current CTP body of knowledge, and credits are reported by 15 August (or 15 October at the late deadline).
All dates and fees above are taken from AFP's own certification pages. Deadlines move each cycle, so confirm on the official links below before you pay anything.
Governing Body: Association for Financial Professionals (AFP)
CTP Certification Portal: ctpcert.financialprofessionals.org
Deadlines & Fees: Official CTP deadlines and fees
Test Specifications: Official CTP test specifications
CTP 2027 exam windows
The CTP exam is offered in two testing windows a year. The 2026B window runs across the new year, so it is the first window a 2027 candidate can sit.
- 2026B testing window — 1 December 2026 to 31 January 2027
- 2027A testing window — 1 June 2027 to 31 July 2027
CTP 2026B window application deadlines
For the window testing from December 2026 to January 2027.
- Early application deadline — 23 September 2026
- Final application deadline — 28 October 2026
- Cancellation and refund request deadline — 17 November 2026
- Deferral request deadline — 31 January 2027
CTP 2027A window application deadlines
For the window testing from June to July 2027.
- Early application deadline — 24 March 2027
- Final application deadline — 28 April 2027
- Cancellation and refund request deadline — 17 May 2027
- Deferral request deadline — 31 July 2027
Applying by the early deadline is worth USD 100. Missing the final deadline means waiting for the next window — there is no late application.
CTP exam fees
Early registration fees
- AFP member — USD 925
- Non-member — USD 1,320
- Corporate or group rate — USD 825
Final deadline registration fees
- AFP member — USD 1,025
- Non-member — USD 1,420
- Corporate or group rate — USD 925
Other CTP fees
- Re-examination fee — USD 250
- No-show fee — USD 95
- Deferral to the next window — no charge, provided the deferral request is made by the deadline above
What changes for CTP candidates
- The exam is based on the Essentials of Treasury Management, 8th Edition.
- The CTP-26 test specifications took effect in January 2026 and apply to both 2027 windows.
- AFP has rebranded — the official site is now financialprofessionals.org.
Last checked 17 October 2026 · Source: financialprofessionals.org (AFP)
Everything you need to know
Why should you pursue CTP?
•
The global standard credential for treasury and
corporate finance professionals — held by 30,000+ professionals worldwide.
•
Treasury is one of the most under-credentialled areas
of finance — a CTP immediately differentiates you in a small talent pool with
high demand.
•
Directly tied to business-critical functions: cash
management, liquidity, FX risk, debt financing, and working capital —
organisations depend on treasury professionals for survival.
•
One of the clearest pathways to CFO: understanding cash
flows, capital markets, and risk at the operational level is precisely the
experience CFO roles demand.
•
CTP holders report salary premiums of 15–25% over
non-certified treasury peers (AFP Compensation Survey).
•
Global recognition in the US, Europe, and Asia Pacific
for treasury management roles in MNCs.
Source: AFP CTP Certification Overview
Who is eligible for CTP?
|
Requirement |
Standard
Path |
Alternatives |
|
Education |
No degree required — CTP eligibility is based on work experience (a graduate business degree can substitute for one year) |
No degree
required if meeting alternative experience criteria |
|
Work
Experience |
Minimum 2
years full-time in corporate treasury, cash management, or corporate finance |
Graduate
degree counts as 1 year of experience equivalency |
|
Start exam
early? |
Yes — can
register and sit exam before meeting all requirements |
Credential
not awarded until all requirements met |
|
Application
validity |
6
consecutive testing windows to meet all requirements |
Must reapply
if time lapses |
What counts as qualifying experience? Any full-time
corporate finance role: treasury, cash management, FP&A, accounts
payable/receivable management, financial operations, bank relationship
management. Internships and volunteer positions do NOT count.
What careers can you pursue after completing CTP?
|
Career
Path |
Typical
Roles |
Notes |
|
Corporate
Treasury |
Treasury
Analyst, Treasury Manager, Treasurer, VP Treasury |
Core career
path; most CTP holders |
|
Cash
Management |
Cash
Manager, Liquidity Manager, Working Capital Director |
Banks and
large corporates |
|
Risk
Management |
FX Risk
Manager, Interest Rate Risk Analyst, Commodity Risk |
MNCs with
global operations |
|
Banking
(Corporate Banking) |
Cash
Management Banker, Treasury Sales, Relationship Manager |
Banks
serving corporate clients |
|
Financial
Planning & Analysis |
FP&A
Manager (treasury-related), Capital Allocation Analyst |
Corporates;
complements FPAC credential |
|
CFO Track |
Assistant
Treasurer, Deputy CFO, CFO |
Treasury is
a top CFO feeder function |
|
Consulting |
Treasury
Advisory, Cash Flow Optimization Consulting |
Big Four,
boutique treasury advisors |
What is the CTP exam structure and subject breakdown?
The CTP is a single 170-question exam (approximately 150
scored questions + 20 unscored pilot questions). Duration: three and a half hours of testing time within a four-hour appointment.
Computer-based at Pearson VUE test centres worldwide.
Exam is based on the AFP's Essentials
of Treasury Management (8th Edition) — the definitive industry
textbook.
|
Domain /
Content Area |
Approximate
Weight |
Key
Topics |
|
Operating
Environment |
~13% |
Financial
markets, regulatory environment, bank relationships, payment systems |
|
Financial
Accounting & Reporting |
~8% |
Financial
statements, key ratios, working capital analysis |
|
Working
Capital Management |
~25% |
Cash flow
forecasting, AR/AP management, inventory, short-term investing/borrowing |
|
Treasury
Risk Management |
~15% |
FX risk,
interest rate risk, commodity risk, hedging with derivatives |
|
Capital
Markets & Funding |
~15% |
Debt and
equity markets, capital structure, rating agencies, credit facilities |
|
Financial
Planning & Reporting |
~10% |
Budgeting,
forecasting, performance measurement, treasury KPIs |
|
Technology
& Information Management |
~7% |
TMS
(Treasury Management Systems), ERP, data analytics, cybersecurity |
|
Relationship
Management |
~7% |
Bank
selection, credit negotiations, RFP process, banking pool management |
Passing score: The exam is scored on a scaled score
basis. AFP uses a scaled score of 200–500, with 300 required to pass (not a percentage), and the percentage correct required varies by exam form.
Exam update cycle: The CTP exam is updated every 3
years when a new edition of Essentials of Treasury Management is released.
Source: CTP Exam Specifications (Official)
2026–2028 CTP exam knowledge domains (approx. question counts out of 150 scored):
- Corporate liquidity management — 55–60
- Capital structure & long-term capital — 33–37
- Internal & external relationships — 12–17
- Financial, regulatory & operational risk — 23–27
- Technology’s impact on treasury — 23–27
How much does CTP cost in 2026?
|
Fee Type |
AFP
Member (USD) |
Non-Member
(USD) |
Notes |
|
CTP Exam
Application (early deadline) |
$925 |
$1,320 |
Early bird
registration |
|
CTP Exam
Application (late deadline) |
$1,025 |
$1,420 |
Standard/late
registration; $100 extra |
|
Essentials
of Treasury Management (textbook, optional) |
$195 |
$295 |
Physical
copy; digital access via Exam Prep Platform |
|
CTP Exam
Prep Platform (online) |
$910 |
$1,010 |
Practice
questions, case studies, adaptive learning |
|
Exam Prep
Platform + Textbook Bundle |
$1,005 |
$1,205 |
Most
popular; saves $100 |
|
Rescheduling
Fee at Pearson VUE |
$90 |
$90 |
Cancellation
fee within 24 hours is higher |
|
Exam Retake
Fee |
$250 (exam
fee applies) |
$250 |
Must
re-register if failed |
|
AFP
Membership (Annual) |
$350–$500/year |
— |
Not
mandatory for CTP; saves on exam/renewal fees |
|
CTP
Recertification (every 3 years) |
$85 (member) | $200 (non-member) if filed by Aug 15; late filing by Oct 15 is $135 / $250 |
Must earn 36
CPE credits per 3-year cycle |
Source: CTP Exam Fees — AFP Official
How long does it take to study for CTP?
|
Experience
Level |
Recommended
Study Time |
Study
Strategy |
|
Experienced
treasury professional (5+ years) |
2–3 months /
100–150 hours |
Focus on
gaps; heavy mock exam practice |
|
Finance
professional (2–5 years) transitioning to treasury |
3–5 months /
150–250 hours |
Read
Essentials cover-to-cover; chapter tests throughout |
|
Early career
(recent graduate, 2 years exp.) |
4–6 months /
200–300 hours |
Start with
AFP Exam Prep Platform; systematic chapter-by-chapter |
|
Teaching
faculty substitute |
4–5 months |
Focus on
applied corporate finance areas beyond classroom theory |
Key resource: The AFP
CTP Exam Prep Platform includes 850+ practice questions, case
studies, timed mock exams, and personalised study plans.
What is the CTP passing rate?
AFP does not publicly disclose the CTP pass rate. Based on
candidate community reports and industry estimates:
|
Metric |
Estimate |
Notes |
|
Overall
first-time pass rate |
~43–51% |
Higher than
CFA and CPA; reflects working professional candidate pool |
|
Repeat pass
rate |
~50–60% |
Candidates
who resit after additional study |
|
Recommended
prep time correlation |
Candidates
studying 150+ hours report significantly higher pass rates |
AFP Exam
Prep Platform completion strongly correlates with passing |
AFP does not publish
official pass rate statistics. The above are community estimates. For guidance
from AFP, contact: ctpcert.financialprofessionals.org
Which countries have the most CTP students?
•
Over 30,000 active CTP credential holders globally
(2025).
•
Most concentrated in the USA, UK, Canada, and Germany;
growing rapidly in UAE, Singapore, and India.
•
AFP has approximately 20,000+ members in the USA and
7,000+ internationally.
•
The CTP is recognised by US corporations, European
MNCs, and increasingly by Middle Eastern sovereign wealth funds and banks.
Source: AFP About CTP Credential
When is the CTP exam schedule for 2026?
The CTP exam is offered in two testing windows each year. These are the windows and deadlines currently published by AFP, the body that owns the CTP:
| Testing window | Exam period | Early application deadline | Final application deadline |
|---|---|---|---|
| 2026B | 1 December 2026 – 31 January 2027 | 23 September 2026 | 28 October 2026 |
| 2027A | 1 June 2027 – 31 July 2027 | 24 March 2027 | 28 April 2027 |
You pick your exam appointment inside the window once your application is approved.
Application fees for new candidates:
| Application | AFP member | Non-member | Corporate member |
|---|---|---|---|
| Early | $925 | $1,320 | $825 |
| Final | $1,025 | $1,420 | $925 |
The non-member fee includes one year of AFP membership.
Other dates for the 2026B window: cancellation and refund requests close 17 November 2026. Deferral requests close 31 January 2027. If you do not sit the exam within your window, you must re-register and pay the fee again.
Testing is at Pearson VUE centres worldwide. Always confirm against AFP before you pay, as dates and fees can change.
Source: AFP – CTP deadlines and fees, ctpcert.financialprofessionals.org. Verified 17 October 2026.
What are the rules for rescheduling CTP?
•
Pearson VUE appointment changes: You can
reschedule your exam date at Pearson VUE at no charge more than 30 days before
the exam. A fee applies within 30 days. Cancellation within 24 hours results in
forfeiture of the exam fee.
•
Window transfers: If you need to move to the
next testing window, you must contact AFP and submit a deferral request. This
may involve a fee.
•
NTS validity: Your Authorization to Test (ATT)
is valid for the duration of the specific testing window. If you do not test
within that window, you must re-register and re-pay exam fees.
•
Retake policy: No limit on retakes, but you must
re-register and re-pay the exam fee for each attempt. Application validity
covers 6 consecutive windows.
Source: CTP FAQs — AFP Official
What scholarship options are available for CTP?
•
AFP Certification Scholarship: Available for
early-career professionals (0–3 years experience) from underrepresented
communities. Awards: waived application fee + 1-year Exam Prep Platform
subscription + AFP membership. Application windows: May 1–June 30 annually.
Source: AFP Scholarship Programme
•
Employer Sponsorship: Many large corporates
(Fortune 500, major banks, MNCs) actively pay for CTP exam fees and study
materials as part of professional development budgets. Ask your
treasury/finance manager.
•
AFP Annual Conference Discounts: AFP members
attending the annual conference often receive discounted exam registration
bundles.
Which coaching and prep providers are recommended for CTP?
|
Provider |
Format |
Cost
(USD) |
Website |
|
AFP Exam
Prep Platform (Official) |
Online
adaptive; 850+ questions; case studies; mock exam |
$860
(member) / $960 (non-member) |
ctpcert.financialprofessionals.org |
|
Essentials
of Treasury Management (AFP textbook) |
Textbook
(digital or print) |
$195
(member) / $295 (non-member) |
ctpcert.financialprofessionals.org |
|
Northwestern
University SPS |
Instructor-led;
36-hour online course |
~$2,000–$2,500 |
sps.northwestern.edu/ctp |
|
Rice
University Jones School |
Instructor-led;
online/live |
~$2,000 |
rice.edu |
|
Essentials
Guide (AFP Self-Study) |
150 sample
questions + test tips |
Included in
some bundles |
ctpcert.financialprofessionals.org |
|
AFP
Collaborate Community |
Peer forum;
study groups; exam tips |
Free for AFP
members |
financialprofessionals.org |
|
Corporate
Treasury 101 (online) |
Free
articles + discount codes for CTP registration |
Free
(registration discounts available) |
corporate-treasury-101.com |
What books are recommended for CTP beyond the official curriculum?
•
Essentials of Treasury Management — AFP (8th
Edition): THE primary text. Required reading. If you only read one book,
this is it.
•
Corporate Finance — Brealey, Myers, Allen: Strong
conceptual foundation for capital markets and financing sections.
•
Financial Risk Management — Steve Allen: Deep
dive into FX, interest rate, and commodity risk management.
•
Treasury Management: The Practitioner's Guide —
Steven Bragg: Practical, applied treasury management reference covering
day-to-day operations.
•
Options, Futures, and Other Derivatives — John C.
Hull: Essential for the risk management and derivatives sections of the
exam.
•
The Treasurer's Guide — Association of Corporate
Treasurers (ACT): Free practitioner resource available at treasurers.org
Which companies hire CTP candidates?
|
Category |
Top
Employers |
|
Large
Corporates (Treasury Departments) |
Apple,
Amazon, Microsoft, Johnson & Johnson, Procter & Gamble, Coca-Cola,
ExxonMobil |
|
Banks (Cash
Management / Treasury Sales) |
JPMorgan
Treasury Services, Citibank TTS, Bank of America, Wells Fargo, HSBC GTB |
|
Financial
Services |
BlackRock,
Fidelity (treasury operations), Vanguard, State Street |
|
Consulting /
Advisory |
Deloitte
Treasury Advisory, KPMG Treasury, PwC Treasury Management |
|
Technology /
ERP Vendors |
Oracle
Treasury (NetSuite), SAP Treasury & Risk Management, Kyriba, GTreasury |
|
Energy &
Commodities |
Shell, BP,
ExxonMobil, Chevron, Glencore (commodity treasury) |
|
Healthcare /
Pharma |
Johnson
& Johnson, Pfizer, Merck, AbbVie (large treasury functions) |
|
Airlines /
Transport |
American
Airlines, Delta, Ryanair, Lufthansa (fuel hedging and treasury) |
What salary can you expect after CTP, by country?
|
Country |
Entry /
Junior Treasury |
Mid-Level
Treasury Manager |
VP
Treasury / Treasurer |
|
USA |
$65,000–85,000 |
$100,000–160,000 |
$180,000–400,000+ |
|
UK |
GBP
40,000–58,000 |
GBP
70,000–120,000 |
GBP
130,000–280,000+ |
|
UAE |
AED
120,000–180,000 |
AED
240,000–420,000 |
AED
500,000–1.2M+ |
|
India |
INR 8–15 LPA |
INR 20–45
LPA |
INR 55–120
LPA+ |
|
Singapore |
SGD
65,000–95,000 |
SGD
120,000–200,000 |
SGD
250,000–500,000+ |
|
Germany |
EUR
55,000–75,000 |
EUR
85,000–140,000 |
EUR
160,000–350,000+ |
|
Canada |
CAD
60,000–85,000 |
CAD
100,000–160,000 |
CAD
180,000–380,000+ |
|
Australia |
AUD
65,000–90,000 |
AUD
110,000–170,000 |
AUD
200,000–380,000+ |
Sources: AFP Compensation Survey | eFinancialCareers
Treasury Salary Data | Glassdoor Treasury Analyst Salaries | LinkedIn
Salary Insights
Salary premium for CTP holders (US data, AFP Compensation
Survey): CTP holders report a median salary premium of 15–25% over
non-certified peers in equivalent roles. The premium is highest at the
Treasurer and VP-level roles where the credential validates expertise at a
strategic level.
What does it mean to be a Certified CTP?
A CTP is a Certified Treasury Professional, certified by the Association for Financial Professionals (AFP) as competent in corporate treasury — liquidity, capital structure, financial risk and the technology that supports the treasury function.
Unlike most finance certifications, the CTP is built around a working practitioner rather than a student. AFP requires a minimum of two years of full-time employment in a career-based corporate cash/treasury management or corporate finance role. Internships, vacation or holiday work and volunteer positions do not count, though an advanced business degree counts as the equivalent of one year.
Certification then takes two things:
- Pass the exam — 170 multiple-choice questions in a single sitting at a Pearson VUE test centre.
- Keep it current — holders must earn 36 continuing education credits every three years, where one credit equals 50 minutes of learning.
That recertification cycle is the part people underestimate. The CTP is a maintained credential, not a one-time pass: let the credits lapse and the certification lapses with it. Full rules are on the official CTP certification site.
Where can I find free CTP practice questions?
Professional Career Club offers over 800 free CTP practice questions with step-by-step explanations. You can answer a question and read the full explanation before creating an account; a free account (email or Google sign-in) unlocks the rest of the question bank and the treasury community forum. No payment is required at any stage.
Start here: Free CTP practice questions.
Weight your practice the way AFP weights the exam. Of the 170 questions, 55–60 come from the liquidity domain alone — roughly a third of the paper — with 33–37 on capital structure, 23–27 each on risk and on treasury technology, and only 12–17 on internal and external relationships. AFP also specifies that just 10–15% of questions involve mathematical computation, so recall and applied judgement matter more here than calculation speed.
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