Endorsed by

LIBF Level 3 Certificate in

International Trade and Finance (CITF®)
Qualification specification

Supported by
Table of Contents

PURPOSE OF THE QUALIFICATION 2

WHY STUDY THE LIBF LEVEL 3 CERTIFICATE IN INTERNATIONAL TRADE AND FINANCE (CITF)? 2
OBJECTIVE 2
KEY CONTENT AREAS 2
LEARNING OUTCOMES 3
KEY SKILLS DEVELOPED 3
ENTRY REQUIREMENTS 3
RECOGNITION OF PRIOR LEARNING 3
PROGRESSION AND PREPARATION FOR FURTHER STUDY 3
APPRENTICESHIPS 4
PREPARATION FOR EMPLOYMENT 4
STRUCTURE 4
TOTAL QUALIFICATION TIME (TQT) 4
LEARNING RESOURCES 5
WHAT TO DO BEFORE THE ASSESSMENT 5
ASSESSMENT 5
QUALIFICATION GRADING 6
RE-SIT ATTEMPTS 6

APPENDICES 7

APPENDIX 1 – REGULATION DETAIL 7

APPENDIX 2 – UNIT 1 – THE INTERNATIONAL TRADE AND FINANCE ENVIRONMENT (ITFE) 8

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Purpose of the qualification
Why study the LIBF Level 3 Certificate in International Trade and Finance (CITF)?
The Certificate in International Trade and Finance (CITF®) provides you, as a trade, export and commodity
specialist, with a thorough understanding of international trade procedures, practices and legislation.

CITF® develops the appropriate technical knowledge and skills required to enable you to apply that knowledge
to situations within the workplace. The qualification provides a core understanding of the products,
documents, trade terms, roles and responsibilities that underpin international trade and finance. In addition
to this core knowledge, CITF® helps you to develop a basic understanding of fraud prevention and risk in terms
of trade finance. The qualification also develops an understanding of contemporary international trade and
finance topics such as sustainability, digital disruption and innovation, ensuring that students have relevant
and up-to-date knowledge for the industry.

Objective
CITF® develops your understanding of the main principles associated with international trade and finance and
harnesses your ability to apply some of these principles in relevant case study scenarios.

Key content areas

Listed below are some of the main content areas that are covered within this qualification:

• The international trade environment.

• Parties involved in international trade and finance and their roles.
• Documents used in international trade and the Incoterms® 2020 rules.
• Contracts.
• Trade-based financial crime compliance.
• Methods of settlement.
• Documentary collections.
• Documentary credits
• Guarantees and standby letters of credit.
• Principles of Supply Chain Finance.
• Other forms of finance.
• Export credit insurance.
• Foreign exchange risk management
• Digital disruption and innovation.

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Learning outcomes
LO1 Understand the key principles and groups of international trade finance and the roles and
responsibilities of the various parties involved.
LO2 Understand and interpret the different methods of settlement and the rules that govern international
trade.
LO3 Understand and interpret the various methods of financing international trade.
LO4 Understand and interpret the different documents used in international trade and their purposes.
LO5 Understand the impact of digitisation on international trade and finance.

Key skills developed

The qualification will encourage you to:
• understand the processes involved in each type of international trade product, the risks involved and
the roles and responsibilities of all parties involved in international trade transactions.
• develop an understanding of current technical language, methods and practices of international trade
and finance.
• select and interpret international trade and finance products and services and reflect upon their
desirability and effectiveness in a variety of scenarios.
• understand and interpret how international trade finance products respond to the drivers and
implications of changes in the wider international environment and how these changes affect
decision-making.
• increase your ability to work and learn independently.

Entry requirements
There are no specified entry requirements. However, you need to be satisfied of your ability to study in English
at Level 3.

Recognition of prior learning

In line with the London Institute of Banking & Finance regulations, as CITF® is a single unit qualification,
recognition of prior learning does not apply.

Progression and preparation for further study

Although not a requirement for registration on to other international trade qualifications, if you have
successfully completed the CITF® qualification, you will have developed an appropriate foundation to support
your progression to study another of our Trade Finance qualifications. CITF® can also contribute towards

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attaining our Diploma for Qualified Trade Finance Specialists (QTFS) which can be obtained by completing a
combination of the following qualifications:

• L3 Certificate in International Trade and Finance (CITF®) or L3 Certificate in Principles of Payments

(CertPAY) plus
• L4 Certificate for Documentary Credit Specialists (CDCS) or L4 Certificate for Specialist in Demand
Guarantees (CSDG) plus
• L4 Certificate in Trade Finance Compliance (CTFC) or L4 Certificate in Supply Chain Finance (CSCF).

*Alternatively, you may choose to complete three L4 certificates listed above.

For more information, please visit our website.

Apprenticeships
CITF® forms part of the Senior Financial Services Customer Advisor Apprenticeship Standards. Further details
can be found on the Gov website.

Preparation for employment

This qualification develops knowledge and understanding of the international trade and finance sector
although it does not qualify you for direct entry to a particular occupational role.

Structure
CITF® is made up of one mandatory unit which needs to be successfully completed in order for you to achieve
the certificate:

Unit 1 – The International Trade and Certificate in International

Finance Environment (ITFE) Trade and Finance (CITF®)

The detailed unit syllabus is available in Appendix 2 of this document and latest versions are always available
through our course website.

Total Qualification Time (TQT)

Total Qualification Time (TQT) is a prediction of the total time a student with no prior knowledge might need
to complete the course.

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TQT consists of two elements, Guided Learning (GL) and all other hours:
• GL is time spent studying under the immediate guidance or supervision of a teacher.
• All other hours include hours spent unsupervised in research, learning, e-learning, e-assessment,
completing coursework, exam preparation, and formal assessments.

CITF® is primarily considered as a self-directed study qualification with planned examination sessions.
Guided Learning Hours 0 hours
Other hours 200 hours
Total Qualification Time 200 hours

Learning resources
You will be provided with the following learning resources:
• 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.

What to do before the assessment

Examinations are sat electronically at any one of the Pearson VUE test venues worldwide. You must be
registered to sit an examination at a test venue of your choosing (subject to demand / availability); this is
managed by you.

It is recommended that you book your exam three weeks in advance of the date you wish to sit. However,
subject to availability, an examination can be booked as little as two working days in advance. Examinations
can be booked via the Pearson VUE website or by phone.

To prepare for the assessment you should make use of all learning resources as part of your revision for the
exam.
Assessment
The unit is assessed through a single two hour examination consisting of a combination of multiple-choice
questions (Part A) and case study exercises (Part B). A total of 100 marks are available in the examination
where you will be assessed on all areas of the syllabus. The pass mark for the examination is 70%.

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Qualification grading
The overall qualification will be graded Pass. You must achieve a mark of 70% overall.
The qualification grade boundaries are as follows:

Grade mark
Pass 70–100

Re-sit attempts
You are allowed to resit the unit in accordance with the published The London Institute of Banking & Finance
policies. Full terms and conditions are available on the website.

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Appendices
Appendix 1 – Regulation detail
This document presents the regulation detail that is applicable to the qualification.

Qualification title LIBF Level 3 Certificate in International Trade and

Finance (CITF®)
Ofqual qualification number 601/2742/9
Qualification level 3
European Qualifications 4
Framework (EQF) level
Regulation start date 19 February 2014
Operational start date 01 April 2014
Regulated in England
Offered Internationally
Assessment available in English Yes
Assessment available in Welsh No
Assessment available in Irish No
Sector subject area 15.1 Accounting and Finance
Purpose E. Updating and continuing professional development
(CPD)
Sub-purpose E3. Develop knowledge and / or skills relevant to a
particular specialisation within an occupation or set of
occupations
Total credits 20
Minimum credits at / above level 20
Guided learning hours 0
Total qualification time 200
Overall grading type Pass
Assessment methods Multiple-choice examination
Qualification description The Certificate in International Trade and Finance
consists of one mandatory unit.

Age ranges 16–18; 19+

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Appendix 2 – Unit 1 – The International Trade and Finance Environment (ITFE)

Appendix 2 provides a description of Unit 1 (ITFE) and syllabus which includes the learning outcomes,
assessment criteria and indicative content for the unit.

The International Trade and Finance Environment (Unit 1)

Unit narrative
This unit highlights the importance of world trade. You will be introduced to the international trade
environment by focusing on commonly used documents, trade terms, trade methods and exchange risk. You
will understand the products available to find satisfactory solutions to the problems faced in international
trade and finance. This unit will also provide you with an understanding of the impact and significance of
sanctions, corruption, money laundering and fraud on international trade. The unit will also equip you with
knowledge about some of the challenges facing the international trade and finance industry including the
impact of global crises and digital disruption and innovation. You will also be introduced to sustainability in
trade finance. Studying ITFE will also require you to interpret the knowledge gained in a variety of scenarios,
applying the correct rules and products as necessary.

Unit profile
Unit title Unit 1: The International Trade and Finance Environment (ITFE)
Ofqual unit reference J/506/0459
number
Unit level 3
Unit credit value 20
Typical study hours 200

Unit 1 assessment methodology

i. The assessment of Unit 1 will have two components:

a. Part A – 80 multiple-choice questions. This component of the examination is worth 80
marks.
b. Part B – 4 case studies each with 5 attached multiple-choice questions. This component
of the examination is worth 20 marks.
c. The examination will be worth a total of 100 marks.
ii. To achieve an overall pass, you must achieve a mark of 70% overall.

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Unit 1 Learning Outcomes and Assessment Criteria

Learning outcome (LO) Assessment criteria (AC)

The learner when awarded credit for this Assessment of the LOs will require a learner to
unit will: demonstrate that they can:
1.1 Identify the significance of international trade and the
role of the ICC.

LO1: Understand the key principles and 1.2 Identify the roles and responsibilities of the parties

groups of international trade finance and involved in international trade.

the roles and responsibilities of various 1.3 Identify key features of the trade finance environment

parties involved. and external impacts.

1.4 Identify the role and practice of dispute settlement
within international trade.
2.1 Identify and interpret the different methods of
LO2: Understand and interpret the settlement available within international trade.
different methods of settlement and the 2.2 Identify and interpret the rules that govern different
rules that govern international trade. methods of settlement.
3.1 Identify and interpret the different methods available
LO3: Understand and interpret the for financing and servicing international trade.
various methods of financing 3.2 Identify and interpret the main types of Supply Chain
international trade. Finance.
4.1 Identify and interpret the purpose and key features of
LO4: Understand and interpret the
different types of documents used in international trade.
different documents used in international
trade and their purposes.
5.1- Identify the impacts of digitisation on international
LO5: Understand the impact of
trade and finance.
digitisation on international trade and
finance.

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Unit 1 Indicative content
Indicative content
LO1: Understand the key principles and groups of international trade finance and the
LO1:
roles and responsibilities of various parties involved.
AC1.1 Identify the significance of international trade and the role of the ICC.
• Why businesses trade internationally
• Comparative advantage
• Reverse globalisation and reshoring
• Business entities
• Research and networking
• Methods of entering an international market
• Similarities and differences between international and domestic trade
• Risks involved in international trade
• Risk mitigants
• Impact of global crises on world trade
• Compliance and capital requirements
• Trade agreements
• International Chamber of Commerce (ICC)
• The World Trade Organisation (WTO)
AC1.2 Identify the role and responsibilities of parties involved in international trade.
• Parties in international trade
• Banker/Customer relationship
• Correspondent banking
AC1.3 Identify the key features of the trade finance environment and external impacts.
• ICC – international model contracts
• UN Convention on Contracts for the International Sale of Goods (CISG)
• Financial crime
o Money laundering
o Terrorist financing
o Fraud
• Sanctions
AC.1.4 Identify the role and practice of dispute settlement within international trade.
• Dispute handling, arbitration and resolution
• ICC arbitration
• Documentary instrument dispute resolution expertise (DOCDEX)
• Litigation

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 Understand and interpret the different methods of settlement and the rules that
LO2:
govern international trade.
AC2.1 Identify and interpret the different methods of settlement available within
international trade.
• Definitions of payment terms
• Basic principles of the risk ladder
• Open Account
• Payment in Advance
• Documentary Collections
• Documentary Credits
• Guarantees
• Standby Credits
AC2.2 Identify and interpret the rules that govern different methods of settlement.
• Documentary Collections
o URC 522 and eURC
• Documentary Credits
o UCP 600, eUCP, and an introduction to ISBP 745
• Guarantees and URDG 758
• Standby Credits and ISP98

LO3: Understand and interpret the various methods of financing international trade.
AC3.1 Identify and interpret the different methods available for financing and servicing
international trade.
• Short, medium and long-term finance
• Export Credit Agencies (ECAs)
• Credit and political risk mitigation
• Forex risk and hedging
• Forfaiting and URF 800
• Islamic Trade Finance
AC3.2 Identify and interpret the main types of Supply Chain Finance.
• Introduction to Supply Chain Finance (SCF)
• Key characteristics
• Differences between trade finance and SCF
• Understanding supply chains
• The physical supply chain
• The financial supply chain
• The information supply chain
• Trade cycle analysis
• Categorisation of techniques
• Supply chain solutions
• Foreign currencies and the exchange risk

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 Understand and interpret the different documents used in international trade and
LO4:
their purposes.
AC4.1 Identify and interpret the purpose and key features of different types of documents
used in international trade.
• Financial documents
o Bill of Exchange (Draft)
o Promissory Note
• Commercial documents
o Invoices (commercial, customs, tax, consular, provisional, pro-forma)
o Insurance documents
o Certificate of origin
o Inspection certificate
o Packing list
o Weight list
o Analysis, Health, Phytosanitary, Quantity, Quality, Beneficiary Certificates
• Transport documents
o Multimodal or combined transport
o Bill of lading
o Non-negotiable sea waybill
o Charter party bill of lading
o Air transport
o Road, rail or inland waterway
• International commercial terms (Incoterms® 2020)

LO5: Understand the impact of digitisation on international trade finance.

AC5.1 Identify the impacts of digitisation on international trade and finance.
• Digitalisation
• Digital banks
• Big Data
• DLT and Smart Contracts
• IoT and AI
• Industry 4.0
• Multi-banking (MT798)
• Bank Payment Obligation
• ICC developments
• Cybersecurity

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