Since the 1870’s when globalization first started, the world has changed and grown exponentially. Perhaps one of the largest changes lies in International Trade. International trade has enabled products from different parts of the world to be made available in other countries. This has not only increased job opportunities exponentially but also raised the standard for quality of life everywhere. To allow and encourage trade between nations and international growth, a multitude of instruments have been put into place. Although many tools, policies, and organizations come together to make this possible, we will be discussing one very important aspect that makes trade possible. That is, documentary credits!
When a buyer wants to import goods from a supplier in another country, they can opt to go in for a documentary credit. What this does essentially is the buyer promises to pay the seller a negotiated amount over a period of time. This agreement is backed by the buyer’s bank who promises to pay the amount to the seller provided they fulfill the terms of the agreement. In this way, the seller reduces the risk of not being paid while trade is still facilitated.
What is the CDCS certification?
The Certified Documentary Credit Specialist (CDCS) certification is issued by the London Institute of Banking and Finance and shows the excellent capabilities of candidates in the field of Documentary Credits. It is the only certificate that is advocated for by the ICC (International Chamber of Commerce) and is considered a gold standard certification for documentary credit specialists.
The benefits of documentary credits involve increased international trade and opportunities among others, however, there are also risks associated with them. If not screened properly, documentary credits can be used as a tool for money laundering, fraud, and terrorist financing. Documentary credit specialists help prevent this by ensuring that all the compliance rules and standards are being met, documents are in order, and documentary credit transactions are in line with ICC guidelines.
How to get the CDCS Certification?
Gaining the CDCS Qualification is very simple! All you have to do is follow the steps given below and you will be able to gain the CDCS credential.
Register for the exam.
The first step towards gaining the CDCS certificate involves enrolling with the London Institute of Banking and Finance. For this, candidates will first have to complete their CDCS certification application after which they can then register for the exam which involves paying an exam entry fee. To know more about the CDCS certification fees, visit our website.
There are no eligibility requirements for the CDCS program, however, candidates are encouraged to have a minimum of 3 years experience in documentary credits before applying for the CDCS certificate. Once this is done, candidates can proceed to the next step.
Study and prepare for the CDCS Certification exam.
The next step to gain the documentary credit certification involves studying for the CDCS certification exam. The study material for the CDCS certification exam includes topics on the different types of documentary credits, the different parties involved in documentary credit transactions, as well as their roles and obligations. Learning these concepts helps candidates gain a wholesome picture of the way documentary credits work and how they enable international trade. Along with this, candidates also learn the different methods of payment used in documentary credit transactions and the types of documents needed to make this possible.
This syllabus helps candidates become documentary credit specialists by teaching them to meet the standards and benchmarks set by the regulatory authorities. The best way to gain these skills and prepare for the exam is with the help of CDCS certification online training programs.
Additionally, candidates also learn the implications of breaching a documentary credit contract and its effects on money laundering and terrorist financing.
As can be seen here, the CDCS (Certified Documentary Credit Specialist) certification has a comprehensive study syllabus that covers a variety of concepts related to documentary credits as well as the benefits and risks associated with them.
Give the exam and receive the CDCS Qualification
The average time taken to prepare for and sit the CDCS certification exam is 6 months. As mentioned above, the best way to prepare for the CDCS certification exam is with the help of a CDCS certification training program.
Once you are thoroughly prepared, candidates can then sit for the CDCS certification exam. This exam lasts for 3 hours and 15 minutes and is divided into two sections. While Section A consists of 60 MCQ questions, Section B of the CDCS certification exam contains a mix of 10 MCQs and 3 document-checking exercises. Once you have attempted the exam, the results will be made available to you within 24 hours.
After you have passed the exam and gained the CDCS certificate, you can add the ‘CDCS’ title after your name which will be valid for a period of 3 years.
Why Choose Delphi?
At Delphi Star Training Centre, we understand the importance of proper guidance while preparing for the CDCS certification exam. With the technical nature of the exam syllabus and the speed with which candidates are required to answer exam questions, gaining thorough practice is essential.
Our CDCS certification online course covers all the exam syllabus. Additionally, we also provide access to our CDCS question bank which consists of quizzes, mock exams, and practice questions to help you improve your knowledge and application of skills in real-world situations. Our expert and professional trainers also motivate, guide, and answer your doubts and are ready to help you at any time.
Join Delphi’s CDCS certification online training course, pass the exam, and become a documentary credit specialist!