First exams for documentary credit

Paris, 6 November 1998 - New examinations, to be introduced next year, will provide the first internationally-recognized standard for documentary credit practice.

The "Certified Documentary Credit Specialists" (CDCS) examinations, which ICC has supported and endorsed, have been hailed by bankers and examiners as a major step towards achieving uniformity in letter of credit interpretation and usage.

Professionals passing the examinations, consisting of 150 multiple choice questi ons, will receive certificates providing them with an internationally-benchmarked qualification for competence in handling letters of credit.

With the backing of ICC, the examinations have been developed by the Chartered Institute of Bankers (UK) and the International Financial Services Association (US). Examinations will be held twice a year, starting in May of next year.

"This is an exciting development which should cut back on discrepancies in documentary credits and, at the same time, provide a selling point for banks whose personnel pass the test." said the chairman of the ICC Banking Commission, Dieter Kiefer of Swiss Bank Corporation.

The new examinations meet the requirements laid out in a recent interview by Gavin Shreeve, chief executive of the Chartered Institute of Bankers. "In this time of job insecurity, there is a need for professional qualifications that are benchmarked in such a way that they are externally recognized," Mr Shreeve said.

The cost of the examinations will be $500 in the US, Canada and Mexico and 325 in the rest of the world. The fee also includes a study text, sample documents and tips on how to pass an exam.

In 1999, examinations will be held on 15 May and 13 November in North America, and on 14 May and 15 October in the rest of the world.

For the first year, examinations will be held in seven countries – the US (in six cities to be announced in December), Mexico, Canada, the United Kingdom, The Netherlands, Hong Kong and The United Arab Emirates. Candidates not living in these countries may elect to travel to the countries holding the exams. In subsequent years, the number of exam sites and countries will be considerably expanded.