LIBF Level 4
Certificate for Documentary Credit
Specialists (CDCS®)
Qualification specification
Published March 2025
Contents
Purpose of the qualification ...................................................................... 3
Why study the LIBF Level 4 Certificate for Documentary Credit
Specialists (CDCS®)? ............................................................................................................... 3
Objective and key content areas .......................................................................................... 3
Key skills developed ...............................................................................................................4
Structure...................................................................................................................................4
Qualification delivery ................................................................................. 4
Total Qualification Time (TQT) ..............................................................................................4
Assessment .............................................................................................................................. 5
Preparing for the assessment ............................................................................................... 5
Qualification grading ............................................................................................................... 5
Resit attempts .........................................................................................................................6
Additional information ............................................................................... 6
Entry requirements .................................................................................................................6
Recognition of prior learning .................................................................................................6
Progression and preparation for further study .................................................................. 7
Preparation for employment ................................................................................................. 7
Appendices .................................................................................................. 8
Appendix 1 – Unit 1 – Principles and Practices of Documentary Credit
Transactions (PDT) ..................................................................................................................8
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Purpose of the qualification
Why study the LIBF Level 4 Certificate for Documentary Credit Specialists
(CDCS®)?
The Certificate for Documentary Credit Specialists (CDCS®) is a professional qualification
recognised worldwide as the benchmark of competence for international practitioners; it
was primarily designed for students with at least three years experience working with
documentary credits. Its purpose is to enable documentary credit practitioners to
demonstrate practical knowledge and understanding of the complex issues associated with
documentary credit practice.
CDCS® develops the knowledge and skills required to accurately check documents and
manage documentary credit transactions. Within this, it provides a core understanding of
documentary credits and the products, parties, processes, and rules that underpin
transactions. As well as developing the ability to identify irregularities and risks.
Objective and key content areas
The CDCS® will enable you as a documentary credit practitioner to gain a practical
knowledge and understanding of the complex issues associated with documentary credit
practice.
Throughout the programme, you will understand the:
• types, characteristics and uses of documentary credit and standby letters of credit
• rules and trade terms
• parties to documentary credit transactions and their roles and obligations
• types and methods of payment / credit used in documentary credit transactions.
• types of transport, commercial and financial documents used in documentary credit
transactions
• related products including letters of indemnity
• implications of breaching rules including money laundering and terrorist financing.
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Key skills developed
The qualification will encourage you to:
• analyse documentary credit products and reflect upon their desirability and
effectiveness in a variety of scenarios;
• apply appropriate rules and guidelines to a variety of documentary credit transaction
scenarios;
• develop an understanding of current technical language, methods and practices of
documentary credit transactions;
• select and analyse appropriate data and information from a range of sources; and,
• increase your ability to work and learn independently.
Structure
CDCS® is made up of one mandatory unit which must be successfully completed in order
for you to achieve the certificate:
Unit 1 – Principles and
Practices of Documentary Certificate for
Credit Transactions (PDT) Documentary Credit
Credit -29 Specialists (CDCS®)
Total Unit Study Time- 292
Qualification delivery
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.
TQT consists of two elements, Guided Learning (GL) and all other hours:
• Guided Learning (GL) comprises study time under direct teacher supervision,
encompassing instructional sessions and supervised examinations.
• All other hours include hours spent unsupervised in research, learning, e-learning,
e-assessment, completing coursework, exam preparation, and formal assessments.
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CDCS® is primarily considered as a self-directed study qualification with planned
examination sessions.
Guided Learning Hours 3 hours
Other hours 289 hours
Total Qualification Time 292 hours
Assessment
The unit is assessed through a single three hour and 15-minute examination consisting of
a combination of Multiple Choice Questions (Part A) and document checking exercises (Part
B). A total of 100 marks are available. The pass mark for the examination is 70% of the
available marks; you must also achieve 60% of the marks available in section B to pass the
qualification. The structure of the assessment ensures that all aspects of the course
content are subject to external examination under strict examination conditions.
Preparing for 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. Please visit the Pearson VUE website for
further information.
To prepare for the assessment you should make use of all learning resources as part of
your revision for the exam.
Qualification grading
The overall qualification will be graded Pass / Distinction. You must achieve a mark of 70%
overall (and 60% for Section B).
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The qualification grade boundaries are as follows:
Grade Mark
Pass 70–94%
Distinction 95-100%
Grade classifications are pre-determined and align to the published grade descriptors
available to learners.
However, the grade classifications may be subject to change under the jurisdiction of the
assessment board where this is necessary to maintain standards of validity.
Feedback is provided via analysis sheets available on MyLIBF, to see your strengths and
areas to develop.
Resit attempts
The qualification has a twelve-month registration period. There are no restrictions on the
number of times you can resit a unit in which you were unsuccessful, however you must
resit the unit in accordance with LIBF regulations.
Additional information
Entry requirements
There are no specified entry requirements. However, you need to be satisfied of your ability
to study in English at Level 4.
Recognition of prior learning
In line with LIBF regulations, CDCS® is a single unit qualification, recognition of prior
learning does not apply.
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Progression and preparation for further study
Professional recertification
When you have successfully completed the CDCS® qualification, the CDCS® designation
remains valid for three years. To retain the designation after this period, you are required to
either complete continuing professional development (CPD) in order to recertify, or re-take
and pass the examination. You will be required to submit 36 CPD Learning hours / PDUs to
recertify successfully.
The recertification programme allows you to demonstrate how you have carried out learning
activities which have enhanced your prior knowledge and skills in the area of International
Trade Finance. Such activities are known as CPD - Continuing Professional Development -
and include participation in events such as: workshops; courses; seminars; webinars as
well as elearning and self-directed research. CPD is vital in ensuring your knowledge of
International Trade Finance is always up to date. More information about the recertification
programme can be found on the course website.
Further / additional study
If you wish to develop a wider understanding of international trade and finance the
Certificate in International Trade and Finance (CITF®) is designed to enable trade, export
and commodity executives to gain a thorough (introductory) understanding of key
procedures, practices and legislation in trade finance on an international level.
If you wish to develop your professional / specialist knowledge further the Certificate for
Specialists in Demand Guarantees (CSDG®) has been designed for professionals that use
demand guarantees in everyday work. The certificate provides the key knowledge and skills
needed to operate effectively in a highly technical area of international trade.
Preparation for employment
If you are already working within documentary credits, then this qualification is designed
for you; you would be expected to have already gained three years industry experience prior
to commencing your studies. CDCS® is a professional qualification recognised worldwide
as the benchmark of competence for international practitioners. As such it does not
prepare you for employment.
While it is intended for experienced practitioners, the qualification could also be used to
gain wider experience / knowledge in this sector, to transfer into the sector and for
continuing professional development (CPD) purposes which could therefore qualify you to
work in another field.
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Appendices
Appendix 1 – Unit 1 – Principles and Practices of Documentary Credit
Transactions (PDT)
This section provides information about the Principles and Practices of Documentary Credit
Transactions (PDT), including syllabus content, learning outcomes and assessment criteria.
Assessment methodology
i. The assessment of Unit 1 will have two components:
a. Part A – 60 multiple-choice questions. This component of the
examination is worth 60 marks.
b. Part B – This component of the examination is worth 40 marks.
i. 10 multiple-choice questions, with one mark available for each
correct answer
ii. three simulation document-checking exercises, you must
identify five discrepancies from a choice of 10. Each discrepancy
correctly identified is worth two marks. A total of ten marks are
available for each simulation exercise.
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 (and 60% for
Section B). Credit cannot be claimed for gaining 60% in Section B but failing to gain
70% overall, only overall achievement is graded.
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Learning outcomes, assessment criteria and indicative content
Learning outcome (LO) Assessment criteria (AC) Indicative content
The learner when awarded credit for this Assessment of the LOs will require a
unit will: learner to demonstrate that they can:
1. Be able to utilise the rules relating to 1.1 Distinguish between the different Main types, characteristics and uses of documentary
documentary credits and understand the types of payment method and credit, the credits:
features, documents, life cycle, and the roles and obligations of parties involved • Understanding of the term documentary credit
roles of the various parties to a credit. and the documents and related products • A basic documentary credit transaction (including
used in documentary credit transactions. generic flow chart of this process)
• Types of documentary credit
• Primary characteristics of documentary credits
• Secondary characteristics of documentary credits:
• Revolving credits
• Instalment
• Advance payments
• Transferable
• Evergreen
• Clean
• Direct pay
• Categorisation of documentary credit by type and
characteristic
• Commercial documentary credits
• Standby letters of credit
Roles and obligations of the parties to documentary credit
transactions and the relationships between them:
• Parties to documentary credits roles and
responsibilities:
o Issuing bank
o Beneficiary
o Applicant
o Non-bank issuers
o Confirming bank
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o Advising bank
o Negotiating bank
o Paying bank
o Accepting bank
o Reimbursing bank
o Transferring bank
o Nominated bank
o Presenting bank
• Banks roles and obligations:
o Issuing bank
o Confirming bank
o Advising bank
o Negotiating bank
o Paying bank
o Accepting bank
o Reimbursing bank
o Transferring bank
o Nominated bank
o Presenting bank
o Beneficiary
• Relationship of parties in respect of payment of
conforming documents and non-payment of non-
conforming documents
• Roles and responsibilities in reimbursement
Types of transport, commercial and financial documents
used in documentary credit transactions and their
requirements under ICC rules:
• Characteristics, processing and rules that apply to
transport documents:
o Bill of Lading
o Charter Party Bill of Lading
o Non-negotiable Seaway Bill
o Multimodal Transport Document
o Air Transport Document
o Road, Rail or Inland Waterway Transport
Document
o Forwarder’s Cargo receipt, Mate’s Receipt
and Consolidator’s Receipt
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o Post Receipt or Certificate of Posting
o Courier or Expedited Delivery Service
Document
• Financial and Commercial documents:
o Draft / bill of exchange
o Commercial Invoice
o Insurance Document
o Weight Certificate
o Certificate of Origin
o Packing Lists
o Inspection Certificate
• Documents for official purposes and checking
mechanisms
The related products used in documentary credit
transactions:
• Letter of Indemnity
• Air Way Release
• Shipping Guarantee
• Assignment of Proceeds
• Participation and Syndication
• Refinance Credits
• Reimbursement undertaking
1.2 Apply the rules, standards, guidelines Industry rules, standards, guidelines and trade terms
and trade terms used in and identify the that govern the delivery of documentary credit
risks and problems that can affect transactions:
documentary credit transactions.
• Incoterms® 2020
• UCP 600 – Uniform Customs and Practice for
Documentary Credits
• ISP98 – International Standby Practices
• URR 725 – Uniform Rules for bank-to-bank
reimbursement under documentary credits
• ISBP 745
• eUCP
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The ways in which documentary credit transaction rules
and regulations can be breached and the implications of
such breaches. Including:
• Money Laundering
• Sanctions
• Terrorist Financing
The processes and challenges involved in documentary
credit transactions:
• Processes and activities associated with:
o Sales agreement / contract of sale
o Issue
o Pre-advise
o Advise
o Confirm
o Amend
o Transfer
o Present
o Examine
o Pay / Reject
o Claim
o Reimburse Funds
o Cancel
• Presentation, Examination and Settlement / Rejection
• Identifying and handling discrepant documents
• Electronic presentations
• Problems that can arise during the documentary
credit transaction process
The risks involved in documentary credit transactions.
• Types of Risk
o Operational / UCP 600
o Credit
o Foreign Exchange
o Fraud
o Legal
o Political
• Other risks / considerations
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o Money Laundering
o Sanctions
o Terrorist Financing
o Credit Risk Assessment / Management
• Risks to the parties to documentary credits:
o applicant
o issuing bank
o beneficiary
o advising bank
o nominated bank
o confirming bank
o reimbursing bank
• How risks can be controlled
2. Be able to manage documentary credit 2.1 Apply appropriate rules and trade Apply appropriate rules and trade terms to documentary
transactions and associated risks. terms to the management of credit transactions:
documentary credit transactions. • For example – Incoterms® 2020, UCP 600, ISBP 745,
ISP98, URR 725
2.2 Check the accuracy of documents Check the accuracy of documents used in documentary
used in documentary credit transactions. credit transactions:
• Apply and analyse the transport, commercial and
financial documents used in documentary credit
transactions in order to recommend appropriate
courses of action and manage documentary credit
transactions.
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