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Equity Plan Design, Analysis, and Administration
Why companies grant equity | Rights attached to each award | Reading the controlling documents | Share reserves and award counting
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A plan begins with 10,000 shares available. It charges one share against the reserve for each option granted and does not recycle exercised shares. The company grants 4,000 options at a $30 exercise price. Later, an employee exercises 1,000 options when the stock is worth $50 per share, paying cash for the exercise price. What is the reserve balance after the grant, and how much cash does the company receive on that exercise?
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Exam Syllabus
Core Certified Equity Professional (CEP) topics
2
Accounting
Equity or liability classification | Fair value versus intrinsic value | Option valuation inputs | Expected term and exercise behavior
3
Corporate and Securities Law
Authority to grant awards | Plan limits and award terms | Corporate approvals and share capacity | Registration or an exemption
4
Taxation
Statutory and nonstatutory options | Nonstatutory option income and basis | ISO exercise and AMT | Qualifying ISO disposition
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Feedback from learners using Treasury Conquer to make Certified Equity Professional (CEP) preparation more focused and manageable.
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Amara K.
Treasury Conquer learner
“While preparing for CEP, I keep a small list of mistakes from Level 1: Equity Plan Design, Analysis, and Administration. Reviewing why each answer went wrong keeps my study sessions more focused than simply rereading notes.”
Leo F.
Treasury Conquer learner
“Great CEP prep. Treasury Conquer was clear and easy to use!”
Nadia F.
Treasury Conquer learner
“For CEP, Level 1: Accounting was the area I kept postponing. Breaking it into a few practice questions at a time makes the material much easier to revisit after work.”
Jonas P.
Treasury Conquer learner
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Yuki S.
Treasury Conquer learner
“The hardest part of CEP prep for me is keeping similar ideas in Level 2: Equity Plan Design, Analysis, and Administration separate. I now write one-line comparisons after each practice set, which makes the next review much clearer.”
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Treasury Conquer learner
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FAQ
Common questions about Certified Equity Professional (CEP)
Does an RSU holder own shares before settlement?
Generally, an RSU is a promise to deliver shares or cash later, subject to its terms. Vesting may remove a service condition, but the employee does not become a shareholder merely because an unsettled RSU vests. Check the settlement event before assigning voting rights, dividends on shares, share ownership, or a tax basis in delivered stock.
Why can an option have accounting expense before the employee has taxable income?
Equity-classified employee options are generally measured for accounting at grant-date fair value, with compensation cost recognized over the relevant service period. A typical U.S. nonstatutory option whose value was not readily determinable at grant generally creates employee income at exercise instead. Accounting measurement, employee taxation, and employer cash payments therefore follow different events.
How should I distinguish an ISO from a nonstatutory option in a transaction?
First establish the option’s legal and tax classification; the plan label alone cannot cure unmet statutory requirements. A typical nonstatutory option produces ordinary income on exercise equal to share value less the exercise price, followed by a separate stock-sale result. An ISO generally produces no regular federal income on exercise, but its exercise spread may affect alternative minimum tax. The eventual sale and applicable holding-period facts determine the final treatment.
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