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FIN 366P Financial Analyst Program - Kamm


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FIN 366P Financial Analyst Program - Kamm

  1. 1. FIN 366P: FINANCIAL ANALYST PROGRAM Fall 2005 Practicum Instructor: Dr. Kamm, Department of Finance, GSB 5.124C Email: Instructor Office Hours: 1 - 2:30 Tuesdays and by appointment (TTH best) T.A.: Scott Pittman, MBA Student and MBA Fund Manager T.A. Email: T.A. Office Hours: To be announced Sections 02805, 02810, and 02815: Room available 8-9:30 TTH, UTC 1.130 Class Time: Independent Study (Group and Individual) w/ Professor & MBA Guidance On-Line Course Notes: Overheads, Assignments, etc. ( Portfolio Simulation: Stock Track / start Sept. 27 / choice for individual work. Reference Textbook: Financial Modeling by Simon Benninga (2nd edition, MIT press) Web Sites:; COURSE OBJECTIVES: In the fall term of the senior year, students in the Financial Analyst Program take the Finance Practicum which is conducted primarily as an independent study / finance internship. The fall term of the senior year is an extension of the applied investment management component of the F.A.P. that students first began in the spring term of the junior year. In teams, senior FAP students should continue to monitor fund holdings and add value in their role as research assistants via a stock pitch and / or industry report. In addition, students will advance their application of finance theory by undertaking an independent research paper on an individual or partner basis. Suggested topics are either a portfolio management simulation or advancing your modeling knowledge based on a chapter from the textbook. Finally, in the fall term of the senior year students shall submit a proposal regarding their volunteer role in the spring term of the senior year. See below for details regarding these various assignments. EVALUATION: Final grades will be determined as follows:
  2. 2. Stock Pitch / Industry Report to Support MBA Funds (Group Paper) 30% In the spring term of the junior year, each group wrote a stock pitch paper (about 10 pages plus exhibits) and presented their pitch. During the practicum each group shall write another stock pitch and present it to the MBA Research Director (and your other fund managers.) If MBA Managers prefer, they may ask you to write an industry analysis. At the beginning of this term, talk to your Research Director. Ask whether the Manager prefers an industry analysis or a stock pitch. If doing a stock pitch, ask the Research Director for a suggestion or present your own idea for a pitch and ask for approval. Let me know within the next few weeks your agreed topic (industry or stock and which stock). The paper will be evaluated on the strength of financial analysis and how well it is written. MBA Managers will evaluate the presentation portion and give me their feedback through the Manager evaluation form. As in previous terms, the paper should be around 10 pages written plus as many exhibit pages. Independent Study Paper (Individual or Partner Paper) 35% The individual or partner paper is an independent study that demonstrates the student’s ability to advance his or her understanding of investment theory particularly in regard to a current finance problem. The paper should be in the form of: a portfolio management simulation, a case study, or a research paper. Suggested Topics are: • Portfolio Simulation using Stock Track – Start Monday, September 27 • Portfolio Modeling Paper Based on Chapters 7 and 8 of the Text • Case Study on Option Pricing Based on Chapter 14 and CBOE web site • Other Student Proposed Topic such as bond valuation, IPO, etc. The portfolio simulation project in Stock Track is recommended for most students, especially if your career interest lies in trading, energy, or investment banking. Those students who are not interested may consider a different topic. If written alone, the independent study paper should be about 7 pages written plus approximately 7-10 exhibit pages. If written with a partner, the paper should be about 10 – 12 pages long plus exhibit pages. Please note: You are prohibited from submitting the same paper for this independent study and another class. Follow university rules regarding academic honesty. Proposal for Spring 2006 Term (Group Work) 10% Each group shall outline their role for the spring term. Various groups can volunteer in different ways in terms of mentoring and assisting junior FAP’s. Though the volunteer component is not large enough in the spring term to warrant academic credit, you do get 2
  3. 3. credit this term and it is important that you plan ahead and outline your role. Areas you can select and work on include: • Assist Professor with Development of Day-Long Junior FAP Boot Camp. • Prepare power-point presentation on Growth Fund & Present It. • Prepare power-point presentation on Value Fund & Present It. • Prepare power-point presentation regarding career paths & present it. • Update and Improve FAP Guide for Interview Questions. • Collect and Present FAP Resume Examples. • Student Proposed Topic. Participation-- Professor Evaluation, MBA & Peer Review (Individual) 25% To determine this portion of the grade, the Professor first runs a “starting point” average based on the previous three categories. Then she combines the “starting point” average with her assessment of your overall effort and participation. Included in this component is feedback from your peers and feedback from the MBA Investment Fund managers. So long as your overall group effort is solid, you will receive at least your “starting point” average and may receive up to a 3 point curve for this component. The vast majority of students do very well in terms of participation. On occasion, due to senioritis or some other mitigating factor, a student fails to contribute in an equitable fashion to group work or other practicum commitments. In that rare circumstance, the student does not receive the starting point average and may be asked to withdraw from the group and the program. Timeline of Practicum September 1. Resume contact with your MBA Fund Managers / Select Stock Pitch 2. Choose Topic for Independent Study Paper (Stock Track starts Sept. 27) 3. Sign up for Spring Proposal October 1. If not using Stock Track, submit alternative 1-page proposal for independent study paper by October 1. 2. Continue Trading in Stock Track. 3. Submit Stock Pitch or Industry Paper if possible by End of October. November 1. Continue Trading in Stock Track. 2. Submit Work on Spring Proposal by end of November. December 1. Turn in independent study paper the last class day. 2. Fill out peer evaluation Forms. 3. Plan, if possible, to arrive day before classes start to meet juniors at FAP boot camp. 3
  4. 4. Information Regarding Scholastic Dishonesty, Student Privacy & Program Participation I. Scholastic Dishonesty – I follow university policy on scholastic dishonesty and include for your benefit a review of the Policy Statement on Scholastic Dishonesty for the McCombs School of Business. In the case of the financial analyst program, you will have access to analyst and other research reports via first call and I caution you against using such reports inappropriately. You are encouraged to read and reference such reports but you must write your own work and demonstrate independent thought. The statement says, “By teaching this course, I have agreed to observe all of the faculty responsibilities described in that document. By enrolling in this course, you have agreed to observe all of the student responsibilities described in that document. If the application of that Policy Statement to this class and its assignments is unclear in any way, it is your responsibility to ask me for clarification. Policy on Scholastic Dishonesty: Students who violate University rules on scholastic dishonesty are subject to disciplinary penalties including the possibility of failure in the course and / or dismissal from the University. Since dishonesty harms the individual, all students, and the integrity of the University, policies on scholastic dishonesty will be strictly enforced. You should refer to the Student Judicial Services website at or the General Information Catalog to access the official University policies and procedures on scholastic dishonesty as well as further elaboration on what constitutes scholastic dishonesty.” II. Class Web Sites and Student Privacy: Please know that I use Blackboard to post your course packet and relevant course documents and I use egradebook to post grades where each student in the class is able to check his or her grade privately. I also use the email list provided me in Blackboard to send out occasional class emails. From the Fall 2001 Course Schedule the following paragraph may help you determine any related privacy issues. It states, “Password-protected class sites will be available for all accredited courses taught at the University. Syllabi, handouts, assignments, and other resources are types of information that may be available within these sites. Site activities could include exchanging email, engaging in class discussion and chats, and exchanging files. In addition, class e-mail rosters will be a component of the sites. Students who do not want their names included in these electronic class rosters must restrict their directory information in the Office of the Registrar, Main Building, Room 1. For information on restricting directory information, see” Membership in Financial Analyst Program: Due to the applied investment aspect of the financial analyst program, there is a much higher level of responsibility on the part of each member. Students are encouraged to work together within their teams and across teams to help ensure a successful and rewarding year. Please contact me if you are having any difficulties. If a student is not able to meet the obligations and responsibilities of the research assistantship in the spring term, I shall contact said student to discuss various alternatives including withdrawal from the program. 4