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Why Ernst

  1. 1. ACADEMY OF BUSINESS ERNST & YOUNG r Chartered Financial Analyst® Training Program, Dates, and Prices WHY CFA®? The Chartered Financial Analyst® (CFA®) qualification is administered by the CFA Institute in the US and is promoted as the industry standard for professionals working in the financial services industry. The CFA® qualification is one of the most highly respected and valued qualifications available internationally. It is recognized by member states of the European Union. In both developed and emerging markets, the CFA® designation is recognized as a symbol of professional excellence. CFA® candidates and charterholders reside in more than 134 societies worldwide. Gaining such a qualification is evidence that the holder possesses skills and knowledge that are in high demand by employers in securities markets as well as in banking, corporate finance, fund management, insurance, and investment advice. WHY ERNST & YOUNG ACADEMY OF BUSINESS? • The market leader for audit and advisory services in the CIS and abroad • Audit and financial company profile • Proven experience and reputation since 1993 • Over 16,400 specialists in international accounting by the Academy • Experienced CFA-certified tutors • Individual approach to monitoring results • Ongoing improvement and updating of the training materials • Choice of formats: open or in-company • Interactive support of participants by the tutors throughout the period of their self-study • Comfortable conference rooms, high-tech equipment, and coffee breaks. WHO STUDIES FOR THE CFA® PROGRAM ? The CFA® Program is most suitable for those who aspire to become professionals in the financial services industry. University graduates of any discipline can join the program. A background in accounting or finance is helpful but is not a pre-requisite. 1
  2. 2. ERNST & YOUNGACADEMY OF BUSINESS WHAT ARE THE BENEFITS OF THE CFA® CHARTER? The CFA® Program is a comprehensive program in investment management skills. It takes the candidate to advanced levels in a variety of subjects, such as the following: • Investment analysis • Portfolio management • Assets valuation • Securities evaluation • Fund management • Investment advice • Regulation of investment management services. Candidates not only gain special knowledge in investment management, but also acquire valuable skills in US GAAP and IFRS. It therefore provides valuable employee training for the employer and enhances the career prospects of the employee. HOW LONG DOES IT TAKE TO GAIN THE CFA® CHARTER? There are three examination levels, which must be passed sequentially. There are no exemptions and only one level may be taken in any one year. Candidates should expect to complete the program in three years assuming first-time passes for each exam. CFA Institute does not require candidates to complete the CFA® Program within a specified time frame, nor does CFA Institute limit the number of times candidates may sit for each exam level or require candidates to repeat an exam level that they have already passed, regardless of the time elapsed between exams. CFA® CURRICULUM AND EXAMINATIONS The syllabus for each of the three levels is based on the same list of topics, contained in the “Candidate Body of Knowledge” produced by the CFA Institute, and is specified by a list of “learning outcome statements.” The learning outcome statements relate to chapters or excerpts from a series of recommended textbooks, professional journal articles, and other readings that are given as reading assignments. These reading assignments effectively constitute the study material. The Level I study program emphasizes tools and inputs and includes an introduction to asset valuation and portfolio management techniques. The Level II study program emphasizes asset valuation and includes applications of the tools and inputs (including economics, financial statement analysis, and quantitative methods) in asset valuation. The Level III study program emphasizes portfolio management and includes strategies for applying the tools, inputs, and asset valuation models in managing equity, fixed income, and derivative investments for individuals and institutions. The tables on pages 5–8 show the topics contained in the body of knowledge and the coverage at each level. The CFA Institute recommends that a candidate with little financial services experience spend a total of around 250 hours preparing for each level. In addition to the time spent on courses, candidates are assumed to be able to spend a minimum of six hours a week studying. Each level is examined in two three-hour exams on the same day, one in the morning and the other in the afternoon, with both exams covering the whole syllabus for that level. СHARTERED FINACIAL ANALYST® (CFA®) 2
  3. 3. ERNST & YOUNGACADEMY OF BUSINESS The CFA Institute publishes a table of examination guideline topic area weights, as follows: Topic Level I, % Level II, % Level III, % Ethical & Professional Standards 15 10 10 Investment Tools: Economics* 10 0–10 0 Quantitative Analysis 12 0–10 0–10 Financial Statement Analysis** 28 25–35 0 Asset Valuation*** 30 35–45 30–40 Portfolio Management*** 5 5–15 40–60 * Economics is part of Portfolio Management at Level III ** Corporate Finance is part of Financial Statements Analysis at Level I and Level II *** Derivatives are a part of Asset Valuation at Level I and Level II and Portfolio Management at Level III. The Level I examination consists of a total of approximately 120 selected response / multiple choice questions for each session. Each question carries equal weight. The Level II examination consists of selected response / item set questions. The item set format consists of a vignette or short case followed by six multiple choice questions based on the vignette. The Level III examination consists of 50% constructed response (essay style) questions (morning session) and 50% selected response / item set questions (afternoon session). The examinations are conducted in English. WHAT DOES ERNST & YOUNG OFFER? Our courses are intensive and are specially designed to help the candidate apply examination technique. Our courses are usually conducted over a weekend to minimize the need for candidates to take additional time off work. The courses are conducted in English. The usual structure of courses is as follows: • Introductory course — an early one- or two-day course to put the exam into context. This will cover basic accounting, economics, and the time value of money. Candidates receive books and self-study materials. • Mid-term courses — several two-day sessions spread over five months. During the meetings most of the exam syllabus is covered. • Mock exam — six weeks before the exam, candidates take a mock examination prepared by our tutors, which is intended to be fully representative of the likely CFA® examination. The mock exam is conducted under exam conditions and its purpose is to give the candidates feedback before the real thing. • Revision course — around two to three weeks before the exam, there is an intensive two- or three- day revision course during which all topics are briefly revised and candidates practice exam-level questions. • Hotline — e-mail contact with the tutors is available throughout the course. СHARTERED FINACIAL ANALYST® (CFA®) 3
  4. 4. ERNST & YOUNGACADEMY OF BUSINESS Our course tutors are experts in their field and all have professional experience. The course material has been specially prepared to cover the CFA® Program and is fully comprehensive, while focusing on the material specified by the learning outcome statements. The course material complements the lecture program and can also be used as a distance learning text. The course material includes Schweser Study Notes (each set includes six books), as well as an extensive bank of questions and answers from beginner level to exam level. WHERE ARE THE COURSES HELD? Courses are held in Moscow, Kyiv and Almaty. HOW MUCH WILL IT COST TO GAIN THE CFA® CHARTER? The course fees on a per-course-day basis are shown in the attached tables and are payable per examination session, in advance. In addition to the course fee, there is the cost of registration and enrollment for each exam with the CFA Institute. Fees for New Candidates June 2008 Payment deadlines Level I September 26, 2007 February 14, 2008 March 14, 2008 Program enrollment (new candidates $390 $390 $465 only) Exam registration fee Level I $600 $688 $930 Total cost to enter the CFA® Program $990 $1078 $1395 into the course year that candidates register and/or enroll СHARTERED FINACIAL ANALYST® (CFA®) 4
  5. 5. ERNST & YOUNGACADEMY OF BUSINESS Body of Knowledge Level I Level II Level III Corporate Finance Basic concepts of corporate Capital budgeting Warrants and finance Capital budgeting with convertibles Capital investment decisions rationing Mergers Long-term financing decisions Analysis of risk in Leveraged buyouts, Mergers and acquisitions Capital budgeting management buyouts, Cost of capital leveraged restructurings Effect of leverage on cost of capital Financial Statement Analysis Financial statements and other Financial statements Consolidated required disclosures Ratio analysis accounting Specific accounting principles Analysis of inventories Analysis of minority and practices investments Capitalization & Ratio and financial analysis depreciation of long- Analysis of subsidiary Short-term financing decisions term assets investments Cash and liquidity management Analysis of debt Analysis of financing international operations Credit and inventory management Analysis of leases & International Financial Analysis of business off-balance sheet Reporting Standards combinations financing Accounting for pension Analysis of multinational Analysis of taxes costs and pension fund operations accounts Detecting and adjusting for creative accounting Forecasting future performance Ethical and Professional Standards Applicable laws and standards Code of Ethics Case study analysis, Case study including: analysis involving Professional standards of practice Standards of application and Ethical conduct and professional Professional Conduct - fiduciary duty interpretation of obligations Overview of soft dollar - insider trading the Code and Global differences standards - personal investing Standards in the Overview of other - corporate governance context of specific, Applicable Laws and complex situations - soft dollar standards Regulations Quantitative Methods Basic concepts Descriptive statistics Application of binomial Using statistical theory to support Required input variables for Measures of location & distribution to option pricing portfolio valuation models dispersion management Time value of money Probability theory Linear regression & strategies correlation (bivariate) Basic statistical concepts Probability distributions Linear regression & Probability theory and concepts Sampling theory correlation Random variables Hypothesis testing (multivariate) Probability distributions Linear regression and Analysis of variance Sampling theory and distributions correlation (bivariate) Statistical decision Statistical inference Time value of money making techniques СHARTERED FINACIAL ANALYST (CFA®) ® 5
  6. 6. ERNST & YOUNGACADEMY OF BUSINESS Regression and correlation Measuring stock returns Decision making under uncertainty Time-series analysis and forecasting Multivariate techniques Economics Microeconomics Basic economics, the Macroeconomic Incorporating an supply & demand analysis economic forecast Macroeconomics curves, national into the asset International financial systems Policies for economic economics and the allocation decision stabilization and growth Perfect markets business cycle Foreign exchange and Imperfect markets Microeconomics – parity theories Relationship of economic activity economic models of to investment process competition Relationship of macro- and Macroeconomics – microeconomic expectations to fiscal & monetary expected returns and risk for asset policies for economic classes stability Currency (foreign exchange) International economics markets Foreign exchange markets and systems Analysis of Debt Investments Characteristics of debt markets Fundamentals of debt Analysis & valuation of Bond portfolio investments and asset-backed securities management Market structures markets (domestic & Alternative bond types Analysis of credit risk international) Valuation of debt Use of duration and Structural features of debt investments convexity to reduce markets Yields on debt interest rate risk Term structure analysis investments Analysis of the term Yield spread analysis Risks associated with structure of interest Sources of risk debt investments rates Return or yield measures Measurement of interest Valuation of debt Option-free bonds rate risk investments with Analysis of bonds with embedded Term structure of embedded options options interest rates Bond trading strategies Analysis of mutual bonds Simple analysis of debt Analysis of structured securities: investments with mortgage-backed embedded options Analysis of structured securities: asset-backed Analysis of structured securities: structured notes Credit analysis for corporate bonds СHARTERED FINACIAL ANALYST® (CFA®) 6
  7. 7. ERNST & YOUNGACADEMY OF BUSINESS Analysis of Equity Investments Characteristics of financial Fundamentals of Market efficiency Market indexes markets financial markets Multi-stage cash flow International Market structures Fundamental & valuation models equity investment technical analysis, and emerging Market organizations Free cash flow market efficiency markets Structural features of financial valuation models markets Fundamentals of equity Multiplier valuation investments and models Equity markets and instruments markets Fundamental analysis Competitive strategy - Valuation and analysis five forces model Technical analysis of equity investments Valuing corporate Company analysis and restructurings stock selection Valuing Dividend policy merger/acquisition and demerger opportunities Measures of value added Analysis of Derivatives Options markets Fundamentals of Mechanism of arbitrage Managing equity Futures markets derivatives markets and pricing of derivatives risk using index instruments Pricing and valuation of derivatives Swap markets Features of interest rate interest rate Managing interest Analysis of fixed-income derivatives forwards/futures rate and credit risk derivatives Features of index Hedging strategies using derivatives Custom interest rate agreements derivatives using forwards/futures Analysis of interest rate swaps Fundamentals of swaps Analysis of equity options Option strategies and Analysis of warrants payoffs Hedging and hedging strategies Option valuation models Hedging strategies using options Analysis of Alternative Investments Analysis of real estate Analysis of real estate Valuation of real estate Real estate and investments investments investments alternative Real estate portfolio management Venture capital Structuring a venture investments capital deal portfolio Analysis of private equity management [venture capital] Special applications of fundamental analysis Hedge funds and other alternative investments СHARTERED FINACIAL ANALYST® (CFA®) 7
  8. 8. ERNST & YOUNGACADEMY OF BUSINESS Portfolio Management Efficient market theory Portfolio Theory Portfolio Theory Overall portfolio Portfolio theory Capital asset pricing Capital asset pricing management Asset pricing theories and model model Investor models Portfolio management Arbitrage pricing characteristics, theory (factor objectives and Portfolio management policies Asset management models) constraints for individuals Incorporating real Investment policy for Mutual funds estate investments individual investors Portfolio management policies Investment policy for for institutions institutional investors Capital market expectations (e.g., pension plans, Asset allocation employee benefit General portfolio construction funds, foundations, and revision insurance companies) Fixed income portfolio Asset allocation management strategies Portfolio construction Equity portfolio management and revision strategies Equity and debt Risk measurement and portfolio management management strategies Currency portfolio management Firm wide and strategies portfolio risk management Derivatives in portfolio management Performance measurement – evaluation and attribution Presentation of performance results – Global Investment Performance Standards (GIPS) СHARTERED FINACIAL ANALYST® (CFA®) 8
  9. 9. ERNST & YOUNGACADEMY OF BUSINESS CFA® COURSE SCHEDULE LEADING TO JUNE 2008 CFA® LEVEL I EXAM* IN KYIV COURSES ARE HELD FROM 9:00 A.M. TO 5:00 P.M. Days / Dates / Topics Introductory 16 – 18 February Financial Statement Analysis Interim 1 8–9 March Quantitative Methods, Portfolio Management Interim 2 22 – 23 March Ethics, Economics Interim 3 12 – 13 April TVM, Equity, Corporate Finance Interim 4 3–4 May Debt Investments, Derivatives and Alternative Investments Revision 17 – 18 May Revision Mock exam * Please note the dates may be changed prior to the start of the course. CFA® COURSE PRICE LIST IN KYIV Level I Kyiv $3200 * Please note these amounts are exclusive of VAT. HOW TO APPLY? If you are interested in the Chartered Financial Analyst® (CFA®) qualification and wish to start, please complete the attached registration form and return it to an administrator: in Kyiv, by fax at + (044) 490 30 30 or via e-mail to academy@ua.ey.com You may also complete this form online at our Web site: www.ey.com/cis/cfa. Forms will be accepted on a first come, first served basis. We reserve the right to refuse a place to late candidates. OTHER USEFUL CONTACT INFORMATION Web sites: CFA Institute Web site: www.cfainstitute.org; СHARTERED FINACIAL ANALYST® (CFA®) 9
  10. 10. ERNST & YOUNGACADEMY OF BUSINESS CFA® Program: www.cfainstitute.org/cfaprogram СHARTERED FINACIAL ANALYST® (CFA®) 10