CERTIFIED BUSINESS FINANCIAL ANALYST

CORE SUBJECTS

Financial Modelling

Financial Modelling is a tool that is widely used in the corporate context to assess the impact of specific business initiatives and alternative scenarios on a company’s financial position. The technique requires building a sound financial representation of the business on a spreadsheet, and then identifying and manipulating key performance drivers to explore the impact of different operational and financial options. It enables students to evaluate business projects, build sensitivity analyses, perform equity research, prepare management accounts, budgets, forecast reports, and carry out many other applications.

The principal objectives of the course are the following:

• Develop expert knowledge of financial modelling skills in an Excel-based environment in order to finalise complex financial earnings models, corporate financial statement projections, traditional valuation and discounted cash flow models
• Master the implications of new FASB regulations for financial models used by investment banks and other financial institutions
• Gain advanced understanding of cash flow models, leveraged buy out models, merger analysis: Accretion/Dilution (M&A) models, comparable company analysis and sensitivity analysis
• Develop the skills to produce new and original financial models to diagnose problems and recommend innovative solutions to company, industry, national and global economic problems

Company Valuations and Mergers and Acquisitions

This course is designed to involve two significant aspects of finance, namely, corporate valuations and mergers and acquisitions, in order to equip students with advanced knowledge and skills to be successful investment banking professionals. The Free Cash Flows to the firm, Capital Asset Pricing Model, the Fama-French three factor model, derivatives pricing, etc. may inform some of the central discussions as the course progresses through the valuation sections. Mergers and Acquisitions will then be analysed within the context of various valuation frameworks, historical perspectives, current and future market dynamics and underlying macroeconomic fundamentals. Participants gain an expert perspective on short-termism and implications for long-term investments. Finally, the course will involve a clear and concrete analysis of mergers and acquisition strategy, why some strategies fail and others work under varying conditions, the nature of bid tactics and the overall importance of sound due diligence implementation in formulating mergers and acquisitions deals to begin with.

The principal objectives of the course are the following:

• Understand valuation models, techniques and approaches in order to make viable judgements regarding asset pricing and corporate value determination
• Recognise the value and importance of divergent corporate structuring approaches in the market place
• Attain a sophisticated grasp of the underlying strategies involved in hostile versus friendly take-overs and use this knowledge to successfully initiate and complete complex acquisition deals
• Acquire knowledge of synergies that may or may not exist between any two companies within the market in order to assess future value potential of merger alternatives

OPTIONAL SUBJECTS

Project Management

Project Management has been set so that the professional can acquire the necessary tools, techniques and approaches to develop, maintain, control and deliver projects more efficiently and effectively. This course will consider the whole project life cycle, influencing factors, determination of goals, objectives and the scope of the project from the strategic standpoint. Significant phases, activities, milestones and controls allow the successful project manager to develop a complete picture, recognise and understand where variances are occurring in relation to the plan and know how these can be brought back on track with the appropriate control mechanisms.

The principal objectives of the course are the following:

• Attain a core conception of what project management stands for and how it can be used to enhance flexibility, speed and reliability in arranging and completing complex and multidimensional business tasks
• Achieve a sound basis of knowledge in using project tools and techniques to finalise project risk analysis, project life cycle management, project control processes and project change management
• Gain a strong understanding of planning, analysing, sequencing and scheduling the key elements of a project
• Master best practices and industry-leading standards in project documentation, project progression and project closure based on the sophisticated use of specialised project management software

Corporate Finance

Corporate Finance involves the fundamentals of debt financing, securities issuance, cost of capital, evaluating competing investment options, decisions about issuing dividends versus reinvestment of profits and corporate financial risk management. The module provides perspectives on advanced treatment of the underlying indicators of corporate performance and the strategic vision for future value creation. The course equips participants to manage complex financial operations to benefit the growth potential of companies ranging in size from small to medium to multinational enterprises.

The principal objectives of the course are the following:

• Understand the logics, frameworks, theories and models of corporate finance and learn how to apply them to specific business problems to reach attainable solutions
• Learn how to structure the pricing of corporate securities based on market forces in light of established procedures and practices
• Master techniques for appraising new investment decisions in a range of business situations based on a good understanding of what sources and types of finance are available to businesses
• Examine the importance of working capital and how it can be managed more efficiently to reach specific corporate performance and value targets

Financial Forecasting

Financial Forecasting involves applying statistical estimation techniques to real-world finance problems in order to make high-calibre predications regarding the future. After delving deeply into some of the critical literature in various forecasting theories students master the skills to make informed choices about which model works in a particular prediction scenario. ARIMA, ARCH, GARCH, etc. models will be under review as some of the important tools available to professional forecasters. As well as other dynamic models of forecasting, students will analyse more practical real-life case studies to make general predictions about the direction followed by specific industries and markets.

The principal objectives of the course are the following:

• Understanding the various financial forecasting models and how to use them to perform forecasting tasks in order to add the greatest value to other sample prediction analysis
• Learn existing financial forecasting techniques to an advanced level where the student is capable of developing his/her unique forecasting models to respond to new challenges in the market place
• Acquire the capacity to translate the analysis of hard forecasting data outputs into non-technical language and reports so that other key members of the decision making teams in the company can draw the full range of benefits associated with the numerical results
• Attain the technical skills to learn continuously in the area of financial forecasting, as the field grows at a high rate on a daily basis and the successful forecasting professional must know how to adapt to the changes and developments in the modelling sphere computer software context

Financial Markets-Trading and Analysis

This course offers a full introduction to the operation of the financial markets in a global setting. It is concerned with the nature of the products which are traded in the international banking, money and capital markets and the operation and regulation of those markets themselves. This course will require you to understand some fairly sophisticated mathematical and technical concepts.

The principal objectives of the course are the following:

• A comprehensive overview of the organisation, operation and regulation of the international financial markets
• A good technical understanding of the banking, money, foreign exchange, fixed interest, equity and derivative markets
• An insight into how securities are priced in efficient markets, and how the study of behavioural finance has contributed new insights into how market participants actually interact with each other
• Acquire the skills to read, analyse and use portfolio selection models in order to formulate value-enhancing strategies in deciding specific trading steps that will benefit the company in both the short and long-term perspectives

Treasury Management

This module involves the management of the treasury functions of corporations with a view toward establishing a thorough knowledge of monetary flows and how they are controlled, regulatory activities regarding various financing options, treasury risk management and opportunity management. Funding strategies with respect to current and future investments, liquidity constraints management, monitoring treasury activities, capital and asset requirements form significant aspects of the course.

The principal objectives of the course are the following:

• Gain the theoretical as well as practical knowledge of how to apply and interpret the major treasury management principles involving corporations of various sizes.
• Establish a high level of professional understanding with respect to the management of debt, capital, liquidity, funding and risk with a view toward grasping their consequences and interdependent dynamics
• Acquire sophisticated awareness of international and country-specific auditing principles and requirements, and facilitate a clear understanding of how to meet the various legal requirements set by international and country-specific regulatory bodies
• Monitor and limit risk exposure in order to take calculated risks designed to enhance value and discard unnecessary risks that serve to deflate value