*
MASTER IN BUSINESS FINANCE
... Genius inside.
Financial Management and Advanced Financial Analysis
Capital Structuring, Fund Raising and Investment Management
Capital and Financial Market Management
Forex, Treasury and Risk Management
Valuations, Merger & Acquisition, and Principles of Management
Banking, Risk Management and Business Strategy
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
(Set up under an Act of Parliament)
ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi110002
* Master indicates the depth of knowledge, coverage as well as capability and do not refer to a Post Graduate degree.
Committee of Management Accounting (CMA), ICAI
The Committee of Management Accounting (ICAI) has been constituted by the
Institute of Chartered Accountants of India keeping in view special contribution, the
profession of Chartered Accountancy has been making for the last more than 6
decades in the field of Management Accounting.
Being a partner in the Nation Building, the profession is playing a decisive role in the
industry, business and service sector. The Chartered Accountants as Management
Accountants have been contributing in: -
Management Accounting
Designing and Implementation of Management Accounting Systems
Strategic Management
Financial Planning
Corporate Finance
Management Information Systems & Risk Management
Financial Management, Resource Raising & Mobilisation
Financial Markets, Forex & Treasury Management
CA. Jaydeep N. Shah GOVERNMENT OF INDIA NOMINEES
President
Smt. Usha Narayanan Shri Deepak Narain (DIPP) Shri. Gautam Guha (C&AG)
(SEBI)
We bring to you MBF...Genius Inside
Genius Inside
Key Differentiators
Why MBF* is better than any other MBA Finance course offered by other Institutes?
1. Providing cutting edge finance skills to Qualified & Experienced Chartered Accountants
with an average experience of 10 Years
2. Preparing for Global Economy with special focus on Live Case Studies practiced in class
room
3. Providing and exploring opportunity to interact with eminent faculty from B-School like
Harvard Business School, Stern School of Business, New York, IIMs , MDI, Management
Schools of IITs Premier Universities
4. Create Interactive classroom led by Industry leaders in Private Equity, Fund raising ,
Banking , Mutual Fund, Forex Management , Merchant Banking
5. 360 degree overview of business finance domain with comprehensive course content
similar to what they teach you in Top 10 B-Schools
6. More than 100 Books prescribed for reference the latest and the best
7. Focus on practical & managerial approach towards Business Finance to prepare student
for CFO and top Managerial positions
FEATURES 8. Special training sessions on International Taxation , Business Restructuring, Trusts ,
Intellectual Property etc to prepare for International Assignments
Comprehensive Finance Curriculum 9. Course is designed to amplify the business finance skills of Chartered Accountants and
enabling them to become Business leaders
Unique mix of faculty 10. Well-equipped libraries at ICAI Bhawans at New Delhi, Mumbai & Centres of Excellence,
Hyderabad
Focus on Indian market 11. In built 7 days residential internship/training programme at ICAI's Centre of Excellence,
Innovative practical application Hyderabad twice during the course.
Healthy combination of students
Rigorous testing procedures Knowledge mix for your business needs
Comprehensive Finance Curriculum with focus on all advance facets of finance covering
fields of practical application such as Fund Raising, Equity and Fixed Income Research,
Financial planning, Financial Risk Management and Enterprise Risk Management, Indian
Depository Receipt (IDR), International & Indian Commodity Market, Interest Derivatives,
Corporate Valuation, Mergers & Acquisitions, Working Capital Management and Finance,
Forex Management and Import/Export financing, Derivatives/Treasury, Banking and Risk
Management, RBI guidelines etc.
Unique mix of eminent faculty comprising of academicians from leading B-schools and
senior professionals from industry like credit rating leads, investment bankers, private
equity firms, portfolio managers etc
Focus on Indian market and relevant regulatory/tax considerations etc in theory as well as
projects
Innovative practical application of theoretical inputs in the form of projects, assignments,
presentation before technical panels, group discussion etc.
100 hours of dedicated training at a residential campus with 3 star facilities and 24X7
access to eminent faculty, intense brainstorming and projects under expert guidance
200 hours of classroom sessions with 500 hours of self-study to bring in a balance in
perspective between theory and application
Access to books and material widely recognized as the best in the world (written by
leading finance gurus, investment bankers etc eg Euromoney, McGraw Hill, Dun &
Bradstreet, Wiley etc)
Healthy mix of students to enhance knowledge sharing and creating positive synergies -
all qualified CAs with average Experience of 8-10 years
Rigorous testing procedures: Exams and projects designed in a manner to ensure high
quality pass outs which has been the hallmark of ICAI
Genius inside...
Who is Eligible?
Members of the ICAI and the students
who have passed the final exam are
eligible to pursue this course.
ICAI Vision
When to Register?
Recognize the changes in Economy/Business Environment such as focus on
value, dynamic business and organization structures, developments in
Register Now for MBF Batch Starting at
New Delhi, Mumbai, Kolkata, Chennai, Information Technology and Telecommunication, new Government policies,
Bangalore globalization of business and competitive pressures.
Recognize the path to success by adapting to the changes, knowledge
management and acquiring skills to work with future environment influenced by
How to Register? technological and other changes.
Recognize the opportunities for Chartered Accountants in the emerging areas
Candidates have to fill in the Registration such as new audit and assurance needs, performance measurement services,
Form available in this Prospectus, with change management services, strategy management, general practice
the Committee Secretariat. The specialization and servicing global organizations.
Registration form is also available at the
Recognize the Institute's role as a proactive, innovative and flexible
website of the Institute www.icai.org. organization, in equipping Chartered Accountants with top quality education
Submit the form complete in all respect and values.
along with the requisite fee to: -
Recognize the need to be known as World Class Advisors.
The Secretary, Potential Opportunities
Committee on Management Accounting
(CMA)
As investment bankers and corporate advisors with transaction services
ICAI BHAWAN,
expertise.
A-94/4, SECTOR 58,Noida (U.P.)
Pin Code 201301 Bank - operations and credit.
Email: cma@icai.in Capital Market including Equity research, IPOs, Merchant Banking, Listing,
Corporate Governance and international capital market.
Top and middle management and key positions in large and midsized
A facility of online registration and corporates.
payment is available at www.icai.org Treasury strategy and day-to-day management.
Insurance fund management.
Private Equity Funds, Mutual Funds, Hedge Funds, Venture Capital Funds and
Asset Management Companies.
Entrepreneur.
Genius Inside
Foreword to the Course
IMPARTING THE NITTY-GRITTIES OF FINANCE
Finance is the life blood of any economic activity. Imagine any activity on this earth and
we feel the imperative need of finance.
The discipline of finance has undergone a sea change in recent years. There have been
new innovations in terms of tools, techniques and instruments of fund raising as well as
dealing with the Risks which the organizations have been facing. The economic growth has
not only brought changes in this business environment throughout the world but at the
same time has created turmoil and turbulence in economic activities.
We have witnessed global financial crisis and many large organizations have collapsed like
a pack of cards. The melt down in one part of the world has adversely affected other parts
of the globe and even an ordinary person has not been spared from the adverse effects of
the recession. The environment becomes even more arduous in times of turbulence.
Such a scenario calls for the professionals at the helm of affairs of finance function to keep
themselves abreast with the latest developments and equip with the tools and techniques
to deal with such challenging situations. ICAI launches a Master in Business Finance
Certificate Course to impart the nitty-gritties of finance to the members of the Institute.
A very comprehensive and wide course curriculum has been formulated by the
ICAI Centres of Excellence, Hyderabad Committee. The course will provide an in-depth and comprehensive knowledge of
theoretical as well as practical aspects of Business Finance to the participants.
There is a requirement for the participants to prepare case studies based on real life
situations. This will to a great extent sharpen the writing skills of the participants.
The background of a Chartered Accountant is the most ripe to unlearn the past and learn
the contemporary with ease and speed. Deep knowledge of business, its operational
intricacies and ramifications of managerial decisions come natural to a Chartered
Accountant. The Group discussions as a part of course curriculum will provide a good
opportunity for the participants to share their rich knowledge and experience with each
other. The course thus intends to enable the participants to be the best in finance arena.
Course Content
END TO END SOLUTION IN FINANCE CURRICULAM
LEVEL I
Paper I - Financial Management and Advanced Financial Analysis
Paper II - Capital Structuring, Fund Raising and Investment Management
LEVEL II
Paper III - Capital and Financial Market Management
Paper IV - Forex, Treasury and Risk Management
LEVEL III
Paper V - Valuations, Merger & Acquisition, and Principles of Management
Paper VI - Banking, Risk Management and Business Strategy
Genius Inside
Concept & Course Design
CA Praveen Sharma
M: +91 98100 11802
praveensharma60@hotmail.com
Chief Technical Advisor
CA Rakesh K. Jain
M: +91 98100 71440
chairman@fsltechnologies.com
Technical Director
CA Yatinder Nath Khemka
M: +91 98106 93421
yatindernathkhemka@yahoo.com
Joint Technical Director
CA Rajiv Singh
M: +91 98181 22105
rajivsinghfca@gmail.com
Technical Support Group (CMA)
CA. Nitin Jain, Secretary, CMA Delhi
Shri A. P. Kar , Course Co-ordinator Delhi
Dr. Alok Ray, Sr. Deputy Secretary, ICAI Kolkata
Mr. Koshi John, Deputy Secretary Mumbai
Dr. P T Giridharan, Assistant Secretary Chennai
Mr. N. S. Jagdish Kumar, Assistant Secretary Bangalore
Genius Inside
COURSE CONTENT IN DETAIL
END TO END SOLUTION
IN FINANCE CURRICULAM
Genius Inside
MBF SYLLABUS
LEVEL I LEVEL II
PAPER 1: FINANCIAL MANAGEMENT AND PAPER III: CAPITAL & FINANCIAL MARKET
ADVANCED FINANCIAL ANALYSIS MANAGEMENT
Module 1 Objective and Scope of Financial Management Module 13: Capital Markets
Module 2: Applied Financial Analysis & Forecasting Module 14: Regulatory Framework of Capital Market
Module 3: Long term Investment Analysis Module 15: International Capital Markets
Module 4: Financial Analysis using Mathematical & Module 16: Debt Markets
Statistical Tools
Module 17: Fixed Income Securities
Module 5: Business Economics-Impact on Financial
Markets Module 18: Money Market
PAPER 2: CAPITAL STRUCTURING, FUND PAPER IV: FOREX, TREASURY & RISK
RAISING AND INVESTMENT MANAGEMENT MANAGEMENT
Module 19: Foreign Exchange Markets
Module 6: Financial Planning
Module 20: Forex Arithmetic
Module 7: Corporate Structuring
Module 21: Exchange Rates Theories
Module 8: Capital Structuring
Module 22: Forex Risk Management
Module 9: Fund Raising
Module 23: Forex Derivatives (products, valuation and uses
Module 10: A study of Leading Banks & FIs
in hedging)
Module 11: Portfolio Management
Module 24: International Finance
Module 12: Alternative Investments
Module 25: Foreign Exchange Management
Module 26: Treasury Management
Genius Inside
Level III
PAPER V: VALUATIONS, MERGER &ACQUISITION, AND
PRINCIPLES OF MANAGEMENT
Module 27: Corporate Valuation
Module 28: Due Diligence and its Role in Valuation
Module 29: Relative Valuation Expert level
Module 30: Relative valuation Concepts and applications
Module 31: Valuation Techniques
Module 32: Summarization of Valuation
Module 33: Merger &Acquisitions
Module 34: General Management
Module 35: Organisational Behaviour
Module 36: Strategic Management
PAPER VI: BANKING, RISK MANAGEMENT AND BUSINESS
STRATEGY
Module 37: BANKING
Module 38: Banking Functions
Module 39: NPA Management
Module 40: Anti Money Laundry & RBI Guidelines
Module 41: Risk Analysis & Management
Module 42: Business Planning & Functional Strategy
Module 43: Trade Finance
Genius Inside
Level 1 Module 2: Applied Financial Analysis & Forecasting
PAPER 1: FINANCIAL MANAGEMENT AND Financial Analysis
ADVANCED FINANCIAL ANALYSIS Basic Concepts
Business Strategy Analysis of a firm -Latest
Module 1 Objective and Scope of Financial techniques & tools
Management Financial Statement analysis
o Introduction
Introduction o Purpose
Meaning & Scope of Financial Management o Techniques
Objectives of Financial management o Application
Role of Chief Finance Officer o Role of EBIT, EBITDA and other
Role of Financial Management in Corporate figures in Credit analysis and
Governance including agency problem management
Time value of Money o Abuses of EBITDA
Assessment of working capital requirements o Identifying creative accounting
(including CMA data & operating cycle and o Cash Flow Analysis
strategies of negative working capital) Unusual Trend Analysis
Management of working capital Factor for bankruptcy analysis
Debtors Management Credit analysis
o Balance Sheet Analysis
Inventory Management o Debtors Age
o Creditors Age
Credit Management o Fixed Assets
o Advances
Management of Cash & Cash equivalents o Deposits
o Inventory
Working capital practices o Investments
o Cash & Cash Equivalents
Special structured tools for working o Ratio
capital augmentation & management o Credit Risk Relation
Balance Sheet ratios
Value delivery to shareholders- dividend vs. buy Earning and Expenses ratios
back decision Profitability Analysis
Investing, Financing & dividend decisions o Segment Analysis
o Concepts and methods o EPS
o Practices o Operating Margin
Preparation of project reports and techno o Operating Activity wise analysis
economic feasibility o Combination ratios (DSCR, Interest
Preparation of CMA and Maximum permissible service coverage ratio, D/E Ratios,
Finance Leverage and other Balance sheet items
Project financing etc.)
Term Loans, Corporate Loans, Asset Base Analysis of other balance sheet items
Funding, Other Financial Products (Leasing, derivatives, Securitization & off
Working Capital Funding, Concepts, products balance sheet items)
and Practical Issues Analysis of Auditors Reports
Analysis of Notes to Accounts
Impact of non-compliance of Accounting
Standards.
Financial Shenanigans
Equity Analysis
Genius Inside
PE Ratio Modules 4: Financial Analysis using Mathematical &
Du-Pont Analysis Statistical Tools
Equity Research- concepts, techniques
and applications. Business Mathematical Tools and Financial Analysis
Evaluation of Risk in Specific situations when the
concern is: Matrix Application in Portfolio Construction
Young Series & Sequence
Growing Exponents & Logarithms
Matured Continuous Compounding
Troubled/Stressed Equation & Inequalities
Latest techniques of financial analysis and their Trend Analysis
application. Financial Analysis of derivative products
Value chain analysis Delta & gamma in Option
Balanced Score Card
Six Sigma Statistical Tools in Financial Analysis
Economic value added Basic concepts
Market value added
Linear Regression Model
Forecasting Financial Statements
Ordinary Least Square (OLS)
Forecasting Techniques
Statistical Inference
Multiyear Projections
o ANOVA (Analysis of Variance
Sensitivity Analysis
Tests)
Financial modelling
o Confidence Interval
Advanced Excel Functions
Evaluating the regression model
Module 3: Long term Investment Analysis
o R-square
Estimation of Cash Flows o Adjusted R-square
Equity cash flow o Testing for statistical significance
Free cash flow Hypothesis testing
Estimation of discount rates Break Down of OLS assumption
Cost of Equity-CAPM, Multifactor o Hetro-scedasticity
models, Built up model and dividend o Auto Correlation
model o Multi-Collinearity
Cost of preference share
Cost of debt Time Series Modelling & Forecasting
WACC Stationery Time Series Analysis (MA, AR
RADR & ARMA Models)
Capital Budgeting MA-Moving Average, AR-Auto Regressive
Basic Concepts Weak Stationery, Test of Independence
Techniques Forecasting in ARMA Model
Practical Aspects Analysis of Non-Stationery time series
Real Options and their use in long term decision (ARIMA Models)
Adjusted present value and its application Dynamic Model of Asset Returns & their
Risk Analysis in Investments volatilities
Probability ARCH Model (Auto Regressive
Sensitivity Analysis Conditional Hetro-scedastic Model)
Scenario Analysis GARCH Model (Generalized ARCH
Monte Carlo Simulation Model)
Certainty Equivalent Model Integrated GARCH Model
Decision tree analysis Exponential GARCH Model (E-GARCH)
Data Management The ARMA-GARCH & ARMA
Pivot Tables, Scenario Analysis, Trend Analysis, EGARCH models
and other Statistical Tools / Quantitative Methods
for Financial Analysis
Genius Inside
Forecasting future returns and volatilities. PAPER 2: CAPITAL STRUCTURING, FUND
Utility function RAISING AND INVESTMENT MANAGEMENT
Module 5: Business Economics-Impact on Financial
Markets Modules 6: Financial Planning
Macro and Micro Economics Fundamentals of Financial Planning
Financial, Industry and Service Sectors Financial planning
o Corporate financial planning short term
Impact Analysis of Economic, Financial, Political and long term approaches, methods and
and International News application
National Income Measurement & Use of Related o Personal financial planning (life cycle
Economic Statistics in finance approach to income planning, consumer
credit, retirement planning, health and life
Monetary Policy Impact on economy & insurance policies, basic about estate
financial Management planning)
Fiscal policy Impact on Economy & financial
Modules 7: Corporate Structuring
Management
Business Cycles & Economic fluctuations Concept of Corporate Structuring
Flow of income Consumption, Savings & Understanding of different theories of corporate
Investment structuring including case study of various Indian
and International Models
Uncertainty and expectations Succession Planning
Inflation- Causes of inflation, level of prices and Management Planning of Family Managed
the value of money, The Fisher effect, the cost of Businesses and related structures
Planning of Wealth Accumulation and
inflation.
Management
Analysis of Interest Rates-Interest Rates in India, Corporate Restructuring
Policy Rates, T-Bill Rates, Repo/Reverse Repo o Sell-offs, spin-offs
Rates, Call Money Rates, PLR, LIBOR, MIBOR, o Equity carve-outs
EURIBOR, SIBOR, MIFOR, Interest rate o Liquidations
o Reorganizations
structures in developed economies of the world.
o Shares buy back and corporate
Yield Curves performance
Term Structure Theories Joint ventures & Strategic Alliances
Asset Reconstruction Companies (including RBI
o The Preferred habitat theory regulations, Role of ARCIL & other asset
o The Unbiased Expectations theory restructuring companies)
Corporate Debt Restructuring (CDR) cell
o The Liquidity preference theory
Board of Industrial Finance Reconstruction
o The market segmentation theory (BIFR)
National Company Law Tribunal(NCLT)
Role of Debt recovery tribunal
SARFAESI Act & its implication.
Bankruptcy
Genius Inside
Case Studies
Sources of finance
i. Barings
ii. Enron Overdraft
iii. WorldCom Bank term loans
iv. Tyco Asset-based finance
v. Macroni Receivables Finance
vi. Swiss Air Angel funding
vii. Royal Ahold Factoring and invoice discounting
viii. Parmalert Hire purchase and leasing
ix. Lehman Brothers Merchant banks (medium to longer
x. Indian Case Studies term loans)
Personal resources
Module 8: Capital Structuring Structured financing
Other sources of funds like NBFCs
Basic Concepts
Capital Structure Theories (Debt, Equity & Credit Enhancement tools
Options) Credit Rating improvement
Capital Structure & the theory of perfect capital Financial Institutions
markets o India (Banks, FIs)
The trade off model Structures
Capital Structure Planning (The design of capital Norms
structure) Nature of Financing
Minimum Acceptable rate of return
Module 9: Fund Raising Module 10: A study of Leading Banks & FIs
A study of various national and international Banks &
Debt
Equity Financial Institutions including their structure, objective,
Promoters funding objective, focus and methodology.
Strategic investment.
Master Circulars of RBI on Finance
Structured Financial Products and Securities
Non-Banking Financial Institutions/Companies
Securitisation
International Banks and Institutions
Off Balance sheet Funding o Structures
External Commercial Borrowing o Norms
Venture Capital Funds: A study of various o Nature of Financing
national and international venture capital funds Multilateral Agencies
including their approach, emphasis and basic o World Bank
requirements/expectations and focus areas while o ADB
funding. (For Sample List of Venture Capital o IFC
Funds, PE Funds-Please refer Annexure- I) o KFW, Japan
Private Equity: A study of various private o WTO
equity national and international players o International Monetary Fund
including structure, objective, funding objective,
focus and methodology.
Short term financing
Long term financing
Genius Inside
Module 11: Portfolio Management Module 12: Alternative Investments
Concepts and Regulatory Framework
including SEBI Guidelines
Concepts and Regulatory Framework
Real Estate Investment Funds and Real
Overview of investment environment Estate Investment Trust.
Investment Process Hedge funds
Investment Policy o History and current status
Investment theory. o Operation of hedge fund- regulation
Market Efficiency & Efficient Market Model and structure
Random Walk Hypothesis o Risks of specific strategies (fixed
Efficient Market Hypothesis income arbitrage, merger arbitrage,
Implications of Market Efficiency convert arbitrage, equity long/short
Empirical test market neutral, macro, distressed de
Markowitz Portfolio Theory and bt, emerging markets)
capital allocation line o Asset illiquidity, valuation, and ris
Capital Asset Pricing Model(CML and SML), k measurement
multifactor model and Fama French Three Factor o The use of leverage and derivative
Model s and the risks they create
Estimating betas (characteristic line ) o Correlations among hedge funds a
Mutual Fund nd between hedge funds and other
History and current status assets
Need, regulation, organisational Behavioral finance -Psychology of Investing &
Structure and formation Behavioral Finance
Types of mutual fund Pension Funds
NFO Philosophy Of Investment Gurus (Masters)
Valuation of units of fund o Grahmin Benjamin
Close end vs. open end o Warren Buffet
Scheme vs. plan o Peter Lynch
Types of plans o George Soros
Mutual fund expenses
Entry and exist load in buying the Fund
SEBI regulations relating to mutual
funds
Index Models & Tracking Portfolio
Portfolio turnover
Active and passive portfolio management
Fund Performance Evaluation techniques
Style Analysis
Morning star Risk Adjusted Rating
Performance Measurement with changing
portfolio composition.
International diversification
Genius Inside
LEVEL II Module 14: Regulatory Framework of Capital Market
PAPER III: CAPITAL & FINANCIAL MARKET Securities Contract Regulation Act
MANAGEMENT SEBI Regulations.
SEBI Guidelines
Module 13: Capital Markets Brokers/Sub-Brokers.
Merchant Bankers
Basics of capital markets (need, evolution Disclosure & Investor
and constituents) Protection Guidelines
Insider Trading Code
Segment of capital market
Take-over Code
Private Placement Of shares Registrar & Transfer Agents
Public issue of shares(methodologies like Other Guidelines and
book building route and procedural Regulations
aspects) NSE, BSE, and MCXsx
IPO pricing and regulatory compliances ( Guidelines
including green shoe option) Listing
Compliance
Right issues and secondary public issues
Exit offers (delisting offers) and strategic
issues Module 15: International Capital Markets
Share Trading, Secondary Market
Major International Capital Market
Depositories. NASDAQ
Stock Exchange Indexes construction New York Stock Exchange
(domestic and international) Small Stock Exchanges in
Options Futures & Derivatives USA/UK
Futures ( Types, valuation, Listing Guidelines
speculation, arbitrage, and Market Participants
hedging) Market Regulators
London Stock Exchange
Options ( types, valuation,
Alternative Investment Markets
speculation , arbitrage and
(AIMs, London).
valuation)
Singapore
Swaps Luxemburg
Vanilla Derivatives Hong Kong
Structured Derivatives Listing Guidelines
Collar International Offering (ADR and GDR)
Module 16: Debt Markets
Risk, Evaluation and
Management of Derivatives Debt Market
Modern Vis. Ancient o Private Placement
Derivative Products o Credit Rating
Merits and Demerits including o Different Instruments
Market Impact Study of o Listing of Debts
Derivatives o SEBI Guidelines
Derivatives as tool of Hedging, Primary Dealers and Secondary Dealers
Speculation Wholesale Debt Market
Negotiated Dealing System (NDS Platform)
Genius Inside
Module 17: Fixed Income Securities FIMMDA practices and Regulations
Co-lateralized Borrowings & Lending
Obligation (CBLO)
Repo and Reverse Repo
Features of Fixed income securities CRR, SLR
Risks & returns analysis in fixed income MIBOR, LIBOR
securities Government Securities Market
Type of fixed income securities Master Circulars on Financial Markets
including hybrid instruments Call/Notice Money Market Operations
Valuation of fixed income securities Guidelines for Issue of Certificates of
including embedded option Deposit
Duration Guidelines for Issue of Commercial
Convexity Paper
Price value of a basis point(PVBP)
Spot rate PAPER IV: FOREX, TREASURY & RISK
Forward rate MANAGEMENT
Bootstrapping
Fixed Income Portfolio management- Module 19: Foreign Exchange Markets
domestic and international
Immunization Basics of foreign Exchange
Introduction to National and Overview of Forex market
major international debt markets Evolution of Forex market
Primary debt market Market participants
Public offer of debt securities International exchange rate system
Private placement of debt Market regulator
securities
Interest rate derivatives (products,
pricing and application) Module 20: Forex Arithmetic
Interest rate swap (IRS)
Forward Rate Agreement (FRA) Type of quotes Ready, Tom, Spot, Forward
Interest rate option- Caps, Floor, Settlement of Forex transactions(Nostro, Vostro
collars (IRO) and Loro account)
Interest rate futures (IRF) Two way quote
Securitization products and uses (Asset Bid-Ask spread
Based Securitization and Mortgage Pips
Based Securitization) ACI convention and quote interpretation
Pass through certificate and other Quote style Direct quote, Indirect quote, American
mechanism of securitization. quote and European quote
Module 18: Money Market Cross rate
Forward exchange rate quotation
Basics of Money Market
Forward point determination
Money Market Participants
Broken period forward rate
Money Market Instruments (Call Money,
Term Money, Notice Money, Merchant rates
Commercial Paper (CP), Certificate of Concept of NDD (Notional due date ) and NTP
Deposits (CD), T-Bill, Repo and Reverse (Notional Transit period ) and their use in export
Repo , BRDS, Inter-Bank Participatory bill pricing (sight and usance export bills)
Certificate (IBPC), etc., Crystallization of export and import bills
Forex swap
Dealing position and fund position
Genius Inside
Module 21: Exchange Rates Theories Module 25: Foreign Exchange Management
Direct Investment by Residents in Joint Venture
Expectation Hypothesis (JV)/Wholly Owned Subsidiary (WOS) abroad
The Fisher Effect Export of Goods and Services
Interest Rate Parity (IRP) External Commercial Borrowings and Trade
Forex Rate Forecasting Credits
Purchase Power Parity(PPP) Foreign Investment in India
Module 22: Forex Risk Management Import of Goods and Services
Miscellaneous Remittances from India
Forex Currency trading and arbitrage Facilities for Residents
Locational Arbitrage Non-Resident Ordinary Rupee (NRO) Account
Covered Interest Arbitrage Remittance Facilities for Non-Resident
Forex Exposure, identification, measurement and Indians/Persons of Indian Origin / Foreign
management Nationals
Translation Exposure Risk Management and Inter-Bank Dealings
Transaction Exposure Module 26: Treasury Management
Economic Exposure Introduction to treasury management
Internal hedging tools for risk management o Objectives
Money Market Hedge (MMH) o Concept
Federation of Exchange Dealers Association of o Organization of treasury
India (FEDAI) Regulation. o Functions of integrated treasury
Module 23: Forex Derivatives (products, valuation and o Process of Globalization
uses in hedging) o Evolving role of Treasury as profit centre
Liquidity planning and managing cash assets
Foreign currency options o Measurement of liquidity
Foreign Currency swaps o Objectives of cash management
Forward Contracts (booking, extension/roll over, o Reserve with Central banks
cancellation and early delivery) o Managing float
Foreign Currency Futures o Managing correspondent balances
Foreign Currency Swaps o Liquidity planning
Vanilla Derivatives o Traditional liquidity measures
Structured Derivatives o Nostro/vostro account management
Exchange Traded Currency Derivatives Risk Management Treasury
Module 24: International Finance o Introduction
o Definition of risk and risk management
Role Of International Financial Markets o Risk management process
International capital budgeting. o Risk identification, measurement,
Regulation related to FDI and ECB monitoring and control
o Types of risks (Business risk, Credit risk,
Packing Credit Limit.
Market risk, Earning risk, Liquidity risk,
Packing Credit Foreign Currency limit and post Operational risk, Control risk)
shipment finance
Asset- Liability Management
Analysis of domestic v/s foreign loan o Asset liability management
Buyers credit and supplier's credit o Bank Balance Sheet Analysis
Forfeiting o Components of assets/ liabilities and
International working capital management their management
Designing an international financial and o ALM implementation
corporate structure o RBI guidelines.
Brief on Corporate Laws and Tax Laws of certain o Management of SLR and non-SLR
important countries. securities, Dealing Room Operations
Genius Inside
Level III Module 29: Relative Valuation Expert level
Identification of Comparable
PAPER V: VALUATIONS, MERGER
Listed Entities
&ACQUISITION, AND PRINCIPALS OF Unlisted Entities
MANAGEMENT Role of deal trading database
Private Equity deals
Module 27: Corporate Valuation
Private placement deals
Overview of Valuation Other transactions
Introducing valuation Adjustment factors to bring Non Comparable to
Valuation analysis Comparable
Historical Analysis- How to use multiproduct Comparable
Forecasting of future projections. Role of segment reporting
Projected profitability Price Earnings multiples
Validity Check Concept of PE
Estimation of Cash Flows Which date/ period P/E multiple to consider
- What to include Discount factors
- What to exclude Premium factors
- Initial/Interim Benchmarking analysis
- Regular cash flow Module 30: Relative valuation Concepts and
- Period to consider
- Post projection cash flow mapping applications
- Role of Residuary value Price to Equity Ratio (PER)
- Other Conceptual aspects of DCF Techniques Price earnings growth
- Discount factors Price to book value
- Contingency factors Price to cash flow
- Weight assignment Enterprise Value to EBITDA (including how to
Role of DCF technique in estimating actually calculate)
Enterprise Value Module 31: Valuation Techniques
Equity Value Income approach
Principles of Adjusted Present value Historical Income- thread bare analysis
Drawbacks and limitations of DCF Forecasted Income- special factors and
techniques assumptions considered
Projections are projections How validated Embedding strategic analysis into forecasting
to mapping Earning capitalization
Assumptions, mapping and basis of arriving o Concepts
at assumptions o Application
Advance techniques of MS Excel to facilitate How to arrive at capitalization rate
DCF analysis. Role of prime rate, Repo rate, MIBOR, call
money rates, YTM of 10 year Gilt and other
Module 28: Due Diligence and its Role in Valuation factors directly determining capitalization rate
Asset Approach
Types of Due diligence Valuation of Land
Effect of due diligence on valuation Valuation of Building (Area, Residual life,
Valuation Standards issued by ICAI Discount factors, Maintenance, Index rating)
Property, Plant and Equipment
o Concept of cash generating Unit-
Valuation
o Concept of residual life
o Comparable current cost
Genius Inside
o Invitation from latest quotes from market Module 33: Merger &Acquisitions
o ABC Analysis of Property Plant &
Equipment (PPE) for application of Mergers.
differential technique Merger Strategy
Valuation technique Selection Takeovers
o Other valuation techniques o Take over code
o Selection of appropriate valuation o Hostile takeovers
technique o Takeover defences & strategies
o Elimination of irrelevant valuation Legal and Regulatory issues
technique Leveraged Buy Outs
Module 32: Summarization of Valuation Management Buy Outs & Buy Ins
Merger Arbitrage
Averaging
Financing Mergers
Range
Acquisitions.
Different options of valuation
Tender offers.
o As per arrangement perception
International M&A
o As per Valuers perception
o Objective analysis and its impact on Strategic Aspects in Mergers and Acquisitions
summary valuation Legal Aspects-Companies Act, Income tax & Stamp
o Practical aspects and case studies Duty Act.
Valuation of Intellectual property Rights, Brands Documentation of merger
and Intangible Assets - Concepts and Applications How to frame merger schemes?
Valuation of shares How to undertake national / international merger?
o Equity
o Preference shares Module 34: General Management
o Special financial instruments Business Research Methods
Valuation of debt Managerial Communication
Valuation of Jewellery Managerial Ethics [2 credits]
o Gold Analysis for Managerial Decision Making
o Diamond Corporate Image Building
o Other metals and precious stone Emotional Intelligence and Managerial Effectiveness
o Concept of making charges Operational Research & Management
o Evaluation of quality Human Resource Management
o Replacement value
o Realizable value Module 35: Organisational Behaviour
o Other valuation fundamentals
o How to verify report of an expert Individual and Group Behaviour in Organisation
Valuation of Options Organisational Structure, Design & Change
o General Principles of Option Valuation Assertiveness Training
o Specific method for Valuing Options Balanced Score Card
o Binomial tree method Corporate Governance
o Black Scholes Valuation: Formula and Cross-Cultural Management
Application Designing Organisations for Uncertain Environment
Role of structuring a transaction - Implication on Leadership, Influence and Power
Valuation Management of Creativity
Management of Relationships
Personal Effectiveness and Self-Leadership
Personal Growth Lab
Political Behaviour & Impression Management in
Organizations
Stress Management
Genius Inside
Transactional Analysis Offshore Banking
Zen and the Executive Mind Capital Planning and Capital Adequacy of Banks
Liabilities Management (including NRI deposits)
Cost of Funds and Transfer pricing.
Module 36: Strategic Management
Module 38: Banking Functions
Sustainable Development and Corporate Sustainability
Building Learning Organisations Credit Management
Business Networking Loan Policy of Banks
Competition and Globalisation Exposure norms
Contemporary Business Practices Screening of applications
Entrepreneurship Planning and Development: with Appraisal of credit
special reference to Tech-Entrepreneurs and Sanction limit
Professionals
Post sanction compliance
Strategy Formulation, Testing and Implementation
Monitoring supervision
International Relations and Management
Review
Managing Private-Public Partnerships
Government policies for credit extension
Strategic Marketing
Credit institutions
Individual and Group Behaviour in Organisation
Principles of good lending
Organisational Structure, Design & Change
Borrower study and bankers opinion
Assertiveness Training
Credit policy by banks
Government regulation of credit
PAPER VI: BANKING, RISK MANAGEMENT AND
Prudential norms
BUSINESS STRATEGY
Consumer loans
Module 37: BANKING Types
Credit analysis of consumer loans
Banking basics Riskreturn analysis of consumer loans
Evolution of banking Customer profitability analysis and loan
pricing
Overview of banking system
Fixed Vs floating rates
Indian banking system
Functions of banks Loan and advances against pledge
Banking technology Hypothecation
Banking products & services Mortgage
Lien
Scheduled and non-scheduled banks
Advances against goods-Document to title to
Indian vs. Foreign banks goods
Regulations on foreign banks Indian Regulator, Life insurance policies
Domestic Regulator Stock exchange securities
Government and RBI regulations Fixed deposit receipts
General banking Book debts & factoring
Retail Banking Supply bills
Corporate Banking Real estates
Government Business Advance against collateral securities
Treasury Corporate Guarantees and documentary credit
Trade Finance Letter of credit discounting
International Banking System Letter credit negotiation
International Fund Transfer
Genius Inside
Agricultural finances and Retail lending Module 41: Risk Analysis & Management
Crop loans
Crop insurance schemes-Dairy- Sericulture- Overview of Risk management in Corporate & banks
Poultry- Animal husbandry ,Horticulture Measuring and management of risks.
Kissan credit cards Credit Risk Measurement and Management
NABARD initiatives Bankruptcy and default
Lead bank schemes Credit spreads
Retail banking advancesConceptRetail Probability of default
banking products Loss given default and recovery rates
Consumer credit financing. Expected and unexpected loss
Financing to small scale industries and large scale Credit scores
External credit ratings
industries
Internal credit ratings surveillance and
Term lending
monitoring of borrowers and credit
Syndicated loan system
limits/exposure
Role of development banks in industrial Contingent claim approach and the KMV
finance Model
Working capital finances Default and default-time correlations
Turnover method Portfolio credit risk
Modified version of MPBF Credit risk management models
Long term finance Credit derivatives
Credit default swap (CDS)
Total return swap (TRS)
Module 39: NPA Management Credit spread option (CSO)
Credit link notes (CLN)
Introduction Collateralized debt obligations (CDO)
Identification of NPAs (CC, OD, Term loans, Bills Other credit derivative products.
purchased, Other accounts) Special Purpose Vehicles (SPVs) or Special
Asset classification Purpose Enterprises (SPEs)
Prudential norms Trust / Corporate / Other structures
Capital adequacyInternational Banking Regulation- Role of revocable & irrevocable
Basel II. structures
Asset classification provisioning With or without recourse structures
Effect of NPA on profitability Counterparty Risk
Monitoring systems for existing and likely NPAs Insurance of Credit Risk, Sovereign Risk
Operational and Integrated Risk Management
Rehabilitation of sick NP units
Types of operational risk
Recovery of NPAs Workflow in financial institutions
Compromise and negotiated settlements Insuring and hedging operational risk
Securitization of Debts Severity and frequency distributions for op
Investment Management in Banks erational risk
Management of SLR and non-SLR securities Aggregated distributions
Dealing Room Operations o Loss distributions
Integrated Treasury Management. o Aggregating loss distributions
Firm
wide risk measurement and management
Module 40: Anti Money Laundry & RBI Guidelines Correlations across market, credit, and ope
rational risk
Know Your Customer (KYC) Guidelines. Differences between market and operational
Anti Money Laundering Law, Guidelines & Circulars. VARs
Genius Inside
Definition of risk capital
Allocation of risk capital across the firm
Basel II Accord
Evaluating the performance of risk management systems
Implementation risks of risk management
Legal risk
Liquidity risk
Risk Management and Investment Management
Traditional investment risk management
Return metrics (Sharpe ratio, information ratio, VaR, rela
tive VaR, tracking error, survivorship bias)
Implementing VaR
Benchmarking asset mixes
Risk decomposition and performance attribution
Risk budgeting
Tracking error
Setting risk limits
Risk of alpha transfer strategies
Risk management issues of pension funds
Module 42: Business Planning & Functional Strategy
Business Strategy
"We Create
Macro environment
Strategic Options Value, Valuations
Strategies for Change
Industry and Market Environment
Ethics, sustainability and Corporate Responsibility
will Follow...!!"
Founder MBF Course
Module 43: Trade Finance
Business Strategy
Macro environment
Strategic Options
Strategies for Change
Genius Inside
Fee Structure
(a) Prospectus
Rs. 100 (Rupees One Hundred only) (Not chargeable for the
prospectus and form downloaded from the website).
(b) Registration Fee:
Course Registration Fee : Rs. 30,000
Residential Program Fee : Rs. 20,000
(One Week Each: 2 No's incl. staying costs, foods etc at ICAI
Centres of Excellence (Hyderabad). Travel Excluded)
(c) Classes on Alternative Saturday and Sunday for 1 year
(Tea with Snacks will be provided)
(d) 100 CPE HOURS CREDIT
Note: (e) For Feedback Contact Details of Batch I & II Participants
Please note that Registration fee once paid is non-
refundable under any circumstances and Institute
will not entertain any correspondence in this Anuj Jain 9873677736 jaina@iocl.co.in
regard. Atul Chawla 9818161122 chawla.atul@yahoo.com
Gagandeep Singh 9999648366 gagan4life@yahoo.com
How to make Payment? Pravin Rameshwar
9322274633 capnavandar@gmail.com
Payment for the Course can be made On-line or Navandar
through Demand Draft/Pay Order in favour of "The Rishabh Kumar
Sawansukha
9873416002 rishabhsawansukha@hotmail.com
Secretary, Institute of Chartered Accountants of
India". The members of ICAI can also pay by Sandeep Shantilal
Chandaliya
9619496873 sandeep.chandaliya@crownsec.com
cheque payable at par at Delhi or add Rs.100/-
towards collection charges. Shoyi K. John 9810284422 shoyikjohn@gmail.com
Submit the form complete in all respect along with
the requisite fee to: - Shweta Sharma 9968282301 shweta.acs@gmail.com
Vaibhav Jain 9711310004 vaibhavjain@inmacs.com
The Secretary,
Committee on Management Accounting (CMA) Varun Chawla 9999313106 cavarunchawla@gmail.com
ICAI BHAWAN,
A-94/4, SECTOR 58,Noida (U.P.)
Pin Code 201301
Email: cma@icai.in
A facility of online registration and payment is
available at www.icai.org
Examination Fee
Nil for the First Evaluation and thereafter @
Rs.1,000/- per level (Comprising two papers) each
time if any candidate is required to re-appear for
any subsequent Evaluation Test.
Faculty
The Faculty for the course is drawn from IIM's,
XLRI, NIBM,MDI, Public & Private Sector Banks/
Financial Institutions, Mutual Funds, ICRA, SIDBI,
ICRA, etc. and Senior Chartered Accountants from
Industry Profession and Academicians.
Genius Inside
Course Coordinators:
CA. Nitin Jain, Secretary CMA
Mobile No. 91 9310542607 : nitinjain@icai.org
Shri A.P. Kar, Course Co-ordinator
Mobile No. 91 93507 99912 : ap.kar@icai.org
Genius Inside
The Institute of Chartered Accountants of India
(Set up under an Act of Parliament)
ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi110002
www.icai.org
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