SYSTEMS%20OF%20FINANCIAL%20ANALYSTS%20TRAINING

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SYSTEMS OF FINANCIAL ANALYSTS TRAINING
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Contents

• Certificate in Finance and Investment of the
  Faculty of Actuaries and Institute of Actuaries
  (UK)
• Chartered Financial Analyst (CFA) of the
  Chartered Financial Analyst Institute (USA)
• Certified International Investment Analyst (CIIA)
  Association of Certified International Investment
  Analysts
• The Association of Corporate Treasurers (UK)
• The Training Center for Actuaries and Financial
  Analysts (Ukraine)

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Job

• An analyst will write reports on the companies
  they are supposed to cover, trying to describe
  the businesses and their opinion of the company's
  investment potential, usually from a fundamental
  analysis standpoint. They also summarize that
  report with a rating, such as "buy", "sell",
  "market perform", "overweight", "hold", etc.

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• Financial analysts, also called securities
  analysts and investment analysts, work for banks,
  insurance companies, mutual and pension funds,
  securities firms, and other businesses, helping
  these companies or their clients make investment
  decisions. Financial analysts employed in
  Commercial lending perform "balance sheet
  analysis," examining the audited financial
  statements and corollary data in order to assess
  lending risks. In a stock brokerage house or in
  an investment bank, they read company financial
  statements and analyze commodity prices, sales,
  costs, expenses, and tax rates in order to
  determine a company's value and project future
  earnings. In any of these various institutions,
  the analyst often meets with company officials to
  gain a better insight into a company's prospects
  and to determine the company's managerial
  effectiveness. Usually, financial analysts study
  an entire industry, assessing current trends in
  business practices, products, and industry
  competition. They must keep abreast of new
  regulations or policies that may affect the
  industry, as well as monitor the economy to
  determine its effect on earnings.

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• Financial analysts in investment banking
  departments of securities or banking firms often
  work in teams, analyzing the future prospects of
  companies that want to sell shares to the public
  for the first time. They also ensure that the
  forms and written materials necessary for
  compliance with Securities and Exchange
  Commission regulations are accurate and complete.
  They may make presentations to prospective
  investors about the merits of investing in the
  new company. Financial analysts also work in
  mergers and acquisitions departments, preparing
  analyses on the costs and benefits of a proposed
  merger or takeover. There are buy-side analysts
  and sell-side analysts.
• Some financial analysts, called ratings analysts
  (who are often employees of ratings agencies),
  evaluate the ability of companies or governments
  that issue bonds to repay their debt. On the
  basis of their evaluation, a management team
  assigns a rating to a company's or government's
  bonds. Other financial analysts perform budget,
  cost, and credit analysis as part of their
  responsibilities.

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Financial analysis

• Financial analysis refers to an assessment of the
  viability, stability and profitability of a
  business, sub-business or project.
• It is performed by professionals who prepare
  reports using ratios that make use of information
  taken from financial statements and other
  reports. These reports are usually presented to
  top management as one of their basis in making
  business decisions. Based on these reports,
  management may
• Continue or discontinue its main operation or
  part of its business
• Make or purchase certain materials in the
  manufacture of its product
• Acquire or rent/lease certain machineries and
  equipments in the production of its goods
• Issue stocks or negotiate for a bank loan to
  increase its working capital.
• other decisions that allow management to make an
  informed selection on various alternatives in the
  conduct of its business.

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Goals

• Financial analysts often assess the firm's
• 1. Profitability - its ability to earn income and
  sustain growth in both short-term and long-term.
  A company's degree of profitability is usually
  based on the income statement, which reports on
  the company's results of operations
• 2. Solvency - its ability to pay its obligation
  to debtors and other third parties in the
  long-term

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• 3. Liquidity - its ability to maintain positive
  cash flow, while satisfying immediate
  obligations
• Both 2 and 3 are based on the company's balance
  sheet, which indicates the financial condition of
  a business as of a given point in time.
• 4. Stability - the firm's ability to remain in
  business in the long run, without having to
  sustain significant losses in the conduct of its
  business. Assessing a company's stability
  requires the use of both the income statement and
  the balance sheet, as well as other financial and
  non-financial indicators.

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Education

• It is often required for analysts to earn an MBA
  or a professional qualification such as Chartered
  Financial Analyst designation (CFA) in the United
  States of America, or Certified International
  Investment Analyst designation (CIIA) in Europe
  and Asia, to advance beyond a certain level
  within a firm. Alternatively, analysts may earn a
  Master of Science in Finance (MSF).

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Faculty of Actuaries and Institute of
Actuaries(UK)

• http//www.actuaries.org.uk

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Introduction to the Education System

• There are four stages
• Core Technical stage
• Core Applications stage
• Specialist Technical stage
• Specialist Applications stage

This is shown diagrammatically as
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Core Technical Stage

• In the Core Technical stage there are nine
  subjects
• CT1 Financial Mathematics
• CT2 Finance and Financial Reporting
• CT3 Probability and Mathematical Statistics
• CT4 Models
• CT5 Contingencies
• CT6 Statistical Methods
• CT7 Economics
• CT8 Financial Economics
• CT9 Business Awareness Module

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• Each of CT1 - CT8 will be examined by one paper
  of three hours duration.
• CT9 Business Awareness Module involves a 2-day
  residential course, with pre-course study and a
  post-course test, that has been designed to help
  people joining the Actuarial Profession
  understand
• the business environment they will be working in,
  including the related challenges
• how to tackle business related problems
• their professional responsibilities
• the need to equip themselves for lifelong
  learning
• The module consists of internet-based study,
  attendance at a two day course and internet-based
  assessment.

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Core Applications Stage

• In the Core Applications stage we will be
  covering actuarial concepts.
• The main Core Applications subject will be
  assessed by two papers each of three hours in
  length, one paper covering assets and one
  covering liabilities and asset-liability
  management. The two papers will be added together
  to give a single mark for
• CA1 Core Applications Concepts
• CA11 one paper - assets
• CA12 one paper - liabilities and asset-liability
• management

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• CA2 Modelling requires attendance at a two day
  course with a practical data handling assessment
  on the second day. The purpose of the first day
  is to ensure that all students understand the
  nature of the assessment and are familiar with
  the software provided and on the second day the
  assessment takes place.
• The successful candidate will be able to
  demonstrate
• Analysis and summary of data
• Development of a model with audit trail
• Ability to apply results
• Interpretation of results within a general
  business context
• Communication of results to a technical audience

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• CA3 Communications has two questions, each
  testing a different type of written
  communication. The paper is of three hours
  duration.

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Specialist Technical stage

• Students will in future be required to pass two
  subjects at the Specialist Technical stage. There
  are seven Specialist Technical subjects
• ST0 Alternative Specialist Technical
• ST1 Health and Care Specialist Technical
• ST2 Life Insurance Specialist Technical
• ST3 General Insurance Specialist Technical
• ST4 Pensions and other Benefits Specialist
  Technical
• ST5 Finance and Investment Specialist Technical A
• ST6 Finance and Investment Specialist Technical B
• Each of ST1 - ST6 will be tested by one
  examination paper of three hours in length.

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Specialist Applications stage

• There are seven Specialist Applications subjects.
  Students required to pass one subject chosen
  from
• SA0 Research Dissertation Specialist
  Applications
• SA1 Health and Care Specialist Applications
• SA2 Life Insurance Specialist Applications
• SA3 General Insurance Specialist Applications
• SA4 Pensions and other Benefits Specialist
  Applications
• SA5 Finance Specialist Applications
• SA6 Investment Specialist Applications
• Each of SA1SA6 are tested by an examination
  paper of three hours duration.

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UK Practice Modules

• A UK Practice Module has to be taken by students
  working in the UK. This is tested by multiple
  choice examinations each of one and a half hours
  duration.
• The first part is common to all practice areas
  and tests the generic principles of UK Financial
  Services.
• The second part tests UK business practice,
  regulation, legislation and professional guidance
  notes in specific areas.

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Qualifications

• 1. Class of Associate
• Students who have completed all but the
  Specialist Technical and Specialist Applications
  subjects and who have completed the appropriate
  professionalism course and meet the work-based
  skills requirement, may apply to transfer to the
  class of Associate member.
• Students do not automatically transfer to
  Associate prior to taking the Specialist
  Technical and Specialist Applications subjects,
  but can apply to transfer to the class of
  Associate if they no longer wish to continue
  taking examinations.

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• 2. Class of Fellow
• Students will be admitted to the Fellowship on
  having successfully completed or passed the Core
  Technical subjects, Core Applications subjects,
  two of the Specialist Technical subjects, one of
  the Specialist Applications subjects and having
  met the work-based skills requirement.
• An applicant for admission to the Institute
  Class of Fellow must have attained the age of 23
  years.

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• 3. Diploma in Actuarial Techniques
• The joint Diploma in Actuarial Techniques was
  introduced in April 1996. The Diploma in
  Actuarial Techniques will be sent directly to
  students completing all of the Core Technical
  stage subjects CT1, CT2, CT3, CT4, CT5, CT6,
  CT7, CT8 and CT9.

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• 4. Certificate in Finance and Investment
• The Certificate in Finance and Investment is a
  joint certificate and will be sent to all
  students of the Faculty and Institute of
  Actuaries who complete or are exempted from CT1,
  CT2, CT4, CT7, CT8, CT9 and CA1 .

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Chartered Financial Analyst Institute (USA)

• http//www.cfainstitute.org/

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• Chartered Financial Analyst (CFA) is a
  professional designation offered by the CFA
  Institute (formerly known as Association for
  Investment Management and Research (AIMR)) to
  financial analysts who complete a series of three
  examinations and work for at least four years in
  the investment decision making process. CFA
  charterholders are also obliged to adhere to a
  strict Code of Ethics and Standards (a commitment
  that, above all else, you put the interests of
  your clients first. ) governing their
  professional conduct.
• The CFA designation is a qualification for people
  engaged in the financial and investment sector.

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• From 1963 (when the CFA designation was first
  used) to 2006, approximately 69,600 people from
  126 different countries have been awarded the
  right to use the CFA designation. As of 2006,
  more than 116,000 more people are currently
  enrolled to take one of the examinations.
• The CFA program began in the United States, but
  has become increasingly international with many
  people becoming charterholders across Europe,
  Asia and Australasia. By 2003 fewer than half the
  candidates in the CFA program were based in the
  US and Canada, with most of the other candidates
  based in Asia or Europe. India and China have
  shown some of the highest growth from 2005-2006
  with increases of 25 and 53 respectively in the
  total number of charterholders.

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• The basic requirements for participation in the
  CFA program include holding or being in the final
  year of (a) four-year university degree (or
  international equivalent) or having four years of
  qualified, professional work experience in an
  investment decision-making process. The program
  focuses on portfolio management and financial
  analysis, and provides a generalist knowledge of
  other areas of finance.

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The CFA exam

• Candidates generally take one exam per year over
  three years and are written at a postgraduate
  level for financial professionals. Exams are
  challenging, with only 39 passing the Level I
  exam in December 2006. The June 2006 Level I Exam
  resulted in a worldwide pass rate of 40 Europe
  achieved the highest pass rate for that exam with
  57. The Level II and III passing rates for 2006
  were 48 and 76 respectively.

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• 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.

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• All three exams are administered on paper, on a
  single day the Level I exam is administered
  twice a year (usually the first weekend of June
  and December). The Level II and III exams are
  administered once a year, usually the first
  weekend of June. Each exam consists of two
  three-hour sessions. Both Level I and Level II
  are entirely multiple choice, while Level III
  consists of a session of short-answer questions
  and a session that is multiple choice. On the
  multiple-choice sections, there is no penalty for
  wrong answers.

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• Candidates who have taken the exam receive a
  score report that is intended to be fairly
  unspecific there is no overall score for the
  test, only a Pass/Fail result. For each category
  of questions, each test-taker is given a broad
  range within which his or her performance falls
  below 50, between 50 and 70, and above 70.
  There is no pre-set passing grade for the exams.
  The threshold for passing is 70 of the average
  of the top 10 of all scores. The wide variation
  in pass rates from year to year may partially
  stem from this calculation.

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The CFA curriculum

• The curriculum for the CFA program includes
• Ethics and Professional Standards
• Quantitative Methods (such as the time value of
  money, and statistical inference)
• Economics
• Financial Statement Analysis
• Corporate Finance
• Analysis of Investments (stocks, bonds,
  derivatives, venture capital, real estate, etc.)
• Portfolio Management and Analysis (asset
  allocation, portfolio risk, performance
  measurement, etc.)

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• Analysis of Equity Investments
• - Organization and Functioning of  Securities
  Markets- Security-Market Indexes and
  Benchmarks- Equity Risk Definition and
  Measurement- Fundamental Analysis - Special
  Applications of Fundamental Analysis- Technical
  Analysis

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• Financial Statement Analysis
• - Financial Reporting System - Principal
  Financial Statements- Earnings Quality and
  Nonrecurring Items - Analysis of Inventories -
  Analysis of Long-Lived Assets- Analysis of
  Income Taxes- Analysis of Financing Liabilities
  - Analysis of Leases - Analysis of
  Off-Balance-Sheet Activities- Analysis of
  Pensions, Stock Compensation, and Other
  Employee Benefits - Analysis of Inter-Corporate
  Investments- Analysis of Business Combinations
  Analysis of Multinational Operations- Ratio
  and Financial Analysis

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• Corporate Finance
• - Fundamental Issues- Capital Investment
  Decisions - Business and Financial Risk-
  Long-Term Financial Policy- Mergers and
  Acquisitions- Valuation Implications of
  Corporate Finance

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• Analysis of Fixed-Income Investments
• - Fixed-Income Securities- Risks Associated
  with Investing in Bonds- Global Bond Sectors and
  Instruments- Yield Spreads- Introduction to the
  Valuation of Fixed-Income Securities- Yield
  Measures, Spot Rates, and Forward Rates-
  Measurement of Interest Rate Risk- The Term
  Structure and Volatility of Interest Rates-
  Valuing Bonds with Embedded Options-
  Mortgage-Backed Securities- Asset-Backed
  Securities- Valuing Mortgage-Backed and
  Asset-Backed Securities- Assessing Trading
  Strategies- Principles of Credit Analysis

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• Economics
• - Market Forces of Supply and Demand-
  Elasticity- The Firm and Industry Organization-
  Supply and Demand for Productive Resources-
  Measuring National Income- Economic Fluctuations
  and Unemployment- The Monetary System-
  Inflation Causes and Consequences-
  International Trade- International Finance- The
  Macroeconomics of an Open Economy- Aggregate
  Demand and Aggregate Supply- Sources of Economic
  Growth- Government Regulation- Natural Resource
  Markets- Relationship of Economic Activity to
  the Investment Process

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• Derivatives
• - Derivative Markets and Instruments- Forward
  Markets and Instruments- Futures Markets-
  Options Markets- Swaps Markets

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• Portfolio Management
• - Capital Market Theory- Management of
  Individual Investor Portfolios- Management of
  Institutional Investor Portfolios- Pension Plan
  and Employee Benefit Funds- Endowment Funds and
  Foundations- Insurance Companies- Other
  Corporate Investors- Capital Market
  Expectations- Asset Allocation- Portfolio
  Construction and Revision- Equity Portfolio
  Management Strategies- Fixed-Income Portfolio
  Management Strategies - Real Estate and
  Alternative Investments in - Portfolio
  Management- Risk Management - Performance
  Measurement- Presentation of Performance Results

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• Analysis of Alternative Investments
• - Real Estate - Investment Companies- Venture
  Capital - Hedge Funds - Closely-Held Companies
  - Distressed Securities/Bankruptcies- Commodity
  Markets and Commodity Derivatives

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• Ethical and Professional Standards
• - Professional Standards of Practice- Topical
  Issues

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Fee Schedule

•   To enter the CFA Program, you must pay
•  
• An initial, one-time only registration fee
• An enrollment fee for your first exam (Level I)
•  
• Fees for New Candidates
• Payment deadlines
• December 2007 15 Mar 07 15 Aug 07 17
  Sep 07
• Registration Fee(one-time) US390
  US390 US465        
• Exam Fee Level I(enrollment) US370
  US455 US690        
• Total Cost to Enterthe CFA Program US760
  US845 US1155   

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Association of Certified International Investment
Analysts

• http//web.aciia.org/

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• Certified International Investment Analyst (CIIA)
  is a designation offered by the Association of
  Certified International Investment Analysts
  (ACIIA) to professional financial analysts
  candidates may be financial analysts, portfolio
  managers and / or investment advisors.
• To be awarded the CIIA, candidates must pass two
  "Common Knowledge" Exams and a third
  National/Regional Exam (examining knowledge of
  specific markets), and have 3 years relevant
  experience. The exams are taken twice per year
  and are written at a postgraduate level.

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• The exams are implemented by 27 national
  Associations of Financial Analysts, or
  Federations of Financial Analysts Associations.
  Federations of Analysts Associations that are
  members of ACIIA, are inter alia the Asia-pacific
  Securities Analysts Federation (ASAF) European
  Federation of Financial Analysts Societies
  (EFFAS) and Brazil / Latin America Associação
  Brasileira dos Analistas do Mercado de Capitais
  (ABAMEC).

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Curriculum

• Equity valuation and analysis
• - Equity Markets and Structures- Understanding
  the Industry Life Cycle- Analyzing the Industry
  Life Cycle- Valuation Model of Common Stock
  Exercises

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• Financial accounting and financial statement
  analysis
• - Financial Reporting Environment- Framework
  for the Preparation and Presentation of
  Financial Statements- Statement of Cash Flows-
  Generally Accepted Accounting Principles Income
  Recognition- Generally Accepted Accounting
  Principles Assets, Liabilities and
  Shareholders Equity- Business Combinations-
  Foreign Currency Transactions- Financial
  Reporting and Financial Statement Analysis-
  Analytical Tools for Gaining Financial Statements
  Insights- Analytical Tools for Assessing
  Profitability and Risk Exercises

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• Corporate finance
• - Fundamentals of Corporate Finance- Long-Term
  Finance Decision- Short-Term Finance Decision-
  Capital Structure and Dividend Policy- Mergers
  and Acquisitions- International Corporate
  Finance Exercises

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• Fixed income valuation and analysis
• - Fundamentals- Time Value of Money- Bonds
  with Warrants- Convertible Bonds- Callable
  Bonds- Floating Rate Notes- Mortgage-Backed
  Securities- Fixed Income Portfolio Management
  Strategies Exercises

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• Economics
• - Macroeconomics the Basics- Macroeconomic
  Dynamics- Open-Economy Macroeconomics the
  Balance of Payments and the Exchange - Rate -
  Monetary Policy Exercises

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• Derivative valuation and analysis
• - Financial Markets and Instruments- Futures
  Valuation and Analysis- Option Valuation and
  Analysis- Asset-Based Securities Exercises

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• Portfolio management
• - Modern Portfolio Theory- Investment Policy-
  Asset Allocation- Practical Portfolio
  Management- Performance Measurement- Management
  of Investment Institutions Exercises

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• National Exam
• - Regulation - Ethics - Financial statements
  analysis - National Market structures and
  instruments

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• The Common Knowledge Exams are divided into two
  levels - the Foundation and Final Level. Examined
  are essential skills and knowledge required for
  professionals working in investment markets
  common in all countries.
• Foundation Level
• Exam Format multiple choice, calculation,
  discursive and short essay questions
• Exam 1 3.10hrs Equity valuation and
  analysis
• 
  Financial accounting and statement analysis
• 
  Corporate Finance
• Exam 2 2.40hrs Fixed income valuation
  and analysis
• Economics
• Exam 3 3.10hrs Derivative valuation
  and analysis
• 
  Portfolio management

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• Graduates who already have relevant
  qualifications may be exempt from the Foundation
  Level exams. Contact your local national/regional
  society for further details.
• Final Level
• Exam Format full and mini-case study questions
  and in-depth essay. Exam 1 3hrs Corporate
  finance
• Economics
• Financial accounting and statement analysis
• Equity valuation and analysis
• Exam 2 3hrs Fixed income valuation and analysis
• Derivative valuation and analysis
• Portfolio management

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• National/Regional ExamExam 1 3hrs Regulation
• Ethics
• Financial statements analysis
• Market structures and instruments

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• Multilingual Exams
• The Common Knowledge Exams can be conducted in
  Chinese, English, French, German, Italian,
  Japanese, Korean, Polish, Portuguese, Russian and
  Spanish.

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American Academy of Financial Management

• http//www.financialanalyst.org

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• The AAFM was founded in 1996, via a merger
  between the American Academy of Financial
  Management Analysts (AAFMA) and the Founders
  Advisory Committee of the Original Tax and Estate
  Planning Law Review. The AAFM is a professional
  association governed by a Board of Standards and
  a membership code of ethics and standards of
  practice. The AAFM operates in most countries as
  a society or non-profit association, with the
  members of the local or regional chapter making
  up the owners of the society. At all times the
  AAFM and its members are accountable to the
  community and to the board of standards.

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• The American Academy of Financial Management
  maintains more than 20 designations in the
  finance arena, with highly specialized role-based
  post-nominal awards. Members must either have
  come through one of the AAFM Accredited
  University Finance programs (such as Universities
  within AACSB - The Association to Advance
  Collegiate Schools of Business, ACBSP The
  Association of Collegiate Business Schools and
  Programs, etc), through an Executive Training
  Program, or in some rare cases through
  grandfathering by way of board/peer review.

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• AAFM is best recognized for its designations
  being in alliance with the AACSB International
  Accreditation Agency, the ACBSP Accreditation
  Agency, and listed and disclosed with various
  authorities such as Investor Education,
  Department of Labor, or National Association of
  Securities Dealers (NASD). AAFM Designations are
  available as executive certification courses for
  accredited degree holders in North and South
  America as well as Asia, India, and the Middle
  East.

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• Chartered Wealth Manager
• The CWM is only available for wealth managers
  with an accredited masters degree, law degree,
  CPA, PhD or specialized executive training.
• Chartered Asset Manager
• The CAM is only available for asset managers
  with an accredited masters degree, law degree,
  MBA, CPA, PhD or specialized executive training.
• Chartered Portfolio Manager
• The CPM is only available for portfolio managers
  with an accredited masters degree, MBA, law
  degree, CPA, PhD or specialized executive
  training.

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• Master Financial Professional
• The MFP is only available for financial planning
  managers with an AACSB or ACBSP accredited
  degree, ABA (American Bar Association) law
  degree, MBA, CPA, PhD or specialized executive
  training.
• The AAFM has mutual legal recognition agreements
  with over 560 accredited and registered business
  schools to convey this credential to registered
  graduates of these top institutions.

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• Certified Market Analyst
• The Certified Market Analyst or Chartered Market
  Analyst credential is only available for
  financial analysts and market analysts with an
  earned accredited masters degree, law degree,
  MBA, CPA, PhD or specialized AAFM executive
  training. The CMA has a focus on technical and
  fundamental analysis. Requirements are very high
  which include graduate education, ethics,
  continuing education, and vast experience with
  research, publications and investments.
• Chartered Trust and Estate Planner
• The CTEP is only available for estates and trust
  managers with an accredited degree, law degree,
  MBA, CPA, PhD or specialized executive training.
  Trust and estates experience and knowledge is
  required.

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• Registered Financial Specialist
• The RFS is only available for financial planning
  managers with an accredited degree, MBA, law
  degree, CPA, PhD or specialized executive
  training. Criteria for this award includes
  ethics, continuing education, testing, education,
  and degree.

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• The AAFM has always required a college degree to
  be a candidate for certification. AAFM members
  are mainly from AACSB or ACBSP government
  recognized business schools. Thus, a college
  graduate would have already successfully
  completed 30 or more college level courses and
  exams along with ethics and professionalism
  courses to earn a degree to then be eligible for
  professional certification.

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The Association of Corporate Treasurers (UK)

• http//www.treasurers.org

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• The Association of Corporate Treasurers (ACT) is
  the international body for finance professionals
  working in treasury, risk and corporate finance.
  Through the ACT we come together as
  practitioners, technical experts and educators in
  a range of disciplines that underpin the
  financial security and prosperity of an
  organisation.
• The ACT defines and promotes best practice in
  treasury and makes representations to government,
  regulators and standard setters.

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• Treasury is an integral element of the financial
  management of a business and as the environment
  in which companies operate evolves, the role of
  corporate treasury also changes.
• The ACT is the only UK based professional body to
  offer specialist qualifications in treasury, risk
  and corporate finance. The membership
  qualifications, recognised as the global
  benchmark for treasury education, ensure that the
  ACT represents a highly qualified community of
  professionals.

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The ACT Qualifications

• Professional membership of the ACT may be
  obtained at two levels
• Associateship
• Membership
• The Associateship qualification is set at
  professional entry level and gives a thorough
  overview of the fundamentals of treasury
  management. These concepts are developed further
  in the Membership examinations.

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• The ACT Membership qualifications
• AMCT Diploma in Treasury, Risk and Corporate
  Finance
• MCT Advanced Diploma in Treasury, Risk and
  Corporate Finance, and the Certificate
  qualifications.

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AMCT Syllabus

• There are two levels of papers in the AMCT
  syllabus Foundation Papers, which are core to
  the understanding of treasury and accountancy
  principles and Associate Papers, which provide
  the building blocks for the modern treasurer,
  examining and analysing the principles of
  corporate treasury.
• An AMCT students study is made up of seven
  papers, four Foundation Papers and three chosen
  Associate Papers.

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• Foundation Papers
• Financial Management Accounting
• Economics Statistical Analysis
• Corporate Taxation
• Business Law

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• Associate Papers
• Liquidity Management
• Risk Management
• Corporate Finance Funding
• Corporate Finance Funding FastTrack
• International Cash Management (Certificate)
• Financial Mathematics and Modelling (Certificate)
• Risk Management for Pensions (Certificate)

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• Certificates
• Certificate papers may be taken independently of
  the AMCT qualification and are recognised as
  qualifications in their own right. There are
  currently three Certificate papers
• International Cash Management (CertICM)
• Financial Mathematics and Modelling (CertFMM)
• Risk Management for Pensions (CertRMP)

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• The Association of Corporate Treasurers'
  Certificate in Financial Mathematics and
  Modelling (CertFMM) is designed to cover three
  critical areas of financial risk mathematics
  money market calculations, options and portfolio
  management.
• International Cash Management explores the
  instruments, infrastructure and techniques of
  managing cash from the basics of payments and
  collections to foreign exchange swaps and
  outrights. It explains the links with working
  capital management together with the effects of
  legal, tax, technology and regulatory issues on
  cash management and banking relationships.

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• By completing this paper you will
• Be able to demonstrate a detailed understanding
  of international cash management from both a
  corporate and banking perspective.
• Understand the wider context in which cash
  management fits within corporate treasury and
  international banking.
• Understand global money transmission techniques
  and the details of major clearing systems.
• Be able to add real value when organising and
  negotiating international cash management
  arrangements.
• Be equipped with a practical toolkit for
  practical international cash management,
  including the use of instruments and strategies
  for optimising cash management efficiency.

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• The Association of Corporate Treasurers'
  Certificate in Financial Mathematics and
  Modelling (CertFMM) is designed to cover three
  critical areas of financial risk mathematics
  money market calculations, options and portfolio
  management.
• Financial Mathematics Modelling provides the
  tools to calculate, understand and interpret
  interest rate and currency risk from a
  mathematical viewpoint and analyses how these can
  be applied to practical situations. Techniques
  such as duration, convexity and portfolio
  analysis, including the trade-off between risk
  and return are discussed. The course explores
  option theory and the powerful ideas behind
  option pricing. It provides an insight into Value
  at Risk measures and its potential value and
  limitations as a useful risk measure. This
  Certificate is highly practical and will be
  taught using Excel.

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• By completing this paper you will
• Be able to calculate prices and yields for a
  variety of financial instruments.
• Be able to explain and analyse interest rate
  sensitivity.
• Be able to demonstrate how derivatives are used
  in financial risk management
• Be able to price interest rate and currency
  derivatives.
• Understand the concepts behind option pricing
  theory.
• Be able to explain how portfolios can be measured
  in terms of risk and the limitations of those
  measures.
• Be able to describe Value at Risk and how it is
  used.

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• The Association of Corporate Treasurers'
  Certificate Paper in Risk Management for Pensions
  (CertRMP) is designed to enable you to
  understand, analyse and manage the risks
  associated with company pension funds.
• CertRMP equips finance professionals with a
  fundamental understanding of the legislative and
  regulatory framework surrounding pensions,
  including the role of trustees, risk management
  implications and associated governance issues. By
  illustrating how analysts and shareholders view
  the risk profile of a company on the basis of the
  existence of a pension fund, it provides the
  skills to manage and understand this risk. The
  Certificate explores the impact of the pension
  fund on the cost of capital, enabling the finance
  professional to manage the financial assets of
  the business and address funding requirements.

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• On completion of this paper you will be able to
• Understand key aspects of the pensions framework
  and provision in the UK and compare these with
  other key jurisdictions
• Compare and contrast the management of various
  types of company pension
• Explain the roles and responsibilities of key
  persons associated with the management of a
  pension scheme
• Understand and describe the financial risks
  associated with pension funds for both Fund and
  Company
• Identify and assess your companys key pension
  risk exposures and strategies to manage them
• Discuss the constraints/inhibitors to actions or
  decisions sought for the purposes of risk
  management

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• Recommended study time 100-120 hours
• Examination time 3 hours
• The pass mark for each paper is normally 50

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• The Training Center for Actuaries and
• Financial Analysts (Ukraine)
• www.mechmat.univ.kiev.ua/probability/Actuarial_Ce
  nter/

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• The Training Center for Actuaries and Financial
  Analysts started its activity on the base of Kyiv
  National Taras Shevchenko University in 2006.
• The Training Center was organized within the
  framework of EU Tempus Project IB-JEP-25054 under
  auspices of consortium of EU Universities, State
  Commission for Regulation of the Financial
  Services Markets of Ukraine and Society of
  Actuaries of Ukraine. The strategic goal of
  Training Center is assistance in development of
  actuarial profession in Ukraine through
  implementation the system of actuarial training
  on the base of advanced teaching methods. The
  employees of insurance companies, pension funds,
  banks, and governmental agencies as well as
  postgraduate and graduate students can attend
  these courses and at this center and prepare
  themselves for qualifying exams for Ukrainian
  actuaries have.

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• Educational programs of Training Center are
  adapted to the BritishActuarial examination
  system and correspond to EU standards of
  actuarial training. Very fruitful contacts are
  established with Institute of Actuaries and
  Faculty of Actuaries in United Kingdom. An
  Examination Center for British actuarial exams
  was created on the base of the Training Center at
  Kyiv National Taras Shevchenko University. The
  first group of Ukrainian trainees passed exams in
  September 2006.

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• Highly qualified staff of professors and
  lecturers from the Department of Probability
  Theory and Mathematical Statistics of Kyiv
  University delivers the courses in the Core
  Technical (CT) subjects according British
  actuarial training system
• CT1 Financial Mathematics
• CT2 Finance and Financial Reporting
• CT3 Probability and Mathematical Statistics
• CT4 Models
• CT5 Contingencies
• CT6 Statistical Methods
• ?T7 Economics
• CT8 Financial Economics.

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• Training Center has a good library of actuarial
  literature, lecture halls and computer equipment.
  All trainees are provided by necessary teaching
  materials and have possibility to use library of
  actuarial literature, which has newest books on
  actuarial, financial mathematics, stochastic and
  statistics. The organization of training process
  is flexible. Lecture and practical studies are
  delivered in specially equipped computer classes
  at Kyiv University. These studies are combined
  with elements of distance education. The
  realistic timetable for the delivery of courses,
  which is appropriate for the needs of trainees
  from Kyiv and regional-based insurance companies
  are created.