CFA Russia - Two-day Intensive Financial Modeling Course

12 ноября 2011 г.

On November 12-13, 2011, CFA Association (Russia) will run the two-day comprehensive course for investment banking practitioners and financial analysts:

Financial Modeling Course (Regular)

Venue: 15 Kalanchevskaya street, Moscow (map -- http://maps.yandex.ru/-/CBGbRLmg )

You will learn
HOW TO CREATE COMPLETE, USER-FRIENDLY AND
ERROR-FREE FINANCIAL MODELS IN EXCEL

Read the detailed report on the previous sessions of the course. To register, press "Register Now!" button below (or go to http://finmodeling.qrickets.com/ )

Financial Modeling Course Program

The following topics and techniques will be covered in detail :

• Accounting in Excel: information flow on an example of a simple financial model – assumptions, profit and loss account, balance sheet and cash flows
• Where to start with building your financial model
• Optimal sequence of actions and use of techniques in building an easy-to-follow and error-free model
• Building a fully integrated and efficient model
• Planning your model - drafting map of the model
• Using macros in your financial models, e.g. for formatting
• Using keystroke shortcuts - becoming a pro in handling Microsoft Excel
• Use and purpose of relative anchoring to allow re-use of calculation blocks
• Building correct formulas
• Financial model applications:
   - Valuation based on cash flows and multiples, e.g. for equity investments
   - Credit ratio analysis, e.g. for lending purposes: how to calculate DSCR, Interest Cover, Current   Ratio, Debt / EBITDA and Assets / TNW and what each ratio is meant to catch
• Checking Integrity of Your Model
   - How to find errors efficiently and fast
   - Using proper line, sheet and work book titles
   - Managing circular references in Excel
   - Iteration on/off - how it works
   - Consistency of Sheet structure throughout the model
• Integrity and sanity checks
   - Eliminating/Justifying Hockey Sticks
   - If it does not balance
• Defining scenarios
• Sensitivity analysis
   - Sensitivity Data Tables
   - Delta Sheets
• Presenting your results to end-users
   - Using concatenation of text with figures
• Summary and major differences in assumptions and structure for investment banking models: DCF, LBO, M&A and banking

Course Timetable

DAY 1 (10:00 – 18:30) – Saturday, November 12, 2011

*10-11:30*	Personal introductions Introduction to the FAST standard (http://www.fast-standard.org/) Efficient financial model layout Formatting macros Accounting in Excel: building a simple model from scratch – Profit and Loss Account and Balance Sheet
*11:30-11:45*	Tea & Coffee break
*11:45-13:15*	Accounting in Excel: building a simple model from scratch (continued) – Cash Flow Statement Deriving and discounting FCFF and FCFE Output and sensitivity analysis with the {Table} function
*13:15-14:30*	Lunch
*14:30-16:00*	Operating revenues and expenses Introducing timing flags and indexation factors
*16:00 – 16:15*	Tea & Coffee break
*16:15 – 18:00*	Fixed assets with straight line depreciation Setting up primary balance structures to be used with all balance sheet items via modeling of fixed assets capital expenditure Working capital based on accounts receivable and accounts payable days
*18:00-18:30*	Tea & Coffee break

DAY 2 (10:00-18:30) – Sunday, November 13, 2011

*10:00-11:30*	Practice case on reviewing the techniques learnt Discussion on the practice case
*11:30-11.45*	Tea & Coffee break
*11.45-13:15*	Single tranche simple senior debt structure Subordinated, mezzanine and high yield debt (widely used in LBO transactions) Profit and cash restricted dividend calculations Financial statements set up
*13:15-14:30*	Lunch
*14:30-16:00*	Ratio analysis for credit review: DSCR, Current Ratio, Debt / EBITDA, Debt / Equity and Interest Cover. Discussion of the purpose of each ratio Valuation: multiples (EV / EBITDA, P / E, EV / Sales etc), blended multiples and DCF (FCFE and FCFF) Discussion of major differences in types of investment banking models: DCF, LBO, M&A, banking models. Practical examples of models.
*16:00-16:15*	Tea & Coffee break
*16:15-18:00*	Input and output control and tracking structures Input scenarios and sensitivity control Track sheets for maintaining a record of changes to the model. Delta sheets
*18:00-18:30*	Tea & Coffee/Questions and answers

Course Details: The course is run by CFA Assotiation Tutors with extensive experience in investments and corporate finance. The course materials are to be provided in Russian and English

Language: Курс будет проводиться на русском языке, за исключением случаев, когда слушатели достигнут консенсуса о проведении его на английском. Учебные модели будут доступны на русском и на английском.

Group size: We expect the group of 18 participants. The absolute limit for group size is 20

Equipment: Computers with Excel will be provided to all attendees, however feel free to bring your favourite laptop

Location: to be confirmed

Amenities: Tea/Coffee/Cookies will be served on-site. Lunch is managed individually at one of numerous restaurants in the neighbourhood.

Cost: Our aim is to provide the best value for the price you will pay. Fee schedule:

When paid by October 25, 2011: 33,000 Rubles incl tax
When paid by November 1, 2011: 36,000 Rubles incl tax
When paid by the morning on the first day of the course: 39,000 Rubles incl tax.

A guarantee letter is needed in case of Employer payment

Please make sure to confirm seat availability by phone (495) 761-31-07, or contact Marianna Tsepeleva by email: mariannat@cfarussia.ru

Video Library

CFA Association Russia. Ассоциация CFA (Россия) не занимается вопросами приема документов и сдачи экзаменов - это исключительная сфера Института CFA. По всем вопросам, связанным со сдачей экзаменов CFA (Levels I, II, III) просьба обращаться по адресу info@cfainstitute.org.

Ceorooms A2 Comcity
Kiyevskoye Shosse, 6/1,
Moscow 108811 Russia

info@cfarussia.com