CERTIFIED FINANCIAL MANAGER® (Batch 17)

Background

The last sixty years or so have witnessed remarkable changes in the theory and practice of finance. The field of finance has benefited from seminal ideas (like portfolio theory, value additivity principle, efficient market hypothesis, capital asset pricing model, option pricing theory, agency theory, and behavioural economics), rigorous empirical studies, and innovative applications of quantitative techniques. This has led to improved methods and more sophisticated approaches in a number of areas like financial analysis, financial planning, security valuation, portfolio management, capital budgeting, capital structure planning, project financing, option pricing, risk management, valuation of companies, corporate restructuring, and value based management.

The field of finance is one in which academic discoveries get translated into practice rather rapidly. This is motivated by the pressure to create value for shareholders which has become the mantra of companies around the world.

This programme presents the essence of modern finance and provides a roadmap to new ideas that every finance professional should know.

Objectives

Designed to enhance the capabilities of finance professionals this programme seeks to:

• Impart a sound understanding of the key principles of financial economics.
• Develop skills in applying improved methods of financial analysis.
• Discuss the state-of-the-art professional practices.
• Help participants in becoming ‘Value Managers’.

Programme Coverage

The programme comprises of two papers as follows :

Paper 1 : Investment Analysis and Portfolio Management

• Investment Setting
• Financial Statements and Accounting Standards
• Basic Investment Concepts
• Portfolio Theory and Asset Pricing Models
• Behavioural Finance and Neuroeconomics
• Bond Analysis and Bond Portfolio Management
• Equity Shares :Fundamental and Technical Analysis
• Mutual Funds, Real Assets, and International Investing
• Options and Futures
• Portfolio Management : Investment Policy
• Professional and Institutional Money Management
• Investment Guidelines and Strategies of Great Masters

Paper 2 : Valuation and Value Creation

• Overview and Financial Planning
• Basics of Financial Management
• DCF Approach to Corporate Valuation
• Non-DCF Approaches to Corporate Valuation
• Advanced Issues in Corporate Valuation
• Corporate Objective and Performance Measurement
• Strategy, Business Model, and Resource Allocation
• Strategic Financing Decisions and Cost Management
• Corporate Risk Management
• Mergers, Acquisitions, and Restructuring
• Organisational Design and Corporate Governance
• Value Based Management and Stellar Value Creators

For Whom

The Certified Financial Manager programme is meant for corporate finance executives, accountants, consultants, financial analysts, and bankers. In addition, it will benefit students of professional programmes and post-graduate courses.

The following are eligible to apply to the Certified Financial Manager Programme:

• CAs, CWAs, CSs, CAIIBs, MBAs, PGDBAs and students of these programmes.
• Postgraduates with qualification like M.Com, MFA, MFC, MBE and students of these programmes.
• Class I Officers in Central and State Government Services.
• Directly recruited officers in banks, insurance companies, and financial institutions.
• Software professionals interested in acquiring domain knowledge in finance.
• Graduates with a minimum of 55 percent 

Course fees

The fees is Rs.6000 . It covers  admission, courseware, querying facility, web-learning support ,and service tax . It is payable at the time of admission 

Exam fees  

Rs.3000 per paper. It  is payable  a  one month before the exam . 

Course fees for Overseas students from Dubai and Nepal 

The fees is Rs.12000  . It covers  admission, courseware, querying facility, web-learning support , and service tax . It is payable at the time of admission . 

Exam fees for Overseas students from Dubai and Nepal 

Rs.5000 per paper. It  is payable a  month before the exam. 

Format and Duration

This is a distance education programme of six-months duration.

Distinctive Features

The distinctive features of this programme are as follows :

Enrollment

You can enroll for the Certified Financial Manager  Programme (Batch 17) from November 25 , 2011 onwards. The first set of examinations  will be held on July  28 & 29, 2012. Your enrollment will be valid till January  31, 2013. For online enrollment in the programme, please, visit our website : www.cfm-india.com. Online enrollment will begin from November 25,2011

Courseware

On enrollment to the programme, the courseware will be dispatched to you within two weeks of receiving your application.

Access to the CFM Quarterly in Finance

Students of the Centre for Financial Management can access CFM Quarterly in Finance, an e-Journal, on the website of the Centre for Financial Management

Examinations and Qualifications

Examinations for both the papers will be held twice a year in the months of January and July. The maximum time allowed to complete the programme is 1 year. Those who pass the programme will be awarded the qualification CERTIFIED FINANCIAL MANAGER issued by the CENTRE FOR FINANCIAL MANAGEMENT.

Programme Highlights

• State of the art curriculum
• World class courseware
• Web learning support
• Excellent student service
• Access to CFM Quarterly (an e-Journal)
• Modest fees.

Rules and Regulations relating to Examinations and Qualifications

Enrollment

You can enroll round the year. Whenever you enroll , you will get the opportunity of writing two sets of examinations. Put differently your enrollment will be valid for two sets of examination as follows :

Examinations

The examinations for both the papers will be held twice a year in the months of January and July. The schedule of examinations will normally be as follows :

• You can register for the examinations for one or more papers in any sequence in any set of examinations for which your enrollment is valid.

• The examination fees is Rs.3000 per paper . This is payable  between December 1 and January 5 for the January examinations, and between June 1 and July 5 for the July examinations. 

• On payment of examination fees, your hall ticket will be generated. 

•  Examinations will be held in the following cities: Ahmedabad, Bangalore , Chennai, Delhi , Kolkata, Hyderabad , Mumbai, and Dubai . The venue of the examination  will be posted on our website one month before the examination.

• Barring unforeseen delays, the results of January examinations will be posted on our website by March 15 and the results of the July examination will be posted on our website by September 15. Candidates will not receive individual communication.

• There is no provision to show the answer scripts to the candidate.

Qualification

• A candidate would be deemed to have passed the entire programme if he/she secures at least 50% marks in each paper and an average of at least 60% in both the papers put together. Those who pass the entire programme will be awarded the qualification CERTIFIED FINANCIAL MANAGER issued by the CENTRE FOR FINANCIAL MANAGEMENT. The certificate will be sent to them by post.

• If you write the examination of a paper more than once, the highest marks secured by you in both the attempts will be considered.

Re-enrollment

• If you cannot complete the course in the initial enrollment period, you may send a request (through e-mail) seeking re-enrollment. The request must clearly state why you could not complete the programme during the initial enrollment period and why you are seeking re-enrollment. This request must be made within a period of 2 months after the expiry of your initial enrollment period. The CENTRE FOR FINANCIAL MANAGEMENT will communicate its acceptance or rejection of your re-enrollment request within a week (through e-mail or post).

• If your application for re-enrollment is accepted by the Centre for Financial Management, you have to pay a re-enrollment fees of Rs.3000 within a week of receiving the communication of acceptance from the Centre for Financial Management.  Your re-enrollment will be valid for one  set  of examinations . The exam fees during the re-enrollment period will also be Rs.3000 per paper payable  a month before the exam.

•  If you are re-enrolled, the highest marks secured by you in all the attempts, including the ones made by you during the initial enrollment period, will be considered.

CERTIFIED FINANCIAL MANAGER (NEW REGULATION)

DETAILED CURRICULUM

PAPER 1 : INVESTMENT ANALYSIS AND PORTFOLIO MANAGEMENT

Module 1 : Investment Setting

• Overview
• Investment Alternatives
• Securities Markets
• Tax Aspects of Investments

Module 2 : Financial Statements and Accounting Standards

• Financial Statements
• Accounting Standards
• Financial Statement Analysis

Module 3 : Basic Investment Concepts

• Risk and Return
• The Time Value of Money

Module 4 : Portfolio Theory and Asset Pricing Models

• Portfolio Theory
• Capital Asset Pricing Model
• Arbitrage Pricing Theory and Multifactor Models
• Efficient Market Hypothesis

Module 5 : Behavioural Finance and Neuroeconomics

• Behavioural Finance
• Neuroeconomics

Module 6 : Bond Analysis and Bond Portfolio Management

• Bond Prices and Yields
• Bond Portfolio Management

Module 7 : Equity Shares : Fundamental and Technical Analysis

• Equity Valuation Models
• Macroeconomic and Industry Analysis
• Company Analysis
• Technical Analysis

Module 8 : Mutual Funds, Real Assets, and International Analysis

• Mutual Funds
• Real Assets
• International Investing

Module 9 : Options and Futures

• Options
• Futures

Module 10 : Portfolio Management : Investment Policy

• Investment Policy
• Investment Implementation

Module 11 : Professional and Institutional Money Management

• Professional Asset Management
• Institutional Investors
• Performance Evaluation

Module 12 : Investment Guidelines and Strategies of Great Masters

• Guidelines for Investment Management
• Strategies of the Great Masters

PAPER 2 : CORPORATE VALUATION AND VALUE CREATION

Module 1 :Overview and Financial Planning

• Financial Management : An Overview
• The Financial System
• Financial Forecasting

Module 2 : Project Appraisal and Financing

• Techniques of Capital Budgeting
• Project Cash Flows
• Sources of Long Term Financing
• Raising Long Term Finance

Module 3 : Working Capital Management

• Working Capital Policy
• Cash Management
• Credit Management
• Working Capital Financing

Module 4 : DCF Approach to Corporate Valuation

• Overview of Corporate Valuation
• Enterprise DCF Model
• The Cost of Capital
• Other DCF Models

Module 5 : Non DCF Approach to Corporate Valuation

• Relative Valuation
• Other Non-DCF Approaches

Module 6 : Additional Issues in Corporate Valuation

• Advanced Issues in Corporate Valuation
• Case Studies in Corporate Valuation

Module 7 : Corporate objective, Performance Measurement, Strategy and Business Model

• Corporate Objective
• Performance Measurement
• Strategy and Business Model

Module 8 : Capital Allocation and Strategic Financing Decisions

• Capital Allocation
• Strategic Financing Decisions

Module 9 : Organisational Architecture and Cost Management

• Organisational Architecture
• Cost Management

Module 10 : Risk Management and International Finance

• Corporate Risk Management
• International Finance

Module 11 : Mergers, Acquisitions and Restructuring and Corporate Governance

• Mergers, Acquisitions and Restructuring
• Corporate Governance

Module 12 : Value Based Management and Stellar Value Creators

• Value Based Management
• ·Stellar Value Creators

Mission and Activities

The mission of the Centre for Financial Management (CFM) is to “Develop and disseminate knowledge in finance.”

The principal activities of the CFM are :

• To offer distance education programmes
• To conduct executive seminars
• To catalyse professional publications in finance.

Programme Director
Dr Prasanna Chandra