4 апреля 2011 г.

Second round of the financial modeling training course started in Moscow

Last Saturday, on April 2, 2011, the CFA Association (Russia) launched the second round of its Intensive Three-Day Financial Modeling Course.

For two weekends, eighteen investment professionals, mainly from top financial/investment companies are gathering at the conference hall of Unicredit Securities Bank in Moscow. For the occasion, the large room was converted into a comfortable training room, equipped with eighteen notebooks and quality training facilities. Based on initial feedback from the participants, this is an ideal venue for the course, where analysts can efficiently concentrate on practicing the financial models.

The course is based on the most advanced F.A.S.T. Modeling Standard (http://www.fast-standard.org/) – good models should be Flexible, Accurate, Structured and Transparent:

• Flexible: allow models to be adapted easily and quickly when new information becomes available.
• Accurate: reflect key business assumptions directly and faithfully without being over-built or cluttered with unnecessary detail.
• Structured: consistency in layout and organization are essential to retain a model’s logical integrity over time, particularly as a model author may change.
• Transparent: simple, clear calculations that can be understood by other modellers and non-modellers alike. 
  

The following topics and techniques will be covered in detail (not necessarily in the same order):

  •  Summary and major differences in types of investment banking models: DCF, LBO, M&A, Comparables
  •  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 model
  •  Planning your model - drafting map of the model
  •  Building correct formulas
  •  Financial model applications:
         o  Valuation based on cash flows and multiples, e.g. for equity investments
         o  Credit ratio analysis, e.g. for lending purposes
  •  Checking Integrity of Your Model
         o  How to find errors efficiently and fast
         o  Using proper line, sheet and work book titles
         o  Managing circular references in Excel
         o  Iteration on/off - how it works
         o  Consistency of Sheet structure throughout the model
  •  Integrity vs. Sanity checks
         o  Eliminating/Justifying Hockey Sticks
         o  Quick tips - if it does not balance
  •  Defining scenarios
  •  Sensitivity analysis
         o  Sensitivity Data Tables
         o  Delta Sheets
  •  Presenting your results to end-users
         o  Using concatenation of text with figures
  •  Using keystroke shortcuts - becoming a pro in handling Microsoft Excel
  •  Using macros in your financial models

The following training will be held in May, 2011. See announcements on this website for registration details.