finance - School of Continuing and Professional Studies - New York ...

FINANCE 

SPRING 2011 

The following information is taken from 

the spring 2011 SCPS bulletin. Please 

note that changes are made to course 

schedules and locations, and new offerings 

are added on a continuing basis. 

Visit our website for the most up-todate 

program information: scps.nyu.edu

SCPS.NYU.EDU/FINANCE 

FINANCE 

Our programs provide finance professionals with the skills to remain 

highly valued to employers, those in careers outside finance the 

know-how they need to advance, and individuals the knowledge essential 

to manage the financial aspects of their lives. We cover the 

gamut of topics in finance from the essentials of each discipline to 

current issues and advanced concepts. Whether you work in a 

Fortune 500 company or a small business, our courses and professional 

certificates provide the knowledge to keep you current. NYU’s 

location in New York City—one of the world’s leading financial centers—gives 

you a direct line to the latest developments, practices, 

and trends in finance as well as a faculty of leading practitioners. 

Our offerings in Finance include: 

• Continuing education courses ranging from fundamental concepts 

in a wide range of disciplines to advanced and highly specialized 

areas of study. 

• Professional certificate programs: Behavioral Economics and Finance 

Theory (page 2), Business Finance Fundamentals (page 2), Credit 

Analysis (page 3), Financial Analysis and Advanced Financial Analysis 

(page 5), Financial Planning (page 6), Financial Risk Management and 

Advanced Financial Risk Management (page 10), International Business 

and Finance and Advanced International Business and Finance (page 11), 

Investment Banking and Advanced Investment Banking (page 13), and 

Portfolio Management and Advanced Portfolio Management (page 14). 

• Graduate Certificate in Enterprise Risk Management offered 

through the M.S. in Management and Systems program. 

For more information, visit scps.nyu.edu/finance, or call 

(212) 998-7200. 

CONTENTS 

Finance Preparation Courses 2 

Behavioral Economics and Finance Theory 2 

Business Finance Fundamentals 2 

Credit Analysis 3 

Economics3 

Financial Analysis 4 

Financial Planning 5 

Personal Finance 7 

Financial Risk Management and Derivative Instruments 7 

CAREER NIGHT 

Finance 

Thursday, 6–8 p.m., January 13 

NYU Midtown Center 

11 West 42nd Street, 4th Floor 

Intensive Credit Training Program 

R51.3330/$1,295 

CONTINUING PROFESSIONAL EDUCATION 

FOR ACCOUNTANTS (CPE) 

Career nights include discussions on industry 

news and career opportunities, presentations on 

curriculum, and a chance to ask questions of faculty 

and staff. No RSVP is required, but please be punctual. 

For more information, call (212) 998-7200. 

M Sec. 101: Mon.–Fri. 9 a.m.–5 p.m., Mar. 7–11 (5 sessions). 

Richard M. Fox, managing director, Cross Atlantic Capital Partners, Inc. 

V Sec. 102: Dates and hours to be arranged. Alkesh Nanavaty, CFA, 

credit risk management, Deutsche Bank AG. 

This intensive, which mirrors major bank credit training programs, targets junior 

banking officers and those in the financial services industry seeking to improve their 

credit skills. It provides a disciplined framework for credit analysis and encourages 

clear, concise oral and written skills using a case study approach. Topics include analysis 

of short- and long-term credit products; business and industry risks and management; 

and comprehensive analysis of income statements, cash flow, and balance sheets. 

Financial covenants and other documentary issues are examined. Familiarity with financial 

accounting and statement analysis is recommended. 

SUMMER PREVIEWS 

Finance and Accounting for Graduate Students 

July 25–29 

Current and prospective M.B.A./M.P.A./master’s degree students who must take a 

finance or accounting course during their studies benefit from this intensive, covering 

the essentials of finance and accounting. Students develop a strong base in these subject 

areas before they begin the finance or accounting coursework required in their 

graduate programs. 

Finance Intensive for Graduate Students 

August 8–12 

This course covers the essentials of finance and accounting to give students a solid 

background in related coursework for their graduate programs. 

For details on all our summer intensive programs, visit scps.nyu.edu/summer 

or call (212) 998-7200. 

NYU-SCPS holds a continuing education sponsor agreement with the New York State 

Department of Edu cation, which authorizes the granting of continuing education 

credit in the following subject areas: accounting, auditing, taxation, advisory services, 

and knowledge and applications related to specialized industries. Courses offered outside 

the authorized subject areas are not recognized for credit under this agreement. 

For the acceptability of an individual course listed here, please call (212) 998-7200 or 

the New York State Department of Education at (518) 474-3836. 

International Business and Finance 10 

Investment Banking 12 

Portfolio Management 13 

N Meets at Norman Thomas Center, 111 E. 33rd St. 

W Meets at the Woolworth Building, 15 Barclay St. 

1 

WEB: SCPS.NYU.EDU 

E-MAIL: SCPSINFO@NYU.EDU


FINANCE 

PREPARATION 

COURSES 

Finance for Nonfinance Professionals 

X51.9642/$750 

N Sec. 1: Tues. 6.30–9 p.m., Feb. 15–Apr. 12 

(8 sessions). No class Feb. 22. John Stoltzfus 

Designed for managers and professionals 

who have no background in finance, this 

course provides an introduction to the financial 

field. Students gain familiarity with 

financial definitions, securities used by corporations, 

common and preferred stock, 

convertible features, bonds, long-term debt, 

and the tools used for analysis. Students 

learn how to analyze methods of financing 

using corporate or outside funds. 

Finance Math/Statistics: A Skill 

Enhancement and Review Course 

X51.9151/$395 

N Sec. 1: Mon. 6.30–8.30 p.m., Feb. 14– 

Mar. 14 (4 sessions). No class Feb. 21. 

Aleksey V. Leksanov, FRM, portfolio manager 

and director of quantitative development, 

Stone Tower Capital LLC. 

Advance your understanding of the mathematics 

crucial to success in NYU-SCPS 

Finance Department quantitative courses. 

Brush up on skills and key mathematical 

ideas required for the finance curriculum. 

Content emphasizes basic tools of calculation 

and their application through specific 

examples. Students are introduced to concepts 

commonly used in finance, such as 

present value, expected value, and compound 

interest rates, along with key statistical 

concepts. Estimated time to complete 

the primary instructional path is 15 to 20 

hours. No prior exposure to statistics required. 

Course content contains no review or discussion 

of calculus. 

HP 10bII Calculator Workshop: 

A Comprehensive Approach 

X51.9032/$300 

W Sec. 1: Sat. Sun. 9 a.m.–5 p.m., 

Feb. 26–27 (2 sessions). Joseph Matthews, 

vice president–wealth management, 

Merrill Lynch. 

Gain a comprehensive understanding 

of the HP 10bII calculator. Learn operating 

modes and the numerous varied calculations 

required when financial planners 

structure and review client strategies. 

Topics include time value of money basics, 

mortgage applications, solving for lease 

and loan payments, NPV and IRR discounted 

cash flow, standard deviation, investment 

calculations, basic statistical 

applications, valuation of debt and equity 

securities, risk adjusted portfolio performance 

measurement, duration, standard 

deviation of a portfolio, and CAPM. 

BEHAVIORAL ECONOMICS 

AND FINANCE THEORY 

The financial crisis and fragile recovery have increased the focus on behavioral economics 

in finance and on the stock markets. Behavioral economics applies principles of psychology 

to economic theory, examining the factors that impact actor behavior in the marketplace— 

how and why decisions are made—to help interpret and predict economic trends. Investors, 

industry professionals, and lay people alike benefit from a nuanced understanding of the 

complicated patterns that govern economic choices. 

Behavioral Economics 

and Finance Theory 

X51.9154/$795 

N Sec. 1: Mon. 6.30–9 p.m., Feb. 14– 

Apr. 11 (8 sessions). No class Feb. 21. 

Joseph Matthews, vice president– 

wealth management, Merrill Lynch. 

Delve into the thriving new field of behavioral 

economics and finance theory and 

explore the models that bring human psychology 

together with neoclassical economics. 

Topics include heuristics (the 

theory that people often make decisions 

based on generally accepted rules rather 

than rational analyses), framing (the different 

ways an individual reacts depending 

upon how ideas are first presented), anomalies 

(how efficient market theory’s unexpected 

and unlikely events continue to 

occur—and why they do), and the role and 

implementation of how to use technical 

analysis for a security’s buy-and-sell decision 

process. 

Behavioral Corporate Finance 

X51.9153/$795 

N Sec. 1: Wed. 6.30–9 p.m., Feb. 9– 


Zachary R. Michaelson, consultant, 

Gerson Lehrman Group. 

Gain an interdisciplinary perspective of 

how the realities of human behavior affect 

the broader economy in which firms operate. 

Moving beyond the standard behavioral 

economics topics regarding the individual, 

behavioral corporate finance takes on the 

behavior of firms and managers, legal systems, 

markets, governments, regulators, 

and economies. Material draws from the 

fields of finance and economics, as well as 

psychology, law, managerial strategy, anthropology 

and philosophy. 

Ethics in Finance 

X51.9152/$795 


(8 sessions). No class Feb. 22. Nelson Chin, 

chief executive, Corporate Conflicts. 

What principles of conduct govern financial 

service institutions and investment firms? 

Engage in a rigorous analysis of ethical issues 

in finance. Through thorough examination 

of the scandals that have shaken 

public confidence in the ethics of Wall 

Street and contributed to the current economic 

crisis, explore the need for ethics in 

the personal conduct of finance professionals 

and the operation of financial markets 

and institutions. 

CERTIFICATE IN 

BEHAVIORAL 

ECONOMICS AND 

FINANCE THEORY 

This certificate program is designed for 

practitioners who manage financial assets 

and need to gain significant insights 

into the financial crisis through a firm 

understanding of investors’ behavior and 

the impact that behavior has on the financial 

markets. Understanding the psychology 

behind the complicated patterns 

within the financial markets creates opportunity 

and reduces the inherent risk and 

speculation for sophisticated investors. 

Upon completion of this program, 

students have a firm understanding of: 

• The foundational theory of behavioral 

finance. 

• Institutional limitations and human 

biases affect pricing. 

• The performance of trading strategies. 

• The analytical tools to evaluate 

strategic and investment decisions. 

• Theory and strategy of effective 

decision making. 

• Financial market behavior. 

• Future market and investor needs. 

This certificate is awarded to students 

who successfully complete six required 

courses. 

REQUIRED COURSES 

It is recommended that the six required 

courses be taken in the order listed. 

Behavioral Economics and Finance 

Theory/X51.9154 (this page) 

Behavioral Corporate Finance/ 

X51.9153 (this page) 

Ethics in Finance/X51.9152 (this page) 

Applied Technical Analysis/ 

X51.9125 (page 27) 

Advanced Concepts in Technical 

Analysis/X51.9041 (2011–2012) 

Impacts of the Financial Crisis on 

Today’s Business Market/ 

X51.9644 (2011–2012) 

See page 187 for certificate requirements and benefits. 

BUSINESS FINANCE 

FUNDAMENTALS 


BUSINESS FINANCE 

FUNDAMENTALS 

This certificate program teaches students 

how organizations—from small 

businesses to multinational corporations—acquire, 

spend, and manage their 

finances. The program is designed for 

professionals and nonbusiness majors 

who seek to strengthen their knowledge 

of economics, accounting, math, statistics, 

principles of finance, and corporate 

finance. 

Upon completion of this certificate 

program, students: 

• Fortify their ability to make informed 

economic, personal finance, and business 

decisions. 

• Develop applied skills relating to the 

time value of money, risk analysis, and 

money supply. 

• Gain proficiency in using a financial 

calculator. 

• Understand the relationships between 

commercial banks, thrift institutions, 

savings banks, credit unions, pension 

funds, mutual funds, investment banking 

firms, finance companies, and 

mortgage banking firms. 

This certificate is awarded to students 

who complete five courses—three 

required and two electives. 

Students pursuing this certificate with 

no finance experience are advised to take 

Finance for Nonfinance Professionals/ 

X51.9642 either simultaneously or in advance 

of taking the first course in this program. 


It is recommended that the three required 


Macroeconomic Principles in Finance/ 

X51.9604 (page 3) 

HP 10bII Calculator Workshop: 

A Comprehensive Approach/ 


Fundamentals of Corporate Finance/ 

X51.9140 (page 4) 

ELECTIVES (Choose two) 

Fundamentals of Financial Risk 

Management/X51.9208 (page 7) 

Introduction to International Business 

and Finance/X51.9400 (page 10) 

Introduction to the Markets/ 

X51.9000 (page 13) 

Investment Banking Fundamentals/ 

X51.9160 (page 12) 

Techniques of Financing 

Corporations/X51.9670 (page 4) 


2 




CREDIT ANALYSIS 

Credit management takes many forms, but all businesses, not only banks and financial institutions, 

have significant credit management issues. Anytime a product is purchased 

without cash, a business needs money to expand, or credit is extended to a new or existing 

customer, credit management is an essential part of the process. The Certificate in Credit 

Analysis and the five-day Intensive Credit Training Program (page 20) are for students 

seeking to improve their credit skills in a manner similar to bank credit training programs. 

Writing a Credit Analysis 

X51.9290/$995 

W Sec. 1: Thurs. 6.30–9.40 p.m., Feb. 10– 

Apr. 21 (8 sessions). No class Mar. 17. 

Mitch J. Palminteri, senior vice president and 

credit director–private client lending, HSBC 

Domestic Private Bank. 

Learn to evaluate and explain how to repay 

an asset-based, revolving credit, term, or 

commercial mortgage loan. Focus on the 

cash conversion cycle in the analysis of assetbased 

loans, trade finance, factoring, accounts 

receivable securitization, and captive finance 

companies. Then explore free cash 

flow in the analysis of revolving credits, 

term loans, and project finance. Finally, the 

course addresses net operating income in 

the analysis of commercial mortgage loans 

to finance owner occupied and investment 

properties. Prerequisite: Financial Accounting: 

Part I/X58.8101 or equivalent knowledge. 

Conducting a Credit Analysis II 

X51.9291/$995 



Alkesh V. Nanavaty, CFA, credit risk 

management, Deutsche Bank AG. 

Learn to look beyond financial statements 

to evaluate and explain the risk in a borrower’s 

accounting principles, financial 

projections, and business practices. Analyze 

aggressive and/or deceptive accounting 

principles, such as purchase accounting, 

unfunded pension liabilities, securitized 

receivables, deferred taxes, and channel 

stuffing. Examine financial projections, including 

aggressive assumptions, break-even 

analysis, and debt service coverage. Explore 

industry risk, including aggressive and/or 

deceptive practices used by manufacturers, 

retailers, drug companies, life insurance 

companies, utilities, and REITs. 

Managing a Commercial Loan Portfolio 

X51.9296/$795 



William W. Smith, Esq., chief lending officer, 

The Bank of China. 

Learn to underwrite and manage a portfolio 

of syndicated, commercial mortgages, middle 

market, asset-based, and trade finance 

loans. Explore the origination of a loan, including 

the loan proposal, credit analysis, 

and loan agreement. Discuss the control of 

risk in a portfolio, including credit policy, 

risk rating, reserves, loan review, internal 

audit, and workout. Examine compliance 

with regulatory standards governing safety 

and soundness (Basel II and FDICIA), community 

reinvestment (CRA), and money 

laundering (Patriot Act). Credit analysis 

formats, loan agreement forms, and bank examination 

manuals are distributed in class. 

Negotiating Loan Agreements 

X51.9281/$795 

W Sec. 1: Tues. 6.30–8.30 p.m., Feb. 15– 

May 10 (10 sessions). No class Mar. 15, 

Apr. 19, and Apr. 26. 

Take an in-depth look at how to negotiate, 

close, and enforce the varieties of loan 

agreements, including credit, security, 

pledge, guarantee, hypothecation, subordination, 

and participation. Topics include 

the “hell-or-high-water” clause, interference 

with contractual relations, anticipatory 

breach, deceleration, the fair and 

equitable doctrine, and the cram-down. 

Case studies examine actual loan transactions. 

This course is designed for bankers, 

corporate treasury personnel, and lawyers 

who negotiate agreements involving syndicated 

loans, trust indentures, middle market 

loans, state economic development authorities, 

or the Small Business Administration. 

Structuring Asset-Based 

Loans and Trade Finance 

X51.9282/$795 

W Sec. 1: Mon. 6.30–8.30 p.m., Feb. 14–May 2 

(10 sessions). No class Feb. 21 and Mar. 14. 

William J. Ezzo, Capital Business Credit. 

Learn how to finance working capital and 

trade through commercial and standby letters 

of credit, asset-based loans, purchase 

and securitization of receivables, purchase 

of whole loans, and support of captive finance 

companies. Students examine how 

to use the field examination report as a 

tool to evaluate and explain the dilution of 

receivables, exert dominion over the collateral, 

and establish and monitor the borrowing 

base. 

Structuring Term Loans, Syndicated 

Transactions, and Project Finance 

X51.9283/$795 

W Sec. 1: Wed. 6.30–8.30 p.m., Feb. 9– 


Herbert Jacobs 

Examine how to underwrite and syndicate 

revolving credit and term loans to finance 

working capital, equipment, acquisitions, 

and projects. Learn how to structure transactions 

through direct loans, backup facilities, 

bridge facilities, covenant packages, 

collateral support, take-or-pay contracts, 

and lease assignments. Students then learn 

how to syndicate down transactions and 

mitigate risk through the use of assignments, 

participations, collateralized loan 

obligations, and credit default swaps. 

CERTIFICATE IN CREDIT ANALYSIS 

This certificate program is designed to provide a working knowledge of the essentials 

of credit analysis for today’s marketplace. Students learn credit and credit analysis in 

application-based courses that convey how to conduct and write a credit analysis report; 

manage a loan or loan portfolio; structure term- and asset-based loans; manage 

workouts and business bankruptcies; and understand trade financing transactions, 

project financing, and reorganization. The program is designed by a faculty of leading 

credit practitioners whose teaching is responsive to the changing economic environment. 

The program is designed for professionals who wish to acquire expertise in a consolidated 

time frame and can be completed in nine months. 

Who Should Enroll: 

M.B.A.s, recent college graduates, professionals who work in finance, banking executives, 

bankers who currently work with or on credit topics, bankers who wish to transition 

into the credit area, bankers from foreign banks or branches who wish to learn 

how U. S. banks do business, business owners, accountants, lawyers, and professionals 

from any field who want to understand or advance their knowledge of credit analysis. 

Upon completion of the course students are able to: 

• Write a credit analysis report. 

• Manage a commercial loan or loan portfolio. 

• Manage workouts and business bankruptcies. 

• Negotiate loan agreements. 

• Structure asset-based loans and trade finance transactions. 

• Structure term loans, syndicated transactions, and project finance transactions. 

This certificate is awarded to students who complete five courses—two required and 

three electives. Required courses must be taken sequentially. Students who prefer to take 

more than one course a semester can take a required course along with an elective course. 

Students with minimal writing experience are advised to take Writing Skills for Accounting 

and Finance Professionals/ X58.8112. 


Required courses must be taken in the 

order listed. 

Writing a Credit Analysis/ 


Conducting a Credit Analysis II/ 


ELECTIVES (Choose three) 

Bankruptcy, Workouts, and 

Reorganizations/X51.9335 (page 12) 

ECONOMICS 

Macroeconomic Principles in Finance 

X51.9604/$795 


May 10 (10 sessions). No class Mar. 15, 

Apr. 19, and Apr. 26. Carrie M. Kennedy, 

economist, Commodity Futures Trading 

Commission. 

N Sec. 1: Wed. 6.30–9 p.m., Feb. 9– 


Acquire a foundation in current economic 

thought and build competency in economic 

principles. Topics include inflation, 

unemployment, and economic growth; fiscal 

and monetary policy; aggregate supply 

and demand; the Federal Reserve System; 

Keynesian economics; monetarism; measuring 

the macroeconomy; the GNP; and 

the interrelationship between key macro 

variables. 2.0 CEU (24 50-minute hours) 


Hedge Fund Strategies/ 

X51.9209 (page 9) 

Managing a Commercial Loan 

Portfolio/X51.9296 (this page) 

Negotiating Loan Agreements/ 


Structuring Asset Based-Loans and 

Trade Finance/X51.9282 (this page) 

Structuring Term Loans, Syndicated 

Transactions, and Project Finance/ 


Microeconomic Principles in Finance 

X51.9601/$795 

N Sec. 1: Wed. 6.30–9 p.m., Feb. 9– 


Laurence F. O’Connell, economics instructor, 

United Nations. 

Delve into the various components of the 

economic system in this introduction to 

microeconomics. Students examine individual 

markets, the determination of relative 

price values, supply and demand for all 

goods and services, and factors of production 

with an emphasis on the practical use 

of microeconomic principles. Prerequisite: 

Macroeconomic Principles in Finance/X51.9604. 

3 




FINANCIAL 

ANALYSIS 

DERIVATIVE 

INSTRUMENTS 

The credit crisis, the economic downturn, and 

stock market fluctuations reinforce the need 

for financial analysis to help companies maximize 

assets and find value for consumers 

and investors. Our courses provide the indepth 

training to assess the viability, stability, 

profitability, and liquidity of private business, 

public companies, and projects. 

Fundamentals of Corporate Finance 

X51.9140/$835 

W Sec. 1: Mon. 6.30–8.30 p.m., Feb. 14– 

May 2 (10 sessions). No class Feb. 21 and 

Mar. 14. James Berman, registered investment 

advisor; president, JBGlobal LLC. 

M Sec. 2: Sat. 10 a.m.–2 p.m., Mar. 26–Apr. 23 

(5 sessions). Gary P. Jacobi, vice president, 

Wexford Capital. 

W Sec. 3: Wed. 6.30–9 p.m., Mar. 2–Apr. 27 

(8 sessions). No class Mar. 16. Robert K. Nagle, 

CFA, associate director, Moody’s Analytics. 

N Sec. 4: Thurs. 6.30–8.30 p.m., Feb. 10– 

May 5 (10 sessions). No class Feb. 24, 

Mar. 17, and Apr. 21. 

N Sec. 5: Tues. 6.30–9 p.m., Mar. 8–May 10 

(8 sessions). No class Apr. 19 and 26. 

William Don Alexander, RSD Solutions. 

N Sec. 6: Mon. 6.30–8.45 p.m., Mar. 21– 

May 16 (9 sessions). Len Blum, managing 

partner, Westwood Capital, LLC. 

Learn to analyze methods of financing 

using internal and external funds. This introduction 

to corporate finance emphasizes 

the use of long-term debt, preferred stock, 

common stock, and convertibles in the financial 

structure of a corporation. Topics 

include financial management, corporate 

growth, business failures, return on investment, 

risk leverage, the time value of 

money, dividend policy, debt policy, and 

leasing. 2.0 CEU (24 50-minute hours) 

Techniques of Financing Corporations 

X51.9670/$825 

N Sec. 1: Mon. 6.30–9 p.m., Feb. 14–May 9 

(10 sessions). No class Feb. 21, Apr. 18, and 

Apr. 25. John Wamboldt, senior vice president– 

middle market lending, Capital One Bank. 

Understand the essential principles of corporate 

finance, concentrating on cash flow 

and the financing of each asset line of the 

balance sheet. Various forms of financing 

are discussed, including conventional term 

loan arrangements, asset-based lending, revolving 

credit lines, factoring, letters of 

credit, and long-term debt options. Finally, 

focus on the effect that various financing 

options may have on the potential success 

of a business and the market price of a corporation’s 

stock during this period. The 

bank/corporation relationship is also discussed. 

2.0 CEU (24 50-minute hours) 

Intermediate Corporate Finance 

X51.9145/$825 

N Sec. 1: Mon. 6.30–9 p.m., Feb. 14–Apr. 11 

(8 sessions). No class Feb. 21. Serge Wind 

Building on the concepts covered in 

Fundamentals of Corporate Finance, this 

course gives students a deeper understanding 

of the importance of value maximization 

in the finance world. Understand the 

basis by which decisions can be assessed 

for their contribution to value maximization, 

and set the valuation of the firm as 

the overall goal. Topics include capital 

structure and the financing decision, the 

risks and costs of equity and debt, portfolio 

risk, hurdle rate determination, measuring 

returns in projects and the investment 

decision, valuation of the firm, hybrid financing, 

and mergers and acquisitions. 

Prerequisite: Fundamentals of Corporate 

Finance/X51.9140 or equivalent knowledge. 

Valuing a Business 

X51.9677/$750 

N Sec. 1: Wed. 6.30–8.30 p.m., Mar. 2–May 11 

(10 sessions). No class Apr. 20. 

Examine the fundamental methods employed 

in valuing a business. Major emphasis 

is placed on the discounted cash 

flow (DCF) method. Other methods explored 

include comparative market value, 

book value, the earnings approach, replacement 

value, liquidation value, and the factor 

approach. Finally, students analyze and 

evaluate a company of their choice by 

using the DCF approach and applying 

other appropriate valuation methods. 

Prerequisites: Fundamentals of Corporate 

Finance/X51.9140 and Financial 

Accounting: Part I/X58.8101 or equivalent 

knowledge. 2.0 CEU (24 50-minute hours) 

M Meets at NYU Midtown Center, 11 W. 42nd St. 


S Meets in the Washington Square, Cooper Square, 

Union Square vicinity. 

Financial Modeling in Corporate 

Financial Analysis Using Excel 

X51.9675/$895G 

S Sec. 1: Sat. 9 a.m.–2 p.m., Feb. 19–Mar. 12 

(4 sessions). Thomas Cha, CFA, vice president–telecom, 

media, and technology, 

Schroder Investment Management, N.A. 

M Sec. 2: Wed. 6.30–9 p.m., Feb. 9–Apr. 6 

(8 sessions). No class Mar. 16. Kapil Khetan, 

CFA, FRM, director–valuations and analytics, 

Sapient. 

In this lab-based course, gain expertise in 

the quantitative methods used by securities 

analysts to evaluate and value publicly 

traded securities. After a brief review of 

present value, accounting, and statistics, 

learn how to make investment decisions 

based upon present value and other quantitative 

techniques. Use Excel formats and 

layouts to create discounted cash flow and 

relative valuation models. Receive instruction 

against the backdrop of current market 

trends, financial news, and other factors 

that affect stock valuation, specifically, how 

the quantitative models interact with 

changes in security or market attributes. 

Students must have a general knowledge of 

finance and accounting, plus previous exposure 

to Excel. 2.0 CEU (24 50-minute hours) 

Advanced Corporate Finance 

X51.9149/$750G 

N Sec. 1: Wed. 6.30–9 p.m., Mar. 23–May 18 

(8 sessions). Serge Wind 

Gain an understanding of corporate finance 

and financial management functions in this 

continuation of Fundamentals of Corporate 

Finance and Intermediate Corporate Finance. 

Topics include cash flow analysis and risk 

analysis, financial statement analysis, financial 

planning and forecasting financial 

statements, working capital management, 

lease financing, financial and real options, 

bankruptcy and liquidation, mergers and 

acquisitions, risk management and derivatives, 

and multinational financial management. 

Prerequisite: Fundamentals of Corporate 

Finance/X51.9140 or equivalent knowledge. 

Learn about the latest technical methods 

and expertise employed by analysts to 

evaluate securities and their derivative instruments. 

Principles of Financial Modeling 

X51.9685/$790 

N Sec. 1: Mon. 6.30–8.30 p.m., Feb. 14– 

May 9 (10 sessions). No class Feb. 21, Apr. 18, 

and Apr. 25. 


May 10 (9 sessions). No class Mar. 15, Apr. 19, 

and Apr. 26. Andrew T. Long, venture capital 

consultant. 

Financial models are an integral part of 

nearly all major business decisions. The 

advent of spreadsheet tools, such as Excel, 

has greatly enhanced the modeler’s power. 

Paradoxically, such tools have often reduced 

the accuracy of the models produced. Increase 

your ability to analyze business problems 

and translate that analysis into financial 

models that are more flexible, more reliable, 

and ultimately, more useful. Students 

must have knowledge of basic accounting and 

finance. 2.0 CEU (24 50-minute hours) 

BANKING AND 

FINANCE 

Learn the corporate financing functions utilized 

inside banks and corporations, including capital 

markets, financial instruments, and decision 

models. 

Microfinance 

X51.9603/$495 

N Sec. 1: Tues. 6.30–8.30 p.m., Feb. 15– 


Apr. 19, and Apr. 26. Sarah R. Leshner, senior 

investment analyst, BlueOrchard Finance USA. 

Delve into microfinance as a way to reach 

low-income communities and analyze the 

provision of financial services, such as 

loans and savings, to clients excluded from 

the traditional financial system. Given the 

prevalence and success of microfinance in 

developing countries, this course focuses 

on successful models and challenges from 

around the world with emphasis placed on 

different methodologies, loan products, 

client base, and current trends in Latin 

America, Eastern Europe, Central and 

South Asia, North Africa and the Middle 

East, and Sub-Saharan Africa. The course 

also explores the emerging microfinance 

sector in the United States. 


G No discounts apply to this course. 

4 




NEW 

The Business of Microfinance: 

An Advanced Course 

X51.9014/$495 



Mar. 17, and Apr. 21. 

Dig beneath the public relations story of 

microfinance to analyze the more sophisticated 

mechanics of the industry. Assess the 

validity of claims that microfinance is “decoupled” 

from mainstream economic activities 

and dynamics, analyze the dangers of 

over-indebtedness, explore links to the international 

capital markets, and identify 

useful metrics for evaluating an institution’s 

success. Analyze the difference between 

micro and SME lending, discuss the 

recent development and adoption of social 

performance measurement tools, assess the 

usefulness of financial, operational, and social 

ratings, and explore the growth of an 

industry in developed countries like the 

United States. Prerequisite: Microfinance/ 

X51.9603 or equivalent experience. 

Business Models for Social 

Entrepreneurship 

X51.9251/$750 

N Sec. 1: Tues. 6.30–9 p.m., Mar. 8–May 10 


Learn to apply principles of business and 

finance to ameliorate social disadvantages. 

Develop knowledge of practical skills and 

examine case studies to gain a broad perspective 

of the creative ways in which these 

skill sets are being applied to improve society. 

Students take part in a group project to 

present to the class and demonstrate their 

knowledge in a midterm and final exam. 

Financial Analysis in Visual Basic 

X51.9674/$895 

W Sec. 1: Mon. 6.30–8.30 p.m., Feb. 28– 

May 9 (10 sessions). No class Mar. 14. 

Frank Sansarricq 

M Sec. 2: Thurs. 6.30–8.30 p.m., Feb. 17– 


Address basic financial problems encountered 

in the workplace, ranging from options 

pricing to calculating the yield 

distribution of an investment opportunity. 

Designed for students with some financial 

knowledge who wish to move beyond the 

constraints of Excel, this course provides a 

deeper understanding of financial processes 

using the more versatile analysis language 

of the standard Excel application Visual 

Basic. Discuss problems and potential 

Visual Basic–based solutions. Explore the 

techniques underlying solutions, and learn 

to write Visual Basic routines from scratch. 

Prior knowledge of Visual Basic is not required, 

but students must have knowledge 

of basic financial and statistical principles. 







V Online course. 

H Consult an advisor before registering. 

CERTIFICATES IN FINANCIAL ANALYSIS 

The Certificates in Financial Analysis offer in-depth training in analytical methods 

used by financial analysts and managers in a variety of settings, including finance departments 

within corporations, investment firms, other financial services institutions, 

and consulting and professional services firms. Three professional certificates are offered 

to meet the needs of students who are new to the field, as well as professionals 

who wish to advance their expertise in a particular area of specialization. 

The Certificate in Financial Analysis is a foundation-focused program emphasizing 

core skills and competencies, which can be completed in nine months. Two Advanced 

Certificates offer specializations that build on the core curriculum of the Certificate in 

Financial Analysis. 

Upon completion of these certificate programs, students gain expertise in: 

• Profitability analysis, including calculation of price-earnings ratios. 

• Liquidity ratios, asset/productivity analysis, and capital structure/debt ratios. 

• Discounted cash flow (DCF) and other valuation techniques. 

• Using Excel spreadsheet modeling to forecast sales, earnings, and free cash flow. 

• Using Visual Basic programming to solve finance problems, including portfolio modeling. 

• Pricing options using the Black-Scholes formula. 

• Pricing fixed-income derivatives. 

Students must decide whether they wish to pursue the fundamental certificate or one 

of the advanced certificates, since they may not receive both. An advanced certificate 

is earned by taking three courses in the area of specialization in addition to the five 

courses required for the fundamental certificate. 

Students with minimal experience or formal training are advised to take Finance for 

Nonfinance Professionals/X51.9642 and/or Finance Math/Statistics: A Skill Enhancement 

and Review Course/X51.9151 either simultaneously or in advance of taking the first course 

in this program. 

CERTIFICATE IN FINANCIAL 

ANALYSIS 

It is recommended that the five required 


Fundamentals of Corporate Finance/ 

X51.9140 (page 4) 

Financial Statement Analysis/ 

X58.8105 

Techniques of Financing Corporations/ 

X51.9670 (page 4) 

AND 

Intermediate Corporate Finance/ 

X51.9145 (page 4) 

OR 

Advanced Corporate Finance/ 

X51.9149 (page 4) 

AND 

Valuing a Business/X51.9677 (page 4) 

OR 


Financial Analysis Using Excel/ 

X51.9675 (page 4) 

ADVANCED CERTIFICATE IN 

FINANCIAL ANALYSIS, 

DERIVATIVE INSTRUMENTS 

(Choose three) 

Derivatives Documentation/ 

X51.9215 (2011–2012) 

Financial Futures and Options in Risk 

Management/X51.9235(page 9) 


Fixed-Income Portfolio Management/ 

X51.9015 (page 14) 

Fixed-Income Securities/ 

X51.9104 (page 14) 



Pricing Options/X51.9246 (page 9) 

Principles of Financial Modeling/ 

X51.9685 (page 4) 


FINANCIAL ANALYSIS, BANKING 

AND FINANCE (Choose three) 

Advanced Financial Statement 

Analysis/X58.8106 


Entrepreneurship/X51.9251 (this page) 

The Business of Microfinance: An 

Advanced Course/X51.9014 (this page) 

Financial Analysis in Visual Basic/ 



X51.9015 (page 14) 

Fundamentals of Portfolio 


Impacts of the Financial Crisis 

on Today’s Business Market/ 

X51.9644 (2011–2012) 

Mergers and Acquisitions: U.S. and 

Overseas/X51.9180 (page 12) 

Microfinance/X51.9603 (page 4) 

FINANCIAL 

PLANNING 

The demand for sound financial advice 

from knowledgeable professionals has 

never been greater, and the public has a 

new awareness of Certified Financial 

Planner (CFP ® ) credentials. NYU-SCPS 

certificate programs in financial planning 

are registered with the Certified Financial 

Planner Board of Standards, Inc. 

Successful completion of the NYU-SCPS 

curriculum satisfies the educational requirements 

for eligibility to sit for the CFP 

Certification Examination. NYU does not 

certify an individual to use the CFP, 

CERTIFIED FINANCIAL PLANNER , and 

CFP (with flame logo) ® marks. CFP certification 

is granted only by the CFP Board to 

those persons who, in addition to completing 

an educational requirement such as 

NYU’s CFP Board-Registered Programs, 

have met its ethics, experience, and examination 

requirements. 

Financial Planning Review Course 

R55.1000/$975 

M Sec. 101: Wed. 1–6 p.m., Thurs. Fri. Sat. 

8 a.m.–6 p.m., Sun. 8 a.m.–12 p.m., Feb. 16–20 

(5 sessions). For more information or to register, 

visit www.TheDaltonReview.com or call 

(877) 426-2373. NYU students receive a $50 

discount. 

This five-day review course is intended for 

students who have completed an educational 

program, such as the NYU Certificate 

in Financial Planning, and intend to sit for 

the CFP® Certification Exam. It is also 

suitable for CPAs, attorneys, and others 

who are eligible for Challenge Status or 

qualify through the transcript review 

process.H 

FP 1: Fundamentals of 

Financial Planning 

X55.9940/$790 

W Sec. 1: Mon. 6–8.45 p.m., Feb. 14–May 16 


David Novick, CFP, consultant, Prometheus 

Capital Management Corp. 

N Sec. 2: Wed. 6–8.45 p.m., Feb. 9– 

May 4 (12 sessions). No class Mar. 16. 

Stephen P. Wetzel, CFP, president, 

Prometheus Capital Management Corp. 

Learn the fundamentals of financial 

planning in this prerequisite for the other 

courses in the financial planning program. 

Topics include financial planning functions, 

time value of money, economic and legal 

environments, financial analysis, and ethical 

and professional considerations. Students 

get practical experience utilizing datagathering 

forms, constructing personal financial 

statements, budgeting, and dealing 

with regulatory requirements. Two classes 

are devoted to the use of the financial calculator. 

Students may also take financial calculator 

workshops prior to, or concurrent with, 

this course. 4.0 CEU (40 50-minute hours) 

5 




FP 2: Financial Planning 

Process and Insurance 

X55.9951/$790 

N Sec. 1: Wed. 6–8.45 p.m., Feb. 9–May 11 

(12 sessions). No class Feb. 23 and Apr. 20. 

Michael Terreri, CLU, ARM, small business 

planning and risk management consultant. 

Review basic financial planning principles 

and familiarize yourself with the concepts 

of risk management. Topics include identifying 

risk exposures, legal aspects of insurance, 

insurance policy analysis, and employee 

benefits. Gain practical knowledge of the 

types of life insurance policies along with 

life insurance needs analysis, property and 

casualty insurance, medical and disability 

insurance, and Social Security benefits. 

Two classes are devoted to the use of the 

financial calculator. Fees for required study 

guides and the online final exam are not 

included in tuition. Required course booklets 

and online exams are purchased online at 

www.dalton-education.com. Click “Student 

Storefront” and enter NYU for “School” and 

nyucfp1 for “Password.” Textbooks may be purchased 

elsewhere. 4.0 CEU (40 50-minute hours) 

FP 3: Investment Planning 

X55.9959/$790 

N Sec. 1: Wed. 6–9 p.m., Feb. 9–May 4 


William Wu, CFP, Kramer Financial Group, LLC. 

Learn how to assess a client’s risk-tolerance 

level, tax situation, liquidity, and marketability 

requirements to determine appropriate 

investment vehicles. Topics include 

regulation of markets, investment vehicles, 

investment theory, financial markets, and 

modern portfolio theory. Two classes are 

devoted to the use of the financial calculator. 

Fees for required study guides and the 

online final exam are not included in tuition. 

Required course booklets and online exams are 

purchased online at www.dalton-education.com. 

Click “Student Storefront” and enter NYU for 

“School” and nyucfp1 for “Password.” Textbooks 

may be purchased elsewhere. 


FP 4: Income Tax Planning 

X55.9960/$790 

S Sec. 1: Tues. 6–9 p.m., Feb. 15–May 10 

(11 sessions). No class Mar. 15 and Apr. 19. 

Become familiar with the tax law research 

process, terminology, the computation of 

tax, and other concepts of income tax accounting. 

Learn tax management techniques, 

tax implications of employee 

benefits and investments, and tax implications 

of financial planning strategies. 

Business structure, sale of personal residence, 

and passive activity loss rules are 

also covered. Fees for required study guides 

and the online final exam are not included 

in tuition. Required course booklets and online 

exams are purchased online at www.daltoneducation.com. 

Click “Student Storefront” 

and enter NYU for “School” and nyucfp1 for 

“Password.” Textbooks may be purchased 

elsewhere. 4.0 CEU (40 50-minute hours) 

Financial Calculator Proficiency Exam 

X51.9952/$50 

Tests are given throughout the semester at the 

NYU-SCPS Finance Department, 11 W. 42nd St., 

by appointment only. Call (212) 992-3400 to 

schedule. 

This exam is designed to test students on 

the use of the financial calculator. All students 

in the Certificate in Financial 

Planning program must pass a calculator 

proficiency examination with a minimum 

grade of 70 percent. The purpose of this 

exam is to ensure that students are able to 

apply the theory they have learned in their 

courses to solving practical financial problems 

in a timely manner. The exam includes 

problems related to time value of 

money, cash flow, standard deviation, 

growth rates and geometric averages, 

mortgage calculations, college funding, security 

valuation, basic statistic applications, 

and various other investment problems. 

Take the exam after completing FP1, FP2, 

and FP3. 

FP 5: Retirement Planning and 

Employee Benefits 

X55.9944/$790 

N Sec. 1: Thurs. 6–9 p.m., Feb. 10–May 12 

(11 sessions). No class Feb. 24, Mar. 17, and 

Apr. 21. David Mendels, director–planning, 

Creative Financial Concepts, LLC. 

Gain familiarity with personal and employeesponsored 

retirement plans. Topics include 

Social Security and Medicare benefits, 

IRAs, tax-sheltered annuities, qualified retirement 

plans, distribution options, and 

taxation and income tax deduction/benefit 

limitations. Learn the characteristics of 

qualified plans for employees, retirement 

needs analysis, and how to determine suitable 

investments and other employee benefits. 

Fees for required study guides and the 

online final exam are not included in tuition. 


purchased online at www.dalton-education.com. 

Click “Student Storefront” and enter NYU 

for “School” and nyucfp1 for “Password.” 

Textbooks may be purchased elsewhere. 


FP 6: Estate Planning 

X55.9946/$790 

N Sec. 1: Thurs. 6–9 p.m., Feb. 10–May 12 


Apr. 21. Russell Fishkind, Esq., partner, 

Saul Ewing LLP. 

Become familiar with estate planning. 

Learn how the federal estate tax system 

works and what to consider when conducting 

estate planning. Topics include federal 

estate and gift taxation, various estate planning 

techniques, trusts use, life insurance 

as an estate planning tool, gifts, charitable 

transfers, intrafamily business and property 

transfers, and planning for incapacity. Fees 

for required study guides and the online 

final exam are not included in tuition. 


purchased online at www.dalton-education. 

com. Click “Student Storefront” and enter 

NYU for “School” and nyucfp1 for “Password.” 

Textbooks may be purchased elsewhere. 


CERTIFICATE IN FINANCIAL PLANNING 

This certificate program is designed to fulfill the educational requirements necessary to 

sit for the Certified Financial Planner Certification Examination. The program covers all 

89 financial planning topics required by the Certified Financial Planner (CFP) Board of 

Standards, Inc., and additional relevant topics. The certificate is available in three program 

formats to accommodate students’ specific needs and scheduling: the Certificate in 

Financial Planning, the Web-Delivered Certificate in Financial Planning (Live Online, 

Instructor-Led), and the Web-Delivered Certificate in Financial Planning (Self-Paced). 

Who should enroll: 

The Certificate in Financial Planning is for professionals and college graduates 

who want a career in financial planning; those who work with financial planners, accountants, 

attorneys, real estate agents, stockbrokers, or insurance agents; and individuals 

interested in learning about long-term life cycle financing. The programs are 

designed for students who want to complete their educational requirements for the 

CFP® examination. 

Upon completion of the program students have: 

• Satisfied the educational requirements of the Certified Financial Planner 

Board of Standards, Inc. 

• Substantive knowledge and technical skills for professional competence 

as a financial planner. 

• Knowledge of all 89 topics mandated by the Certified Financial Planner 

Board of Standards, Inc. 

• Proficiency in the use of a financial calculator. 

For more information, visit scps.nyu.edu/cfp, e-mail scps.fp.info@nyu.edu, 

or call (212) 992-3400. 

Note: CFP Board owns the marks CFP®, CERTIFIED FINANCIAL PLANNER , and 

CFP (with flame logo)®, which it awards to individuals who successfully complete initial 

and ongoing certification requirements. 

OPTION 1: Traditional Financial 

Planning Program 

This program provides traditional classroom 

learning and flexibility, presented in 

six modules covering the fundamentals of 

financial planning, including the financial 

planning process and insurance, investment 

planning, income tax planning, retirement 

planning and employee benefits, 

and estate planning. Candidates have up 

to four years to complete this program. 

A calculator proficiency exam is required. 

Tuition fees do not include the cost of required 

study guides and online exam fees in 

courses FP 2 through FP 6, which must be 

purchased by each individual student in 

order to qualify for access to the online final 

exam. NYU-SCPS arranges for registered 

students to purchase the materials from the 

copyright owner. This option does not include 

the CFP® Certification Exam Review/ 

R55.1000. 


FP 1: Fundamentals of Financial 

Planning/X55.9940 (page 5) 

FP 2: Financial Planning Process 

and Insurance/X55.9951 (this page) 

FP 3: Investment Planning/ 


Financial Calculator Proficiency Exam/ 


FP 4: Income Tax Planning/ 


FP 5: Retirement Planning and 

Employee Benefits/X55.9944 (this page) 

FP 6: Estate Planning/ 



OPTION 2: Web-Delivered 

Certificate in Financial Planning 

(Live Online, Instructor-Led) 

X55.9900/$4,950 

V Sec. 1: Mon. Wed. 5.30–7.30 p.m., 

Jan. 24–Sept. 19 (60 sessions). 

This nine-month, fully interactive, online 

program allows professionals from across 

the country to participate via their computer. 

Using a headset and voiceover- 

IP technology, students engage in a 

virtual classroom and interact with instructors 

and fellow students. The program 

is offered in partnership with 

Dalton Education, innovators in online 

financial services education. For a demonstration, 

visit scps.nyu.edu/cfp. Tuition 

fees do not include the cost of required course 

materials, textbooks, and online exam fees. 

This option does not include the CFP® 

Certification Exam Review/R55.1000. 

OPTION 3: Web-Delivered 

Certificate in Financial Planning 

(Self-Paced) 

X55.9970 

V Sec. 1: Dates and hours to be arranged 

(60 sessions). 

Designed for students who are motivated 

to participate in self-directed online study, 

this program can be completed at an individual 

pace and customized to fit each 

student’s interests and needs. Ideal for 

students with some professional experience, 

the program can be completed in 

nine months or less. The program is 

offered in partnership with Dalton 

Education. For details or to register, visit 

scps.nyu.edu/cfp or call (877) 426-2373. 

6 




PERSONAL FINANCE 

Learn to be an educated investor, prepare 

a personal cash flow statement, and develop 

your own financial plan. These courses are 

designed for people who are not finance professionals 

but who want a better understanding 

of investing, managing short- and long-term 

finances, and personal finance planning. 

Fundamentals of Individual Investing 

X51.9855/$395 

M Sec. 1: Wed. 12–3 p.m., Feb. 9– 

Mar. 30 (7 sessions). No class Mar. 16. 

Stephen P. Wetzel, CFP, president, 

Prometheus Capital Management Corp. 

Designed for the novice investor, this course 

introduces concepts important in managing 

a portfolio and provides students with 

the ability to make confident decisions 

about their personal finances. Topics include 

understanding a brokerage account, 

the Dow Jones Industrial Average, the 

characteristics of stocks and bonds, the 

basic valuation of stocks, taxes for the investor, 

and the psychology of investing. 


Personal Finance Basics: Getting Started 

X51.9417/$395 

M Sec. 1: Mon. 12–2.30 p.m., Feb. 14–May 16 


Apr. 25. Michael Oberstein, chair and clinical 

assistant professor, NYU-SCPS Finance 

Department. 

Comprehend the many instruments used 

in a financial plan and make sense of underlying 

assets and the potential uses of 

benefits. Topics include time value of 

money, career planning, money management, 

savings accounts, CDs, money markets, 

T-bills, stocks, bonds, mutual funds, 

emergency funds, and credit. Learn the 

types of financial institutions and products 

available; understand the financial considerations 

of changing careers; and develop 

strategies for making better decisions when 

buying a house, a car, or other large purchases. 

Study home and life insurance policies 

and factor important considerations 

into health and long-term care insurance 

purchases. 1.5 CEU (19 50-minute hours) 

Personal Finance: 

Developing Your Financial Plan 

X51.9850/$395 


May 19 (12 sessions). No class Feb. 24, Mar. 17, 

and Apr. 21. David L. Hoyer, CFP, registered 

investment advisor, Hoyer Financial Services. 

Cover the essentials of personal finance that 

should have been offered in high school or 

college but probably weren’t. Learn to align 

sound financial goals with values and lifelong 

plans, improve cash flow, and how to 

save and invest while reducing risk. Gain a 

better understanding of the importance of 

credit history and ways to improve it while 

reducing the possibility of identity theft. 

Map out a retirement plan and learn essential 

estate planning and tax considerations. 


CURRENT TOPICS IN PERSONAL FINANCE 

Topics in Finance Series 

X51.9761/$95 

N Sec. 1: Thurs. 6.30–8.30, Mar. 24–Apr. 7 (3 sessions). 

William Wu, CFP, Kramer Financial Group LLC. 

The “new normal” applies not only to the economy but to our careers and how we 

manage our finances. This economic environment challenges all of us to take charge of 

our financial security under a new set of assumptions. 

SESSION I: HABITS OF HIGHLY SATISFIED INVESTORS 

Designed for individual investors, this course provides a comprehensive perspective on 

building wealth. Learn to practice sound investing habits to weather any economic climate. 

Examine the importance of getting your “financial house” in order even before 

you begin investing. Explore the importance of setting short- and long-term goals and 

having a proper financial plan in place. These habits are essential for every investor— 

regardless of experience level. 

SESSION 2: INTRODUCTION TO INVESTING 

Explore the fundamentals of constructing a personal investment portfolio. Review the 

characteristics of the different asset classes and their costs and benefits. Learn the importance 

of diversification, having noncorrelated assets, and other factors to consider 

when designing a portfolio. Topics include basics of mutual funds, criteria used to 

screen mutual funds, characteristics of qualified versus nonqualified accounts, and the 

2010 Roth IRA Conversion opportunity. 

SESSION 3: UNDERSTANDING THE FINANCIAL 

ADVISORY INDUSTRY 

Learn what to look for in a financial advisor and how to effectively navigate the financial 

advisory industry to become a more satisfied investor. Examine how advisors are 

compensated, the different qualifications that they may or may not have, and the 

questions that you should ask any advisor. Gain a comprehensive understanding of an 

advisor’s role and responsibilities. 

Strategic Alliances 

X51.9187/$750 

W Sec. 1: Mon. 6.30–9 p.m., Feb. 28–Apr. 25 

(8 sessions). No class Mar. 14. Patrick McGuinness 

Strategic alliances, such as joint ventures, 

virtual and internet alliances, group alliances, 

and other relationships, are critical 

for large and small businesses. Students acquire 

the information and skills necessary 

to intelligently handle strategic alliance issues 

and enhance their careers. Topics include 

types of alliances, developing the 

process for managing the relationship, alliance 

versus acquisition, communicating the 

alliance, and identifying beneficial partners. 

Guest speakers share their expertise in international 

alliances and joint ventures. 


CAREER NIGHT 

Finance 




NEW 

Wealth Management: How to 

Be Prepared, Survive, and Thrive 

X51.9006/$395 

N Sec. 1: Mon. 6.30–8.30 p.m., Feb. 7–Mar. 4 

(5 sessions). No class Feb. 14. Jose da Cruz 

Wealth management is not just for individuals 

with a high—or ultra-high—net 

worth. Given the disappearance of traditional 

guaranteed pension plans, lack of 

job security, and increased volatility in the 

capital markets, individuals have to take 

charge of managing their own finances 

in order to reach their goals. Develop a 

framework that can be implemented immediately 

to establish personal financial 

goals, devise appropriate investment strategies, 

and monitor performance. 






FINANCIAL RISK 

MANAGEMENT 

AND DERIVATIVE 

INSTRUMENTS 

The ongoing turmoil in the markets continues 

to amplify the need for improved risk 

management, and corporations are investing 

in developing improvements in their 

identification, measurement, and management 

procedures. Our Certificate in 

Financial Risk Management is regularly 

updated to respond to today’s changing 

economic landscape. The need for financial 

risk managers also grows with new compliance 

and regulation standards. Our 

courses teach the strategies and principles 

of financial risk management, techniques to 

qualify and measure risk, technical and 

fundamental analysis, structure of derivatives 

markets, and pricing and valuation 

methods for derivatives instruments. 

Fundamentals of Financial 

Risk Management 

X51.9208/$805 

N Sec. 1: Wed. 6.30–8.30 p.m., Feb. 9–Apr. 27 


John McCormack, valuation and enterprise 

risk management consultant. 

M Sec. 2: Sat. 10 a.m.–3 p.m., Feb. 12–Mar. 5 

(4 sessions). Alan Anderson, FRM. 

Gain an overview of financial risk management 

and its importance in today’s global 

marketplace. Examine why understanding, 

measuring, and managing risk are critical 

considerations in the financial services industry. 

Learn the most current methods 

and tools used by risk management professionals. 

Topics include market and investment 

risk, value at risk (VaR), time value 

of money, probability theory and statistics, 

fixed income, and Monte Carlo simulations. 

Prerequisites: Introduction to the 

Markets/X51.9000 and Fundamentals of 

Portfolio Management/X51.9001 or equivalent 







7 




Core Concepts in Asset Securitization 

X51.9162/$750 

N Sec. 1: Mon. 6.30–8.30 p.m., Feb. 14– 


Norman Chaleff, senior vice president– 

risk management, Sterne, Agee & Leach. 

Examine the core principles of securitization 

in this in-depth review of common 

structured finance asset classes. Learn how 

securitization differs from other funding 

methods (such as asset-based commercial 

lending) and develop the conceptual understanding 

needed for more advanced 

study. Case studies cover three basic consumer 

asset classes: credit cards, auto loans, 

and residential mortgages. This course 

is designed for those new to the field. 

Students are required to work with structured 

finance documentation. Prior exposure 

to fixed-income markets is helpful but 

not required. 1.5 CEU (19 50-minute hours) 

Interest Rate Swaps 

X51.9240/$750 

S Sec. 1: Sat. 10 a.m.–2 p.m., Feb. 12–Mar. 12 

(5 sessions). 

Examine interest rate swaps and their importance 

in today’s capital markets. Discuss 

swaps within the following contexts: why 

firms use them, types of swaps, advantages 

and inherent risks, pricing strategies, present 

and future values applications, regulation 

of participants in the market, balance 

sheet effects, and financial disclosure. 

Other topics include swaptions, captions, 

step-up coupon caps, delayed caps, and the 

impact of inflation. Prerequisite: Finance 

Math/Statistics: A Skill Enhancement and 

Review Course/X51.9151 or knowledge of basic 

mathematics. 2.0 CEU (24 50-minute hours) 

Credit Risk Models: 

Theory and Applications 

X51.9214/$750 

N Sec. 1: Tues. 7–9.15 p.m., Mar. 1–May 10 


Aleksey V. Leksanov, FRM, portfolio manager 

and director–quantitative development, 

Stone Tower Capital LLC. 

Examine techniques to manage, measure, 

and control credit risks inherent in loans, 

bonds, and derivative products. Review 

mathematical models and methodologies 

widely used in the financial industry to 

quantify credit risks for stand-alone securities, 

as well as security portfolios. Understand 

regulatory perspectives on best practices 

for managing and monitoring credit risks. 

Analyze the impact of the Basel II accord 

on the management, measurement, and 

control of credit risks. Prerequisite: Finance 

Math/Statistics: A Skill Enhancement and 

Review Course/X51.9151 or familiarity with 

derivatives, financial markets, and the use of 

spreadsheets. 2.0 CEU (24 50-minute hours) 

Intermediate Financial 

Risk Management 

X51.9201/$750 

N Sec. 1: Wed. 6.30–8.30 p.m., Mar. 16– 

May 11 (8 sessions). No class Apr. 20. 

Alan Anderson, FRM. 

Build on basic knowledge of risk management 

tools and techniques to explore more 

complex issues in financial risk management, 

including credit risk, derivatives, 

hedging techniques, hedge funds, and enterprise-level 

risk measurement and management. 

Prerequisite: Fundamentals of 

Financial Risk Management/X51.9208 

or equivalent knowledge. 

BANKING AND 

FINANCIAL SERVICES 

Learn the strategies and principles used to 

measure and manage financial risk, and 

understand how markets operate in futures, 

options, swaps, and other derivative 

instruments used to protect assets. 

Applied Technical Analysis 

X51.9125/$750 

N Sec. 1: Mon. 6.30–8.30 p.m., Feb. 14–May 9 


Apr. 25. Cornelius Luca, technical analysis 

and foreign exchange consultant. 

Learn to recognize essential chart formations 

and determine how to identify and 

apply the appropriate techniques in this 

introduction to the use of basic charting 

methods. Topics include trends and trendlines, 

ratio analysis (Fibonacci), types of 

charts, reversal and continuation patterns, 

candlestick analysis, construction and application 

of moving averages and oscillators, 

and Elliott wave analysis. Apply these 

technical analysis techniques to current 

price charts. 2.0 CEU (24 50-minute hours) 

Basics of Centrally Cleared Derivatives 

X51.9248/$495 

N Sec. 1: Mon. 6.30–9 p.m., Feb. 28–Mar. 28 

(5 sessions). John McCormack, valuation and 

enterprise risk management consultant. 

Challenging financial markets inspired 

elected representatives, public officials, and 

many financial institutions to cooperate to 

establish a central clearinghouse for financial 

derivatives in general and for credit default 

swaps in particular. Central clearing is 

the most important change to derivatives 

markets in over a decade. It is necessary 

to the health of the international financial 

system, and knowledge of how it works is 

essential for financial professionals. Explore 

the fundamentals of credit derivatives, 

rules governing margin requirements, risk 

assessments of reference entities, risk assessments 

of CDS sellers, standardization 

of CDS contracts, counter-party credit risk, 

reporting requirements, and regulatory 

oversight. Students should have a basic understanding 

of bank and debt capital markets; 

options knowledge is strongly recommended. 

Derivatives Modeling Using VBA 

X51.9249/$795 

W Sec. 1: Sat. 10 a.m.–3 p.m., Apr. 9–May 7 

(4 sessions). No class Apr. 23. Alan Anderson, 

FRM 

Gain an intensive introduction to the 

mathematical modeling of derivative securities 

with a focus on developing algorithms 

for option pricing models. The 

Visual Basic for Applications (VBA) language 

is used throughout the course and 

key features of VBA are introduced as 

needed. Learn the mathematical foundations 

of numerous pricing models (the 

Black-Scholes model, binomial and trinomial 

trees, finite difference methods, and 

Monte Carlo simulation) and how algorithms 

are developed to implement these 

models in VBA. Pricing models for interest 

rate derivatives and exotic options are also 

developed, time permitting. Prerequisite: 


Management/ X51.9235 or equivalent. 

Students must have an understanding of 

college-level mathematics and familiarity with 

Excel. No prior knowledge of VBA necessary. 

Equity Derivatives 

X51.9245/$750 

M Sec. 1: Sat. 9 a.m.–5 p.m., Apr. 2–16 

(3 sessions). 

Gain an understanding of equity derivative 

instruments, their structure, and the complex 

global markets in which they trade. 

Examine other important components of 

the capital markets, including repo transactions, 

options, and foreign exchange trading. 

This course is a complement to Interest Rate 

Swaps/X51.9240, which covers derivatives 

that arise in debt markets. 

Introduction to Hedge Funds 

X51.9203/$425 

N Sec. 1: Tues. 6–9.30 p.m., Mar. 1–15 

(3 sessions). William Bassin, Esq., managing 

director, UBP Asset Management. 

Learn the essentials of this rapidly growing 

industry. Gain an understanding of different 

hedge fund strategies, discover why hedge 

funds have become so popular, and recognize 

what to look for when evaluating a 

potential hedge fund investment. Sessions 

include in-depth discussion of key issues 

by faculty and distinguished guest speakers. 

Topics include who launches a hedge fund 

and why, what’s involved in creating a new 

fund, who invests in hedge funds, how hedge 

funds prosper in both up and down markets, 

previous hedge fund disasters, and hot-button 

legal and regulatory issues. Prerequisites: 

Introduction to the Markets/X51.9000, 

Fundamentals of Portfolio Management/ 

X51.9001, and Fundamentals of Financial 

Risk Management/X51.9208 or equivalent 


Hedge Fund Operation 

Risk and Due Diligence 

X51.9237/$795 

N Sec. 1: Wed. 6.30–8 p.m., Feb. 9– 


Jason Scharfman, managing partner, 

Corgentum. 

Establish a solid understanding of the 

essential techniques required to perform 

legal, regulatory, back office investment, 

and operational due diligence on hedge 

funds and other alternative investments. 

Topics include an overview of fund legal 

and financial documentation, valuation and 

custody assessment, asset verification techniques, 

common red flags, fraud case studies, 

and fund interview strategies. The 

course is designed for attorneys, auditors, 

investment analysts, legal and compliance 

professionals, and investor relations and 

marketing professionals interested in increasing 

their knowledge of alternative investment 

due diligence techniques and issues. 

8 




Hedge Fund Strategies 

X51.9209/$845 

S Sec. 1: Tues. 6.30–9 p.m., Mar. 1–May 10 

(8 sessions). No class Mar. 15, Apr. 19, and 

Apr. 26. Zachary R. Michaelson, consultant, 

Gerson Lehrman Group. 

Explore the investment strategies and 

techniques used by hedge fund managers 

in the areas of bonds, stocks, fixed assets, 

currency, options, and commodities. Study 

different strategies including event driven 

or distressed mergers, long and short equities, 

funds, and convertible arbitrage and 

global macro strategies. Performance measurements; 

alpha, beta, and Sharpe ratio; 

and market efficiency are also covered. 

Measuring and Managing 

Operational Risk Under Basel II 

X51.9016/$750 

N Sec. 1: Wed. 6.30–8.30 p.m., Mar. 2–May 11 


Frank Sansarricq 

Examine issues raised by the identification, 

quantification, and management of operational 

risks and the regulatory framework 

provided by the Basel II Capital Accord. 

Analyze examples of the various modeling 

approaches the accord allows. Once the basics 

have been covered, explore the specifics 

of the so-called “Advanced Measurement 

Approach” (AMA) and the technical challenges 

posed by the loss data requirements, 

the Value at Risk (VaR) calculation, and 

the stress testing requirements. The course 

concludes with a review of the organizational 

changes that must take place to put 

in place an operational risk management 

framework compliant with the terms of 

the accord. Prerequisite: Finance Math/ 

Statistics: Skill Enhancement and Review 

Course/X51.9151 or equivalent knowledge. 

The Options Market 

and Trading Strategies 

X51.9120/$750 

N Sec. 1: Thurs. 6.30–9 p.m., Feb. 10–Apr. 14 


Louis H. Zaidman, adjunct assistant professor– 

financial management. 

Find out how put-and-call equity and 

index options can potentially offer a large 

profit on a small amount of capital while 

allowing conservative investors to achieve a 

good return on their stock portfolios. 

Topics include how to make money in a 

rising market by buying calls and creating 

bull spreads using warrants; how to make 

money in a declining market with puts and 

bear spreads, and by selling naked calls; 

and how calendar spreads and covered option 

writing can be profitable in a neutral 

market. Prerequisite: Introduction to the 

Markets/X51.9000 or equivalent knowledge. 


NEW 

Systemic Risk and Its 

Impact on the Markets 

X51.9124/$750 

N Sec. 1: Mon. 7–9 p.m., Feb. 28–May 16 


Ari Bergmann, principal, Penso Advisors LLC. 

Acquire the fundamental financial tools 

and techniques to identify sources of potential 

systemic risks, measure a portfolio’s 

exposure to such risks, and design effective 

risk-mitigating strategies. Every asset 

allocator—whether a sophisticated private 

investor, institutional portfolio manager, 

investment committee member, investment 

advisor, liability manager, CFO, or treasury 

professional—is required to identify sources 

of potential systemic risk and to understand 

the implication of such exposures to 

his or her portfolio or enterprise. Examine 

systemic risk, the dynamics of hedging, 

current issues pertaining to derivatives, and 

the historical development of past crises. 

INDUSTRY AND 

SERVICE COMPANIES 

Financial Futures and 

Options in Risk Management 

X51.9235/$750 

M Sec. 1: Sat. 10 a.m.–2 p.m., Mar. 26–Apr. 23 

(5 sessions). 

This risk management approach to the 

fundamentals and trading aspects of financial 

futures and options markets is designed 

for bankers, treasury professionals, 

and traders. Topics include description and 

delivery of contracts; methods of trading 

(puts, calls, spreads versus futures); pricing 

mechanisms; and money management applications, 

including hedging and arbitrage 

techniques. Review momentum and technical 

analysis, margin computation, and 

market regulations. Participate in simulated 

trading in interest rate futures, currency 

futures, and stock indices and 

options. 2.0 CEU (24 50-minute hours) 

Web 

For the most up-to-date 

course information and 

to register online, visit: 

scps.nyu.edu 

Pricing Interest Rate 

Swaps and Their Derivatives 

X51.9250/$750 

S Sec. 1: Wed. 6.30–9 p.m., Feb. 9–Apr. 6 

(8 sessions). No class Mar. 16. Amir Sadr, 

managing partner, EPS Trading LLC. 

Gain a practical introduction to the valuation 

methods for pricing interest-rate swaps 

and their derivatives. Confidently price and 

hedge interest-rate swaps, caps, floors, 

swaptions, and constant-maturity-swap 

products upon completion. The key ideas 

of replication (static and dynamic), and 

risk-neutral valuation are introduced, leading 

to the industry-standard Black’s formula 

and its variants for pricing Swaptions, 

Cap/Floors, and Digitals. A one-factor 

BDT/BK model is extensively covered to 

illustrate the valuation of Bermudan callable 

structures and other exotics. Students 

must have a basic background in bond mathematics 

and some mathematical proficiency. 


Pricing Options 

X51.9246/$750 

W Sec. 1: Sat. 9 a.m.–5 p.m., Mar. 19–Apr. 9 

(3 sessions). No class Mar. 26. Greg Ciresi, 

senior vice president–fixed income research, 

Cantor Fitzgerald. 

Explore the intuition behind pricing of derivatives 

(options, forwards, swaps, and exotics) 

both for equities and fixed income. 

By the end of this advanced-level course, 

students understand the limitations of 

closed-form solutions and numerical 

methods in derivatives pricing. Students 

must have a basic knowledge of capital markets 

or investments and exponents, logarithms, 

and basic differential and integral calculus. 

Using the Yield Curve 

X51.9211/$750 



Mar. 17, and Apr. 21. Aleksey V. Leksanov, 

FRM, portfolio manager and director–quantitative 

development, Stone Tower Capital LLC. 

Examine the factors that create risk and 

provide return in fixed-income markets. 

Review the basics of money markets and 

the role of the Federal Reserve in determining 

short-term interest rates. Learn 

the essentials of bond pricing, price sensitivity 

(duration and convexity), zero (spot) 

curves, forward curves, and yield-curve 

strategies. Gain an understanding of options 

as they relate to fixed-income markets. The 

course concludes with an exploration of 

callable bonds and mortgage-backed securities, 

and an introduction to the fixedincome 

derivatives market. Students must 

have a basic understanding of financial 

markets and basic proficiency in mathematics. 


FRM® EXAM REVIEW 

X51.9700/$4,950 

W Sec. 1: Fri. 6.30–9.30 p.m., Sat. Sun. 

10 a.m.–5 p.m., Feb. 11–Apr. 3. (21 sessions). 


V Sec. 2: Dates and hours to be arranged. 

This interdisciplinary course prepares 

professionals for the Financial Risk 

Manager FRM® Exam administered 

by the Global Association of Risk 

Professionals (GARP*) each November. 

The FRM credential is considered 

the gold standard in the industry. 

The complete package includes all 

pre-reviews, program training modules, 

and final exam review. Students receive 

regularly scheduled review sessions, 

exam-taking skills utilizing past exams, 

class notes, and instructor-led support 

via e-mail until the day of the exam. 

Prerequisites: Fundamentals of Finance 

Risk Management/X51.9208, The Options 

Market and Trading Strategies/X51.9120, 


Management/X51.9235, and Interest 

Rate Swaps/X51.9240 or Pricing Interest 

Rate Swaps and Their Derivatives/ 

X51.9250, or equivalent experience. 

Level I Review/X51.9698/$2,825 

W Sec. 1: Fri. 6.30–9.30 p.m., Sun. 

10 a.m.–5 p.m., (12 sessions). 



Level I topics of study focus on the items 

determined by the most recently published 

GARP AIMS for candidates 

preparing to sit for the Level I exam: 

Quantitative Review, Foundations of 

Risk Management and Financial 

Markets, Quantitative Analysis, and 

Risk Modeling. 

Level II Review/X51.9793/$2,125 

W Sec. 1: Fri. 6.30–9.30 p.m., Sun. 

10 a.m.–5 p.m., (9 sessions). 



Level II topics of study focus on the items 

determined by the most recently published 

GARP AIMS for candidates 

preparing to sit for the Level II exam: 

Market Risk and Investment Risk, 

Credit Risk and Risk Management 

Issues and Operational Risk. 

Candidates planning on taking both 

the Level I and Level II exams register 

for X51.9700. For more information, 

e-mail scps.frmexam@nyu.edu 

or call (212) 992-3400. 

*GARP does not endorse, promote, review, or 

warrant the accuracy of the products or services 

offered by NYU-SCPS of FRM related information, 

nor does it endorse any pass rates 

claimed by the provider. Further, GARP is 

not responsible for any fees or costs paid by the 

user to NYU-SCPS nor is GARP responsible 

for any fees or costs of any person or entity 

providing any services to NYU-SCPS. FRM®, 

GARP, and Global GARP of Risk 

Professionals are trademarks owned by the 

Global Association of Risk Professionals, Inc. 

9 




CERTIFICATES IN 

FINANCIAL RISK MANAGEMENT 

NYU-SCPS offers three professional certificate programs in financial risk management 

to meet the needs of students who are new to the field, as well as professionals who 

wish to advance their expertise in a particular area of specialization. These certificates 

cover the measurement and management of financial risk, as well as the nature and 

operation of markets in futures, options, swaps, and other derivative instruments, 

which serve both as hedges against risk and as sources of potential profit. The Certificate 

in Financial Risk Management is a foundation-focused program emphasizing core 

skills and competencies, which can be completed in nine months. The Advanced 

Certificates in Financial Risk Management build on the core certificate with specializations 

in either Banking and Financial Services or Industry and Service Companies. 

Upon completion, all certificate students have covered: 

• Strategies and principles of financial risk management. 

• Measurement techniques necessary to manage and measure financial risk. 

• Structuring of limits to control risk taking. 

• Mathematical models and how they contribute to risk control, including value at 

risk (VaR). 

• Structure of various derivatives markets (e.g., options, futures, and swaps). 

• Pricing and valuation techniques for derivatives instruments. 


of the advanced certificates since they may not receive both. An advanced certificate is 

earned by taking three courses in the area of specialization in addition to the five 


Students with minimal experience or no formal training are advised to take Finance Math/ 

Statistics: A Skill Enhancement and Review Course/X51.9151 either simultaneously or in 

advance of taking the first course in this program. 

CERTIFICATE IN FINANCIAL 

RISK MANAGEMENT 





Core Concepts in Asset Securitization/ 

X51.9162 (page 8) 

Interest Rate Swaps/ 

X51.9240 (page 8) 

Credit Risk Models: Theory and 

Applications/X51.9214 (page 8 

Intermediate Finance Risk 



FINANCIAL RISK MANAGEMENT, 

BANKING AND FINANCIAL 

SERVICES (Choose three) 


Analysis/X51.9041 (page 2011–2012) 


X51.9125 (page 8) 

Basics of Centrally Cleared Derivatives/ 

X51.9248 (page 8) 

CDO Basics/X51.9133 (2011-2012) 

Derivatives Documentation/ 

X51.9215 (2011–2012) 

Derivatives Modeling Using VBA/ 

X51.9249 (page 8) 

Equity Derivatives/X51.9245 (page 8) 

Fixed Income Portfolio Management/ 

X51.9015 (page 14) 

FRM® Exam Review Course/ 

X51.9700 (page 9) 


FRM Exam Level I Review/ 

X51.9698 (page 9) 

FRM Exam Level II Review/ 

X51.9793 (page 9) 

Hedge Fund Operation Risk and Due 

Diligence/X51.9237 (page 8) 


X51.9209 (page 9) 

Introduction to Hedge Funds/ 

X51.9203 (page 9) 

Measuring and Managing Operational 

Risk Under Basel II/ 

X51.9016 (page 8) 

The Options Market and Trading 

Strategies/X51.9120 (page 9) 

Treasury Bond Basis: Trading, Hedging, 

Modeling/X51.9373 (2011–2012) 

Volatility Modeling/X51.9252 (2011– 

2012) 


FINANCIAL RISK MANAGEMENT, 

INDUSTRY AND SERVICE 

COMPANIES (Choose three) 



Impacts of the Financial Crisis on 

Today’s Business Market/ 

X51.9644 (2011–2012) 


X51.9203 (page 8) 

Pricing Interest Rate Swaps and Their 

Derivatives/X51.9250 (page 9) 


Using the Yield Curve/ 

X51.9211 (page 9) 

INTERNATIONAL BUSINESS AND FINANCE 

As individual companies and industries expand or are reconfigured abroad, opportunities 

grow for professionals with international business expertise. NYU-SCPS faculty are industry 

experts with long careers and experience in global markets, international trade law, and 

corporate finance. Students learn the cultural, economic, political, and social influences in 

international business, and master skills within their geographic and subject areas of interest 

to help them succeed. 

Introduction to International 

Business and Finance 

X51.9400/$795 

N Sec. 1: Mon. 6.30–9 p.m., Feb. 14–May 9 

(10 sessions). No class Feb. 21, Apr. 18, 

and Apr. 25. Subash Midha, global strategy 

advisor (India). 

M Sec. 2: Sat. 10 a.m.–1.30 p.m., Feb. 12–Apr. 2 

(7 sessions). No class Mar. 19. August Morar, 

executive director, Center for International 

Business Strategic Studies. 

Examine the economic, political, and social 

forces that shape the global marketplace. 

Analyze procedures adopted to implement 

business operations in diverse economies, 

and learn how to make sharp business decisions. 

Topics include international economic 

principles and their influence on foreign 

trade and productive investments, the international 

monetary system, the exchange 

rate mechanism and its impact on direct 

investments and financial operations, international 

marketing operations for products 

and services, corporate and trade financing 

methods, and foreign risk management. 

International Corporate Finance 

X51.9405/$750 

W Sec. 1: Mon. 6–9 p.m., Feb. 14–May 9 


Mark Foley, chief risk officer, Herald National Bank. 

Gain an understanding of the international 

financial system from both a theoretical 

and a practical point of view. Topics include 

central bank functions; foreign exchange 

markets and convertibility; the eurocurrencies 

markets and the euro; short- and longterm 

financing, including trade and project 

finance; and documentation. This course also 

covers the legal, political, and economic 

framework of international financial 

markets. 2.0 CEU (24 50-minute hours) 

Principles of International Trade 

X51.9455/$750 

N Sec. 1: Thurs. 6.30–8.30 p.m., Feb. 10–May 5 


Apr. 21. Melvin E. Lazar, Esq., private practice. 

Explore the basics of an international trade 

transaction and get a practical introduction 

to the fundamentals of import/export procedures. 

The essential elements of international 

trade contracts, shipping terms, various 

transportation modes, U.S. Customs procedures, 

global sourcing, import/export financing, 

and cross-cultural issues are addressed. 

This course covers information that is especially 

valuable for students who wish to 

learn the transaction mechanics of importing 

and exporting, as well as those in 

search of a second career. 2.0 CEU (24 

50-minute hours) 

Running Your Own 

Import/Export Business 

X51.9461/$750 

N Sec. 1: Wed. 6.30–8.30 p.m., Feb. 9–Apr. 27 


Lawrence B. Delson, principal, Delson 

International, Inc. 

Learn the basics of starting an import/export 

operation. Discuss vital topics including 

business start-ups, product and market 

research in the United States and abroad, 

product pricing, distribution systems, customs 

brokers, and international documentation. 

Other topics include banking and 

financing strategies, dealing with customers, 

and ongoing international relationships. 

Presentations encompass computerized 

sources of foreign-trade leads and market 

information. Students develop an import 

or export plan for a product of their choice. 


Global Investing 

X51.9025/$750 


(8 sessions). No class Feb. 22. 

Joseph P. Quinlan, consultant. 

Managing a global investment portfolio 

leads to both opportunities and specific 

challenges. Learn to identify each and 

explore topics including the anatomy of 

world markets, measures of size and liquidity 

of the global stock and bond markets, 

global asset allocation and diversification, 

global trading of securities, global asset risk 

management, sources of financial information, 

and the administrative challenges of 

global investing. Prerequisite: Introduction 

to the Markets/X51.9000 or equivalent 







10 




CERTIFICATES IN INTERNATIONAL 

BUSINESS AND FINANCE 

In an era of instant global communications, interdependent economies, and dramatic 

international political developments, an understanding of underlying economic, political, 

and social forces is critical. Under the instruction of industry experts, our programs 

are designed to equip professionals at all levels with the key skills of 

international business, as well as to provide vital knowledge of U.S. business practices. 

NYU-SCPS offers three professional certificates to meet the needs of students who 

are new to the field, particularly those considering an M.B.A. program, as well as professionals 

who wish to advance their expertise in a particular area of specialization. 

The Certificate in International Business and Finance is a foundation-focused program 

emphasizing core skills and competencies, which can be completed in nine 

months. Two Advanced Certificates in International Business and Finance build on 

the core certificate with specializations in either India, China, and Other Emerging 

Markets or Overseas Investing. 

Upon completion of these programs, students have an in-depth knowledge of: 

• The international financial system, including exchange-rate mechanisms, tariffs, 

and international trade issues. 

• How to identify cultural, economic, political, and social influences in the international 

business arena. 

• Basic concepts of multinational financial management and the impact of foreign 

exchange on cash flow. 

• Legal, political, and economic frameworks of international markets, including the 

euro and eurocurrencies markets. 

• Key issues of international banking operations. 






Nonfinance Professionals/X51.9642 either simultaneously or in advance of taking the 

first course in this program. 


INTERNATIONAL BUSINESS 

AND FINANCE 



Introduction to International Business 

and Finance/X51.9400 (page 10) 

International Corporate Finance/ 

X51.9405 (page 10) 

Principles of International Trade/ 

X51.9455 (page 10) 

Running Your Own Import/Export 

Business/X51.9461 (page 10) 

Global Investing/X51.9025 (page 10) 



AND FINANCE, CHINA, INDIA, 

AND OTHER EMERGING 

MARKETS (Choose three) 

Doing Business in China/ 



Entrepreneurship/X51.9251 (page 5) 






International Trade Finance/ 


International Trade Law and 

Regulation/X58.8805 (this page) 

Investment Opportunities in India/ 


Issues in a Globalizing Economy/ 

X51.9239 (page 12) 

Strategic Alliances/X51.9187 (page 7) 



AND FINANCE, OVERSEAS 

INVESTING (Choose three) 

International Banking: Structure, 

Function, and Techniques/ 

X51.9425 (page 12) 

International Business Negotiations/ 

X51.9402 (page 12) 




NEW 

CHINA, INDIA, AND 

OTHER EMERGING 

MARKETS 

Understand how to successfully and strategically 

navigate the culture, politics, and economies 

of emerging markets with technical 

knowledge of trade finance and currencies. 

Doing Business in China 

X51.9406/$350 

S Sec. 1: Thurs. 6.30–8.30 p.m., Feb. 10– 

Mar. 10 (5 sessions). Lawrence B. Delson, 

principal, Delson International, Inc. 

Acquire the tools necessary to successfully 

operate a small or medium-sized business 

in China. Subjects include the legal environment 

and trends, the impact of China’s 

WTO membership, product sourcing and 

quality control, sales and marketing, methods 

of operations, and intellectual property 

rights. Opportunities in areas such as alternative 

energy, media, and real estate are 

identified. Emphasis is placed on the role 

of, and the need for, cultural and historical 

understanding of the market as a key to 

success. Students receive a brief introduction 

to the Chinese language. 

International Trade Finance 

X51.9238/$550 

N Sec. 1: Wed. 6.30–9 p.m., Mar. 9–May 4 


Examine methods of securing funds for international 

trade, including letters of credit, 

factoring (invoice discounting and receivables 

financing), asset-based lending, and 

structured trade finance. Explore issues regarding 

the proper management of currency 

exchange and interest fluctuations, 

repatriating earnings and risk management, 

and insurance opportunities and 

credit evaluation services. Analyze relevant 

government and private services, including 

the United States Export-Import Bank, 

the Overseas Private Investment 

Corporation (OPIC), and the Foreign 

Credit Insurance Association (FCIA). 

International Trade Law and Regulation 

X58.8805/$845 

S Sec. 1: Thurs. 6–8.30 p.m., Feb. 10–Apr. 21 

(10 sessions). No class on Mar. 17. 

Melvin E. Lazar, Esq. 

Familiarity with international trade law is 

essential for anyone involved in international 

business. What are the transaction 

risks associated with import and export? 

How are international disputes resolved? 

Gain practical knowledge to facilitate international 

commercial transactions and 

learn potential risks and legal problems 

through case studies. Topics include the 

formation of international sales contracts, 

the documentary sale and terms of trade, 

letters of credit, U.S. regulation of imports 

and exports, the carriage of goods and the 

liability of air and sea carriers, GATT law 

and the World Trade Organization, and 

regional trade areas, such as the European 

Union. 3.0 CEU (30 50-minute hours) 

Investment Opportunities in India 

X51.9128/$795 



Subash Midha, global strategy advisor (India). 

India’s economy is the second-fastest 

growing in the world, with the third-largest 

purchasing power. Its recent growth has attracted 

numerous investors who are looking 

to make mutually beneficial partnerships 

with Indian businesses. Explore 

investment opportunities in India in many 

different areas, including education, health, 

entertainment, hospitality, real estate, 

investment, trade, outsourcing, business 

and knowledge process outsourcing (BPO 

and KPO), information technology (IT), 

software, infrastructure, and telecommunications. 

The legal, banking, and tax issues 

related to investment in India are also 

discussed. 

11 




NEW 

Issues in a Globalizing Economy 

X51.9239/$750 


(8 sessions). No class Feb. 24. Lawrence Knoll, 

principal, Wolf, Arnold & Knoll, P.C. 

Examine the various ways economies of 

the world are coming together through 

globalization, and the opportunities and 

challenges of this transformation. Explore 

the forces and mechanisms driving globalization, 

and its multinational conventions 

and converging business practices in the 

context of differing social realities, in particular, 

the World Trade Organization 

(WTO) Doha Development round of 

trade negotiations. Each student chooses 

an area of interest to study in-depth and 

presents his or her findings to the class. 

Potential topics include issues in e-commerce, 

outsourcing production or outsourcing 

services via telecommunication, 

and conflicting standards of intellectual 

property rights. 

OVERSEAS INVESTING 

Learn how to invest in foreign companies 

directly or indirectly, with public or private 

equity. 

International Banking: Structure, 

Function, and Techniques 

X51.9425/$750 

N Sec. 1: Mon. 6.30–9 p.m., Mar. 7–May 9 


George P. Brown, vice president and 

head of risk management, Banca Intesa. 

Understand the role, function, and organization 

of international banking operations. 

Intended for finance professionals and bankers, 

this course addresses the organizing of 

international banking financial operations; 

correspondent banking relationships; foreign 

lending (influential factors, risks, 

restraints, and portfolio considerations); 

Nostro and Vostro accounts; and New York 

City as both an international money market 

center and a source of long-term capital. 

This survey includes the structure of 

the eurocurrency and eurodollar markets 

and UCP 500. 2.0 CEU (24 50-minute hours) 

International Business Negotiations 

X51.9402/$750 


(8 sessions). No class Feb. 22. Lawrence Knoll, 

principal, Wolf, Arnold & Knoll, P.C. 

Gain an overview of issues relevant to 

international business negotiations and 

discuss the most effective practices and 

methods of conducting them. Topics include 

key elements of how to negotiate 

successfully in various situations and build 

and sustain a business relationship. Students 

develop techniques to effectively represent 

their principal, while aiming to achieve 

mutual benefit. Ethical responsibilities are 

emphasized along with heightening sensitivity 

to personal, behavioral, and cultural 

differences. 

CAREER NIGHT 

Finance 




INVESTMENT BANKING 

Investment Banking Fundamentals 

X51.9160/$750 

W Sec. 1: Mon. 6.30–9 p.m., Feb. 14–Apr. 18 


Robert K. Nagle, CFA, associate director, 

Moody’s Analytics. 

Analyze the financial services that investment 

banks provide to corporations and 

governments. This introductory overview 

of the industry is recommended for corporate, 

bank, and insurance personnel. Topics 

include raising capital through the issuance 

of equity and debt securities; initial public 

offerings and secondary issues; private 

placements; venture capital; privatizations; 

and mergers and acquisitions, including 

the related activities of divestitures, spin-offs, 

and workouts. 2.0 CEU (24 50-minute hours) 

Mergers and Acquisitions: 

U.S. and Overseas 

X51.9180/$750 

W Sec. 1: Thurs. 6.30–9 p.m., Feb. 10–Apr. 7 

(8 sessions). No class Mar. 17. 

James J. Bergin, Esq. 

Explore mergers, acquisitions, and divestitures 

in this course designed for corporate 

personnel and investors. Focus on evaluation, 

mechanics, and negotiation strategies 

for business combinations. Topics include 

accounting considerations, valuation, legal 

issues, and tax factors involved in acquisitions. 

Prerequisite: Fundamentals of 

Corporate Finance/X51.9140 or equivalent 







Raising capital in today’s tight financial markets means relying on both traditional and alternative 

resources. Our courses teach relevant financial management of internal and external 

funds, equity and debt financings, mergers and acquisition, initial public offerings, joint 

ventures, and other strategic alliances. 

Venture Capital and Private Equity 

X51.9185/$750 

N Sec. 1: Wed. 6.30–9 p.m., Feb. 9– 


Andrew T. Long, venture capital consultant. 

This course is designed for corporate officers, 

sole proprietors, firm partners, and investors 

seeking to develop familiarity with 

the sources and techniques of venture capital. 

Topics include how to prepare a startup 

business plan, critical elements in the 

search for financing, how to raise and utilize 

venture capital, when and how to go public, 

techniques for analyzing value, and tax 

considerations. 2.0 CEU (24 50-minute hours) 

How to 

Register 

Web: 

scps.nyu.edu 

By mail: 

Use the form and envelope 

at the back of the Bulletin. 

By telephone: 

(212) 998-7150 

By fax: 

(212) 995-3060 

In person: 

145 Fourth Avenue, 2nd Fl. 

For detailed information, 

see the Registration section 

at the end of this Bulletin. 

SALES AND TRADING 

Understand the roles that stockbrokers, 

financial consultants, and traders play, and 

the landscape they act upon. 

Broker-Dealer 

Operations and Compliance 

X51.9863/$450 

M Sec. 1: Sun. 9 a.m.–5 p.m., Mar. 27–Apr. 3 

(2 sessions). William Jannace, Esq., managing 

director–member regulation division, Financial 

Industry Regulatory Authority (FINRA). 

Gain a fundamental understanding of the 

broker-dealer relationship with respect to 

the clearance and settlement of securities 

and various other broker-dealer operations, 

including net capital, customer protection, 

margin, and books and records requirements. 

The course features an overview on 

recent initiatives to clear and settle derivatives 

and CDS products and covers introducing 

and clearing arrangements and the 

evolving field of prime brokerage. Other 

topics include brokerage accounting, clearance, 

settlement, net capital, customer protection 

rules, introducing and clearing 

operations, and prime brokerage operations. 

Initial Public Offerings 

X51.9165/$750 

W Sec. 1: Sun. 9 a.m.–5 p.m., Feb. 27– 

Mar. 13 (3 sessions). William Jannace, Esq., 

managing director–member regulation division, 

Financial Industry Regulatory Authority 

(FINRA). 

Gain a detailed knowledge of initial public 

offerings, security regulation requirements, 

underwriting, and trading. Explore the history 

of market fads, valuation for original 

pricing, aftermarket valuation, the prospectus, 

and various investment strategies. 


RESEARCH ANALYSIS 

Learn to analyze companies and industries 

for growth, distress bankruptcy, and workouts. 

Bankruptcy, Workouts, 

and Reorganizations 

X51.9335/$750 

N Sec. 1: Tues. 6.30–9 p.m., Feb. 15– 


Gerard DiConza, Esq., principal, 

DiConza Law, P.C. 

Designed for bankers, corporate treasury 

personnel, workout specialists, and lawyers 

who handle middle-market, national, and 

international problem loans and accounts, 

this course examines corporate Chapter 11 

bankruptcies. Topics include plans of reorganization, 

valuation of a business, assetbacked 

securitization transactions, trading 

claims, the law of setoff, preferences, fraudulent 

conveyances, equitable subordination, 

substantive consolidation, the automatic 

stay, use of cash collateral negotiations, and 

debtor-in-possession financing. 2.0 CEU 

(24 50-minute hours) 

12 




CERTIFICATES IN INVESTMENT BANKING 

Learn how corporations finance their activities and how to analyze key factors that 

drive corporate transactions. Three professional certificate options are offered to meet 

the needs of students who are new to the field, particularly those considering an 

M.B.A. program, as well as professionals who wish to advance their expertise in a 

particular area of specialization. 

The Certificate in Investment Banking is a foundation-focused program emphasizing 

core skills and competencies, which can be completed in nine months. Two Advanced 

Certificates in Investment Banking build on the core certificate with specializations in 

either sales and trading or research analysis. 

Upon completion of any of these programs, students gain an understanding of corporate 

finance, including expertise in areas such as: 

• Financial management and corporate growth, including the use of both 

internal and external funds. 

• Equity and debt financings. 

• Mergers and acquisitions. 

• Initial public offerings. 

• Corporate restructurings. 

• Joint ventures and other strategic alliances. 

• Derivatives transactions, including pricing and valuation techniques. 

• Securitizations. 

• Roles and perspectives of investment bankers and other transaction advisors. 









CERTIFICATE IN INVESTMENT 

BANKING, CORE COURSES 



Investment Banking Fundamentals/ 

X51.9160 (page 12) 

Strategic Alliances/X51.9187 (page 7) 



Techniques of Financing Corporations/ 

X51.9670 (page 4) 

Venture Capital and Private Equity/ 

X51.9185 (page 12) 

OR 

Venture Capital Intensive/ 

X51.9186 (2011–2012) 


INVESTMENT BANKING, SALES 

AND TRADING (Choose three) 

Broker-Dealer Operations and 

Compliance/X51.9863 (page 12) 


X51.9015 (page 14) 


X51.9104 (page 14) 




X51.9209 (page 9) 

Initial Public Offerings/ 

X51.9165 (page 12) 


X51.9203 (page 8) 




Value Investing/X51.9009 (page 14) 


INVESTMENT BANKING, 

RESEARCH ANALYSIS 

(Choose three) 

Advanced Financial Statement 

Analysis/X58.8106 

Bankruptcy, Workouts, and 

Reorganizations/X51.9335 (page 12) 


Entrepreneurship/X51.9251 (page 5) 

Financial Statement Analysis/ 

X58.8105 


Financial Analysis Using Excel/ 

X51.9675 (page 4) 

Valuing a Business/X51.9677 (page 4) 

PORTFOLIO MANAGEMENT 

Uncertain markets have created a need to understand derivative analysis and opportunities 

in the areas of portfolio management, asset allocation, and risk management. These 

courses provide finance practitioners and entry-level students the expertise to make smart 

and informed decisions regarding the investment mix, risk, and policy. 

Introduction to the Markets 

X51.9000/$750 

N Sec. 1: Wed. 6.30–9 p.m., Feb. 9–Apr. 6 


W Sec. 2: Mon. 6.30–9 p.m., Feb. 14–May 2 


Apr. 25. Michael Oberstein, chair and clinical 

assistant professor, NYU-SCPS Finance 

Department. 

N Sec. 3: Tues. 6.30–8.30 p.m., Mar. 1–May 17 

(10 sessions). No class Apr. 19 and 26. Janet Yuen 

Gain an introduction to the securities markets, 

the foundation upon which the study 

of finance is built. Learn the differences 

between stocks, bonds, commodities, futures, 

derivatives, options, and currencies. 

Topics include the history of capital markets 

and how they function; risk/return 

trade-off; fundamental versus technical 

analysis; and contemporary investor attitudes, 

problems, and pitfalls. This course 

also lays the groundwork for Fundamentals 

of Portfolio Management, the introductory 

course in portfolio management. 2.0 CEU 


Fundamentals of Securities Analysis 

X51.9005/$750 

N Sec. 1: Tues. 6.30–8.30 p.m., Feb. 15– 


Apr. 19, and Apr. 26. Michael R. Candan, 

portfolio manager and partner, Armco 

Management Co. 

Explore the principles of securities analysis 

and develop a basic framework for making 

investment decisions. With readily available 

data, learn methods, such as cash-flow 

analysis, for analyzing industries and companies 

to determine investment value. 

Assess the quality of available financial information 

used for the analytical process. 

Examine current investment opportunities 

from practical and theoretical perspectives. 

Prerequisites: Introduction to the Markets/ 

X51.9000 or equivalent knowledge, and 

knowledge of accounting basics. 2.0 CEU 


Fundamentals of Portfolio Management 

X51.9001/$750 

N Sec. 1: Wed. 6.30–9 p.m., Feb. 9– 


Angelo N. DeCandia, consultant. 

Develop a solid understanding of the portfolio, 

the structure within which financial 

assets are managed. This course introduces 

the various forces and issues that impact 

portfolio construction. Topics include investor 

objectives and constraints, asset allocation, 

the importance of diversification, 

risk/reward trade-offs, portfolio management 

styles (growth versus value), strategies 

for individuals versus institutions, 

choosing a money manager, and measuring 

performance. Prerequisite: Introduction 

to the Markets/X51.9000 or equivalent 


NEW 

Intermarket Analysis and 

Investment Strategy 

X51.9040/$750 



John Stoltzfus 

Examine the cause-and-effect relationship 

that exists among the stock, bond, currency, 

and commodity markets. An analytic framework 

is developed utilizing fundamental 

and technical analysis methods. Review 

economic indicators, the basics of yield 

curve analysis, Federal Reserve Board activities, 

currency trading, option strategies, 

and computerized trend-following methods. 

Specific investments and trading plans 

are presented, based on current intermarket 

trends and market activity. 2.0 CEU 


EQUITY OR REAL 

ESTATE 

Learn to analyze stocks with statistical 

tools and assess real estate deals for profit 

potential and income generation. 

Advanced Portfolio Management 

X51.9008/$750 

N Sec. 1: Wed. 6.30–9 p.m., Feb. 9–Apr. 6 

(8 sessions). No class Feb. 23. Allen Zwickler, 

managing director, First Manhattan Co. 

Gain advanced insights into reading and 

interpreting financial statements and investing 

in a diverse blend of securities, 

including stocks, bonds, commodities, 

IPOs, and hedge funds. Students learn the 

key aspects of managing a fund and communicating 

by letter, phone, or at a meeting. 

Guest lecturers help students develop the 

skills necessary to work with clients or mutual 

fund investors. A large portion of the 

course focuses on managing money for 

others. 

Exchange Traded Funds: 

A New Investment Vehicle 

X51.9374/$395 

N Sec. 1: Tues. 6.30–9 p.m., Mar. 8–Apr. 12 

(6 sessions). Eleanor Peterkin, managing 

director, EFP Consulting. 

Receive a comprehensive overview of the 

ins and outs of investing in Exchange 

Traded Funds (ETFs), investment vehicles 

that have similarities to traditional mutual 

funds. ETFs trade on stock exchanges however, 

and can be bought and sold throughout 

the day. ETFs are transparent, have cost 

and tax efficiencies, and most are designed 

to track the returns of a specific index such 

as the S&P 500. 

13 




Mutual Fund Investing 

X51.9019/$750 

N Sec. 1: Mon. 6.30–9 p.m., Feb. 14–Apr. 11 


Learn to evaluate investment strategies 

utilizing open- and closed-end funds. 

Topics include history, regulation, and current 

structure of the mutual fund industry; 

structure and features of open- and closedend 

funds; fund classification; analysis of 

funds; performance and risk measurement; 

asset allocations; portfolio building; selecting 

individual funds; and taxation. 2.0 CEU 


Trends in Private Equity: How Changing 

U.S. Population Demographics Impact 

the Alternative Investment Industry 

X51.9033/$750 

M Sec. 1: Sat. 10 a.m.–2 p.m., Feb. 19– 

Mar. 12 (4 sessions). Osei Anthony Van Horne, 

investment professional–merchant banking 

division, Goldman, Sachs & Co.; and 

Harvey K. Newkirk, J.D., corporate 

associate, K&L Gates LLP. 

The Emerging Domestic Market (EDM) 

is one of the fastest-growing sectors of the 

U.S. private equity investment market. 

Shifting population demographics in the 

United States, rising educational attainment 

among minority groups, and increased ethnic 

and gender diversity among business 

owners have created a dynamic investment 

opportunity. Explore the nuances and focus 

on how private equity practitioners can 

participate in the dramatic growth of ethnic 

minority and elderly population groups. 

Value Investing 

X51.9009/$750 



Mar. 17, and Apr. 21. Lawrence S. Balaban, 

president, LSB Credit, Inc. 

Examine the “value” investing style. Gain a 

working knowledge of securities analysis, 

including the rules of Benjamin Graham, 

the father of value investing. Topics include 

stock picking, management evaluation, and 

portfolio building. A detailed look at the 

P/E ratio, mutual funds, and asset plays is 

provided in relation to value investing. 

Open discussion of students’ investment 

philosophies is encouraged and techniques 

used by active value professionals are also 

covered. Students must have basic investing 



WEALTH 

MANAGEMENT 

This certificate is being phased out. 

Students who are currently pursuing 

this certificate have until spring 2011, to 

complete their course of study according 

to the requirements in the NYU-SCPS 

Bulletin the semester they began. 

NEW 

FIXED INCOME 

Learn fixed-income management of bonds 

with valuation techniques among different 

interest rate scenarios and risk environments. 

Demystifying Derivatives 

X51.9227/$550 

N Sec. 1: Tues. 6.30–9 p.m., Mar. 8–Apr. 2 

(6 sessions). John O’Connell 

This course examines the key concepts and 

principles of futures, forwards, swaps, and 

options. The course includes pricing theory, 

practical examples and exercises for 

both fixed income and equity instruments. 

Participants gain the fundamental understanding 

that there are only two types of 

derivatives, and one is actually “derived” 

from the other. 

Fixed-Income Portfolio Management 

X51.9015/$750 

N Sec. 1: Mon. 6.30–9 p.m., Mar. 28–May 16 

(8 sessions). Odie Pichappan, research 

analyst, New York Power Authority. 

Develop an understanding of the theories 

and quantitative methods of portfolio optimization, 

forecasting, and risk management. 

This course covers market inefficiency and 

how it can be exploited with strategy development, 

as well as issues specific to the 

management of fixed-income portfolios, 

including funding, yield curve dynamics, 

and monetary economics. Additional topics 

include international markets and foreign 

exchange, financial market history, 

and the management of mortgage and 

credit instruments. Basic understanding of 

statistics, college algebra, fixed-income securities, 

macroeconomics, and modeling in MS 

Excel are required. Prerequisite: Fixed- 

Income Securities/X51.9104 or equivalent 


Fixed-Income Securities 

X51.9104/$750 



William Don Alexander, RSD Solutions 

(risk management). 

Explore treasuries and agencies, municipals, 

mortgage pass-throughs and their 

derivatives, asset-backed securities, and 

corporate and convertible bonds in this 

introduction to domestic and international 

debt markets. Review the basics of pricing, 

the risk/return characteristics of fixedincome 

and embedded option analysis, 

bond duration measures, convexity, credit 

and rating factors, basic portfolio applications, 

foreign bonds, emerging market 

debt, Brady bonds and rate swaps, tax and 

regulatory consequences, and historical returns. 

Examine the basics of bonds and 

their evaluation as well as market players, 

and finish the course with a foundation 

and context for managing fixed-income 

portfolios. Students must have knowledge of 

algebra, basic probability, and Excel. 2.0 CEU 


CERTIFICATES IN PORTFOLIO 

MANAGEMENT 

NYU-SCPS offers three professional certificates in portfolio management to meet 

the needs of students who are new to the field, as well as professionals who wish to 

advance their expertise in a particular area of specialization. 

The Certificate in Portfolio Management is a foundation-focused program emphasizing 

core skills and competencies, which can be completed in nine months. Two 

Advanced Certificates in Portfolio Management build on the core certificate with 

specializations in either equity or real estate, or fixed income. 

Upon completion of each program, students gain a broad understanding of securities 

and investment management topics, including: 

• The operation of equity, fixed-income, and derivatives markets. 

• Securities analysis, including equity and bond valuation. 

• Risk/reward tradeoffs and statistical tools for measurement of risk and return. 

• Portfolio asset allocation and performance analysis. 

• Technical analysis techniques, investments in securities markets outside the United 

States and other areas, as selected by the individual student. 


of the advanced certificates since they may not receive both. An advanced certificate is 

earned by taking three courses in the area of specialization in addition to the five 


Students with minimal experience or no formal training are advised to take Finance for 




CERTIFICATE IN PORTFOLIO 

MANAGEMENT, CORE COURSES 



Introduction to the Markets/ 

X51.9000 (page 13) 

Fundamentals of Securities Analysis/ 

X51.9005 (page 13) 

Fundamentals of Portfolio 


Intermarket Analysis and Investment 

Strategy/X51.9040 (page 13) 




PORTFOLIO MANAGEMENT, 

EQUITY OR REAL ESTATE 

(Choose two) 


Analysis/X51.9041 (2011–2012) 

Advanced Portfolio Management/ 

X51.9008 (page 13) 


X51.9125 (page 8) 

Behavioral Economics and Finance 

Theory/X51.9154 (page 2) 

Exchange Traded Funds: A New 

Investment Vehicle/X51.9374 (page 13) 

Intermediate Securities Analysis/ 

X51.9007 (2011–2012) 

Investment Strategies/X51.9003 

(2011–2012) 

Mutual Fund Investing/ 


Real Estate Financial Analysis I/ 

X62.9351 

Real Estate Investment Analysis: 

Analyzing the Deal/X62.9361 

Trends in Private Equity: How Changing 

U.S. Population Demographics Impact 

the Alternative Investment Industry/ 


Value Investing/X51.9009 (this page) 


PORTFOLIO MANAGEMENT, 

FIXED INCOME (Choose two) 

CDO Basics/X51.9133 (2011–2012) 

Core Concepts in Asset Securitization/ 

X51.9162 (page 8) 

Demystifying Derivatives/ 








X51.9209 (page 9) 


X51.9203 (page 8) 




Using Financial Data Services/ 

X51.9684 (2011–2012) 





14 



GENERAL INFORMATION 

Professional Certificate 

Programs: Requirements 

and Benefits 

NYU-SCPS professional certificate programs 

provide knowledge and essential 

skills in specific fields and are taught by 

highly qualified faculty with in-depth 

experience in their subject areas. 

Professional certificates are comprised of 

courses that do not carry credit and are not 

state-reviewed. 

To receive an official certificate, students 

must declare their candidacy before the start 

of the fourth certificate course for which 

they enroll. Certificate candidacy entitles 

students to important new benefits detailed 

on this page. To apply for certificate 

candidacy, use the Application for Certificate 

Candidacy on page 188. There is a nonrefundable 

one time $100 application fee. 

Students are welcome to take as many 

individual courses from a certificate program 

as they wish, but will not receive 

an official certificate or be eligible for the 

benefits detailed below, unless they apply 

for candidacy. Undeclared students may 

request a transcript showing course completion 

and grades, but that transcript will 

not indicate certificate completion. 

Certificate Candidate Benefits 

• NYU student photo ID, which confers 

the following privileges while students 

are enrolled in course(s) applicable to 

the certificate: 

° Access to NYU Libraries. 

° NYU Computer Store educational 

discount pricing. 

° Access to the Kimmel Center for 

University Life. 

• Invitations to NYU-SCPS events. 

• Access to services through the NYU 

Home website. For more information, 

visit scps.nyu.edu/certificate. 

• Invitations to career workshops and 

related resources. 

• Upon completion of certificate program, 

$100 discount voucher toward an NYU- 

SCPS course (valid for one year). 

Certificate Requirements 

• Certificate declaration is required before 

the start of the fourth applicable course. 

A onetime $100, nonrefundable application 

fee is required. 

• Students have up to four years to complete 

a certificate from initial date of 

registration. 

• An official certificate is available upon 

completion of all courses if an overall 

B average or above is maintained and 

candidacy has been declared. Students 

must request their certificate online at 

scps.nyu.edu/certificate. 

• Certificate candidacy may be revoked if 

academic performance is not maintained. 

• The NYU-SCPS transcript of declared candidates 

will identify certificate completion. 

• Substitution classes require approval of 

the academic department. 

• Certificate candidacy may be revoked if 

student conduct policies are not adhered to. 

• There is a one time $5 fee for the NYU 

student photo ID card. The card is active 

for the entire semester in which a registered 

student is enrolled in an approved 

certificate course and is deactivated 

when the student is not enrolled in an 

applicable course. 

• Students must satisfy the certificate program 

requirements listed in the Bulletin 

published for the term in which they 

register for the first course toward the 

certificate. 

• Program administrators may authorize in 

writing substitutions of specified courses 

in individual situations (maximum of one 

substitution for a four-course certificate; 

two substitutions for a certificate requiring 

five or more courses). 

• Regular class attendance is required in 

order for a course to be applied toward 

a certificate program. 

• Students may complete more than one 

certificate in a given term but, for administrative 

purposes, each certificate will be 

issued and dated in separate terms. 

• Courses taken at NYU-SCPS may be 

applied to fulfilling the requirements of 

only one certificate program. No transfer 

work or waiver of the total number of 

courses required is permitted. 

• The name printed on the certificate will 

match the name on the student’s NYU 

transcript. 

• Certificates offered through the 

International Institute for Learning 

(IIL) and the Dalton Education certificate 

program in Financial Planning do 

not require declaration. 

• Approval for exception to any of the above 

requirements must be obtained in advance 

in writing from the program office. 

Certificates are highlighted throughout 

this Bulletin in their respective subject areas, 

where the specific requirements and course 

sequences are outlined. 

A comprehensive alphabetical listing of 

all certificate programs can be found in the 

Bulletin Index. 

Note: Departments may es tablish more 

stringent requirements for their programs. 

Check individual listings for details. 

ID Cards 

NYU-SCPS students enrolled in degree 

or diploma programs and declared professional 

certificate candidates are issued 

NYU photo ID cards. Continuing education 

students enrolled in courses, seminars, 

and conferences, or with undeclared 

status in a certificate program are issued a 

Building Access Pass that provides access 

to classroom buildings. 

Replacements for lost NYU photo ID 

cards can be obtained at the NYU Card 

Center, 383 Lafayette St. One piece of 

photo ID is required to get a replacement 

card. The fees for replacements are $15 for 

the first replacement; $50 for the second; 

and $75 for the third. 

Information Services 

The NYU-SCPS information line, 

(212) 998-7200, is open Mon.–Thurs., 

9 a.m.–7 p.m.; Fri., 9 a.m.–5 p.m. We 

are available to answer inquiries about the 

school and its programs. If you would like 

to be added to our mailing list for future 

Bulletins, call (212) 998-7200 and leave 

your name and address with a staff member 

or our 24-hour automated attendant. 

You may also obtain schoolwide general 

information or request a Bulletin on our 

website at scps.nyu.edu, or by e-mailing your 

name and address to scpsinfo@nyu.edu. 

Continuing Education 

Changes, Withdrawals, 

and Refunds 

Additions (added courses) to your nondegree 

program may be made by telephone, 

fax, mail, online, or in person. 

Program changes (drop/adds) may be 

made via the Web, in person, or by fax. 

Withdrawals. Students who wish to withdraw 

from, or for any reason find it impossible 

to complete, a continuing education course 

should officially withdraw. Requests to withdraw 

(drops only) from continuing education 

courses can be made at any time via the Web 

at scps.nyu.edu; by mail, Office of Noncredit 

Student Services, NYU School of Continuing 

and Profess ional Studies, P.O. Box 1206, 

Stuyvesant Station, New York, NY 10009- 

9988; online at scps.nyu.edu/drop; by fax, 

(212) 995-3060; or in person, 145 Fourth 

Avenue (between 13th and 14th Streets), 

Room 214. 

Merely ceasing to attend a class does 

not constitute official withdrawal, nor 

does notification to the instructor. 

Cancellation of payment does not constitute 

withdrawal, nor does it reduce indebtedness to 

the University; in this case, a penalty of $25 

for late payment and $10 for stop-payment 

(subject to change without notice) must 

be charged. Students of any other NYU 

school must withdraw from SCPS courses 

through SCPS. 

Refund Policy. Refunds are computed 

based on the date and time the written or 

electronic notice of withdrawal is received 

by the Office of Noncredit Student Services. 

In addition, refunds for continuing education 

courses and seminars are based on the 

number of class sessions for the course that 

have met between the time of registration 

and withdrawal. Course withdrawal 

does not necessarily entitle a student to a 

refund—nor to a cancellation of tuition 

still due. 

The refund schedule is as follows. 

For continuing education courses 

(X numbers) and seminars (R--.7999 

and below): 

1. Student withdraws prior to the first 

session—100 percent refund. 

2. Student withdraws after one or two 

sessions of a course with six or more 

sessions—75 percent refund. No refund 

thereafter. 

3. Student withdraws after one or two 

sessions of a four- to five-session 

course—60 percent refund. No refund 

thereafter. 

4. Student withdraws after more than 

two sessions of a four-session course— 

no refund. 

5. Student has attended any session 

of a one- to three-session course— 

no refund. 

For seminars and conferences (designated 

as R--.8000 and above or beginning 

with SCPS): Procedures and policies 

for refunds vary by department. 

For online courses: Refunds for online 

courses are calculated differently from 

on-site courses. Students are eligible for 

a 100 percent tuition refund if they withdraw 

from the course before the official 

start date. Students are eligible for a 60 

percent tuition refund if they withdraw 

from the course before having logged into 

the course four times or within the first 

two weeks of the course. After the fourth 

login, or the second week, students are not 

eligible to receive any tuition refund for 

courses taken through SCPS. 

Continuing Education 

Registration Fees 

For continuing education courses (designated 

with an X or R number), the registration 

fee is either $10 or $20, depending on 

the total cost of the course or courses for 

which you apply. If the total of your tuition 

is $99 or less, your registration fee is $10. 

If the total of your tuition is $100 or more, 

the fee is $20. The maximum $20 registration 

fee is pay able only once each semester, 

no matter how many times you add courses. 

Regis tration fees are nonrefundable. 

Note: This fee schedule does not apply to 

programs requiring Credit Registration.

R E G I S T R A T I O N F O R M 

Registration, Spring Term, 2011. MAIL TO: SCPS Noncredit Student Services, New York University, PO Box 1206, Stuyvesant Station, 

New York, NY 10009-9988. FAX: (212) 995-3060. Mail and fax registrations are accepted throughout the semester for late-starting courses; 

mail registrations must be postmarked two weeks before the course start date. REGISTER EARLY FOR BEST COURSE SELECTION. 

PRIORITY CODE 

B27 

PRINT NAME (LAST) (FIRST) (MIDDLE INITIAL) 

MR. 

MS. 

HOME ADDRESS (STREET)_________________________________________________________________ 

APT. NO. 

CITY_________________________________________________ STATE___________________ ZIP 

E-MAIL 

HOME TELEPHONE ( )______________________________ WORK TELEPHONE ( ) 

Note: Students must provide an e-mail address and/or a telephone number so that SCPS can notify you regarding room location or class changes. 

Please check this box if you do not want your e-mail address or telephone number used for marketing purposes. 

NYU STUDENT ID NO. BIRTH DATE FIRST ATTENDANCE IN NYU-SCPS? 

YES NO 

N 

IF NO, DATE LAST ATTENDED 

HIGHEST EDUCATIONAL LEVEL (CHECK ONE) 

HIGH SCHOOL ATTENDED COLLEGE FOUR-YEAR COLLEGE GRADUATE GRADUATE STUDIES 

COUNTRY OF CITIZENSHIP U.S. OTHER (PLEASE SPECIFY) 

DO YOU PLAN TO PURSUE A PROFESSIONAL CERTIFICATE? YES NO FOR NEW CERTIFICATE REQUIREMENTS AND BENEFITS, VISIT SCPS.NYU.EDU/CERTIFICATE. 

WHAT CERTIFICATE ARE YOU PLANNING TO PURSUE? 

COURSE/SEMINAR SECTION 

NUMBER NUMBER 

TITLE OF COURSE/SEMINAR (ABBREVIATE) TUITION AND FEES DAYS HOURS 

I ENCLOSE CHECK OR MONEY ORDER FOR TOTAL SHOWN I HEREBY AUTHORIZE USE OF MY CREDIT CARD 

SIGNATURE 

NO. 

NONREFUNDABLE REGISTRATION FEE (see below to calculate)* 

Discover ® CARDS MASTERCARD ® VISA ® AMERICAN EXPRESS ® EXPIRES 

MONTH 

YEAR 

TUITION + REGISTRATION FEE=TOTAL 

*Registration fees: $10 on $99 total tuition, $20 on totals of $100 and above (regardless of number of courses for which you are registering). 

Would you also answer these optional questions about your place of business so we may keep you informed of corporate and free events? 

YOUR NAME 

DAYTIME TELEPHONE NUMBER ( ) 

YOUR TITLE 

FAX NUMBER ( )__________________________________ E-MAIL 

YOUR DIVISION OR DEPARTMENT 

TYPE OF BUSINESS________________________________________________________ 

NUMBER OF EMPLOYEES 

COMPANY NAME 

COMPANY ADDRESS 

CITY___________________________________________________________ STATE ______________ ZIP 

DOES YOUR COMPANY OFFER TUITION REIMBURSEMENT? 

FULL PARTIAL CHECK ANY RESTRICTIONS THAT APPLY: 

MUST BE JOB-RELATED CREDIT ONLY OTHER 

USE THIS FORM TO REGISTER. 

REGISTER EARLY FOR THE BEST SELECTION OF COURSES: 

WEB 

You can register online with NYU’s Student Information System via the Internet. Visit scps.nyu.edu 

to access the Web-based registration and information system at NYU. Online registration requires 

payment by credit card. Consult the inside front cover for complete information. 

MAIL OR FAX 

1 Use the Registration Form to register for continuing education courses with course numbers beginning with the 

prefix “X” and for seminars beginning with the prefix “R.” Do not use this form to register for credit courses 

(prefix “Y” or “Z”), conferences (prefix “SCPS”), or for courses of the American Language Institute (ESL courses). 

2 Find the course(s) you want to register for and note: 

• Course title 

• Course number and section 

• Days and hours of the course • Course fee 

Transfer this information to the registration form. 

3 Type or write clearly and make sure you copy your credit card information accurately. 

Mistakes can delay your registration. 

4 Be sure to include your phone number and e-mail address so that we may contact you if there are any questions. 

5 Place the registration form in the postage-paid envelope provided or fax the form to (212) 995-3060. 

TELEPHONE 

1 For your convenience and to have a written record for yourself, fill out the course information section of 

the registration form before you call. 

2 Have your credit card handy. 

3 Note the code in the upper right corner of the registration form; the registration operator will ask you for it. 

4 Call (212) 998-7150, if you know the course you would like to take. If you have questions about course 

curriculum, a certificate, or your registration, please call (212) 998-7200. 

HERE ARE ANSWERS TO SOME 

COMMONLY ASKED QUESTIONS: 

WHAT INFORMATION DO I NEED TO REGISTER BY PHONE? 

• Course title, course number, and course section. 

• Your mailing address, e-mail address, and telephone number. 

• Your credit card (Visa ® , MasterCard ® , American Express ® , or Discover ® card). 

WHAT ABOUT LATE FEES? 

There are no late fees for continuing education courses. But remember, register early for 

best course selection and availability. 

HOW DO I DROP OR ADD COURSES? 

You may drop a course by mail or in person (145 Fourth Avenue, 2nd Floor, New York, NY 10003), online 

at scps.nyu.edu/drop, or by fax (212-995-3060) up until one day before the course start date. Please 

consult our refund policy in the Registration section of this Bulletin for drops made after the start of 

class. You may add a course by fax, the Web, or in person. 

MAY I USE A COMPANY VOUCHER TO PAY FOR MY CLASS? 

Yes, as long as your company does not qualify payment based upon completion of coursework with a passing 

grade. We accept purchase orders, vouchers, and letters of authorization as payment for tuition in credit and 

continuing education courses. Please send the voucher with your registration. 

WHERE CAN I LEARN ABOUT NEW PROFESSIONAL CERTIFICATE DECLARATION REQUIREMENTS? 

Our professional certificate programs now include new requirements and benefits. Students intending 

to pursue a certificate must declare their candidacy. For details, visit scps.nyu.edu/certificate. 

CAN I CONTACT NYU WITH QUESTIONS BEFORE I REGISTER? 

Yes. If you need more information or have questions about a course or certificate, we are available via e-mail 

at scpsinfo@nyu.edu, or by phone (see the General Information section of the Bulletin for contact information).

finance - School of Continuing and Professional Studies - New York ...

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