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FINANCE<br />
SUMMER 2011<br />
The following information is taken from the<br />
summer 2011 NYU-SCPS bulletin. Please<br />
note that changes are made to course<br />
schedules <strong>and</strong> locations, <strong>and</strong> new <strong>of</strong>ferings<br />
are added on a continuing basis.<br />
Visit our website for the most up-to-date<br />
program information: scps.nyu.edu
HOW TO REGISTER<br />
Register now for the best course selection <strong>and</strong> availability. You may register during the semester<br />
according to the schedules <strong>and</strong> procedures in the Registration section <strong>of</strong> this Bulletin. Courses begin<br />
throughout the term.<br />
SUMMER TERM<br />
CALENDAR<br />
WEB: scps.nyu.edu<br />
24 HOURS A DAY<br />
PAYMENT: Visa, MasterCard, Discover,<br />
American Express<br />
TELEPHONE: (212) 998-7150<br />
Now through May 6:<br />
Monday–Thursday, 9 a.m.–6 p.m.; Friday 9 a.m.–5 p.m.*<br />
Extended hours, May 9–27:<br />
Monday –Thursday, 9 a.m.–7 p.m.;<br />
Friday, 9 a.m.–5 p.m.<br />
PAYMENT: Visa, MasterCard, Discover,<br />
American Express<br />
FAX: (212) 995-3060<br />
24 HOURS A DAY<br />
PAYMENT: Visa, MasterCard, Discover,<br />
American Express<br />
MAIL<br />
Mail registrations are accepted throughout the<br />
semester <strong>and</strong> must be postmarked at least two<br />
weeks before the course start date. Use the postagepaid<br />
registration form at the back <strong>of</strong> this Bulletin.<br />
PAYMENT: Visa, MasterCard, Discover,<br />
American Express<br />
IN PERSON<br />
145 Fourth Avenue, 2nd Floor<br />
Now through May 6:<br />
Monday–Thursday, 9 a.m.–6 p.m.;<br />
Friday, 9 a.m.–5 p.m.*<br />
Extended hours, May 9–27:<br />
Monday –Thursday, 9. a.m.–7 p.m.;<br />
Friday, 9. a.m.–5 p.m.<br />
PAYMENT: Visa, MasterCard, Discover,<br />
American Express, check, or money<br />
order<br />
Summer Classes Begin<br />
Monday, May 23<br />
Memorial Day<br />
Monday, May 30<br />
All classes cancelled.<br />
Independence Day<br />
Monday, July 4<br />
All classes cancelled.<br />
NEED TO CHECK CLASS<br />
LOCATIONS OR TIMES<br />
You can view course details, including class<br />
locations, room numbers, dates, <strong>and</strong> times<br />
through ALBERT, the NYU student information<br />
services website, or by calling the number<br />
below. Instructions for accessing ALBERT<br />
are sent to students upon registration.<br />
Call: (212) 998-7200<br />
FOR MORE INFORMATION<br />
HAVE A QUESTION WE CAN HELP.<br />
For more information on continuing education courses or certificates, we are available<br />
to answer your questions in person, by phone, or by e-mail.<br />
TELEPHONE: (212) 998-7200<br />
Monday–Thursday, 9 a.m.–7 p.m.;<br />
Friday until 5 p.m.*<br />
E-MAIL: scpsinfo@nyu.edu<br />
*Telephone <strong>and</strong> in-person registration may be suspended or altered due to holiday observance.<br />
INFORMATION SESSIONS<br />
Our information sessions <strong>and</strong> career nights <strong>of</strong>fer<br />
an opportunity to meet program staff, discuss<br />
your interests, <strong>and</strong> address any questions.<br />
NEED TO DROP A COURSE<br />
You may drop a course by mail or in person<br />
(145 Fourth Avenue, 2nd Floor, <strong>New</strong> <strong>York</strong>, NY<br />
10003); online anytime at scps.nyu.edu/drop;<br />
<strong>and</strong> up until one day before the course start<br />
date via ALBERT, the NYU student information<br />
services website; or by fax (212-995-3060).<br />
If you wish to withdraw from a course after<br />
the first class has met, please consult our<br />
refund policy in the Registration section <strong>of</strong><br />
this Bulletin.<br />
Cover Art: James Grashow<br />
Cover Art Photography: Robert Grant<br />
Cover Design: FP Design NY, Inc.<br />
ON THE COVER: JAMES GRASHOW<br />
James Grashow was born in Brooklyn, <strong>New</strong> <strong>York</strong> in 1942 <strong>and</strong> has been<br />
creating works <strong>of</strong> art that address themes <strong>of</strong> man, nature, <strong>and</strong> mortality<br />
since the 1960s. The scale <strong>of</strong> his work ranges from large environmental<br />
installations to the delicate <strong>and</strong> contained world <strong>of</strong> his house plants, where<br />
homes <strong>and</strong> buildings replace flowers <strong>and</strong> buds in intricately constructed<br />
bouquets. Grashow is also a well-known woodcut artist. His prints have<br />
appeared regularly in the <strong>New</strong> <strong>York</strong> Times <strong>and</strong> many other well-known<br />
publications. Grashow attended Pratt Institute, where he received a B.F.A.<br />
<strong>and</strong>, after a year in Florence on a Fulbright Travel Grant for painting <strong>and</strong><br />
graphics, an M.F.A. Grashow lives <strong>and</strong> works in Connecticut with his wife.<br />
<strong>New</strong> <strong>York</strong> University Bulletin (USPS 383-620),<br />
Vol. CXI, No. 2, March 8, 2011<br />
Published four times per year (January, March, July, November)<br />
by <strong>New</strong> <strong>York</strong> University, 244 Greene Street, 2nd Floor,<br />
<strong>New</strong> <strong>York</strong>, NY 10003-6651.<br />
Periodicals postage paid at NY, NY <strong>and</strong> at additional entry <strong>of</strong>fices.<br />
POSTMASTER: Send address changes to <strong>New</strong> <strong>York</strong> University Bulletin,<br />
244 Greene Street, 2nd Floor, NY, NY 10003-6651.<br />
WEB SCPS.NYU.EDU | E-MAIL SCPSINFO@NYU.EDU
SCPS.NYU.EDU/FINANCE<br />
FINANCE<br />
Our programs provide <strong>finance</strong> pr<strong>of</strong>essionals with the skills to remain<br />
highly valued to employers, those in careers outside <strong>finance</strong> the<br />
know-how they need to advance, <strong>and</strong> individuals the knowledge essential<br />
to manage the financial aspects <strong>of</strong> their lives. We cover the<br />
gamut <strong>of</strong> topics in <strong>finance</strong> from the essentials <strong>of</strong> each discipline to<br />
current issues <strong>and</strong> advanced concepts. Whether you work in a<br />
Fortune 500 company or a small business, our courses <strong>and</strong> pr<strong>of</strong>essional<br />
certificates provide the knowledge to keep you current. NYU’s<br />
location in <strong>New</strong> <strong>York</strong> City—one <strong>of</strong> the world’s leading financial centers—gives<br />
you a direct line to the latest developments, practices,<br />
<strong>and</strong> trends in <strong>finance</strong> as well as a faculty <strong>of</strong> leading practitioners.<br />
Our <strong>of</strong>ferings in Finance include:<br />
• Noncredit courses ranging from fundamental concepts in a wide<br />
range <strong>of</strong> disciplines to advanced <strong>and</strong> highly specialized areas <strong>of</strong> study.<br />
• Summer Intensives: Finance <strong>and</strong> Accounting Intensive for Graduate<br />
Students (this page), Finance Intensive for Graduate Students (this<br />
page), <strong>and</strong> Credit Training (page 3).<br />
• Pr<strong>of</strong>essional certificate programs: Behavioral Economics <strong>and</strong> Finance<br />
Theory (page 2), Business Finance Fundamentals (page 2), Credit<br />
Analysis (page 3), Financial Analysis <strong>and</strong> Advanced Financial Analysis<br />
(page 5), Financial Planning (page 6), Financial Risk Management <strong>and</strong><br />
Advanced Financial Risk Management (page 9), International Business<br />
<strong>and</strong> Finance <strong>and</strong> Advanced International Business <strong>and</strong> Finance (page 10),<br />
Investment Banking <strong>and</strong> Advanced Investment Banking (page 12), <strong>and</strong><br />
Portfolio Management <strong>and</strong> Advanced Portfolio Management (page 13).<br />
• Graduate Certificate in Enterprise Risk Management <strong>of</strong>fered through<br />
the M.S. in Management <strong>and</strong> Systems program.<br />
For more information, visit scps.nyu.edu/<strong>finance</strong>, or call (212) 998-<br />
7200.<br />
INFORMATION SESSION<br />
Finance<br />
Tuesday, 6–8 p.m., May 10<br />
Kimmel Center for University Life<br />
60 Washington Square South<br />
Information Sessions include discussions on industry<br />
news <strong>and</strong> career opportunities, presentations on<br />
curriculum, <strong>and</strong> a chance to ask questions <strong>of</strong> faculty<br />
<strong>and</strong> staff. No RSVP is required, but please be punctual.<br />
For more information, call (212) 998-7200.<br />
SUMMER INTENSIVES<br />
Finance <strong>and</strong> Accounting Intensive<br />
for Graduate Students<br />
FINA2-CS1204/$995<br />
M Sec. 201: Mon.–Fri., 10 a.m.–6 p.m., July 25–29 (5 sessions).<br />
John F. Mahoney, CPA, former vice president <strong>of</strong> <strong>finance</strong> <strong>and</strong> controller; <strong>and</strong><br />
Alan Anderson, FRM, assistant pr<strong>of</strong>essor <strong>of</strong> <strong>finance</strong>, Western Connecticut State University.<br />
Current <strong>and</strong> prospective M.B.A./M.P.A./master’s degree students who must take a<br />
<strong>finance</strong> or accounting course during their studies benefit from this intensive covering<br />
the essentials <strong>of</strong> <strong>finance</strong> <strong>and</strong> accounting. Students develop a strong base in these subject<br />
areas before they begin the <strong>finance</strong> or accounting coursework required in their graduate<br />
programs. Topics include the compilation <strong>of</strong> financial statements, as well as the essentials<br />
<strong>of</strong> balance sheets, income statements, <strong>and</strong> cash flow analysis. Concepts such as<br />
quality <strong>of</strong> earnings, ratio analysis, capital structure <strong>and</strong> methods <strong>of</strong> financing, financial<br />
management, discounted cash flow analysis, long- <strong>and</strong> short-term debt policy, <strong>and</strong> leasing<br />
are among the areas covered in depth.<br />
Finance Intensive for Graduate Students<br />
FINA2-CS1207/$995<br />
M Sec. 201: Mon.–Fri., 10 a.m.–6 p.m., Aug. 8–12 (5 sessions).<br />
Alan Anderson, FRM, assistant pr<strong>of</strong>essor <strong>of</strong> <strong>finance</strong>, Western Connecticut State University.<br />
Go to graduate school a step ahead <strong>of</strong> the game. This course covers the essentials <strong>of</strong><br />
<strong>finance</strong> <strong>and</strong> accounting to give students a solid background in related coursework for<br />
their graduate programs. The week-long course covers risk <strong>and</strong> rates <strong>of</strong> return; time<br />
value <strong>of</strong> money, markets, <strong>and</strong> interest rates; stock <strong>and</strong> bond valuation; the cost <strong>of</strong> capital<br />
<strong>and</strong> capital budgeting; leasing <strong>and</strong> investment analysis; cash flow estimation <strong>and</strong> risk<br />
analysis; capital structure, distributions to shareholders, <strong>and</strong> working capital management;<br />
multinational financial management; <strong>and</strong> mergers <strong>and</strong> acquisitions.<br />
For details on all our Summer Intensive programs, visit scps.nyu.edu/summer<br />
or call (212) 998-7200.<br />
CONTENTS<br />
Finance Preparation Courses 1<br />
Behavioral Economics <strong>and</strong> Finance Theory 2<br />
Business Finance Fundamentals 2<br />
Credit Analysis 2<br />
Economics3<br />
Financial Analysis 4<br />
Financial Planning 5<br />
Personal Finance 6<br />
Financial Risk Management <strong>and</strong> Derivative Instruments 7<br />
International Business <strong>and</strong> Finance 9<br />
Investment Banking 11<br />
Portfolio Management 12<br />
FINANCE<br />
PREPARATION<br />
COURSES<br />
Finance for Non<strong>finance</strong> Pr<strong>of</strong>essionals<br />
FINA1-CE9642/$750<br />
N Sec. 1: Thurs. 6.30–9 p.m., May 26–July 14<br />
(8 sessions). John Stoltzfus<br />
Designed for managers <strong>and</strong> pr<strong>of</strong>essionals<br />
who have no background in <strong>finance</strong>, this<br />
course provides an introduction to the financial<br />
field. Students gain familiarity with<br />
financial definitions, securities used by corporations,<br />
common <strong>and</strong> preferred stock,<br />
convertible features, bonds, long-term debt,<br />
<strong>and</strong> the tools used for analysis. Students<br />
learn how to analyze methods <strong>of</strong> financing<br />
using corporate or outside funds.<br />
Finance Math/Statistics: A Skill<br />
Enhancement <strong>and</strong> Review Course<br />
FINA1-CE9151/$395<br />
N Sec. 1: Mon. 6.30–9 p.m., June 6–July 11<br />
(5 sessions).<br />
Gain a better underst<strong>and</strong>ing <strong>of</strong> the mathematics<br />
crucial to success in NYU-SCPS<br />
quantitative courses. Brush up on skills <strong>and</strong><br />
key mathematical ideas required for the <strong>finance</strong><br />
curriculum. Content emphasizes<br />
basic tools <strong>of</strong> calculation <strong>and</strong> their application<br />
through specific examples. Students<br />
are introduced to concepts commonly used<br />
in <strong>finance</strong> such as present value, expected<br />
value, <strong>and</strong> compound interest rates, along<br />
with key statistical concepts. No prior exposure<br />
to statistics required. Course content contains<br />
no review or discussion <strong>of</strong> calculus.<br />
Estimated time to complete the primary instructional<br />
path is 15 to 20 hours.<br />
1<br />
WEB: SCPS.NYU.EDU<br />
E-MAIL: SCPSINFO@NYU.EDU
SCPS.NYU.EDU/FINANCE<br />
HP 10bII Calculator Workshop:<br />
A Comprehensive Approach<br />
FINA1-CE9032/$300<br />
W Sec. 201: Sat. Sun. 9 a.m.–5 p.m.,<br />
June 25–26 (2 sessions). Joseph Matthews,<br />
vice president–wealth management,<br />
Merrill Lynch.<br />
Gain a comprehensive underst<strong>and</strong>ing <strong>of</strong><br />
the HP 10bII calculator. Underst<strong>and</strong> operating<br />
modes as well as the varied calculations<br />
required <strong>of</strong> financial planners when<br />
structuring <strong>and</strong> reviewing client strategies.<br />
Topics include time value <strong>of</strong> money basics,<br />
solving for lease <strong>and</strong> loan payments, mortgage<br />
applications, NPV <strong>and</strong> IRR discounted<br />
cash flow, st<strong>and</strong>ard deviation, investment<br />
calculations, basic statistical applications,<br />
valuation <strong>of</strong> debt <strong>and</strong> equity securities, risk<br />
adjusted portfolio performance measurement<br />
<strong>and</strong> duration, st<strong>and</strong>ard deviation <strong>of</strong><br />
a portfolio, <strong>and</strong> CAPM.<br />
BEHAVIORAL<br />
ECONOMICS<br />
AND FINANCE<br />
THEORY<br />
The financial crisis <strong>and</strong> gradual recovery<br />
have increased the focus on behavioral<br />
economics in <strong>finance</strong> <strong>and</strong> on the stock market.<br />
Behavioral economics applies principles<br />
<strong>of</strong> psychology to economic theory, examining<br />
the factors that impact actor behavior in<br />
the marketplace—how <strong>and</strong> why decisions<br />
are made—to help interpret <strong>and</strong> predict<br />
economic trends. Investors, industry pr<strong>of</strong>essionals,<br />
<strong>and</strong> lay people alike benefit from a<br />
nuanced underst<strong>and</strong>ing <strong>of</strong> the complicated<br />
patterns that govern economic choices.<br />
Behavioral Economics<br />
<strong>and</strong> Finance Theory<br />
FINA1-CE9154/$795<br />
N Sec. 1: Mon. 6.30–9 p.m., June 6–Aug. 1<br />
(8 sessions). Joseph Matthews, vice president–<br />
wealth management, Merrill Lynch.<br />
Delve into the thriving new field <strong>of</strong> behavioral<br />
economics <strong>and</strong> <strong>finance</strong> theory <strong>and</strong><br />
explore models that bring together human<br />
psychology <strong>and</strong> neoclassical economics.<br />
Topics include heuristics (the theory that<br />
people <strong>of</strong>ten make decisions based on generally<br />
accepted rules rather than rational<br />
analyses), framing (the different ways an<br />
individual reacts depending upon how<br />
ideas are first presented), anomalies (how<br />
efficient market theory’s unexpected <strong>and</strong><br />
unlikely events continue to occur—<strong>and</strong><br />
why they do), <strong>and</strong> the role <strong>and</strong> implementation<br />
technical analysis for a security’s<br />
buy-<strong>and</strong>-sell decision process.<br />
CERTIFICATE IN<br />
BEHAVIORAL<br />
ECONOMICS AND<br />
FINANCE THEORY<br />
This certificate program is designed for<br />
practitioners who manage financial assets<br />
<strong>and</strong> need to gain significant insights<br />
into the financial crisis through a firm<br />
underst<strong>and</strong>ing <strong>of</strong> investors’ behavior <strong>and</strong><br />
the impact that behavior has on the financial<br />
markets. Underst<strong>and</strong>ing the psychology<br />
behind the complicated patterns<br />
within the financial markets creates opportunity<br />
<strong>and</strong> reduces the inherent risk<br />
<strong>and</strong> speculation for sophisticated investors.<br />
Upon completion <strong>of</strong> this program,<br />
students have a firm underst<strong>and</strong>ing <strong>of</strong>:<br />
• The foundational theory <strong>of</strong><br />
behavioral <strong>finance</strong>.<br />
• Institutional limitations <strong>and</strong> how<br />
human biases affect pricing.<br />
• The performance <strong>of</strong> trading strategies.<br />
• The analytical tools to evaluate<br />
strategic <strong>and</strong> investment decisions.<br />
• Theory <strong>and</strong> strategy <strong>of</strong> effective<br />
decision making.<br />
• Financial market behavior.<br />
• Future market <strong>and</strong> investor needs.<br />
This certificate is awarded to students<br />
who successfully complete five required<br />
courses.<br />
REQUIRED COURSES<br />
It is recommended that the five required<br />
courses be taken in the order listed.<br />
Behavioral Economics <strong>and</strong> Finance<br />
Theory/FINA1-CE9154 (this page)<br />
Behavioral Corporate Finance/<br />
FINA1-CE9153 (2011–2012)<br />
Ethics in Finance/<br />
FINA1-CE9152 (2011–2012)<br />
Applied Technical Analysis/<br />
FINA1-CE9125 (page 8)<br />
Advanced Concepts in Technical<br />
Analysis/FINA1-CE9041 (2011–2012)<br />
See page 14 for certificate requirements <strong>and</strong> benefits.<br />
CONTINUING PROFESSIONAL<br />
EDUCATION FOR<br />
ACCOUNTANTS (CPE)<br />
NYU-SCPS holds a continuing education<br />
sponsor agreement with the <strong>New</strong><br />
<strong>York</strong> State Department <strong>of</strong> Edu cation,<br />
which authorizes the granting <strong>of</strong> continuing<br />
education credit in the following<br />
subject areas: accounting, auditing,<br />
taxation, advisory services, <strong>and</strong> knowledge<br />
<strong>and</strong> applications related to specialized<br />
industries. Courses <strong>of</strong>fered outside<br />
the authorized subject areas are not<br />
recognized for credit under this agreement.<br />
For the acceptability <strong>of</strong> an individual<br />
course listed here, call (212)<br />
998-7200 or the <strong>New</strong> <strong>York</strong> State<br />
Department <strong>of</strong> Education at (518)<br />
474-3836.<br />
BUSINESS FINANCE<br />
FUNDAMENTALS<br />
CERTIFICATE IN<br />
BUSINESS FINANCE<br />
FUNDAMENTALS<br />
This certificate program teaches students<br />
how organizations—from small<br />
businesses to multinational corporations—acquire,<br />
spend, <strong>and</strong> manage their<br />
<strong>finance</strong>s. The program is designed for<br />
pr<strong>of</strong>essionals <strong>and</strong> nonbusiness majors<br />
who seek to strengthen their knowledge<br />
<strong>of</strong> economics, accounting, math, statistics,<br />
principles <strong>of</strong> <strong>finance</strong>, <strong>and</strong> corporate<br />
<strong>finance</strong>.<br />
Upon completion <strong>of</strong> this certificate<br />
program, students:<br />
• Fortify their ability to make informed<br />
economic, personal <strong>finance</strong>, <strong>and</strong> business<br />
decisions.<br />
• Develop applied skills relating to the<br />
time value <strong>of</strong> money, risk analysis, <strong>and</strong><br />
money supply.<br />
• Gain pr<strong>of</strong>iciency in using a financial<br />
calculator.<br />
• Underst<strong>and</strong> the relationships between<br />
commercial banks, thrift institutions,<br />
savings banks, credit unions, pension<br />
funds, mutual funds, investment banking<br />
firms, <strong>finance</strong> companies, <strong>and</strong><br />
mortgage banking firms.<br />
This certificate is awarded to students<br />
who complete five courses—three<br />
required <strong>and</strong> two electives.<br />
Students pursuing this certificate with<br />
no <strong>finance</strong> experience are advised to take<br />
Finance for Non<strong>finance</strong> Pr<strong>of</strong>essionals/<br />
FINA1-CE9642 either simultaneously or<br />
in advance <strong>of</strong> taking the first course in<br />
this program.<br />
REQUIRED COURSES<br />
It is recommended that the three required<br />
courses be taken in the order listed.<br />
Macroeconomic Principles in Finance/<br />
FINA1-CE9604 (page 3)<br />
HP 10bII Calculator Workshop:<br />
A Comprehensive Approach/<br />
FINA1-CE9032 (this page)<br />
Fundamentals <strong>of</strong> Corporate Finance/<br />
FINA1-CE9140 (page 4)<br />
ELECTIVES (Choose two)<br />
Fundamentals <strong>of</strong> Financial Risk<br />
Management/FINA1-CE9208<br />
(page 7)<br />
Introduction to International Business<br />
<strong>and</strong> Finance/FINA1-CE9400 (page 9)<br />
Introduction to the Markets/<br />
FINA1-CE9000 (page 12)<br />
Investment Banking Fundamentals/<br />
FINA1-CE9160 (page 11)<br />
Techniques <strong>of</strong> Financing Corporations/<br />
FINA1-CE9670 (page 4)<br />
See page 14 for certificate requirements <strong>and</strong> benefits.<br />
CREDIT ANALYSIS<br />
Credit management takes many forms, but<br />
all businesses, not only banks <strong>and</strong> financial<br />
institutions, have significant credit management<br />
issues. Anytime a product is purchased<br />
without cash, a business needs<br />
money to exp<strong>and</strong>, or credit is extended to a<br />
new or existing customer, credit management<br />
is an essential part <strong>of</strong> the process.<br />
The Certificate in Credit Analysis <strong>and</strong> the<br />
five-day Intensive Credit Training Program<br />
(page 24) are for students seeking to improve<br />
their credit skills in a manner similar<br />
to bank credit training programs.<br />
Writing a Credit Analysis<br />
FINA1-CE9290/$995<br />
W Sec. 1: Thurs. 6.30–9.40 p.m., June 2–<br />
July 21 (8 sessions).<br />
Learn to evaluate <strong>and</strong> explain how to repay<br />
an asset-based loan, revolving credit, a<br />
term loan, or a commercial mortgage loan.<br />
Focus initially on the cash conversion cycle<br />
in the analysis <strong>of</strong> asset-based loans, trade<br />
<strong>finance</strong>, factoring, accounts receivable securitization,<br />
<strong>and</strong> captive <strong>finance</strong> companies.<br />
Then explore free cash flow in the analysis<br />
<strong>of</strong> revolving credits, term loans, <strong>and</strong> project<br />
<strong>finance</strong>. Finally, the course addresses net<br />
operating income in the analysis <strong>of</strong> commercial<br />
mortgage loans to <strong>finance</strong> owneroccupied<br />
<strong>and</strong> investment properties.<br />
Prerequisite: Financial Accounting: Part I/<br />
ACCT1-CE8101 or equivalent knowledge.<br />
Conducting a Credit Analysis II<br />
FINA1-CE9291/$995<br />
W Sec. 1: Thurs. 6.30–8.30 p.m., May 26–<br />
July 28 (10 sessions). Alkesh Nanavaty, CFA,<br />
credit risk management, Deutsche Bank AG.<br />
Learn to look beyond financial statements<br />
to evaluate <strong>and</strong> explain the risk in a borrower’s<br />
accounting principles, financial<br />
projections, <strong>and</strong> business practices. Analyze<br />
aggressive <strong>and</strong>/or deceptive accounting<br />
principles, such as purchase accounting,<br />
unfunded pension liabilities, securitized<br />
receivables, deferred taxes, <strong>and</strong> channel stuffing.<br />
Examine financial projections, including<br />
aggressive assumptions, break-even analysis,<br />
<strong>and</strong> debt service coverage. Explore industry<br />
risk, including aggressive <strong>and</strong>/or deceptive<br />
practices used by manufacturers, retailers,<br />
drug companies, life insurance companies,<br />
utilities, <strong>and</strong> REITs. Prerequisite: Writing a<br />
Credit Analysis/FINA1-CE9290.H<br />
M Meets at NYU Midtown Center, 11 W. 42nd St.<br />
N Meets at Norman Thomas Center, 111 E. 33rd St.<br />
W Meets at the Woolworth Building, 15 Barclay St.<br />
H Consult an advisor before registering.<br />
TO REGISTER: (212) 998-7150 FOR MORE INFORMATION: (212) 998-7200<br />
2
SCPS.NYU.EDU/FINANCE<br />
SUMMER INTENSIVE<br />
Credit Training<br />
FINA2-CS3330/$1,295<br />
M Sec. 201: Mon.–Fri. 9 a.m.–5 p.m., June 6–10 (5 sessions).<br />
Richard M. Fox, managing director, Cross Atlantic Capital Partners, Inc.<br />
V Sec. 202: Dates <strong>and</strong> hours to be arranged. Alkesh Nanavaty, CFA, credit rish management,<br />
Deutsche AG.<br />
This intensive, which mirrors major bank credit training programs, targets junior banking<br />
<strong>of</strong>ficers <strong>and</strong> those in the financial services industry seeking to improve their credit<br />
skills. It provides a disciplined framework for credit analysis <strong>and</strong> encourages clear, concise<br />
oral <strong>and</strong> written skills using a case study approach. Topics include analysis <strong>of</strong><br />
short- <strong>and</strong> long-term credit products; business <strong>and</strong> industry risks <strong>and</strong> management;<br />
<strong>and</strong> comprehensive analysis <strong>of</strong> income statements, cash flow, <strong>and</strong> balance sheets.<br />
Financial covenants <strong>and</strong> other documentary issues are examined. Familiarity with<br />
financial accounting <strong>and</strong> statement analysis is recommended.<br />
For details on all our Summer Intensive programs, visit scps.nyu.edu/summer<br />
or call (212) 998-7200.<br />
CERTIFICATE IN CREDIT ANALYSIS<br />
This certificate program is designed to provide a working knowledge <strong>of</strong> the essentials<br />
<strong>of</strong> credit analysis for today’s marketplace. Students learn credit <strong>and</strong> credit analysis in<br />
application-based courses that convey how to conduct <strong>and</strong> write a credit analysis report;<br />
manage a loan or loan portfolio; structure term- <strong>and</strong> asset-based loans; manage<br />
workouts <strong>and</strong> business bankruptcies; <strong>and</strong> underst<strong>and</strong> trade financing transactions,<br />
project financing, <strong>and</strong> reorganization. The program is designed by a faculty <strong>of</strong> leading<br />
credit practitioners whose teaching is responsive to the changing economic environment.<br />
The program is designed for pr<strong>of</strong>essionals who wish to acquire expertise in a consolidated<br />
time frame <strong>and</strong> can be completed in nine months.<br />
Who Should Enroll:<br />
M.B.A.s; recent college graduates; pr<strong>of</strong>essionals who work in <strong>finance</strong>; banking executives;<br />
bankers who currently work with, or on, credit topics; bankers who wish to transition<br />
into the credit area; bankers from foreign banks or branches who wish to learn<br />
how U. S. banks do business; business owners; accountants; lawyers; <strong>and</strong> pr<strong>of</strong>essionals<br />
from any field who want to underst<strong>and</strong> or advance their knowledge <strong>of</strong> credit analysis.<br />
Upon completion <strong>of</strong> the course students are able to:<br />
• Write a credit analysis report.<br />
• Manage a commercial loan or loan portfolio.<br />
• Manage workouts <strong>and</strong> business bankruptcies.<br />
• Negotiate loan agreements.<br />
• Structure asset-based loans <strong>and</strong> trade <strong>finance</strong> transactions.<br />
• Structure term loans, syndicated transactions, <strong>and</strong> project <strong>finance</strong> transactions.<br />
This certificate is awarded to students who complete five courses—two required <strong>and</strong><br />
three electives. Required courses must be taken sequentially. Students who prefer to take<br />
more than one course per semester can take a required course along with an elective<br />
course. All prerequisites in this program are required.<br />
Students with minimal writing experience are advised to take Writing Skills for Accounting<br />
<strong>and</strong> Finance Pr<strong>of</strong>essionals/ACCT1-CE8112. Students with minimal experience or formal<br />
training are advised to take Financial Accounting: Part I/ACCT1-CE8101 <strong>and</strong> Financial<br />
Statement Analysis/ACCT1-CE8105.<br />
REQUIRED COURSES<br />
Required courses must be taken in the<br />
order listed.<br />
Writing a Credit Analysis/<br />
FINA1-CE9290 (page 2)<br />
Conducting a Credit Analysis II/<br />
FINA1-CE9291 (page 2)<br />
ELECTIVES (Choose three)<br />
Bankruptcy, Workouts,<br />
<strong>and</strong> Reorganizations/<br />
FINA1-CE9335 (page 11)<br />
Hedge Fund Strategies/<br />
FINA1-CE9209 (page 8)<br />
Managing a Commercial Loan<br />
Portfolio/FINA1-CE9296 (this page)<br />
Negotiating Loan Agreements/<br />
FINA1-CE9281 (this page)<br />
Structuring Asset-Based Loans<br />
<strong>and</strong> Trade Finance/FINA1-CE9282<br />
(this page)<br />
Structuring Term Loans, Syndicated<br />
Transactions, <strong>and</strong> Project Finance/<br />
FINA1-CE9283 (this page)<br />
See page 14 for certificate requirements <strong>and</strong> benefits.<br />
Managing a Commercial Loan Portfolio<br />
FINA1-CE9296/$795<br />
W Sec. 1: Wed. 6.30–9 p.m., May 25–July 13<br />
(8 sessions).<br />
Learn to underwrite <strong>and</strong> manage a portfolio<br />
<strong>of</strong> commercial mortgages <strong>and</strong> syndicated,<br />
middle-market, asset-based, <strong>and</strong><br />
trade-<strong>finance</strong> loans. Explore the origination<br />
<strong>of</strong> a loan, including the loan proposal,<br />
credit analysis, <strong>and</strong> loan agreement.<br />
Discuss the control <strong>of</strong> risk in a portfolio,<br />
including credit policy, risk rating, reserves,<br />
loan review, internal audit, <strong>and</strong> workout.<br />
Examine compliance with regulatory st<strong>and</strong>ards<br />
governing safety <strong>and</strong> soundness<br />
(Basel II <strong>and</strong> FDICIA), community reinvestment<br />
(CRA), <strong>and</strong> money laundering<br />
(Patriot Act). Credit analysis formats, loan<br />
agreement forms, <strong>and</strong> bank examination<br />
manuals are distributed in class.<br />
Negotiating Loan Agreements<br />
FINA1-CE9281/$795<br />
M Sec. 1: Tues. 6.30–9 p.m., June 7–July 26<br />
(8 sessions). Bruce Levine, partner, Herrick,<br />
Feinstein, LLP.<br />
Take an in-depth look at how to negotiate,<br />
close, <strong>and</strong> enforce the varieties <strong>of</strong> loan agreements,<br />
including credit, security, pledge,<br />
guarantee, hypothecation, subordination,<br />
<strong>and</strong> participation. Topics include the “hellor-high-water”<br />
clause, interference with<br />
contractual relations, anticipatory breach,<br />
deceleration, the fair <strong>and</strong> equitable doctrine,<br />
<strong>and</strong> the cram-down. Case studies examine<br />
actual loan transactions. This course<br />
is designed for bankers, corporate treasury<br />
personnel, <strong>and</strong> lawyers who negotiate<br />
agreements involving syndicated loans,<br />
trust indentures, middle market loans, state<br />
economic development authorities, or the<br />
Small Business Administration.<br />
Structuring Asset-Based<br />
Loans <strong>and</strong> Trade Finance<br />
FINA1-CE9282/$795<br />
N Sec. 1: Mon. 6.30–8.30 p.m., June 6–<br />
Aug. 15 (10 sessions). William J. Ezzo,<br />
capital business credit.<br />
Learn how to <strong>finance</strong> working capital <strong>and</strong><br />
trade through commercial <strong>and</strong> st<strong>and</strong>by letters<br />
<strong>of</strong> credit, asset-based loans, purchase<br />
<strong>and</strong> securitization <strong>of</strong> receivables, purchase<br />
<strong>of</strong> whole loans, <strong>and</strong> support <strong>of</strong> captive <strong>finance</strong><br />
companies. Students examine how<br />
to use the field examination report as a<br />
tool to evaluate <strong>and</strong> explain the dilution <strong>of</strong><br />
receivables, exert dominion over the collateral,<br />
<strong>and</strong> establish <strong>and</strong> monitor the borrowing<br />
base. Prerequisite: Writing a Credit<br />
Analysis/FINA1-CE9290 or formal accounting<br />
<strong>and</strong> financial statement analysis experience.<br />
Structuring Term Loans, Syndicated<br />
Transactions, <strong>and</strong> Project Finance<br />
FINA1-CE9283/$795<br />
W Sec. 1: Thurs. 6.30–8.30 p.m., May 26–<br />
July 28 (10 sessions). Herbert Jacobs<br />
Examine how to underwrite <strong>and</strong> syndicate<br />
revolving credit <strong>and</strong> term loans to <strong>finance</strong><br />
working capital, equipment, acquisitions,<br />
<strong>and</strong> projects. Learn how to structure transactions<br />
through direct loans, backup facilities,<br />
bridge facilities, covenant packages,<br />
collateral support, take-or-pay contracts,<br />
<strong>and</strong> lease assignments. Students then learn<br />
how to syndicate down transactions <strong>and</strong><br />
mitigate risk through the use <strong>of</strong> assignments,<br />
participations, collateralized loan<br />
obligations, <strong>and</strong> credit default swaps.<br />
Prerequisite: Writing a Credit Analysis/<br />
FINA1-CE9290 or formal accounting <strong>and</strong><br />
financial statement analysis experience.<br />
ECONOMICS<br />
Macroeconomic Principles in Finance<br />
FINA1-CE9604/$795<br />
W Sec. 1: Tues. 6.30–8.30 p.m., May 24–<br />
July 26 (10 sessions). Carrie M. Kennedy,<br />
economist, Commodity Futures Trading<br />
Commission.<br />
W Sec. 2: Sun. 10 a.m.–2 p.m., June 12–<br />
July 17 (5 sessions). No class July 3.<br />
Acquire a foundation in current economic<br />
thought <strong>and</strong> build competency in economic<br />
principles. Topics include inflation,<br />
unemployment, <strong>and</strong> economic growth; fiscal<br />
<strong>and</strong> monetary policy; aggregate supply<br />
<strong>and</strong> dem<strong>and</strong>; the Federal Reserve System;<br />
Keynesian economics; monetarism; measuring<br />
the macroeconomy; the GNP; <strong>and</strong><br />
the interrelationship between key macro<br />
variables.<br />
Microeconomic Principles in Finance<br />
FINA1-CE9601/$795<br />
N Sec. 1: Wed. 6.30–9 p.m., June 8–July 27<br />
(8 sessions).<br />
Delve into the various components <strong>of</strong> the<br />
economic system in this introduction to<br />
microeconomics. Students examine individual<br />
markets, the determination <strong>of</strong> relative<br />
price values, supply <strong>and</strong> dem<strong>and</strong> for all<br />
goods <strong>and</strong> services, <strong>and</strong> factors <strong>of</strong> production<br />
with an emphasis on the practical use<br />
<strong>of</strong> microeconomic principles. Prerequisite:<br />
Macroeconomic Principles in Finance/<br />
FINA1-CE9604.<br />
M Meets at NYU Midtown Center, 11 W. 42nd St.<br />
N Meets at Norman Thomas Center, 111 E. 33rd St.<br />
W Meets at the Woolworth Building, 15 Barclay St.<br />
V Online course.<br />
3<br />
WEB: SCPS.NYU.EDU<br />
E-MAIL: SCPSINFO@NYU.EDU
SCPS.NYU.EDU/FINANCE<br />
FINANCIAL<br />
ANALYSIS<br />
The credit crisis, the economic downturn, <strong>and</strong><br />
stock market fluctuations reinforce the need<br />
for financial analysis to help companies maximize<br />
assets <strong>and</strong> find value for consumers<br />
<strong>and</strong> investors. Our courses provide the indepth<br />
training to assess the viability, stability,<br />
pr<strong>of</strong>itability, <strong>and</strong> liquidity <strong>of</strong> private business,<br />
public companies, <strong>and</strong> projects.<br />
Fundamentals <strong>of</strong> Corporate Finance<br />
FINA1-CE9140/$835<br />
W Sec. 1: Mon. 6.30–9 p.m., May 23–July 25<br />
(8 sessions). Robert K. Nagle, CFA, associate<br />
director, Moody’s Analytics.<br />
N Sec. 2: Thurs. 6.30–9 p.m., May 26–July 14<br />
(8 sessions).<br />
M Sec. 3: Sat. 10 a.m.–2 p.m., June 11–<br />
July 16 (5 sessions). No class July 2.<br />
N Sec. 4: Wed. 6.30–9 p.m., June 15–Aug. 3<br />
(8 sessions). Leonard Blum, managing partner,<br />
Westwood Capital, LLC.<br />
Learn to analyze methods <strong>of</strong> financing<br />
using internal <strong>and</strong> external funds. This introduction<br />
to corporate <strong>finance</strong> emphasizes<br />
the use <strong>of</strong> long-term debt, preferred stock,<br />
common stock, <strong>and</strong> convertibles in the financial<br />
structure <strong>of</strong> a corporation. Topics<br />
include financial management, corporate<br />
growth, business failures, return on investment,<br />
risk leverage, the time value <strong>of</strong><br />
money, dividend policy, debt policy, <strong>and</strong><br />
leasing. 2.0 CEU (24 50-minute hours)<br />
Techniques <strong>of</strong> Financing Corporations<br />
FINA1-CE9670/$825<br />
N Sec. 1: Tues. 6.30–9 p.m., June 14–Aug. 2<br />
(8 sessions). John Wamboldt, senior vice president–middle<br />
market lending, Capital One Bank.<br />
Underst<strong>and</strong> the fundamental principles <strong>of</strong><br />
corporate <strong>finance</strong>, concentrating on cash<br />
flow <strong>and</strong> the financing <strong>of</strong> each asset line <strong>of</strong><br />
the balance sheet. Various forms <strong>of</strong> financing<br />
are discussed, including conventional<br />
term loan arrangements, asset-based lending,<br />
revolving credit lines, factoring, letters<br />
<strong>of</strong> credit, <strong>and</strong> long-term debt options.<br />
Finally, focus on what effect the various financing<br />
options may have on the potential<br />
success <strong>of</strong> a business <strong>and</strong> the market price<br />
<strong>of</strong> a corporation’s stock during this period.<br />
The bank/corporation relationship is also<br />
discussed. 2.0 CEU (24 50-minute hours)<br />
Faculty<br />
Learn from instructors who<br />
are leaders in their fields.<br />
For NYU-SCPS faculty bios,<br />
visit scps.nyu.edu/faculty.<br />
NEW<br />
Intermediate Corporate Finance<br />
FINA1-CE9145/$825<br />
W Sec. 1: Sat. 11 a.m.–3 p.m., June 4–<br />
July 9 (5 sessions). Serge Wind,<br />
pr<strong>of</strong>essor, DeVry University.<br />
Building on the concepts covered in<br />
Fundamentals <strong>of</strong> Corporate Finance, this<br />
course gives students a better underst<strong>and</strong>ing<br />
<strong>of</strong> the importance <strong>of</strong> value maximization<br />
in the <strong>finance</strong> world. Acquire the<br />
ability to assess decisions for their contribution<br />
to value maximization, setting the<br />
valuation <strong>of</strong> the firm as the overall goal.<br />
Topics include capital structure <strong>and</strong> the<br />
financing decision, the risks <strong>and</strong> costs <strong>of</strong><br />
equity <strong>and</strong> debt, portfolio risk, hurdle rate<br />
determination, measuring returns in projects<br />
<strong>and</strong> the investment decision, valuation<br />
<strong>of</strong> the firm, hybrid financing, <strong>and</strong> mergers<br />
<strong>and</strong> acquisitions. Prerequisite: Fundamentals<br />
<strong>of</strong> Corporate Finance/FINA1-CE9140 or<br />
equivalent knowledge. 3.0 CEU<br />
(30 50-minute hours)<br />
Advanced Corporate Finance<br />
FINA1-CE9149/$825<br />
W Sec. 1: Sat. 11 a.m.–3 p.m., July 16–<br />
Aug. 13 (5 sessions). Serge Wind, pr<strong>of</strong>essor,<br />
DeVry University.<br />
Gain an underst<strong>and</strong>ing <strong>of</strong> corporate <strong>finance</strong><br />
<strong>and</strong> financial management functions in this<br />
continuation <strong>of</strong> Fundamentals <strong>of</strong> Corporate<br />
Finance <strong>and</strong> Intermediate Corporate Finance.<br />
Topics include cash flow analysis <strong>and</strong> risk<br />
analysis, financial statement analysis, financial<br />
planning <strong>and</strong> forecasting financial statements,<br />
working capital management, lease<br />
financing, financial <strong>and</strong> real options, bankruptcy<br />
<strong>and</strong> liquidation, mergers <strong>and</strong> acquisitions,<br />
risk management <strong>and</strong> derivatives,<br />
<strong>and</strong> multinational financial management.<br />
Prerequisite: Fundamentals <strong>of</strong> Corporate<br />
Finance/FINA1-CE9140 or equivalent<br />
knowledge.<br />
Valuing a Business<br />
FINA1-CE9677/$750<br />
N Sec. 1: Wed. 6.30–8.30 p.m., May 25–<br />
July 27 (10 sessions). Mark Lee, CFA, principal,<br />
Eisner, LLP; <strong>and</strong> Edward Impastato.<br />
Examine the fundamental methods<br />
employed in valuing a business. Major<br />
emphasis is placed on the discounted<br />
cash flow (DCF) method. Other methods<br />
explored include comparative market value,<br />
book value, the earnings approach, replacement<br />
value, liquidation value, <strong>and</strong> the<br />
factor approach. Finally, students analyze<br />
<strong>and</strong> evaluate a company <strong>of</strong> their choice by<br />
using the DCF approach <strong>and</strong> applying<br />
other appropriate valuation methods.<br />
Prerequisites: Fundamentals <strong>of</strong> Corporate<br />
Finance/FINA1-CE9140 <strong>and</strong> Financial<br />
Accounting: Part I/ACCT1-CE8101 or<br />
equivalent knowledge. 2.0 CEU<br />
(24 50-minute hours)<br />
Financial Modeling in Corporate<br />
Financial Analysis Using Excel<br />
FINA1-CE9675/$895<br />
M Sec. 1: Thurs. 6.30–9 p.m., June 9–July 28<br />
(8 sessions). Merav Ozair<br />
M Sec. 2: Sat. 9 a.m.–2 p.m., July 9–30<br />
(4 sessions).<br />
In this lab-based course, gain expertise in<br />
the quantitative methods used by securities<br />
analysts to evaluate <strong>and</strong> value publicly<br />
traded securities. After a brief review <strong>of</strong><br />
present value, accounting, <strong>and</strong> statistics,<br />
learn how to make investment decisions<br />
based upon present value <strong>and</strong> other quantitative<br />
techniques. Use Excel formats <strong>and</strong><br />
layouts to create discounted cash flow<br />
<strong>and</strong> relative valuation models. Receive instruction<br />
against the backdrop <strong>of</strong> current<br />
market trends; financial news; <strong>and</strong> other<br />
factors that affect stock valuation, specifically,<br />
how the quantitative models interact<br />
with changes in security or market attributes.<br />
Students must have a general knowledge<br />
<strong>of</strong> <strong>finance</strong> <strong>and</strong> accounting, plus previous<br />
exposure to Excel. 2.0 CEU (24 50-minute<br />
hours)<br />
DERIVATIVE<br />
INSTRUMENTS<br />
Learn about the latest technical methods<br />
<strong>and</strong> expertise employed by analysts to<br />
evaluate securities <strong>and</strong> their derivative instruments.<br />
Principles <strong>of</strong> Financial Modeling<br />
FINA1-CE9685/$790<br />
N Sec. 1: Wed. 6.30–8.45 p.m., May 25–<br />
July 20 (9 sessions). Andrew T. Long,<br />
venture capital consultant.<br />
W Sec. 2: Mon. 6.30–9 p.m., May 23–July 25<br />
(8 sessions). David Gault, executive director,<br />
Brightwater Capital.<br />
Financial models are an integral part <strong>of</strong><br />
nearly all major business decisions. The<br />
advent <strong>of</strong> spreadsheet tools, such as Excel,<br />
has greatly enhanced the modeler’s power.<br />
Paradoxically, such tools have <strong>of</strong>ten reduced<br />
the accuracy <strong>of</strong> the models produced.<br />
Increase your ability to analyze business<br />
problems <strong>and</strong> translate that analysis into<br />
financial models that are more flexible,<br />
more reliable, <strong>and</strong> ultimately, more useful.<br />
Students must have knowledge <strong>of</strong> basic accounting<br />
<strong>and</strong> <strong>finance</strong>. 2.0 CEU<br />
(24 50-minute hours)<br />
BANKING AND<br />
FINANCE<br />
Learn the corporate financing functions utilized<br />
inside banks <strong>and</strong> corporations, including<br />
capital markets, financial instruments,<br />
<strong>and</strong> decision models.<br />
The Business <strong>of</strong> Micro<strong>finance</strong>:<br />
An Advanced Course<br />
FINA1-CE9014/$495<br />
N Sec. 1: Thurs. 6.30–8.45 p.m., June 2–<br />
July 28 (9 sessions).<br />
Dig beneath the public relations story <strong>of</strong><br />
micro<strong>finance</strong> to analyze the more sophisticated<br />
mechanics <strong>of</strong> the industry. Assess the<br />
validity <strong>of</strong> claims that micro<strong>finance</strong> is “decoupled”<br />
from mainstream economic activities<br />
<strong>and</strong> dynamics; analyze the dangers<br />
<strong>of</strong> over-indebtedness; explore links to the<br />
international capital markets; <strong>and</strong> identify<br />
useful metrics for evaluating an institution’s<br />
success. Analyze the difference between<br />
micro <strong>and</strong> SME lending; discuss the<br />
recent development <strong>and</strong> adoption <strong>of</strong> social<br />
performance measurement tools; assess the<br />
usefulness <strong>of</strong> financial, operational, <strong>and</strong> social<br />
ratings; <strong>and</strong> explore the growth <strong>of</strong> an<br />
industry in developed countries such as the<br />
United States. Prerequisite: Micro<strong>finance</strong>/<br />
FINA1-CE9603 or equivalent experience.<br />
Business Models for<br />
Social Entrepreneurship<br />
FINA1-CE9251/$750<br />
N Sec. 1: Tues. 6.30–9 p.m., May 31–July 19<br />
(8 sessions).<br />
Learn how to apply principles <strong>of</strong> business<br />
<strong>and</strong> <strong>finance</strong> to ameliorate social disadvantages.<br />
Develop knowledge <strong>of</strong> practical skills<br />
<strong>and</strong> examine case studies to gain a broad<br />
perspective <strong>of</strong> the creative ways in which<br />
these skill sets are being applied to improve<br />
society. Students present a group<br />
project to the class <strong>and</strong> demonstrate their<br />
knowledge in midterm <strong>and</strong> final exams.<br />
Financial Analysis in Visual Basic<br />
FINA1-CE9674/$895<br />
M Sec. 1: Mon. 6.30–9 p.m., June 6–Aug. 1<br />
(8 sessions).<br />
Address basic financial problems encountered<br />
in the workplace, ranging from options<br />
pricing to calculating the yield<br />
distribution <strong>of</strong> an investment opportunity.<br />
Designed for students with some financial<br />
knowledge who wish to move beyond the<br />
constraints <strong>of</strong> Excel, this course provides a<br />
deeper underst<strong>and</strong>ing <strong>of</strong> financial processes<br />
using the more versatile analysis language<br />
<strong>of</strong> the st<strong>and</strong>ard Excel application Visual<br />
Basic. Discuss problems <strong>and</strong> potential<br />
Visual Basic-based solutions. Explore the<br />
techniques underlying solutions, <strong>and</strong> learn<br />
to write Visual Basic routines from scratch.<br />
Prior knowledge <strong>of</strong> Visual Basic is not<br />
required. Students must have knowledge<br />
<strong>of</strong> basic financial <strong>and</strong> statistical principles.<br />
2.0 CEU (24 50-minute hours)<br />
TO REGISTER: (212) 998-7150 FOR MORE INFORMATION: (212) 998-7200<br />
4
SCPS.NYU.EDU/FINANCE<br />
CERTIFICATES IN FINANCIAL ANALYSIS<br />
The Certificates in Financial Analysis <strong>of</strong>fer in-depth training in analytical methods<br />
used by financial analysts <strong>and</strong> managers in a variety <strong>of</strong> settings, including <strong>finance</strong> departments<br />
within corporations, investment firms, other financial services institutions,<br />
<strong>and</strong> consulting <strong>and</strong> pr<strong>of</strong>essional services firms. Three pr<strong>of</strong>essional certificates are <strong>of</strong>fered<br />
to meet the needs <strong>of</strong> students who are new to the field, as well as pr<strong>of</strong>essionals<br />
who wish to advance their expertise in a particular area <strong>of</strong> specialization.<br />
The Certificate in Financial Analysis is a foundation-focused program emphasizing<br />
core skills <strong>and</strong> competencies, which can be completed in nine months. Two Advanced<br />
Certificates <strong>of</strong>fer specializations that build on the core curriculum <strong>of</strong> the Certificate in<br />
Financial Analysis.<br />
Upon completion <strong>of</strong> these certificate programs, students gain expertise in:<br />
• Pr<strong>of</strong>itability analysis, including calculation <strong>of</strong> price-earnings ratios.<br />
• Liquidity ratios, asset/productivity analysis, <strong>and</strong> capital structure/debt ratios.<br />
• Discounted cash flow (DCF) <strong>and</strong> other valuation techniques.<br />
• Using Excel spreadsheet modeling to forecast sales, earnings, <strong>and</strong> free cash flow.<br />
• Using Visual Basic programming to solve <strong>finance</strong> problems, including portfolio modeling.<br />
• Pricing options using the Black-Scholes formula.<br />
• Pricing fixed-income derivatives.<br />
Students must decide whether they wish to pursue the certificate in financial analysis<br />
or one <strong>of</strong> the advanced certificates since they may not receive both. An advanced certificate<br />
is earned by taking three courses in the area <strong>of</strong> specialization, in addition to the<br />
five courses required for the fundamental certificate.<br />
Students with minimal experience or formal training are advised to take Finance for<br />
Non<strong>finance</strong> Pr<strong>of</strong>essionals/FINA1-CE9642 <strong>and</strong>/or Finance Math/Statistics: A Skill<br />
Enhancement <strong>and</strong> Review Course/FINA1-CE9151 either simultaneously or in advance<br />
<strong>of</strong> taking the first course in this program.<br />
CERTIFICATE IN FINANCIAL<br />
ANALYSIS<br />
It is recommended that the five required<br />
courses be taken in the order listed.<br />
Fundamentals <strong>of</strong> Corporate Finance/<br />
FINA1-CE9140 (page 4)<br />
Financial Statement Analysis/<br />
ACCT1-CE8105<br />
Techniques <strong>of</strong> Financing Corporations/<br />
FINA1-CE9670 (page 4)<br />
AND<br />
Intermediate Corporate Finance/<br />
FINA1-CE9145 (page 4)<br />
OR<br />
Advanced Corporate Finance/<br />
FINA1-CE9149 (page 4)<br />
AND<br />
Valuing a Business/<br />
FINA1-CE9677 (page 4)<br />
OR<br />
Financial Modeling in Corporate<br />
Financial Analysis Using Excel/<br />
FINA1-CE9675 (page 4)<br />
ADVANCED CERTIFICATE IN<br />
FINANCIAL ANALYSIS,<br />
DERIVATIVE INSTRUMENTS<br />
(Choose three)<br />
Derivatives Documentation/<br />
FINA1-CE9215 (page 8)<br />
Financial Futures <strong>and</strong> Options in Risk<br />
Management/FINA1-CE9235 (page 9)<br />
Fixed Income Portfolio Management/<br />
FINA1-CE9015 (page 13)<br />
Fixed-Income Securities/<br />
FINA1-CE9104 (page 13)<br />
Fundamentals <strong>of</strong> Financial Risk<br />
Management/FINA1-CE9208<br />
(page 7)<br />
Pricing Options/<br />
FINA1-CE9246 (2011–2012)<br />
Principles <strong>of</strong> Financial Modeling/<br />
FINA1-CE9685 (page 4)<br />
ADVANCED CERTIFICATE IN<br />
FINANCIAL ANALYSIS, BANKING<br />
AND FINANCE (Choose three)<br />
Advanced Financial Statement<br />
Analysis/ACCT1-CE8106<br />
Business Models for Social<br />
Entrepreneurship/FINA1-CE9251<br />
(page 4)<br />
The Business <strong>of</strong> Micro<strong>finance</strong>: An<br />
Advanced Course/FINA1-CE9014<br />
(page 4)<br />
Financial Analysis in Visual Basic/<br />
FINA1-CE9674 (page 4)<br />
Fixed Income Portfolio Management/<br />
FINA1-CE9015 (page 13)<br />
Fundamentals <strong>of</strong> Portfolio Management/<br />
FINA1-CE9001 (page 12)<br />
Mergers <strong>and</strong> Acquisitions: U.S. <strong>and</strong><br />
Overseas/FINA1-CE9180 (page 11)<br />
Micro<strong>finance</strong>/FINA1-CE9603<br />
(2011–2012)<br />
See page 14 for certificate requirements <strong>and</strong> benefits.<br />
FINANCIAL<br />
PLANNING<br />
The dem<strong>and</strong> for sound financial advice<br />
from knowledgeable pr<strong>of</strong>essionals has<br />
never been greater, <strong>and</strong> the public has a<br />
new awareness <strong>of</strong> Certified Financial<br />
Planner (CFP ® ) credentials. NYU-SCPS<br />
certificate programs in financial planning<br />
are registered with the Certified Financial<br />
Planner Board <strong>of</strong> St<strong>and</strong>ards, Inc.<br />
Successful completion <strong>of</strong> the NYU-SCPS<br />
curriculum satisfies the educational requirements<br />
for eligibility to sit for the CFP®<br />
Certification Examination. NYU does not<br />
certify an individual to use the CFP,<br />
CERTIFIED FINANCIAL PLANNER , <strong>and</strong><br />
CFP (with flame logo) ® marks. CFP certification<br />
is granted only by the CFP Board to<br />
those persons who, in addition to completing<br />
an educational requirement such as<br />
NYU’s CFP Board-Registered Programs,<br />
have met its ethics, experience, <strong>and</strong> examination<br />
requirements.<br />
Financial Planning Review Course<br />
FINA2-CS1000/$975<br />
W Sec. 201: Wed. 12–5.30 p.m., Thurs. Fri.<br />
Sat. 8 a.m.–5.30 p.m., Sun. 8 a.m.–12.30 p.m.,<br />
June 15–19 (5 sessions).<br />
This five-day review course is intended for<br />
students who have completed an educational<br />
program such as NYU’s Certificate<br />
in Financial Planning <strong>and</strong> intend to sit for<br />
the CFP® Certification Exam. It is also<br />
suitable for CPAs, attorneys, <strong>and</strong> others<br />
who are eligible for Challenge Status or<br />
qualify through the transcript review<br />
process.H<br />
FP 1: Fundamentals <strong>of</strong><br />
Financial Planning<br />
FINA1-CE9940/$790<br />
W Sec. 1: Mon. 6–9.20 p.m., May 23–Aug. 8<br />
(10 sessions). David J. Novick, CFP, CHFC,<br />
certified financial planning pr<strong>of</strong>essional/consultant,<br />
Prometheus Capital Management.<br />
N Sec. 2: Wed. 6–8.45 p.m., May 25–Aug. 10<br />
(12 sessions). Stephen P. Wetzel, CFP, president,<br />
Prometheus Capital Management.<br />
Learn the fundamentals <strong>of</strong> financial planning<br />
in this prerequisite for the other<br />
courses in the financial planning program.<br />
Topics include financial planning functions,<br />
time value <strong>of</strong> money, economic <strong>and</strong><br />
legal environments, financial analysis, <strong>and</strong><br />
ethical <strong>and</strong> pr<strong>of</strong>essional considerations.<br />
Students get practical experience utilizing<br />
data-gathering forms, constructing personal<br />
financial statements, budgeting, <strong>and</strong><br />
dealing with regulatory requirements. Two<br />
classes are devoted to the use <strong>of</strong> the financial<br />
calculator. Students may take financial<br />
calculator workshops prior to or concurrent<br />
with this course. 4.0 CEU<br />
(40 50-minute hours)<br />
FP 2: Financial Planning<br />
Process <strong>and</strong> Insurance<br />
FINA1-CE9951/$790<br />
N Sec. 1: Wed. 6–8.45 p.m., May 25–Aug. 10<br />
(12 sessions). H. Michael Terreri, CLU, ARM<br />
small business planning <strong>and</strong> risk management<br />
consultant.<br />
Review basic financial planning principles<br />
<strong>and</strong> become familiar with the concepts <strong>of</strong><br />
risk management. Topics include identifying<br />
risk exposures, legal aspects <strong>of</strong> insurance,<br />
insurance policy analysis, <strong>and</strong> employee<br />
benefits. Gain practical knowledge <strong>of</strong> the<br />
types <strong>of</strong> life insurance policies along with<br />
life insurance needs analysis, property <strong>and</strong><br />
casualty insurance, medical <strong>and</strong> disability<br />
insurance, <strong>and</strong> Social Security benefits.<br />
Two classes are devoted to the use <strong>of</strong> the<br />
financial calculator. Fees for required study<br />
guides <strong>and</strong> the online final exam are not included<br />
in tuition. Required course booklets<br />
<strong>and</strong> online exams are purchased online at<br />
dalton-education.com. Click “Student Storefront,”<br />
enter NYU for “<strong>School</strong>” <strong>and</strong> nyucfp1<br />
for “Password.” Textbooks may be purchased<br />
elsewhere. 4.0 CEU (40 50-minute hours)<br />
FP 3: Investment Planning<br />
FINA1-CE9959/$790<br />
N Sec. 1: Wed. 6–8.45 p.m., May 25–Aug. 10<br />
(12 sessions). Joseph Matthews, vice president,<br />
wealth management, Merrill Lynch.<br />
Learn how to assess a client’s risk tolerance<br />
level, tax situation, liquidity, <strong>and</strong> marketability<br />
requirements to determine appropriate<br />
investment vehicles. Topics include<br />
regulation <strong>of</strong> markets, investment vehicles,<br />
investment theory, financial markets, <strong>and</strong><br />
modern portfolio theory. Two classes are<br />
devoted to the use <strong>of</strong> the financial calculator.<br />
Fees for required study guides <strong>and</strong> the online<br />
final exam are not included in tuition.<br />
Required course booklets <strong>and</strong> online exams are<br />
purchased online at dalton-education.com.<br />
Click “Student Storefront,” enter NYU for<br />
“<strong>School</strong>” <strong>and</strong> nyucfp1 for “Password.”<br />
Textbooks may be purchased elsewhere.<br />
4.0 CEU (40 50-minute hours)<br />
Financial Calculator Pr<strong>of</strong>iciency Exam<br />
FINA1-CE9952/$50<br />
Tests are administered throughout the<br />
semester. Call (212) 992-3400 or e-mail<br />
scps.fp.info@nyu.edu to schedule your exam.<br />
This exam is designed to test students<br />
on the use <strong>of</strong> the financial calculator. All<br />
students in the Certificate in Financial<br />
Planning program must pass a calculator<br />
pr<strong>of</strong>iciency examination with a minimum<br />
grade <strong>of</strong> 70 percent. The purpose <strong>of</strong> this<br />
exam is to ensure that students are able to<br />
apply the theory they have learned in their<br />
courses to solving practical financial problems<br />
in a timely manner. The exam includes<br />
problems related to time value <strong>of</strong><br />
money, cash flow, st<strong>and</strong>ard deviation,<br />
growth rates <strong>and</strong> geometric averages,<br />
mortgage calculations, college funding,<br />
security valuation, basic statistic applications,<br />
<strong>and</strong> various other investment problems.<br />
Take the exam after completing FP1,<br />
FP2, <strong>and</strong> FP3.<br />
5<br />
WEB: SCPS.NYU.EDU<br />
E-MAIL: SCPSINFO@NYU.EDU
SCPS.NYU.EDU/FINANCE<br />
FP 4: Income Tax Planning<br />
FINA1-CE9960/$790<br />
N Sec. 1: Thurs. 6–8.45 p.m., May 26–Aug. 11<br />
(12 sessions). John E. Johansen, CPA, CFP<br />
Become familiar with the tax law research<br />
process, terminology, the computation <strong>of</strong><br />
tax, <strong>and</strong> other concepts <strong>of</strong> income tax accounting.<br />
Learn tax management techniques,<br />
tax implications <strong>of</strong> employee<br />
benefits <strong>and</strong> investments, <strong>and</strong> tax implications<br />
<strong>of</strong> financial planning strategies.<br />
Business structure, sale <strong>of</strong> personal residence,<br />
<strong>and</strong> passive activity loss rules are also<br />
covered. Fees for required study guides <strong>and</strong> the<br />
online final exam are not included in tuition.<br />
Required course booklets <strong>and</strong> online exams are<br />
purchased online at dalton-education.com.<br />
Click “Student Storefront,” enter NYU for<br />
“<strong>School</strong>” <strong>and</strong> nyucfp1 for “Password.”<br />
Textbooks may be purchased elsewhere.<br />
4.0 CEU (40 50-minute hours)<br />
FP 5: Retirement Planning<br />
<strong>and</strong> Employee Benefits<br />
FINA1-CE9944/$790<br />
N Sec. 1: Tues. 6–8.45 p.m., May 24–Aug. 9<br />
(12 sessions).<br />
Gain familiarity with personal <strong>and</strong> employee-sponsored<br />
retirement plans. Topics<br />
include Social Security <strong>and</strong> Medicare benefits,<br />
IRAs, tax-sheltered annuities, qualified<br />
retirement plans, distribution options,<br />
<strong>and</strong> taxation <strong>and</strong> income tax deduction/<br />
benefit limitations. Learn the characteristics<br />
<strong>of</strong> qualified plans for employees, retirement<br />
needs analysis, <strong>and</strong> how to determine<br />
suitable investments <strong>and</strong> other employee<br />
benefits. Fees for required study guides <strong>and</strong> the<br />
online final exam are not included in tuition.<br />
Required course booklets <strong>and</strong> online exams are<br />
purchased online at dalton-education.com.<br />
Click “Student Storefront,” enter NYU for<br />
“<strong>School</strong>” <strong>and</strong> nyucfp1 for “Password.”<br />
Textbooks may be purchased elsewhere.<br />
4.0 CEU (40 50-minute hours)<br />
FP 6: Estate Planning<br />
FINA1-CE9946/$790<br />
N Sec. 1: Thurs. 6–9 p.m., May 26–Aug. 4<br />
(11 sessions). Russell Fishkind, Esq., partner,<br />
Saul Ewing LLP.<br />
Learn how the federal estate tax system<br />
works <strong>and</strong> what to consider when doing<br />
estate planning. Topics include federal estate<br />
<strong>and</strong> gift taxation, various estate planning<br />
techniques, trusts use, life insurance<br />
as an estate planning tool, gifts, charitable<br />
transfers, intrafamily business <strong>and</strong> property<br />
transfers, <strong>and</strong> planning for incapacity. Fees<br />
for required study guides <strong>and</strong> the online final<br />
exam are not included in tuition. Required<br />
course booklets <strong>and</strong> online exams are purchased<br />
online at dalton-education.com. Click<br />
“Student Storefront,” enter NYU for “<strong>School</strong>”<br />
<strong>and</strong> nyucfp1 for “Password.” Textbooks may be<br />
purchased elsewhere. 4.0 CEU (40 50-minute<br />
hours)<br />
CERTIFICATE IN FINANCIAL PLANNING<br />
This certificate program is designed to fulfill the educational requirements necessary to<br />
sit for the Certified Financial Planner Certification Examination. The program covers all<br />
89 financial planning topics required by the Certified Financial Planner (CFP) Board <strong>of</strong><br />
St<strong>and</strong>ards, Inc., <strong>and</strong> additional relevant topics. The certificate is available in three program<br />
formats to accommodate students’ specific needs <strong>and</strong> scheduling: the Certificate in<br />
Financial Planning, the Web-Delivered Certificate in Financial Planning (Live Online,<br />
Instructor-Led), <strong>and</strong> the Web-Delivered Certificate in Financial Planning (Self-Paced).<br />
Who should enroll:<br />
The Certificate in Financial Planning is for pr<strong>of</strong>essionals <strong>and</strong> college graduates<br />
who want a career in financial planning; those who work with financial planners, accountants,<br />
attorneys, real estate agents, stockbrokers, or insurance agents; <strong>and</strong> individuals<br />
interested in learning about long-term life cycle financing. The programs are<br />
designed for students who want to complete their educational requirements for the<br />
CFP® examination.<br />
Upon completion <strong>of</strong> the program students have:<br />
• Satisfied the educational requirements <strong>of</strong> the Certified Financial Planner<br />
Board <strong>of</strong> St<strong>and</strong>ards, Inc.<br />
• Substantive knowledge <strong>and</strong> technical skills for pr<strong>of</strong>essional competence<br />
as a financial planner.<br />
• Knowledge <strong>of</strong> all 89 topics m<strong>and</strong>ated by the Certified Financial Planner<br />
Board <strong>of</strong> St<strong>and</strong>ards, Inc.<br />
• Pr<strong>of</strong>iciency in the use <strong>of</strong> a financial calculator.<br />
For more information, visit scps.nyu.edu/cfp, e-mail scps.fp.info@nyu.edu,<br />
or call (212) 992-3400.<br />
Note: CFP Board owns the marks CFP, CERTIFIED FINANCIAL PLANNER <strong>and</strong><br />
CFP (with flame logo)®, which it awards to individuals who successfully complete initial<br />
<strong>and</strong> ongoing certification requirements.<br />
OPTION 1: Traditional Financial<br />
Planning Program<br />
This program provides traditional classroom<br />
learning <strong>and</strong> flexibility, presented in<br />
six modules covering the fundamentals <strong>of</strong><br />
financial planning, including the financial<br />
planning process <strong>and</strong> insurance, investment<br />
planning, income tax planning, retirement<br />
planning <strong>and</strong> employee benefits,<br />
<strong>and</strong> estate planning. C<strong>and</strong>idates have up<br />
to four years to complete this program.<br />
A calculator pr<strong>of</strong>iciency exam is required.<br />
Tuition fees do not include the cost <strong>of</strong> required<br />
study guides <strong>and</strong> online exam fees in<br />
courses FP 2 through FP 6, which must be<br />
purchased by each individual student in<br />
order to qualify for access to the online final<br />
exam. NYU-SCPS arranges for registered<br />
students to purchase the materials from the<br />
copyright owner. This option does not include<br />
the CFP® Certification Exam Review/<br />
FINA2-CS1000.<br />
REQUIRED COURSES<br />
FP 1: Fundamentals <strong>of</strong> Financial<br />
Planning/FINA1-CE9940 (page 5)<br />
FP 2: Financial Planning Process <strong>and</strong><br />
Insurance/FINA1-CE9951 (page 5)<br />
FP 3: Investment Planning/<br />
FINA1-CE9959 (page 5)<br />
Financial Calculator Pr<strong>of</strong>iciency Exam/<br />
FINA1-CE9952 (page 5)<br />
FP 4: Income Tax Planning/<br />
FINA1-CE9960 (this page)<br />
FP 5: Retirement Planning <strong>and</strong> Employee<br />
Benefits/FINA1-CE9944 (this page)<br />
FP 6: Estate Planning/<br />
FINA1-CE9946 (this page)<br />
OPTION 2: Web-Delivered<br />
Certificate in Financial Planning<br />
(Live Online, Instructor-Led)<br />
FINA1-CE9900/$4,950<br />
V Sec. 1: Mon. Wed. 5.30–7.30 p.m.,<br />
May 9–Jan. 11 (60 sessions).<br />
This nine-month, fully interactive, online<br />
program allows pr<strong>of</strong>essionals from across<br />
the country to participate via their computer.<br />
Using a headset <strong>and</strong> voiceover-<br />
IP technology, students engage in a virtual<br />
classroom <strong>and</strong> interact with instructors<br />
<strong>and</strong> fellow students. The program<br />
is <strong>of</strong>fered in partnership with Dalton<br />
Education, innovators in online financial<br />
services education. For a demonstration,<br />
visit scps.nyu.edu/cfp. Tuition fees do not<br />
include the cost <strong>of</strong> required course materials,<br />
textbooks, <strong>and</strong> online exam fees. This option<br />
does not include the CFP® Certification<br />
Exam Review/FINA2-CS1000.<br />
OPTION 3: Web-Delivered<br />
Certificate in Financial Planning<br />
(Self-Paced)<br />
FINA1-CE9970<br />
V Sec. 1: Dates <strong>and</strong> hours to be arranged<br />
(60 sessions).<br />
Designed for students who are motivated<br />
to participate in self-directed online study,<br />
this program can be completed at an individual<br />
pace <strong>and</strong> customized to fit each<br />
student’s interests <strong>and</strong> needs. Ideal for<br />
students with some pr<strong>of</strong>essional experience,<br />
the program can be completed in<br />
nine months or less. The program is<br />
<strong>of</strong>fered in partnership with Dalton<br />
Education. For details or to register, visit<br />
scps.nyu.edu/cfp or call (877) 426-2373.<br />
See page 14 for certificate requirements <strong>and</strong> benefits.<br />
PERSONAL FINANCE<br />
Learn to be an educated investor, prepare<br />
a personal cash flow statement, <strong>and</strong> develop<br />
your own financial plan. These<br />
courses are designed for people who are<br />
not <strong>finance</strong> pr<strong>of</strong>essionals but who want a<br />
better underst<strong>and</strong>ing <strong>of</strong> investing, managing<br />
short- <strong>and</strong> long-term <strong>finance</strong>s, <strong>and</strong> personal<br />
<strong>finance</strong> planning.<br />
TOPICS IN FINANCE<br />
Topics in Finance Series<br />
FINA1-CE9761/$95<br />
N Sec. 1: Thurs. 6.30–8.30, June 16–30<br />
(3 sessions). William Wu, CFP,<br />
Kramer Financial Group, LLC.<br />
The “new normal” applies not only to<br />
the economy but to our careers <strong>and</strong> how<br />
we manage our <strong>finance</strong>s. The recent financial<br />
crisis challenged all <strong>of</strong> us to take<br />
charge <strong>of</strong> our financial security under<br />
a new set <strong>of</strong> assumptions. Discuss the<br />
tools <strong>and</strong> knowledge to survive, succeed,<br />
<strong>and</strong> thrive in your <strong>finance</strong> career.<br />
SESSION 1: OPTIMIZING CASH<br />
FLOW AND BUDGETING<br />
The first step toward proper financial<br />
planning is ensuring your <strong>finance</strong>s are<br />
secure. Learn to manage liabilities by<br />
developing a budgeting plan. Discover<br />
creative ways to save money in <strong>New</strong><br />
<strong>York</strong> City. This class is designed to<br />
provide a proper basis for investing.<br />
SESSION 2: INTRODUCTION<br />
TO INVESTING<br />
Learn the importance <strong>of</strong> setting goals<br />
when beginning to invest. Examine different<br />
types <strong>of</strong> investments, <strong>and</strong> study<br />
how to evaluate <strong>and</strong> use mutual funds.<br />
Underst<strong>and</strong> the risks <strong>and</strong> concerns before<br />
investing. This class is designed for<br />
the novice-to-intermediate investor.<br />
SESSION 3: NAVIGATING<br />
THE FINANCIAL ADVISORY<br />
INDUSTRY<br />
This session ties together the previous<br />
classes <strong>and</strong> provides preparation for<br />
seeking advice from the financial<br />
planning industry. What do all <strong>of</strong><br />
those certifications mean How are financial<br />
planners compensated How<br />
do I find a good financial planner<br />
These are just a few <strong>of</strong> the questions<br />
that are answered.<br />
N Meets at Norman Thomas Center, 111 E. 33rd St.<br />
W Meets at the Woolworth Building, 15 Barclay St.<br />
V Online course.<br />
H Consult an advisor before registering.<br />
TO REGISTER: (212) 998-7150 FOR MORE INFORMATION: (212) 998-7200<br />
6
SCPS.NYU.EDU/FINANCE<br />
Fundamentals <strong>of</strong> Individual Investing<br />
FINA1-CE9855/$395<br />
M Sec. 1: Wed. 12–3 p.m., May 25–July 6<br />
(7 sessions). Stephen P. Wetzel, CFP, president,<br />
Prometheus Capital Management.<br />
Designed for the novice investor, this<br />
course introduces concepts important to<br />
managing a portfolio <strong>and</strong> provides students<br />
with the ability to make confident decisions<br />
about their personal <strong>finance</strong>s. Topics<br />
include underst<strong>and</strong>ing a brokerage account,<br />
the Dow Jones Industrial Average, the<br />
characteristics <strong>of</strong> stocks <strong>and</strong> bonds, the<br />
basic valuation <strong>of</strong> stocks, taxes for the<br />
investor, <strong>and</strong> the psychology <strong>of</strong> investing.<br />
2.0 CEU (24 50-minute hours)<br />
Personal Finance Basics:<br />
Getting Started<br />
FINA1-CE9417/$395<br />
M Sec. 1: Tues. 12–2.35 p.m., June 7–July 12<br />
(6 sessions). Michael Oberstein, chair <strong>and</strong><br />
clinical assistant pr<strong>of</strong>essor, NYU-SCPS<br />
noncredit <strong>finance</strong> programs.<br />
Comprehend the many instruments used<br />
in a financial plan <strong>and</strong> make sense <strong>of</strong> underlying<br />
assets <strong>and</strong> the potential uses <strong>of</strong><br />
benefits. Topics include time value <strong>of</strong><br />
money, career planning, money management,<br />
savings accounts, CDs, money markets,<br />
T-bills, stocks, bonds, mutual funds,<br />
emergency funds, <strong>and</strong> credit. Learn the<br />
types <strong>of</strong> financial institutions <strong>and</strong> products<br />
available; underst<strong>and</strong> the financial considerations<br />
<strong>of</strong> changing careers; <strong>and</strong> develop<br />
strategies for making better decisions when<br />
buying a house or a car, or when making<br />
other large purchases. Study home <strong>and</strong> life<br />
insurance policies <strong>and</strong> factor important<br />
considerations into health <strong>and</strong> long-term<br />
care insurance purchases. 1.5 CEU<br />
(19 50-minute hours)<br />
Wondering<br />
what to take<br />
scpsinfo@nyu.edu<br />
(212) 998-7200<br />
M Meets at NYU Midtown Center, 11 W. 42nd St.<br />
N Meets at Norman Thomas Center, 111 E. 33rd St.<br />
W Meets at the Woolworth Building, 15 Barclay St.<br />
V Online course.<br />
Personal Finance:<br />
Developing Your Financial Plan<br />
FINA1-CE9850/$395<br />
N Sec. 1: Wed. 6.30–8.30 p.m., May 18–<br />
Aug. 10 (12 sessions). David L. Hoyer, CFP,<br />
registered investment advisor, Hoyer<br />
Financial Services.<br />
Cover essentials <strong>of</strong> personal <strong>finance</strong> <strong>and</strong><br />
learn to align sound financial goals with<br />
values <strong>and</strong> lifelong plans. Learn to improve<br />
cash flow <strong>and</strong> how to save <strong>and</strong> invest while<br />
reducing risk. Gain a better underst<strong>and</strong>ing<br />
<strong>of</strong> the importance <strong>of</strong> credit history <strong>and</strong><br />
ways to improve it while reducing the<br />
possibility <strong>of</strong> identity theft. Map out a<br />
retirement plan <strong>and</strong> learn essential estate<br />
planning <strong>and</strong> tax considerations. 1.5 CEU<br />
(19 50-minute hours)<br />
Strategic Alliances<br />
FINA1-CE9187/$750<br />
N Sec. 1: Tues. 6.30–8.30 p.m., May 24–<br />
July 26 (10 sessions). Patrick McGuinness<br />
Strategic alliances such as joint ventures,<br />
virtual <strong>and</strong> internet alliances, group alliances,<br />
<strong>and</strong> other relationships are critical<br />
initiatives for large <strong>and</strong> small businesses.<br />
Students acquire the information <strong>and</strong> skills<br />
necessary to enhance their careers by intelligently<br />
h<strong>and</strong>ling strategic alliance issues.<br />
Topics include types <strong>of</strong> alliances, developing<br />
the process for managing the relationship,<br />
alliance versus acquisition, communicating<br />
the alliance, <strong>and</strong> identifying beneficial<br />
partners. Guest speakers share their expertise<br />
in international alliances <strong>and</strong> joint<br />
ventures. 2.0 CEU (24 50-minute hours)<br />
Wealth Management: How to Be<br />
Prepared, Survive, <strong>and</strong> Thrive<br />
FINA1-CE9006/$395<br />
N Sec. 1: Mon. 6.30–8.30 p.m., June 13–<br />
July 25 (5 sessions). No class June 20.<br />
Jose R. da Cruz, CFA, Morgan Stanley<br />
Smith Barney.<br />
Wealth management is not just for individuals<br />
with a high—or ultra-high—net worth.<br />
Given the disappearance <strong>of</strong> traditional guaranteed<br />
pension plans, lack <strong>of</strong> job security,<br />
<strong>and</strong> increased volatility in the capital markets,<br />
individuals have to take charge <strong>of</strong><br />
managing their own <strong>finance</strong>s in order to<br />
reach their goals. Develop a framework<br />
that can be implemented immediately to<br />
establish personal financial goals, devise<br />
appropriate investment strategies, <strong>and</strong><br />
monitor performance.<br />
FINANCIAL RISK MANAGEMENT AND<br />
DERIVATIVE INSTRUMENTS<br />
The ongoing turmoil in the markets continues to amplify the need for improved risk management,<br />
<strong>and</strong> corporations are investing in developing improvements in their identification,<br />
measurement, <strong>and</strong> management procedures. The need for financial risk managers also<br />
grows with new compliance <strong>and</strong> regulation st<strong>and</strong>ards. These courses teach the strategies<br />
<strong>and</strong> principles <strong>of</strong> financial risk management, techniques to qualify <strong>and</strong> measure risk, technical<br />
<strong>and</strong> fundamental analysis, structure <strong>of</strong> derivatives markets, <strong>and</strong> pricing <strong>and</strong> valuation<br />
methods for derivatives instruments. The Certificate in Financial Risk Management is regularly<br />
updated to respond to today’s changing economic l<strong>and</strong>scape.<br />
Fundamentals <strong>of</strong> Financial<br />
Risk Management<br />
FINA1-CE9208/$805<br />
W Sec. 1: Tues. 6.30–9 p.m., May 24–July 12<br />
(8 sessions). John McCormack, valuation <strong>and</strong><br />
enterprise risk management consultant.<br />
N Sec. 2: Wed. 6–10 p.m., June 1–29<br />
(5 sessions).<br />
Get an overview <strong>of</strong> financial risk management<br />
<strong>and</strong> its importance in today’s global<br />
marketplace. Examine why underst<strong>and</strong>ing,<br />
measuring, <strong>and</strong> managing risk are critical<br />
considerations in the financial services industry.<br />
Learn the most current methods<br />
<strong>and</strong> tools used by risk management pr<strong>of</strong>essionals.<br />
Topics include market <strong>and</strong> investment<br />
risk, value at risk (VaR), time value<br />
<strong>of</strong> money, probability theory <strong>and</strong> statistics,<br />
fixed income, <strong>and</strong> Monte Carlo simulations.<br />
Prerequisites: Introduction to the Markets/<br />
FINA1-CE9000 <strong>and</strong> Fundamentals <strong>of</strong><br />
Portfolio Management/FINA1-CE9001 or<br />
equivalent knowledge. 2.0 CEU<br />
(24 50-minute hours)<br />
Core Concepts in Asset Securitization<br />
FINA1-CE9162/$750<br />
N Sec. 1: Thurs. 6.30–8.30 p.m., June 9–<br />
July 28 (8 sessions). Norman Chaleff,<br />
senior vice president–risk management,<br />
Sterne, Agee & Leach.<br />
Examine the core principles <strong>of</strong> securitization<br />
in this in-depth review <strong>of</strong> common<br />
structured <strong>finance</strong> asset classes. Learn how<br />
securitization differs from other funding<br />
methods—such as asset-based commercial<br />
lending—<strong>and</strong> develop the conceptual<br />
underst<strong>and</strong>ing needed for more advanced<br />
study. Case studies cover three basic consumer<br />
asset classes: credit cards, auto loans,<br />
<strong>and</strong> residential mortgages. This course<br />
is designed for those new to the field.<br />
Students are required to work with structured<br />
<strong>finance</strong> documentation. Prior exposure<br />
to fixed income markets is helpful but<br />
not required. 1.5 CEU (19 50-minute hours)<br />
Related Program<br />
NYU-SCPS <strong>of</strong>fers a Graduate<br />
Certificate in Enterprise Risk<br />
Management within the M.S. in<br />
Management <strong>and</strong> Systems program.<br />
Interest Rate Swaps<br />
FINA1-CE9240/$750<br />
M Sec. 1: Sat. 10 a.m.–3 p.m., June 4–25<br />
(4 sessions). Ilene Froom,<br />
executive director <strong>and</strong> assistant general<br />
counsel, JPMorgan Chase Bank, N.A.<br />
Examine interest rate swaps <strong>and</strong> their importance<br />
in today’s capital markets. Discuss<br />
swaps within the following contexts: why<br />
firms use them, types <strong>of</strong> swaps, advantages<br />
<strong>and</strong> inherent risks, pricing strategies, present<br />
<strong>and</strong> future values applications, regulation<br />
<strong>of</strong> participants in the market, balance<br />
sheet effects, <strong>and</strong> financial disclosure.<br />
Other topics include swaptions, captions,<br />
step-up coupon caps, delayed caps, <strong>and</strong> the<br />
impact <strong>of</strong> inflation. Prerequisite: Finance<br />
Math/Statistics: A Skill Enhancement <strong>and</strong><br />
Review Course/FINA1-CE9151 or knowledge<br />
<strong>of</strong> basic mathematics. 2.0 CEU<br />
(24 50-minute hours)<br />
Credit Risk Models:<br />
Theory <strong>and</strong> Applications<br />
FINA1-CE9214/$750<br />
N Sec. 1: Mon. 7–9.15 p.m., June 6–Aug. 8<br />
(9 sessions).<br />
Examine techniques to manage, measure,<br />
<strong>and</strong> control credit risks inherent in loans,<br />
bonds, <strong>and</strong> derivative products. Review<br />
mathematical models <strong>and</strong> methodologies<br />
widely used in the financial industry to<br />
quantify credit risks for st<strong>and</strong>-alone securities<br />
as well as security portfolios. Underst<strong>and</strong><br />
regulatory perspectives on best practices<br />
for managing <strong>and</strong> monitoring credit risks.<br />
Analyze the impact <strong>of</strong> the Basel II accord<br />
on the management, measurement, <strong>and</strong><br />
control <strong>of</strong> credit risks. Prerequisite: Finance<br />
Math/Statistics: A Skill Enhancement <strong>and</strong><br />
Review Course/FINA1-CE9151 or familiarity<br />
with derivatives, financial markets,<br />
<strong>and</strong> the use <strong>of</strong> spreadsheets. 2.0 CEU<br />
(24 50-minute sessions)<br />
Intermediate Financial<br />
Risk Management<br />
FINA1-CE9201/$750<br />
N Sec. 1: Wed. 6–10 p.m., July 6–27<br />
(4 sessions). Alan Anderson, FRM<br />
Build on basic knowledge <strong>of</strong> risk management<br />
tools <strong>and</strong> techniques to explore more<br />
complex issues in financial risk management,<br />
including credit risk, derivatives,<br />
hedging techniques, hedge funds, <strong>and</strong> enterprise-level<br />
risk measurement <strong>and</strong> management.<br />
Prerequisite: Fundamentals <strong>of</strong><br />
Financial Risk Management/FINA1-CE9208<br />
or equivalent knowledge.<br />
7<br />
WEB: SCPS.NYU.EDU<br />
E-MAIL: SCPSINFO@NYU.EDU
SCPS.NYU.EDU/FINANCE<br />
FRM® EXAM REVIEW COURSES<br />
FRM ® Exam Review (Level I <strong>and</strong> II)<br />
FINA1-CE9700/$4,950<br />
W Sec. 1: Fri. 6.30–9.30 p.m., Sat. Sun.<br />
10 a.m.–5 p.m., June 3–July 24 (21 sessions).<br />
Alan Anderson, FRM<br />
V Sec. 2: Dates <strong>and</strong> hours to be arranged.<br />
This interdisciplinary course prepares<br />
pr<strong>of</strong>essionals for both the Level I <strong>and</strong><br />
II Financial Risk Manager FRM®<br />
Exam administered by the Global<br />
Association <strong>of</strong> Risk Pr<strong>of</strong>essionals<br />
(GARP*) each November. The FRM<br />
credential is considered<br />
the gold st<strong>and</strong>ard in the industry.<br />
The complete package includes all<br />
pre-reviews, program training modules,<br />
<strong>and</strong> final exam review. Students receive<br />
regularly scheduled review sessions,<br />
exam-taking skills utilizing past exams,<br />
class notes, <strong>and</strong> instructor-led support<br />
via e-mail until the day <strong>of</strong> the exam.<br />
Prerequisites: Fundamentals <strong>of</strong> Finance<br />
Risk Management/FINA1-CE9208, The<br />
Options Market <strong>and</strong> Trading Strategies/<br />
FINA1-CE9120, Financial Futures <strong>and</strong><br />
Options in Risk Management/FINA1-<br />
CE9235, <strong>and</strong> Interest Rate Swaps/FINA1-<br />
CE9240 or Pricing Interest Rate Swaps<br />
<strong>and</strong> Their Derivatives/FINA1-CE9250,<br />
or equivalent experience.<br />
FRM ® Level I Exam Review<br />
FINA1-CE9698/$2,825<br />
W Sec. 1: Fri. 6.30–9.30 p.m., Sat. Sun.<br />
10 a.m.–5 p.m., June 3–26 (12 sessions).<br />
V Sec. 2: Dates <strong>and</strong> hours to be arranged.<br />
Level I topics <strong>of</strong> study focus on the items<br />
determined by the most recently published<br />
GARP AIMS for c<strong>and</strong>idates<br />
preparing to sit for the Level I exam:<br />
Quantitative Review, Foundations <strong>of</strong><br />
Risk Management <strong>and</strong> Financial<br />
Markets, Quantitative Analysis, <strong>and</strong><br />
Risk Modeling.<br />
FRM ® Level II Exam Review/<br />
FINA1-CE9793/$2,125<br />
W Sec. 1: Fri. 6.30–9.30 p.m., Sat. Sun.<br />
10 a.m.–5 p.m., July 8–24 (9 sessions).<br />
V Sec. 2: Dates <strong>and</strong> hours to be arranged.<br />
Level II topics <strong>of</strong> study focus on the items<br />
determined by the most recently published<br />
GARP AIMS for c<strong>and</strong>idates<br />
preparing to sit for the Level II exam:<br />
Market Risk <strong>and</strong> Investment Risk,<br />
Credit Risk <strong>and</strong> Risk Management<br />
Issues, <strong>and</strong> Operational Risk.<br />
C<strong>and</strong>idates planningto take both the<br />
Level I <strong>and</strong> Level II exams should register<br />
for FINA1-CE9700. For more information,<br />
e-mail scps.frmexam@nyu.edu<br />
or call (212) 992-3400.<br />
* GARP does not endorse, promote, review, or<br />
warrant the accuracy <strong>of</strong> the products or services<br />
<strong>of</strong>fered by NYU-SCPS <strong>of</strong> FRM-related information,<br />
nor does it endorse any pass rates claimed<br />
by the provider. Further, GARP is not responsible<br />
for any fees or costs paid by the user to<br />
NYU-SCPS nor is GARP responsible for any<br />
fees or costs <strong>of</strong> any person or entity providing<br />
any services to NYU-SCPS. FRM®, GARP®,<br />
<strong>and</strong> Global GARP <strong>of</strong> Risk Pr<strong>of</strong>essionals are<br />
trademarks owned by the Global Association<br />
<strong>of</strong> Risk Pr<strong>of</strong>essionals, Inc.<br />
NEW<br />
BANKING AND<br />
FINANCIAL SERVICES<br />
Learn the strategies <strong>and</strong> principles used to<br />
measure <strong>and</strong> manage financial risk, <strong>and</strong><br />
underst<strong>and</strong> how markets operate in futures,<br />
options, swaps, <strong>and</strong> other derivative<br />
instruments used to protect assets.<br />
Advanced Financial Risk Management<br />
FINA1-CE9723/$750<br />
W Sec. 1: Thurs. 6.30–8.30 p.m., June 30–<br />
Aug. 18 (8 sessions).<br />
Build upon the knowledge <strong>and</strong> skills<br />
gained in Intermediate Financial Risk<br />
Management through a comprehensive examination<br />
<strong>of</strong> interest rate risk, commodity<br />
<strong>and</strong> futures risk, credit risk, cash flow risk,<br />
<strong>and</strong> earning <strong>and</strong> currency exchange risk.<br />
Learn to identify <strong>and</strong> measure financial<br />
risks faced by corporations, establish an effective<br />
risk program, <strong>and</strong> develop hedging<br />
strategies to minimize risk by using realworld<br />
case study methods <strong>and</strong> recent examples.<br />
Prerequisites: Fundamentals <strong>of</strong><br />
Financial Risk Management/FINA1-CE9208<br />
<strong>and</strong> Intermediate Financial Risk Management/<br />
FINA1-CE9201, or equivalent experience.<br />
Applied Technical Analysis<br />
FINA1-CE9125/$750<br />
W Sec. 1: Tues. 6.30–8.30 p.m., May 31–Aug. 2<br />
(10 sessions). Cornelius Luca, president, LGR.<br />
Learn to recognize essential chart formations<br />
<strong>and</strong> determine how to identify <strong>and</strong><br />
apply the appropriate techniques in this<br />
introduction to the use <strong>of</strong> basic charting<br />
methods. Topics include trends <strong>and</strong> trendlines,<br />
ratio analysis (Fibonacci), types <strong>of</strong><br />
charts, reversal <strong>and</strong> continuation patterns,<br />
c<strong>and</strong>lestick analysis, construction <strong>and</strong> application<br />
<strong>of</strong> moving averages <strong>and</strong> oscillators,<br />
<strong>and</strong> Elliott wave analysis. Apply these<br />
technical analysis techniques to current<br />
price charts. 2.0 CEU (24 50-minute hours)<br />
Derivatives Documentation<br />
FINA1-CE9215/$795<br />
M Sec. 1: Sat. 10 a.m.–2 p.m., July 16–<br />
Aug. 13 (5 sessions). Ilene Froom, executive<br />
director <strong>and</strong> assistant general counsel,<br />
JPMorgan Chase Bank, N.A.<br />
Learn to prepare legal documents for, <strong>and</strong><br />
draft the three major components <strong>of</strong>, derivatives<br />
documentation. Review the various<br />
legal <strong>and</strong> regulatory influences on<br />
derivatives, as well as documentation<br />
methods used outside the United States.<br />
2.0 CEU (24 50-minute hours)<br />
NEW<br />
Derivatives Modeling Using VBA<br />
FINA1-CE9249/$795<br />
W Sec. 1: Mon. 6–10 p.m., July 11–Aug. 8<br />
(5 sessions). Alan Anderson<br />
Get an intensive introduction to the mathematical<br />
modeling <strong>of</strong> derivative securities<br />
with a focus on developing algorithms for<br />
option pricing models. The Visual Basic<br />
for Applications (VBA) language is used<br />
throughout the course <strong>and</strong> key features <strong>of</strong><br />
VBA are introduced as needed. Learn the<br />
mathematical foundations <strong>of</strong> numerous<br />
pricing models—the Black-Scholes model,<br />
binomial <strong>and</strong> trinomial trees, finite difference<br />
methods, <strong>and</strong> Monte Carlo simulation—<strong>and</strong><br />
how algorithms are developed<br />
to implement these models in VBA.<br />
Pricing models for interest rate derivatives<br />
<strong>and</strong> exotic options are also developed,<br />
time permitting. Prerequisites: Financial<br />
Futures <strong>and</strong> Options in Risk Management/<br />
FINA1-CE9235 or equivalent, college-level<br />
mathematics, <strong>and</strong> familiarity with Excel.<br />
No prior knowledge <strong>of</strong> VBA necessary.<br />
Implications <strong>of</strong> the Dodd-Frank<br />
Wall Street Reform <strong>and</strong><br />
Consumer Protection Act<br />
FINA1-CE9724/$795<br />
W Sec. 1: Mon. 6.30–9 p.m., June 6–Aug. 1<br />
(8 sessions).<br />
Wall Street <strong>and</strong> the financial service industry<br />
brought about the largest financial crisis<br />
since the Depression. The 1929 crash<br />
led to increased regulation <strong>and</strong> the founding<br />
<strong>of</strong> the U.S. Securities <strong>and</strong> Exchange<br />
Commission (SEC) <strong>and</strong> Federal Deposit<br />
Insurance Corporation (FDIC), pr<strong>of</strong>oundly<br />
changing the l<strong>and</strong>scape <strong>and</strong> instituting<br />
safeguards <strong>and</strong> policing. The<br />
Dodd-Frank Wall Street Reform <strong>and</strong><br />
Consumer Protection Act brings increased<br />
regulations, more power to the federal government,<br />
<strong>and</strong> establishes new regulatory<br />
authorities. Review the act—<strong>and</strong> the updated<br />
changes—<strong>and</strong> discuss its future implications<br />
for the financial service industry,<br />
corporations, investors, <strong>and</strong> the public.<br />
Hedge Fund Strategies<br />
FINA1-CE9209/$845<br />
W Sec. 1: Wed. 6.30–9 p.m., May 25–July 13<br />
(8 sessions). Zachary R. Michaelson<br />
Explore the investment strategies <strong>and</strong><br />
techniques used by hedge fund managers<br />
in the areas <strong>of</strong> bonds, stocks, fixed assets,<br />
currency, options, <strong>and</strong> commodities. Study<br />
different strategies including event-driven<br />
or distressed mergers, long <strong>and</strong> short equities,<br />
funds, <strong>and</strong> convertible arbitrage <strong>and</strong><br />
global macro strategies. Performance measurements;<br />
alpha, beta, <strong>and</strong> Sharpe ratio;<br />
<strong>and</strong> market efficiency are also covered.<br />
NEW<br />
Risk Management <strong>of</strong> Capital Assets:<br />
Risk Capital, Regulatory Capital,<br />
<strong>and</strong> Liquid Cash<br />
FINA1-CE9726/$650<br />
N Sec. 1: Tues. 6.30–8.30 p.m., May 31–<br />
July 19 (8 sessions). Norman Chaleff, senior<br />
vice president–risk management, Sterne,<br />
Agee & Leach.<br />
Learn to manage different types <strong>of</strong> capital,<br />
measure management, <strong>and</strong> allocate assets<br />
for three basic types <strong>of</strong> capital: equity,<br />
regulatory, <strong>and</strong> liquid. Examine risk <strong>of</strong> loss<br />
<strong>of</strong> equity, risk <strong>of</strong> noncompliance <strong>and</strong><br />
regulatory requirements, <strong>and</strong> risk <strong>of</strong> insufficient<br />
short-term liquidity to fund operations.<br />
Analyze your organization using<br />
this framework in order to make cogent<br />
recommendations to management.<br />
Systemic Risk <strong>and</strong> Its<br />
Impact on the Markets<br />
FINA1-CE9124/$750<br />
N Sec. 1: Mon. 7–9 p.m., May 23–Aug. 8<br />
(10 sessions).<br />
Gain the fundamental financial tools <strong>and</strong><br />
techniques to identify sources <strong>of</strong> potential<br />
systemic risks, measure a portfolio’s exposure<br />
to such risks, <strong>and</strong> design effective riskmitigating<br />
strategies. Every asset allocator,<br />
whether a sophisticated private investor,<br />
institutional portfolio manager, investment<br />
committee member, investment advisor, liability<br />
manager, CFO, or treasury pr<strong>of</strong>essional<br />
is required to identify sources <strong>of</strong><br />
potential systemic risk <strong>and</strong> to underst<strong>and</strong><br />
the implication <strong>of</strong> such exposures to his or<br />
her portfolio or enterprise. Examine systemic<br />
risk, the dynamics <strong>of</strong> hedging, current<br />
issues pertaining to derivatives, <strong>and</strong><br />
the historical development <strong>of</strong> past crises.<br />
TO REGISTER: (212) 998-7150 FOR MORE INFORMATION: (212) 998-7200<br />
8
SCPS.NYU.EDU/FINANCE<br />
INDUSTRY AND<br />
SERVICE COMPANIES<br />
Financial Futures <strong>and</strong><br />
Options in Risk Management<br />
FINA1-CE9235/$750<br />
N Sec. 1: Thurs. 6.30–9 p.m., May 26–July 14<br />
(8 sessions). Zachary R. Michaelson<br />
This risk management approach to the<br />
fundamentals <strong>and</strong> trading aspects <strong>of</strong> financial<br />
futures <strong>and</strong> options markets is designed<br />
for bankers, treasury pr<strong>of</strong>essionals,<br />
<strong>and</strong> traders. Topics include description <strong>and</strong><br />
delivery <strong>of</strong> contracts; methods <strong>of</strong> trading<br />
(puts, calls, spreads versus futures); pricing<br />
mechanisms; <strong>and</strong> money management applications,<br />
including hedging <strong>and</strong> arbitrage<br />
techniques. Review momentum <strong>and</strong> technical<br />
analysis, margin computation, <strong>and</strong><br />
market regulations. Participate in simulated<br />
trading in interest rate futures, currency<br />
futures, <strong>and</strong> stock indices <strong>and</strong><br />
options. 2.0 CEU (24 50-minute hours)<br />
Using the Yield Curve<br />
FINA1-CE9211/$750<br />
N Sec. 1: Wed. 6.30–8.30 p.m., June 1–Aug. 3<br />
(10 sessions). Aleksey V. Leksanov, FRM,<br />
portfolio manager <strong>and</strong> director–quantitative<br />
development, Stone Tower Capital LLC.<br />
Examine the factors that create risk <strong>and</strong><br />
provide return in fixed-income markets.<br />
Review the basics <strong>of</strong> money markets <strong>and</strong><br />
the role <strong>of</strong> the Fed in determining shortterm<br />
interest rates. Learn the essentials <strong>of</strong><br />
bond pricing, price sensitivity (duration<br />
<strong>and</strong> convexity), zero (spot) curves, forward<br />
curves, <strong>and</strong> yield-curve strategies. Gain an<br />
underst<strong>and</strong>ing <strong>of</strong> options as they relate to<br />
fixed-income markets. The course concludes<br />
with an exploration <strong>of</strong> callable<br />
bonds <strong>and</strong> mortgage-backed securities, <strong>and</strong><br />
an introduction to the fixed-income derivatives<br />
market. Students must have a basic<br />
underst<strong>and</strong>ing <strong>of</strong> financial markets <strong>and</strong><br />
basic pr<strong>of</strong>iciency in mathematics. 2.0 CEU<br />
(24 50-minute hours)<br />
Web<br />
For the most up-to-date<br />
course information <strong>and</strong><br />
to register online, visit:<br />
scps.nyu.edu<br />
CERTIFICATES IN<br />
FINANCIAL RISK MANAGEMENT<br />
NYU-SCPS <strong>of</strong>fers three pr<strong>of</strong>essional certificate programs in financial risk management<br />
to meet the needs <strong>of</strong> students who are new to the field, as well as pr<strong>of</strong>essionals who<br />
wish to advance their expertise in a particular area <strong>of</strong> specialization. These certificates<br />
cover the measurement <strong>and</strong> management <strong>of</strong> financial risk, as well as the nature <strong>and</strong><br />
operation <strong>of</strong> markets in futures, options, swaps, <strong>and</strong> other derivative instruments,<br />
which serve both as hedges against risk <strong>and</strong> as sources <strong>of</strong> potential pr<strong>of</strong>it. The Certificate<br />
in Financial Risk Management is a foundation-focused program emphasizing core<br />
skills <strong>and</strong> competencies, which can be completed in nine months. The Advanced<br />
Certificates in Financial Risk Management build on the core certificate with specializations<br />
in either Banking <strong>and</strong> Financial Services or Industry <strong>and</strong> Service Companies.<br />
Upon completion, students have covered:<br />
• Strategies <strong>and</strong> principles <strong>of</strong> financial risk management.<br />
• Measurement techniques necessary to manage <strong>and</strong> measure financial risk.<br />
• Structuring <strong>of</strong> limits to control risk taking.<br />
• Mathematical models <strong>and</strong> how they contribute to risk control,<br />
including value at risk (VaR).<br />
• Structure <strong>of</strong> various derivatives markets (e.g., options, futures, <strong>and</strong> swaps).<br />
• Pricing <strong>and</strong> valuation techniques for derivatives instruments.<br />
Students must decide whether they wish to pursue the fundamental certificate or one<br />
<strong>of</strong> the advanced certificates since they may not receive both. An advanced certificate is<br />
earned by taking three courses in the area <strong>of</strong> specialization in addition to the five<br />
courses required for the fundamental certificate.<br />
Students with minimal experience or no formal training are advised to take Finance Math/<br />
Statistics: A Skill Enhancement <strong>and</strong> Review Course/FINA1-CE9151 either simultaneously<br />
or in advance <strong>of</strong> taking the first course in this program.<br />
CERTIFICATE IN FINANCIAL<br />
RISK MANAGEMENT<br />
It is recommended that the five required<br />
courses be taken in the order listed.<br />
Fundamentals <strong>of</strong> Financial Risk<br />
Management/FINA1-CE9208 (page 7)<br />
Core Concepts in Asset Securitization/<br />
FINA1-CE9162 (page 7)<br />
Interest Rate Swaps/<br />
FINA1-CE9240 (page 7)<br />
Credit Risk Models: Theory <strong>and</strong><br />
Applications/FINA1-CE9214 (page 7)<br />
Intermediate Financial Risk<br />
Management/FINA1-CE9201 (page 7)<br />
ADVANCED CERTIFICATE IN<br />
FINANCIAL RISK MANAGEMENT,<br />
BANKING AND FINANCIAL<br />
SERVICES (Choose three)<br />
Advanced Concepts in Technical<br />
Analysis/FINA1-CE9041 (2011–2012)<br />
Advanced Financial Risk Management/<br />
FINA1-CE9723 (page 8)<br />
Applied Technical Analysis/<br />
FINA1-CE9125 (page 8)<br />
Basics <strong>of</strong> Centrally Cleared Derivatives/<br />
FINA1-CE9248 (2011–2012)<br />
CDO Basics/<br />
FINA1-CE9133 (2011–2012)<br />
Derivatives Documentation/<br />
FINA1-CE9215 (page 8)<br />
Derivatives Modeling Using VBA/<br />
FINA1-CE9249 (page 8)<br />
Equity Derivatives/<br />
FINA1-CE9245 (2011–2012)<br />
Fixed Income Portfolio Management/<br />
FINA1-CE9015 (page 13)<br />
FRM® Exam Review Course/<br />
FINA1-CE9700 (page 8)<br />
FRM® EXAM Level I Review/<br />
FINA1-CE9698 (page 8)<br />
FRM Exam Level II Review/<br />
FINA1-CE9793 (page 8)<br />
Hedge Fund Operation Risk <strong>and</strong> Due<br />
Diligence/FINA1-CE9237 (2011–2012)<br />
Hedge Fund Strategies/<br />
FINA1-CE9209 (page 8)<br />
Implications <strong>of</strong> the Dodd-Frank Wall<br />
Street Reform <strong>and</strong> Consumer Protection<br />
Act/FINA1-CE9724 (page 8)<br />
Introduction to Hedge Funds/<br />
FINA1-CE9203 (2011–2012)<br />
Measuring <strong>and</strong> Managing<br />
Operational Risk Under Basel II/<br />
FINA1-CE9016 (2011–2012)<br />
The Options Market <strong>and</strong> Trading<br />
Strategies/FINA1-CE9120 (2011–2012)<br />
Risk Management <strong>of</strong> Capital<br />
Assets: Risk Capital, Regulatory<br />
Capital, <strong>and</strong> Liquid Cash/<br />
FINA1-CE9726 (page 8)<br />
Treasury Bond Basis: Trading, Hedging,<br />
Modeling/FINA1-CE9373 (2011–2012)<br />
Volatility Modeling/<br />
FINA1-CE9252 (2011–2012)<br />
ADVANCED CERTIFICATE IN<br />
FINANCIAL RISK MANAGEMENT,<br />
INDUSTRY AND SERVICE<br />
COMPANIES (Choose three)<br />
Financial Futures <strong>and</strong> Options in Risk<br />
Management/FINA1-CE9235 (this page)<br />
Introduction to Hedge Funds/<br />
FINA1-CE9203 (2011–2012)<br />
Pricing Interest Rate Swaps <strong>and</strong> Their<br />
Derivatives/FINA1-CE9250 (2011–2012)<br />
Pricing Options/<br />
FINA1-CE9246 (2011–2012)<br />
Using the Yield Curve/<br />
FINA1-CE9211 (this page)<br />
See page 14 for certificate requirements <strong>and</strong> benefits.<br />
INTERNATIONAL<br />
BUSINESS AND<br />
FINANCE<br />
As individual companies <strong>and</strong> industries exp<strong>and</strong><br />
or are reconfigured abroad, opportunities<br />
grow for pr<strong>of</strong>essionals with international<br />
business expertise. NYU-SCPS faculty are<br />
industry experts with long careers <strong>and</strong> experience<br />
in global markets, international trade<br />
law, <strong>and</strong> corporate <strong>finance</strong>. Students learn the<br />
cultural, economic, political, <strong>and</strong> social influences<br />
in international business, <strong>and</strong> master<br />
skills within their geographic <strong>and</strong> subject<br />
areas <strong>of</strong> interest to ensure they succeed.<br />
Introduction to International<br />
Business <strong>and</strong> Finance<br />
FINA1-CE9400/$795<br />
W Sec. 1: Mon. 6.30–9 p.m., May 23–Aug. 8<br />
(10 sessions). Christine S. Pomeranz, chairperson,<br />
international trade <strong>and</strong> marketing department,<br />
Fashion Institute <strong>of</strong> Technology.<br />
M Sec. 2: Sat. 10 a.m.–1.30 p.m., June 11–<br />
July 30 (7 sessions). No class July 2.<br />
August Morar, executive director, Center for<br />
International Business Strategic <strong>Studies</strong>.<br />
Examine the economic, political, <strong>and</strong> social<br />
forces that shape the global marketplace.<br />
Analyze procedures adopted to implement<br />
business operations in diverse economies,<br />
<strong>and</strong> learn how to make sharp business decisions.<br />
Topics include international economic<br />
principles <strong>and</strong> their influence on<br />
foreign trade <strong>and</strong> productive investments,<br />
the international monetary system, the exchange<br />
rate mechanism <strong>and</strong> its impact on<br />
direct investments <strong>and</strong> financial operations,<br />
international marketing operations for<br />
products <strong>and</strong> services, corporate <strong>and</strong> trade<br />
financing methods, <strong>and</strong> foreign risk<br />
management.<br />
International Corporate Finance<br />
FINA1-CE9405/$750<br />
W Sec. 1: Mon. 6.30–9 p.m., June 6–Aug. 1<br />
(8 sessions).<br />
Gain an underst<strong>and</strong>ing <strong>of</strong> the international<br />
financial system from both a theoretical<br />
<strong>and</strong> a practical point <strong>of</strong> view. Topics include<br />
central bank functions; foreign exchange<br />
markets <strong>and</strong> convertibility; the eurocurrencies<br />
markets <strong>and</strong> the euro; short- <strong>and</strong> longterm<br />
financing, including trade <strong>and</strong> project<br />
<strong>finance</strong>; <strong>and</strong> documentation. This course<br />
also covers the legal, political, <strong>and</strong> economic<br />
framework <strong>of</strong> international financial<br />
markets. 2.0 CEU (24 50-minute hours)<br />
9<br />
WEB: SCPS.NYU.EDU<br />
E-MAIL: SCPSINFO@NYU.EDU
SCPS.NYU.EDU/FINANCE<br />
Principles <strong>of</strong> International Trade<br />
FINA1-CE9455/$750<br />
N Sec. 1: Tues. 6.30–8.30 p.m., May 24–<br />
July 26 (10 sessions). Melvin E. Lazar, Esq.<br />
Explore the basics <strong>of</strong> an international trade<br />
transaction <strong>and</strong> get a practical introduction<br />
to the fundamentals <strong>of</strong> import-export procedures.<br />
The essential elements <strong>of</strong> international<br />
trade contracts, shipping terms,<br />
various transportation modes, U.S. Customs<br />
procedures, global sourcing, import/export<br />
financing, <strong>and</strong> cross-cultural issues are addressed.<br />
This course covers information<br />
that is especially valuable for students who<br />
wish to learn the transaction mechanics<br />
<strong>of</strong> importing <strong>and</strong> exporting. 2.0 CEU<br />
(24 50-minute hours)<br />
Running Your Own<br />
Import/Export Business<br />
FINA1-CE9461/$750<br />
N Sec. 1: Wed. 6.30–9 p.m., June 1–July 20<br />
(8 sessions). Lawrence B. Delson, principal,<br />
Delson International, Inc.<br />
Learn the basics <strong>of</strong> starting an import/export<br />
operation. Discuss vital topics including<br />
business start-ups, product <strong>and</strong> market<br />
research in the United States <strong>and</strong> abroad,<br />
product pricing, distribution systems, customs<br />
brokers, <strong>and</strong> international documentation.<br />
Other topics include banking <strong>and</strong><br />
financing strategies, dealing with customers,<br />
<strong>and</strong> ongoing international relationships.<br />
Presentations encompass computerized<br />
sources <strong>of</strong> foreign trade leads <strong>and</strong> market<br />
information. Students develop an import<br />
or export plan for a product <strong>of</strong> their choice.<br />
2.0 CEU (24 50-minute hours)<br />
Global Investing<br />
FINA1-CE9025/$750<br />
N Sec. 1: Thurs. 6.30–9 p.m., May 26–July 14<br />
(8 sessions). Joseph P. Quinlan, consultant.<br />
Managing a global investment portfolio<br />
leads to both opportunities <strong>and</strong> problems.<br />
Learn what these are while also exploring<br />
topics such as the anatomy <strong>of</strong> world markets,<br />
measures <strong>of</strong> size <strong>and</strong> liquidity <strong>of</strong> the<br />
global stock <strong>and</strong> bond markets, global asset<br />
allocation <strong>and</strong> diversification, global trading<br />
<strong>of</strong> securities, global asset risk management,<br />
sources <strong>of</strong> financial information, <strong>and</strong><br />
the administrative challenges <strong>of</strong> global investing.<br />
Prerequisite: Introduction to the<br />
Markets/FINA1-CE9000 or equivalent<br />
knowledge. 2.0 CEU (24 50-minute hours)<br />
M Meets at NYU Midtown Center, 11 W. 42nd St.<br />
N Meets at Norman Thomas Center, 111 E. 33rd St.<br />
W Meets at the Woolworth Building, 15 Barclay St.<br />
CERTIFICATES IN INTERNATIONAL<br />
BUSINESS AND FINANCE<br />
In an era <strong>of</strong> instant global communications, interdependent economies, <strong>and</strong> dramatic<br />
international political developments, an underst<strong>and</strong>ing <strong>of</strong> underlying economic, political,<br />
<strong>and</strong> social forces is critical. Under the instruction <strong>of</strong> industry experts, our programs<br />
are designed to equip pr<strong>of</strong>essionals at all levels with the key skills <strong>of</strong> international<br />
business, as well as to provide vital knowledge <strong>of</strong> U.S. business practices.<br />
NYU-SCPS <strong>of</strong>fers three pr<strong>of</strong>essional certificates to meet the needs <strong>of</strong> students who<br />
are new to the field, particularly those considering an M.B.A. program, as well as pr<strong>of</strong>essionals<br />
who wish to advance their expertise in a particular area <strong>of</strong> specialization.<br />
The Certificate in International Business <strong>and</strong> Finance is a foundation-focused program<br />
emphasizing core skills <strong>and</strong> competencies, which can be completed in nine<br />
months. Two Advanced Certificates in International Business <strong>and</strong> Finance build on<br />
the core certificate with specializations in either India, China, <strong>and</strong> Other Emerging<br />
Markets or Overseas Investing.<br />
Upon completion <strong>of</strong> these programs, students have an in-depth knowledge <strong>of</strong> the international<br />
financial system, including exchange-rate mechanisms, tariffs, <strong>and</strong> international<br />
trade issues:<br />
• How to identify cultural, economic, political, <strong>and</strong> social influences in the international<br />
business arena.<br />
• Basic concepts <strong>of</strong> multinational financial management <strong>and</strong> the impact <strong>of</strong> foreign<br />
exchange on cash flow.<br />
• Legal, political, <strong>and</strong> economic frameworks <strong>of</strong> international markets, including the<br />
euro <strong>and</strong> eurocurrencies markets.<br />
• Key issues <strong>of</strong> international banking operations.<br />
Students must decide whether they wish to pursue the fundamental certificate or one<br />
<strong>of</strong> the advanced certificates since they may not receive both. An advanced certificate is<br />
earned by taking three courses in the area <strong>of</strong> specialization in addition to the five<br />
courses required for the fundamental certificate.<br />
Students with minimal experience or formal training are advised to take Finance for<br />
Non<strong>finance</strong> Pr<strong>of</strong>essionals/FINA1-CE9642 either simultaneously or in advance <strong>of</strong> taking<br />
the first course in this program.<br />
CERTIFICATE IN<br />
INTERNATIONAL BUSINESS<br />
AND FINANCE<br />
It is recommended that the five required<br />
courses be taken in the order listed.<br />
Introduction to International<br />
Business <strong>and</strong> Finance/<br />
FINA1-CE9400 (page 9)<br />
International Corporate Finance/<br />
FINA1-CE9405 (page 9)<br />
Principles <strong>of</strong> International Trade/<br />
FINA1-CE9455 (this page)<br />
Running Your Own Import/Export<br />
Business/FINA1-CE9461 (this page)<br />
Global Investing/<br />
FINA1-CE9025 (this page)<br />
ADVANCED CERTIFICATE IN<br />
INTERNATIONAL BUSINESS<br />
AND FINANCE, CHINA, INDIA,<br />
AND OTHER EMERGING<br />
MARKETS (Choose three)<br />
Doing Business in China/<br />
FINA1-CE9406 (this page)<br />
Business Models for<br />
Social Entrepreneurship/<br />
FINA1-CE9251 (page 4)<br />
International Trade Finance/<br />
FINA1-CE9238 (this page)<br />
International Trade Law <strong>and</strong><br />
Regulation/LEGL1-CE8805 (this page)<br />
Investment Opportunities in India/<br />
FINA1-CE9128 (2011–2012)<br />
Issues in a Globalizing Economy/<br />
FINA1-CE9239 (page 11)<br />
Strategic Alliances/<br />
FINA1-CE9187 (page 7)<br />
ADVANCED CERTIFICATE IN<br />
INTERNATIONAL BUSINESS<br />
AND FINANCE, OVERSEAS<br />
INVESTING (Choose three)<br />
International Banking: Structure,<br />
Function, <strong>and</strong> Techniques/<br />
FINA1-CE9425 (2011–2012)<br />
International Business Negotiations/<br />
FINA1-CE9402 (page 11)<br />
International Financial Markets/<br />
FINA1-CE9429 (page 11)<br />
Mergers <strong>and</strong> Acquisitions: U.S. <strong>and</strong><br />
Overseas/FINA1-CE9180 (page 11)<br />
See page 14 for certificate requirements <strong>and</strong> benefits.<br />
CHINA, INDIA, AND<br />
OTHER EMERGING<br />
MARKETS<br />
Underst<strong>and</strong> how to successfully <strong>and</strong> strategically<br />
navigate the culture, politics, <strong>and</strong> economies<br />
<strong>of</strong> emerging markets with technical<br />
knowledge <strong>of</strong> trade <strong>finance</strong> <strong>and</strong> currencies.<br />
Doing Business in China<br />
FINA1-CE9406/$350<br />
N Sec. 1: Thurs. 6.30–8.30 p.m., June 30–<br />
July 28 (5 sessions). Lawrence B. Delson,<br />
principal, Delson International, Inc.<br />
Acquire the tools necessary to successfully<br />
operate a small or medium-sized business<br />
in China. Subjects include the legal environment<br />
<strong>and</strong> trends, the impact <strong>of</strong> China’s<br />
WTO membership, product sourcing <strong>and</strong><br />
quality control, sales <strong>and</strong> marketing, methods<br />
<strong>of</strong> operations, <strong>and</strong> intellectual property<br />
rights. Opportunities in areas such as alternative<br />
energy, media, <strong>and</strong> real estate are<br />
identified. Emphasis is placed on the role<br />
<strong>of</strong>, <strong>and</strong> the need for, cultural <strong>and</strong> historical<br />
underst<strong>and</strong>ing <strong>of</strong> the market as a key to<br />
success. Students receive a brief introduction<br />
to the Chinese language.<br />
International Trade Finance<br />
FINA1-CE9238/$550<br />
N Sec. 1: Wed. 6.30–9 p.m., May 25–July 13<br />
(8 sessions).<br />
Examine methods <strong>of</strong> securing funds for international<br />
trade, including letters <strong>of</strong> credit,<br />
factoring (invoice discounting <strong>and</strong> receivables<br />
financing), asset-based lending, <strong>and</strong><br />
structured trade <strong>finance</strong>. Explore issues regarding<br />
the proper management <strong>of</strong> currency<br />
exchange <strong>and</strong> interest fluctuations,<br />
repatriating earnings <strong>and</strong> risk management,<br />
<strong>and</strong> insurance opportunities <strong>and</strong><br />
credit evaluation services. Analyze relevant<br />
government <strong>and</strong> private services, including<br />
the United States Export-Import Bank,<br />
Overseas Private Investment Corporation<br />
(OPIC), <strong>and</strong> the Foreign Credit Insurance<br />
Association (SIA).<br />
International Trade Law <strong>and</strong> Regulation<br />
LEGL1-CE8805/$845<br />
N Sec. 1: Thurs. 6.30–9 p.m., May 26–July 28<br />
(10 sessions). Melvin E. Lazar, Esq.<br />
Familiarity with international trade law is<br />
essential for anyone involved in international<br />
business. What are the transaction<br />
risks associated with import <strong>and</strong> export<br />
How are international disputes resolved<br />
Gain practical knowledge to facilitate international<br />
commercial transactions <strong>and</strong>,<br />
through case studies, learn potential risks<br />
<strong>and</strong> legal problems. Topics include the formation<br />
<strong>of</strong> international sales contracts, the<br />
documentary sale <strong>and</strong> terms <strong>of</strong> trade, letters<br />
<strong>of</strong> credit, U.S. regulation <strong>of</strong> imports<br />
<strong>and</strong> exports, the carriage <strong>of</strong> goods <strong>and</strong> the<br />
liability <strong>of</strong> air <strong>and</strong> sea carriers, GATT law<br />
<strong>and</strong> the World Trade Organization, <strong>and</strong><br />
regional trade areas such as the European<br />
Union. 3.0 CEU (30 50-minute hours)<br />
TO REGISTER: (212) 998-7150 FOR MORE INFORMATION: (212) 998-7200<br />
10
SCPS.NYU.EDU/FINANCE<br />
NEW<br />
Issues in a Globalizing Economy<br />
FINA1-CE9239/$750<br />
N Sec. 1: Thurs. 6.30–9 p.m., May 26–July 21<br />
(8 sessions). No class June 9. Lawrence Knoll,<br />
principal, Wolf, Arnold & Knoll, P.C.<br />
Discover the various ways in which the<br />
economies <strong>of</strong> the world are coming together,<br />
<strong>and</strong> explore both the forces driving<br />
globalization <strong>and</strong> the resistance to these<br />
forces. Examine the mechanisms <strong>of</strong> globalization<br />
<strong>and</strong> how it affects people—in the<br />
context <strong>of</strong> differing social <strong>and</strong> economic<br />
realities. Study the difficulties inherent in<br />
advancing negotiations to achieve trade<br />
agreements ratified by the majority <strong>of</strong> nations,<br />
<strong>and</strong> assess proposals put forward by<br />
several economists.<br />
OVERSEAS INVESTING<br />
Learn how to invest in foreign companies<br />
directly or indirectly, with public or private<br />
equity.<br />
International Business Negotiations<br />
FINA1-CE9402/$750<br />
N Sec. 1: Tues. 6.30–9 p.m., May 24–July 26<br />
(8 sessions). No class June 7 <strong>and</strong> July 19.<br />
Lawrence Knoll, principal, Wolf, Arnold &<br />
Knoll, P.C.<br />
Gain an overview <strong>of</strong> issues relevant to international<br />
business negotiations <strong>and</strong> discuss<br />
the most effective practices <strong>and</strong> methods<br />
<strong>of</strong> conducting them. Topics include key<br />
elements <strong>of</strong> how to negotiate successfully<br />
in various situations <strong>and</strong> build <strong>and</strong> sustain<br />
a business relationship. Students develop<br />
techniques to effectively represent their<br />
principal, while aiming to achieve mutual<br />
benefit. Ethical responsibilities are emphasized<br />
along with the heightening sensitivity<br />
to personal, behavioral, <strong>and</strong> cultural<br />
differences.<br />
International Financial Markets<br />
FINA1-CE9429/$750<br />
W Sec. 1: Mon. 6.30–9 p.m., June 13–Aug. 8<br />
(8 sessions).<br />
Explore modern financial theory <strong>and</strong><br />
examine the structure <strong>and</strong> functioning <strong>of</strong><br />
the international financial system <strong>and</strong> the<br />
institutions within it. Topics include the<br />
major types <strong>of</strong> market participants that<br />
operate in the global economy, the impact<br />
<strong>of</strong> asset price fluctuations, <strong>and</strong> the managerial<br />
role <strong>of</strong> governments <strong>and</strong> central<br />
banks. Gain a practical underst<strong>and</strong>ing <strong>of</strong><br />
how international capital markets function,<br />
familiarity with contemporary issues in international<br />
<strong>finance</strong>, <strong>and</strong> a deeper knowledge<br />
<strong>of</strong> how public policy responses are<br />
crafted in response to market failures.<br />
Students must have a familiarity with basic<br />
market infrastructure.<br />
M Meets at NYU Midtown Center, 11 W. 42nd St.<br />
N Meets at Norman Thomas Center, 111 E. 33rd St.<br />
W Meets at the Woolworth Building, 15 Barclay St.<br />
INFORMATION SESSION<br />
Finance<br />
Tuesday, 6–8 p.m., May 10<br />
Kimmel Center for University Life<br />
60 Washington Square South<br />
INVESTMENT BANKING<br />
Raising capital in today’s tight financial markets means relying on both traditional <strong>and</strong> alternative<br />
resources. These courses demonstrate relevant financial management <strong>of</strong> internal<br />
<strong>and</strong> external funds, equity <strong>and</strong> debt financings, mergers <strong>and</strong> acquisition, initial public <strong>of</strong>ferings,<br />
joint ventures, <strong>and</strong> other strategic alliances.<br />
Investment Banking Fundamentals<br />
FINA1-CE9160/$750<br />
W Sec. 1: Thurs. 6.30–9 p.m., June 2–July 21<br />
(8 sessions). Robert K. Nagle, CFA, associate<br />
director, Moody’s Analytics.<br />
Analyze the financial services that investment<br />
banks provide to corporations <strong>and</strong><br />
governments. This introductory course <strong>and</strong><br />
overview <strong>of</strong> the industry is recommended<br />
for corporate, bank, <strong>and</strong> insurance personnel.<br />
Topics include raising capital through<br />
the issuance <strong>of</strong> equity <strong>and</strong> debt securities;<br />
initial public <strong>of</strong>ferings <strong>and</strong> secondary issues;<br />
private placements; venture capital;<br />
privatizations; <strong>and</strong> mergers <strong>and</strong> acquisitions,<br />
including the related activities <strong>of</strong><br />
divestitures, spin-<strong>of</strong>fs, <strong>and</strong> workouts.<br />
2.0 CEU (24 50-minute hours)<br />
Mergers <strong>and</strong> Acquisitions:<br />
U.S. <strong>and</strong> Overseas<br />
FINA1-CE9180/$750<br />
W Sec. 1: Mon. 6.30–9 p.m., May 23–July 25<br />
(8 sessions). James J. Bergin, Esq.<br />
Explore mergers, acquisitions, <strong>and</strong> divestitures<br />
in this course designed for corporate<br />
personnel <strong>and</strong> investors. Focus on evaluation,<br />
mechanics, <strong>and</strong> negotiation strategies<br />
for business combinations. Topics include<br />
accounting considerations, valuation, legal<br />
issues, <strong>and</strong> tax factors involved in acquisitions.<br />
Prerequisite: Fundamentals <strong>of</strong> Corporate<br />
Finance/FINA1-CE9140 or equivalent<br />
knowledge. 2.0 CEU (24 50-minute hours)<br />
Venture Capital <strong>and</strong> Private Equity<br />
FINA1-CE9185/$750<br />
W Sec. 1: Thurs. 6.30–9 p.m., May 26–July 14<br />
(8 sessions). Andrew T. Long, venture capital<br />
consultant.<br />
This course is designed for corporate <strong>of</strong>ficers,<br />
sole proprietors, firm partners, <strong>and</strong> investors<br />
seeking to develop familiarity with<br />
the sources <strong>and</strong> techniques <strong>of</strong> venture capital.<br />
Topics include how to prepare a startup<br />
business plan, critical elements in the<br />
search for financing, how to raise <strong>and</strong> utilize<br />
venture capital, when <strong>and</strong> how to go<br />
public, techniques for analyzing value, <strong>and</strong><br />
tax considerations. 2.0 CEU<br />
(24 50-minute hours)<br />
Information Sessions include discussions on industry<br />
news <strong>and</strong> career opportunities, presentations on<br />
curriculum, <strong>and</strong> a chance to ask questions <strong>of</strong> faculty<br />
<strong>and</strong> staff. No RSVP is required, but please be punctual.<br />
For more information, call (212) 998-7200.<br />
Venture Capital Intensive<br />
FINA1-CE9186/$1500<br />
N Sec. 1: Wed. 6.30–8.30 p.m., June 15–<br />
July 13 (5 sessions). Osei Anthony Van Horne,<br />
investment pr<strong>of</strong>essional–merchant banking<br />
division, Goldman, Sachs & Co.<br />
This advanced, h<strong>and</strong>s-on seminar in venture<br />
capital is tailored to M.B.A.s <strong>and</strong><br />
M.B.A. students, attorneys, accountants,<br />
<strong>finance</strong> managers, <strong>and</strong> investment bankers<br />
seeking specific knowledge about the venture<br />
capital industry. Topics include raising<br />
venture capital funds; structuring venture<br />
capital partnerships; <strong>and</strong> key issues in evaluating<br />
venture stage companies, including<br />
management analysis, exit alternatives,<br />
trade sales, intellectual property, <strong>and</strong> patent<br />
issues. Venture capitalists <strong>and</strong> chief executive<br />
<strong>of</strong>ficers present real-world case studies<br />
<strong>and</strong> give students the opportunity to simulate<br />
strategic decision making.<br />
SALES AND TRADING<br />
Underst<strong>and</strong> the roles that stockbrokers,<br />
financial consultants, <strong>and</strong> traders play, <strong>and</strong><br />
the pr<strong>of</strong>essional environment in which they<br />
operate.<br />
Broker-Dealer Operations<br />
<strong>and</strong> Compliance<br />
FINA1-CE9863/$650<br />
M Sec. 1: Sat. 9 a.m.–5 p.m., July 9–23<br />
(3 sessions). William Jannace, Esq., managing<br />
director–member regulation division, Financial<br />
Industry Regulatory Authority (FINRA).<br />
Gain an essential underst<strong>and</strong>ing <strong>of</strong> the<br />
broker-dealer relationship with respect to<br />
the clearance <strong>and</strong> settlement <strong>of</strong> securities<br />
<strong>and</strong> various other broker-dealer operations,<br />
including net capital, customer protection,<br />
margin, <strong>and</strong> books <strong>and</strong> records requirements.<br />
The course features an overview <strong>of</strong><br />
recent initiatives to clear <strong>and</strong> settle derivatives<br />
<strong>and</strong> CDS products <strong>and</strong> covers introducing<br />
<strong>and</strong> clearing arrangements, as well<br />
as the evolving field <strong>of</strong> prime brokerage.<br />
Other topics include brokerage accounting,<br />
clearance, settlement, net capital, customer<br />
protection rules, introducing <strong>and</strong> clearing<br />
operations, <strong>and</strong> prime brokerage operations.<br />
RESEARCH ANALYSIS<br />
Learn to analyze companies <strong>and</strong> industries<br />
for growth, distress bankruptcy, <strong>and</strong> workouts.<br />
Bankruptcy, Workouts,<br />
<strong>and</strong> Reorganizations<br />
FINA1-CE9335/$750<br />
N Sec. 1: Tues. 6.30–8.30 p.m., May 24–<br />
July 26 (10 sessions). Gerard DiConza, Esq.,<br />
principal, DiConza Law, P.C.<br />
Designed for bankers, corporate treasury<br />
personnel, workout specialists, <strong>and</strong> lawyers<br />
who h<strong>and</strong>le middle-market, national, <strong>and</strong><br />
international problem loans <strong>and</strong> accounts,<br />
this course examines corporate Chapter 11<br />
bankruptcies. Topics include plans <strong>of</strong> reorganization,<br />
valuation <strong>of</strong> a business, assetbacked<br />
securitization transactions, trading<br />
claims, the law <strong>of</strong> set<strong>of</strong>f, preferences, fraudulent<br />
conveyances, equitable subordination,<br />
substantive consolidation, the automatic<br />
stay, use <strong>of</strong> cash collateral negotiations, <strong>and</strong><br />
debtor-in-possession financing. 2.0 CEU<br />
(24 50-minute hours)<br />
How to<br />
Register<br />
Web:<br />
scps.nyu.edu<br />
By mail:<br />
Use the form <strong>and</strong> envelope<br />
at the back <strong>of</strong> the Bulletin.<br />
By telephone:<br />
(212) 998-7150<br />
By fax:<br />
(212) 995-3060<br />
In person:<br />
145 Fourth Avenue, 2nd Fl.<br />
For detailed information,<br />
see the Registration section<br />
at the end <strong>of</strong> this Bulletin.<br />
11<br />
WEB: SCPS.NYU.EDU<br />
E-MAIL: SCPSINFO@NYU.EDU
SCPS.NYU.EDU/FINANCE<br />
CERTIFICATES IN INVESTMENT BANKING<br />
Learn how corporations <strong>finance</strong> their activities <strong>and</strong> how to analyze key factors that<br />
drive corporate transactions. Three pr<strong>of</strong>essional certificate options are <strong>of</strong>fered to meet<br />
the needs <strong>of</strong> students who are new to the field, particularly those considering an<br />
M.B.A. program, as well as pr<strong>of</strong>essionals who wish to advance their expertise in a<br />
particular area <strong>of</strong> specialization.<br />
The Certificate in Investment Banking is a foundation-focused program emphasizing<br />
core skills <strong>and</strong> competencies, which can be completed in nine months. Two Advanced<br />
Certificates in Investment Banking build on the core certificate with specializations in<br />
either sales <strong>and</strong> trading or research analysis.<br />
Upon completion <strong>of</strong> these programs, students gain an underst<strong>and</strong>ing <strong>of</strong> corporate<br />
<strong>finance</strong>, including expertise in areas such as:<br />
• Financial management <strong>and</strong> corporate growth, including the use <strong>of</strong> both<br />
internal <strong>and</strong> external funds.<br />
• Equity <strong>and</strong> debt financings.<br />
• Mergers <strong>and</strong> acquisitions.<br />
• Initial public <strong>of</strong>ferings.<br />
• Corporate restructurings.<br />
• Joint ventures <strong>and</strong> other strategic alliances.<br />
• Derivatives transactions, including pricing <strong>and</strong> valuation techniques.<br />
• Securitizations.<br />
• Roles <strong>and</strong> perspectives <strong>of</strong> investment bankers <strong>and</strong> other transaction advisors.<br />
Students must decide whether they wish to pursue the certificate in investment banking<br />
or one <strong>of</strong> the advanced certificates since they may not receive both. An advanced<br />
certificate is earned by taking three courses in the area <strong>of</strong> specialization in addition to<br />
the five courses required for the fundamental certificate.<br />
Students with minimal experience or formal training are advised to take Finance for<br />
Non<strong>finance</strong> Pr<strong>of</strong>essionals/FINA1-CE9642 <strong>and</strong>/or Finance Math/Statistics: A Skill<br />
Enhancement <strong>and</strong> Review Course/FINA1-CE9151 either simultaneously or in advance<br />
<strong>of</strong> taking the first course in this program.<br />
CERTIFICATE IN<br />
INVESTMENT BANKING<br />
It is recommended that the five required<br />
courses be taken in the order listed.<br />
Investment Banking Fundamentals/<br />
FINA1-CE9160 (page 11)<br />
Strategic Alliances/<br />
FINA1-CE9187 (page 7)<br />
Mergers <strong>and</strong> Acquisitions: U.S. <strong>and</strong><br />
Overseas/FINA1-CE9180 (page 11)<br />
Techniques <strong>of</strong> Financing Corporations/<br />
FINA1-CE9670 (page 4)<br />
AND<br />
Venture Capital <strong>and</strong> Private Equity/<br />
FINA1-CE9185 (page 11)<br />
OR<br />
Venture Capital Intensive/<br />
FINA1-CE9186 (page 11)<br />
ADVANCED CERTIFICATE IN<br />
INVESTMENT BANKING, SALES<br />
AND TRADING (Choose three)<br />
Broker-Dealer Operations <strong>and</strong><br />
Compliance/FINA1-CE9863 (page 11)<br />
Fixed Income Portfolio Management/<br />
FINA1-CE9015 (page 13)<br />
Fixed-Income Securities/<br />
FINA1-CE9104 (page 13)<br />
Global Investing/<br />
FINA1-CE9025 (page 10)<br />
Hedge Fund Strategies/<br />
FINA1-CE9209 (page 8)<br />
Initial Public Offerings/<br />
FINA1-CE9165 (2011–2012)<br />
Introduction to Hedge Funds/<br />
FINA1-CE9203 (2011–2012)<br />
The Options Market <strong>and</strong> Trading<br />
Strategies/FINA1-CE9120 (2011–2012)<br />
Pricing Options/<br />
FINA1-CE9246 (2011–2012)<br />
Value Investing/<br />
FINA1-CE9009 (page 13)<br />
ADVANCED CERTIFICATE IN<br />
INVESTMENT BANKING,<br />
RESEARCH ANALYSIS<br />
(Choose three)<br />
Advanced Financial Statement<br />
Analysis/ACCT1-CE8106<br />
Bankruptcy, Workouts, <strong>and</strong><br />
Reorganizations/FINA1-CE9335<br />
(page 11)<br />
Business Models for Social<br />
Entrepreneurship/FINA1-CE9251<br />
(page 4)<br />
Financial Statement Analysis/<br />
ACCT1-CE8105<br />
Financial Modeling in Corporate<br />
Financial Analysis Using Excel/<br />
FINA1-CE9675 (page 4)<br />
Valuing a Business/<br />
FINA1-CE9677 (page 4)<br />
See page 14 for certificate requirements <strong>and</strong> benefits.<br />
PORTFOLIO MANAGEMENT<br />
Uncertain markets have created a need to underst<strong>and</strong> derivative analysis <strong>and</strong> opportunities<br />
in the areas <strong>of</strong> portfolio management, asset allocation, <strong>and</strong> risk management. These<br />
courses provide <strong>finance</strong> practitioners <strong>and</strong> entry-level students the expertise to make smart<br />
<strong>and</strong> informed decisions regarding the investment mix, risk, <strong>and</strong> policy.<br />
Introduction to the Markets<br />
FINA1-CE9000/$750<br />
W Sec. 1: Tues. 6.30–9 p.m., May 24–July 12<br />
(8 sessions). Michael Oberstein, chair <strong>and</strong><br />
clinical assistant pr<strong>of</strong>essor, NYU-SCPS<br />
noncredit <strong>finance</strong> programs.<br />
N Sec. 2: Thurs. 6.30–9 p.m., June 16–Aug. 4<br />
(8 sessions). Jose L. Contin, managing<br />
director–global relationship management,<br />
Broadridge Financial Solutions.<br />
An introduction to the securities markets<br />
provides the foundation upon which the<br />
study <strong>of</strong> <strong>finance</strong> must be built. Learn the<br />
difference between stocks, bonds, commodities,<br />
futures, derivatives, options, <strong>and</strong><br />
currencies. Topics include the history <strong>of</strong><br />
capital markets <strong>and</strong> how they function;<br />
risk/return trade-<strong>of</strong>f; fundamental versus<br />
technical analysis; <strong>and</strong> contemporary investor<br />
attitudes, problems, <strong>and</strong> pitfalls.<br />
This course also lays the groundwork for<br />
Fundamentals <strong>of</strong> Portfolio Management, the<br />
introductory course to portfolio management.<br />
2.0 CEU (24 50-minute hours)<br />
Fundamentals <strong>of</strong> Securities Analysis<br />
FINA1-CE9005/$750<br />
N Sec. 1: Thurs. 6.30–8.30 p.m., June 2–<br />
Aug. 4 (10 sessions). Michael R. C<strong>and</strong>an,<br />
portfolio manager <strong>and</strong> partner, Armco<br />
Management Co.<br />
Explore the principles <strong>of</strong> securities analysis<br />
<strong>and</strong> develop a basic framework for making<br />
investment decisions. With readily available<br />
data, learn methods like cash-flow<br />
analysis for analyzing industries <strong>and</strong> companies<br />
to determine investment value.<br />
Assess the quality <strong>of</strong> available financial information<br />
used for the analytical process.<br />
Examine current investment opportunities<br />
from practical <strong>and</strong> theoretical perspectives.<br />
Prerequisite: Introduction to the Markets/<br />
FINA1-CE9000 or equivalent knowledge,<br />
plus knowledge <strong>of</strong> accounting basics. 2.0 CEU<br />
(24 50-minute hours)<br />
Fundamentals <strong>of</strong><br />
Portfolio Management<br />
FINA1-CE9001/$750<br />
N Sec. 1: Wed. 6.30–9.30 p.m., June 1–<br />
July 13 (7 sessions). Michael Guptan,<br />
managing director, Duff & Phelps.<br />
Gain a solid underst<strong>and</strong>ing <strong>of</strong> the portfolio,<br />
the structure within which financial assets<br />
are managed. This course introduces<br />
the various forces <strong>and</strong> issues that have an<br />
impact on portfolio construction. Topics<br />
include investor objectives <strong>and</strong> constraints,<br />
asset allocation, the importance <strong>of</strong> diversification,<br />
risk/reward trade-<strong>of</strong>fs, portfolio<br />
management styles (growth versus value),<br />
strategies for individuals versus institutions,<br />
choosing a money manager, <strong>and</strong> measuring<br />
performance. Prerequisite: Introduction to<br />
the Markets/FINA1-CE9000 or equivalent<br />
knowledge. 2.0 CEU (24 50-minute hours)<br />
Intermarket Analysis <strong>and</strong><br />
Investment Strategy<br />
FINA1-CE9040/$750<br />
N Sec. 1: Mon. 6.30–8.30 p.m., May 23–<br />
July 25 (8 sessions). John Stoltzfus<br />
Examine the cause-<strong>and</strong>-effect relationships<br />
that exist among the stock, bond, currency,<br />
<strong>and</strong> commodity markets. An analytic framework<br />
is developed utilizing fundamental<br />
<strong>and</strong> technical analysis methods. Review<br />
economic indicators, the basics <strong>of</strong> yield<br />
curve analysis, Federal Reserve Board activities,<br />
currency trading, option strategies,<br />
<strong>and</strong> computerized trend-following methods.<br />
Study specific investments <strong>and</strong> trading<br />
plans, based on current intermarket trends<br />
<strong>and</strong> market activity. 2.0 CEU<br />
(24 50-minute hours)<br />
TO REGISTER: (212) 998-7150 FOR MORE INFORMATION: (212) 998-7200<br />
12
SCPS.NYU.EDU/FINANCE<br />
EQUITY OR<br />
REAL ESTATE<br />
Learn to analyze stocks with statistical<br />
tools <strong>and</strong> underst<strong>and</strong> real estate deals for<br />
pr<strong>of</strong>it potential <strong>and</strong> income generation.<br />
Exchange Traded Funds:<br />
A <strong>New</strong> Investment Vehicle<br />
FINA1-CE9374/$395<br />
N Sec. 1: Tues. 6.30–9 p.m., June 14–July 19<br />
(6 sessions). Eleanor Peterkin, managing<br />
director, EFP Consulting.<br />
The Investment Company Institute, a<br />
trade association for the mutual fund industry,<br />
reports that ETFs assets rose from<br />
$151 billion in December 2003 to more<br />
than $422 billion by December 2006.<br />
Receive a comprehensive overview <strong>of</strong><br />
investing in Exchange Traded Funds<br />
(ETFs), investment vehicles that have<br />
similarities to traditional mutual funds.<br />
ETFs trade on stock exchanges, however,<br />
<strong>and</strong> can be bought <strong>and</strong> sold throughout<br />
the day. They are transparent, have cost<br />
<strong>and</strong> tax efficiencies, <strong>and</strong> most are designed<br />
to track the returns <strong>of</strong> a specific index such<br />
as the S & P 500.<br />
Value Investing<br />
FINA1-CE9009/$750<br />
N Sec. 1: Thurs. 6.30–8.30 p.m., May 26–<br />
July 28 (10 sessions). Lawrence S. Balaban,<br />
president, LSB Credit, Inc.<br />
Examine the “value” investing style. Gain<br />
a working knowledge <strong>of</strong> securities analysis,<br />
including the rules <strong>of</strong> Benjamin Graham,<br />
the father <strong>of</strong> value investing. Topics include<br />
stock picking, management evaluation,<br />
<strong>and</strong> portfolio building. A detailed<br />
look at the P/E ratio, mutual funds, <strong>and</strong><br />
asset plays is provided in relation to value<br />
investing. Open discussion <strong>of</strong> students’ investment<br />
philosophies is encouraged, <strong>and</strong><br />
techniques used by active value pr<strong>of</strong>essionals<br />
are also covered. Students must have<br />
basic investing knowledge. 2.0 CEU (24<br />
50-minute hours)<br />
FIXED INCOME<br />
Learn fixed-income management <strong>of</strong> bonds<br />
with valuation techniques among different interest<br />
rate scenarios <strong>and</strong> risk environments.<br />
Demystifying Derivatives<br />
FINA1-CE9227/$550<br />
N Sec. 1: Tues. 6.30–9 p.m., June 7–July 12<br />
(6 sessions). John O’Connell<br />
This nontechnical course examines the key<br />
concepts <strong>and</strong> principles <strong>of</strong> futures, forwards,<br />
swaps, <strong>and</strong> options. The course includes<br />
pricing theory, practical examples,<br />
<strong>and</strong> exercises for both fixed income <strong>and</strong><br />
equity instruments. Participants gain the<br />
fundamental underst<strong>and</strong>ing that there are<br />
only two types <strong>of</strong> derivatives, <strong>and</strong> one is<br />
“derived” from the other.<br />
Fixed Income Portfolio Management<br />
FINA1-CE9015/$750<br />
N Sec. 1: Tues. 6.30–8.30 p.m., May 24–<br />
July 26 (10 sessions). Odie Pichappan,<br />
research analyst, NY Power Authority.<br />
Develop an underst<strong>and</strong>ing <strong>of</strong> the theories<br />
<strong>and</strong> quantitative methods <strong>of</strong> portfolio optimization,<br />
forecasting, <strong>and</strong> risk management.<br />
This course covers market inefficiency <strong>and</strong><br />
how such inefficiency can be exploited<br />
through strategy development. Also covered<br />
are issues specific to the management<br />
<strong>of</strong> fixed income portfolios, including funding,<br />
yield curve dynamics, <strong>and</strong> monetary<br />
economics. Additional topics include international<br />
markets <strong>and</strong> foreign exchange,<br />
financial market history, <strong>and</strong> the management<br />
<strong>of</strong> mortgage <strong>and</strong> credit instruments.<br />
Basic underst<strong>and</strong>ing <strong>of</strong> statistics, college<br />
algebra, fixed income securities, macroeconomics,<br />
<strong>and</strong> modeling in Excel are required.<br />
Prerequisite: Fixed Income Securities/<br />
FINA1-CE9104 or equivalent knowledge.<br />
2.0 CEU (24 50-minute hours)<br />
Fixed-Income Securities<br />
FINA1-CE9104/$750<br />
N Sec. 1: Tues. 6.30–9 p.m., May 31–July 19<br />
(8 sessions). William Don Alex<strong>and</strong>er, RSD<br />
Solutions, risk management specialists.<br />
Explore treasuries <strong>and</strong> agencies, municipals,<br />
mortgage pass-throughs <strong>and</strong> their<br />
derivatives, asset-backed securities, <strong>and</strong><br />
corporate <strong>and</strong> convertible bonds in this introduction<br />
to domestic <strong>and</strong> international<br />
debt markets. Review the basics <strong>of</strong> pricing,<br />
the risk/return characteristics <strong>of</strong> fixed income<br />
<strong>and</strong> embedded option analysis, bond<br />
duration measures, convexity, credit <strong>and</strong><br />
rating factors, basic portfolio applications,<br />
foreign bonds, emerging market debt,<br />
Brady bonds <strong>and</strong> rate swaps, tax <strong>and</strong> regulatory<br />
consequences, <strong>and</strong> historical returns.<br />
Examine the basics <strong>of</strong> bonds <strong>and</strong> their<br />
evaluation, as well as market players. Finish<br />
the course with a foundation <strong>and</strong> context<br />
for managing fixed-income portfolios.<br />
Students must have knowledge <strong>of</strong> algebra,<br />
basic probability, <strong>and</strong> Excel. 2.0 CEU<br />
(24 50-minute hours)<br />
CERTIFICATES IN<br />
PORTFOLIO MANAGEMENT<br />
NYU-SCPS <strong>of</strong>fers three pr<strong>of</strong>essional certificates in portfolio management to meet<br />
the needs <strong>of</strong> students who are new to the field, as well as pr<strong>of</strong>essionals who wish to<br />
advance their expertise in a particular area <strong>of</strong> specialization.<br />
The Certificate in Portfolio Management is a foundation-focused program emphasizing<br />
core skills <strong>and</strong> competencies, which can be completed in nine months. Two<br />
Advanced Certificates in Portfolio Management build on the core certificate with<br />
specializations in either equity or real estate, or fixed income.<br />
Upon completion <strong>of</strong> these programs, students gain a broad underst<strong>and</strong>ing <strong>of</strong> securities<br />
<strong>and</strong> investment management topics, including:<br />
• The operation <strong>of</strong> equity, fixed-income, <strong>and</strong> derivatives markets.<br />
• Securities analysis, including equity <strong>and</strong> bond valuation.<br />
• Risk/reward trade<strong>of</strong>fs <strong>and</strong> statistical tools for measurement <strong>of</strong> risk <strong>and</strong> return.<br />
• Portfolio asset allocation <strong>and</strong> performance analysis.<br />
• Technical analysis techniques, investments in securities markets outside the United<br />
States <strong>and</strong> other areas, as selected by the individual student.<br />
Students must decide whether they wish to pursue the certificate in portfolio management<br />
or one <strong>of</strong> the advanced certificates since they may not receive both. An advanced<br />
certificate is earned by taking two courses in the area <strong>of</strong> specialization in addition to<br />
the five courses required for the fundamental certificate.<br />
Students with minimal experience or no formal training are advised to take Finance for<br />
Non<strong>finance</strong> Pr<strong>of</strong>essionals/FINA1-CE9642 <strong>and</strong>/or Finance Math/Statistics: A Skill<br />
Enhancement <strong>and</strong> Review Course/FINA1-CE9151 either simultaneously or in advance<br />
<strong>of</strong> taking the first course in this program.<br />
CERTIFICATE IN PORTFOLIO<br />
MANAGEMENT, CORE COURSES<br />
It is recommended that the five required<br />
courses be taken in the order listed.<br />
Introduction to the Markets/<br />
FINA1-CE9000 (page 12)<br />
Fundamentals <strong>of</strong> Securities Analysis/<br />
FINA1-CE9005 (page 12)<br />
Fundamentals <strong>of</strong> Portfolio Management/<br />
FINA1-CE9001 (page 12)<br />
Intermarket Analysis <strong>and</strong> Investment<br />
Strategy/FINA1-CE9040 (page 12)<br />
Fundamentals <strong>of</strong> Financial Risk<br />
Management/FINA1-CE9208<br />
(page 7)<br />
ADVANCED CERTIFICATE IN<br />
PORTFOLIO MANAGEMENT,<br />
EQUITY OR REAL ESTATE<br />
(Choose two)<br />
Advanced Concepts in Technical<br />
Analysis/FINA1-CE9041 (2011–2012)<br />
Advanced Portfolio Management/<br />
FINA1-CE9008 (2011–2012)<br />
Applied Technical Analysis/<br />
FINA1-CE9125 (page 8)<br />
Behavioral Economics <strong>and</strong> Finance<br />
Theory/FINA1-CE9154 (page 2)<br />
Exchange Traded Funds: A <strong>New</strong><br />
Investment Vehicle/FINA1-CE9374<br />
(this page)<br />
Intermediate Securities Analysis/<br />
FINA1-CE9007 (2011–2012)<br />
Mutual Fund Investing/<br />
FINA1-CE9019 (2011–2012)<br />
Real Estate Financial Analysis I/<br />
REFI1-CE9351<br />
Real Estate Investment Analysis:<br />
Analyzing the Deal/REFI1-CE9361<br />
Trends in Private Equity: How Changing<br />
U.S. Population Demographics Impact<br />
the Alternative Investment Industry/<br />
FINA1-CE9033 (2011–2012)<br />
Value Investing/<br />
FINA1-CE9009 (this page)<br />
ADVANCED CERTIFICATE IN<br />
PORTFOLIO MANAGEMENT,<br />
FIXED INCOME (Choose two)<br />
CDO Basics/<br />
FINA1-CE9133 (2011-2012)<br />
Core Concepts in Asset Securitization/<br />
FINA1-CE9162 (page 7)<br />
Demystifying Derivatives/<br />
FINA1-CE9227 (this page)<br />
Fixed Income Portfolio Management/<br />
FINA1-CE9015 (this page)<br />
Fixed-Income Securities/<br />
FINA1-CE9104 (this page)<br />
Global Investing/<br />
FINA1-CE9025 (page 10)<br />
Hedge Fund Strategies/<br />
FINA1-CE9209 (page 8)<br />
Introduction to Hedge Funds/<br />
FINA1-CE9203 (2011–2012)<br />
The Options Market <strong>and</strong> Trading<br />
Strategies/FINA1-CE9120 (2011–2012)<br />
Pricing Options/<br />
FINA1-CE9246 (2011–2012)<br />
Using Financial Data Services/<br />
FINA1-CE9684 (2011-2012)<br />
See page 14 for certificate requirements <strong>and</strong> benefits.<br />
13<br />
WEB: SCPS.NYU.EDU<br />
E-MAIL: SCPSINFO@NYU.EDU
GENERAL INFORMATION<br />
Pr<strong>of</strong>essional Certificate<br />
Programs: Requirements<br />
<strong>and</strong> Benefits<br />
NYU-SCPS pr<strong>of</strong>essional certificate programs<br />
provide knowledge <strong>and</strong> essential<br />
skills in specific fields <strong>and</strong> are taught by<br />
highly qualified faculty with in-depth experience<br />
in their subject areas. Pr<strong>of</strong>essional<br />
certificates are comprised <strong>of</strong> courses that do<br />
not carry credit <strong>and</strong> are not state-reviewed.<br />
To receive an <strong>of</strong>ficial certificate, students<br />
must declare their c<strong>and</strong>idacy before the start<br />
<strong>of</strong> the fourth certificate course for which<br />
they enroll. Certificate c<strong>and</strong>idacy entitles<br />
students to important new benefits detailed<br />
on this page. To apply for certificate<br />
c<strong>and</strong>idacy, use the Application for Certificate<br />
C<strong>and</strong>idacy at scps.nyu.edu/certificate.<br />
There is a nonrefundable one-time $100<br />
application fee.<br />
Students are welcome to take as many<br />
individual courses from a certificate program<br />
as they wish but will not receive an<br />
<strong>of</strong>ficial certificate or be eligible for the<br />
benefits detailed below unless they apply<br />
for c<strong>and</strong>idacy. Undeclared students may<br />
request a transcript showing course completion<br />
<strong>and</strong> grades, but that transcript will<br />
not indicate certificate completion.<br />
Certificate C<strong>and</strong>idate Benefits<br />
• NYU student photo ID, which confers<br />
the following privileges while students<br />
are enrolled in course(s) applicable to<br />
the certificate:<br />
° Access to NYU Libraries.<br />
° NYU Computer Store educational<br />
discount pricing.<br />
° Access to the Kimmel Center for<br />
University Life.<br />
• Invitations to NYU-SCPS events.<br />
• Access to services through the NYU<br />
Home website. For more information,<br />
visit scps.nyu.edu/certificate.<br />
• Invitations to career workshops <strong>and</strong><br />
related resources.<br />
• Upon completion <strong>of</strong> certificate program,<br />
$100 discount voucher toward an NYU-<br />
SCPS course (valid for one year).<br />
Certificate Requirements<br />
• Certificate declaration is required before<br />
the start <strong>of</strong> the fourth applicable course.<br />
A one-time $100, nonrefundable application<br />
fee is required.<br />
• Students have up to four years to complete<br />
a certificate from initial date <strong>of</strong><br />
registration.<br />
• An <strong>of</strong>ficial certificate is available upon<br />
completion <strong>of</strong> all courses if an overall<br />
B average or above is maintained <strong>and</strong><br />
c<strong>and</strong>idacy has been declared. Students<br />
must request their certificate online at<br />
scps.nyu.edu/certificate.<br />
• Certificate c<strong>and</strong>idacy may be revoked if<br />
academic performance is not maintained.<br />
• The NYU-SCPS transcript <strong>of</strong> declared c<strong>and</strong>idates<br />
will identify certificate completion.<br />
• Substitution classes require approval <strong>of</strong><br />
the academic department.<br />
• Certificate c<strong>and</strong>idacy may be revoked if<br />
student conduct policies are not adhered to.<br />
• There is a one-time $5 fee for the NYU<br />
student photo ID card. The card is active<br />
for the entire semester in which a registered<br />
student is enrolled in an approved<br />
certificate course <strong>and</strong> is deactivated<br />
when the student is not enrolled in an<br />
applicable course.<br />
• Students must satisfy the certificate program<br />
requirements listed in the Bulletin<br />
published for the term in which they<br />
register for the first course toward the<br />
certificate.<br />
• Program administrators may authorize in<br />
writing substitutions <strong>of</strong> specified courses<br />
in individual situations (maximum <strong>of</strong> one<br />
substitution for a four-course certificate;<br />
two substitutions for a certificate requiring<br />
five or more courses).<br />
• Regular class attendance is required in<br />
order for a course to be applied toward<br />
a certificate program.<br />
• Students may complete more than one<br />
certificate in a given term but, for administrative<br />
purposes, each certificate will be<br />
issued <strong>and</strong> dated in separate terms.<br />
• Courses taken at NYU-SCPS may be<br />
applied to fulfilling the requirements <strong>of</strong><br />
only one certificate program. No transfer<br />
work or waiver <strong>of</strong> the total number <strong>of</strong><br />
courses required is permitted.<br />
• The name printed on the certificate will<br />
match the name on the student’s NYU<br />
transcript.<br />
• Certificates <strong>of</strong>fered through the<br />
International Institute for Learning<br />
(IIL) <strong>and</strong> the Dalton Education certificate<br />
program in financial planning do<br />
not require declaration.<br />
• Approval for exception to any <strong>of</strong> the above<br />
requirements must be obtained in advance<br />
in writing from the program <strong>of</strong>fice.<br />
Certificates are highlighted throughout<br />
this Bulletin in their respective subject areas,<br />
where the specific requirements <strong>and</strong> course<br />
sequences are outlined.<br />
A comprehensive alphabetical listing <strong>of</strong><br />
all certificate programs can be found in the<br />
Bulletin Index.<br />
Note: Departments may es tablish more<br />
stringent requirements for their programs.<br />
Check individual listings for details.<br />
ID Cards<br />
NYU-SCPS students enrolled in degree<br />
or diploma programs <strong>and</strong> declared pr<strong>of</strong>essional<br />
certificate c<strong>and</strong>idates are issued<br />
NYU photo ID cards. Students enrolled in<br />
courses, seminars, <strong>and</strong> conferences, or with<br />
undeclared status in a certificate program,<br />
are issued a Building Access Pass that<br />
provides access to classroom buildings.<br />
Replacements for lost NYU photo ID<br />
cards can be obtained at the NYU Card<br />
Center, 383 Lafayette St. One piece <strong>of</strong><br />
photo ID is required to get a replacement<br />
card. The fees for replacements are $15 for<br />
the first replacement; $50 for the second;<br />
<strong>and</strong> $75 for the third.<br />
Information Services<br />
The NYU-SCPS information line,<br />
(212) 998-7200, is open Mon.–Thurs.,<br />
9 a.m.–7 p.m.; Fri., 9 a.m.–5 p.m. We<br />
are available to answer inquiries about the<br />
<strong>School</strong> <strong>and</strong> its programs. If you would like<br />
to be added to our mailing list for future<br />
Bulletins, call (212) 998-7200 <strong>and</strong> leave<br />
your name <strong>and</strong> address with a staff member<br />
or our 24-hour automated attendant.<br />
You may also obtain schoolwide general<br />
information or request a Bulletin on our<br />
website at scps.nyu.edu, or by e-mailing your<br />
name <strong>and</strong> address to scpsinfo@nyu.edu.<br />
Noncredit Changes,<br />
Withdrawals, <strong>and</strong> Refunds<br />
Additions (added courses) to your nondegree<br />
program may be made by telephone,<br />
fax, mail, online, or in person.<br />
Program changes (drop/adds) may be<br />
made via the Web, in person, or by fax.<br />
Withdrawals. Students who wish to<br />
withdraw from, or for any reason find it<br />
impossible to complete, a noncredit course<br />
should <strong>of</strong>ficially withdraw. Requests to<br />
withdraw (drops only) from noncredit<br />
courses can be made online anytime at<br />
scps.nyu.edu/drop; up until one day before<br />
the course start date via ALBERT, the<br />
NYU student information services website;<br />
by mail, Office <strong>of</strong> Noncredit Student<br />
Services, NYU <strong>School</strong> <strong>of</strong> <strong>Continuing</strong><br />
<strong>and</strong> Pr<strong>of</strong>ess ional <strong>Studies</strong>, P.O. Box 1206,<br />
Stuyvesant Station, <strong>New</strong> <strong>York</strong>, NY 10009-<br />
9988; by fax, (212) 995-3060; or in person,<br />
145 Fourth Avenue (between 13th <strong>and</strong><br />
14th Streets), Room 214.<br />
Merely ceasing to attend a class does<br />
not constitute <strong>of</strong>ficial withdrawal, nor<br />
does notification to the instructor.<br />
Cancellation <strong>of</strong> payment does not constitute<br />
withdrawal, nor does it reduce indebtedness to<br />
the University; in this case, a penalty <strong>of</strong> $25<br />
for late payment <strong>and</strong> $10 for stop-payment<br />
(subject to change without notice) must<br />
be charged. Students <strong>of</strong> any other NYU<br />
school must withdraw from NYU-SCPS<br />
courses through NYU-SCPS.<br />
Refund Policy. Refunds are computed<br />
based on the date <strong>and</strong> time the written or<br />
electronic notice <strong>of</strong> withdrawal is received<br />
by the Office <strong>of</strong> Noncredit Student Services.<br />
In addition, refunds for noncredit courses<br />
<strong>and</strong> seminars are based on the number <strong>of</strong><br />
class sessions for the course that have met<br />
between the time <strong>of</strong> registration <strong>and</strong> withdrawal.<br />
Course withdrawal does not necessarily<br />
entitle a student to a refund—nor to<br />
a cancellation <strong>of</strong> tuition still due.<br />
The refund schedule is as follows:<br />
For noncredit courses (containing<br />
the designation “CE”) <strong>and</strong> seminars<br />
(containing the designation “CS”):<br />
1. Student withdraws prior to the first<br />
session—100 percent refund.<br />
2. Student withdraws after one or two<br />
sessions <strong>of</strong> a course with six or more<br />
sessions—75 percent refund. No refund<br />
thereafter.<br />
3. Student withdraws after one or two<br />
sessions <strong>of</strong> a four- to five-session<br />
course—60 percent refund. No refund<br />
thereafter.<br />
4. Student withdraws after more than<br />
two sessions <strong>of</strong> a four-session course—<br />
no refund.<br />
5. Student has attended any session<br />
<strong>of</strong> a one- to three-session course—<br />
no refund.<br />
For seminars that contain the designation<br />
“CS” <strong>and</strong> conferences (prefix<br />
“SCPS”): Procedures <strong>and</strong> policies for<br />
refunds vary by department.<br />
For online courses: Refunds for online<br />
courses are calculated differently from<br />
on-site courses. Students are eligible for<br />
a 100 percent tuition refund if they withdraw<br />
from the course before the <strong>of</strong>ficial<br />
start date. Students are eligible for a 60<br />
percent tuition refund if they withdraw<br />
from the course before having logged into<br />
the course four times or within the first<br />
two weeks <strong>of</strong> the course. After the fourth<br />
login, or the second week, students are not<br />
eligible to receive any tuition refund for<br />
courses taken through NYU-SCPS.<br />
Noncredit Registration Fees<br />
For noncredit courses that contain the<br />
designation “CE” or “CS,” the registration<br />
fee is either $10 or $20, depending on the<br />
total cost <strong>of</strong> the course or courses for which<br />
you apply. If the total <strong>of</strong> your tuition is $99<br />
or less, your registration fee is $10. If the<br />
total <strong>of</strong> your tuition is $100 or more, the<br />
fee is $20. The maximum $20 registration<br />
fee is pay able only once each semester, no<br />
matter how many times you add courses.<br />
Regis tration fees are nonrefundable.<br />
Note: This fee schedule does not apply to<br />
programs requiring Credit Registration.
R E G I S T R A T I O N F O R M<br />
Registration, Summer Term, 2011. MAIL TO: SCPS Noncredit Student Services, <strong>New</strong> <strong>York</strong> University, PO Box 1206, Stuyvesant Station,<br />
<strong>New</strong> <strong>York</strong>, NY 10009-9988. FAX: (212) 995-3060. Mail <strong>and</strong> fax registrations are accepted throughout the semester for late-starting courses;<br />
mail registrations must be postmarked two weeks before the course start date. REGISTER EARLY FOR BEST COURSE SELECTION.<br />
PRIORITY CODE<br />
B20<br />
PRINT NAME (LAST) (FIRST) (MIDDLE INITIAL)<br />
MR.<br />
MS.<br />
HOME ADDRESS (STREET)_________________________________________________________________<br />
APT. NO.<br />
CITY_________________________________________________ STATE___________________ ZIP<br />
E-MAIL<br />
HOME TELEPHONE ( )______________________________ WORK TELEPHONE ( )<br />
Note: You must provide an e-mail address <strong>and</strong>/or telephone number so that SCPS can notify you regarding room location or class changes.<br />
Please check this box if you do not want your e-mail address or telephone number to be used for marketing purposes.<br />
NYU STUDENT ID NO. BIRTH DATE FIRST ATTENDANCE AT NYU-SCPS<br />
YES NO<br />
N<br />
IF NO, DATE LAST ATTENDED<br />
HIGHEST EDUCATIONAL LEVEL (CHECK ONE)<br />
HIGH SCHOOL ATTENDED COLLEGE FOUR-YEAR COLLEGE GRADUATE GRADUATE STUDIES<br />
COUNTRY OF CITIZENSHIP U.S. OTHER (PLEASE SPECIFY)<br />
DO YOU PLAN TO PURSUE A PROFESSIONAL CERTIFICATE YES NO FOR NEW CERTIFICATE REQUIREMENTS AND BENEFITS, VISIT SCPS.NYU.EDU/CERTIFICATE.<br />
WHAT CERTIFICATE ARE YOU PLANNING TO PURSUE<br />
COURSE/SEMINAR SECTION<br />
NUMBER NUMBER<br />
TITLE OF COURSE/SEMINAR (ABBREVIATE) TUITION AND FEES DAYS HOURS<br />
I ENCLOSE CHECK OR MONEY ORDER FOR TOTAL SHOWN I HEREBY AUTHORIZE USE OF MY CREDIT CARD<br />
SIGNATURE<br />
NO.<br />
NONREFUNDABLE REGISTRATION FEE (see below to calculate)*<br />
Discover ® CARD MASTERCARD ® VISA ® AMERICAN EXPRESS ® EXPIRES <br />
MONTH<br />
YEAR<br />
TUITION + REGISTRATION FEE=TOTAL<br />
*Registration fees: $10 on $99 total tuition, $20 on totals <strong>of</strong> $100 <strong>and</strong> above (regardless <strong>of</strong> number <strong>of</strong> courses for which you are registering).<br />
Please answer these optional questions about your place <strong>of</strong> business if you wish to be kept informed <strong>of</strong> corporate <strong>and</strong> free events.<br />
YOUR NAME<br />
DAYTIME TELEPHONE NUMBER ( )<br />
YOUR TITLE<br />
FAX NUMBER ( )__________________________________ E-MAIL<br />
YOUR DIVISION OR DEPARTMENT<br />
TYPE OF BUSINESS________________________________________________________<br />
NUMBER OF EMPLOYEES<br />
COMPANY NAME<br />
COMPANY ADDRESS<br />
CITY___________________________________________________________ STATE ______________ ZIP<br />
DOES YOUR COMPANY OFFER TUITION REIMBURSEMENT<br />
FULL PARTIAL CHECK ANY RESTRICTIONS THAT APPLY:<br />
MUST BE JOB-RELATED CREDIT ONLY OTHER<br />
USE THIS FORM TO REGISTER.<br />
REGISTER EARLY FOR THE BEST SELECTION OF COURSES:<br />
WEB<br />
You can register for courses online at scps.nyu.edu. Online registration requires payment by credit card. Consult the<br />
inside front cover <strong>of</strong> this Bulletin for complete information.<br />
MAIL OR FAX<br />
1 Use the Registration Form to register for noncredit courses with course numbers that contain the designation<br />
“CE” <strong>and</strong> for seminars that contain the designation “CS.” Do not use this form to register for credit courses<br />
(courses that contain the designation “DC” or “GC”), conferences (prefix “SCPS”), or courses in the American<br />
Language Institute (ESL courses).<br />
2 Find the course(s) you want to register for <strong>and</strong> note:<br />
• Course title<br />
• Course number <strong>and</strong> section<br />
• Days <strong>and</strong> hours <strong>of</strong> the course • Course fee<br />
Transfer this information to the registration form.<br />
3 Type or write clearly <strong>and</strong> make sure you copy your credit card information accurately.<br />
Mistakes can delay your registration.<br />
4 Be sure to include your phone number <strong>and</strong> e-mail address so that we may contact you if there are any questions.<br />
5 Place the registration form in the postage-paid envelope provided or fax the form to (212) 995-3060.<br />
TELEPHONE<br />
1 For your convenience <strong>and</strong> to have a written record for yourself, fill out the course information section <strong>of</strong><br />
the registration form before you call.<br />
2 Have your credit card h<strong>and</strong>y.<br />
3 Note the code in the upper right corner <strong>of</strong> the registration form; the registration operator will ask you for it.<br />
4 Call (212) 998-7150 if you know the course you would like to take. If you have questions about course<br />
curriculum, a certificate, or your registration, please call (212) 998-7200.<br />
HERE ARE ANSWERS TO SOME<br />
COMMONLY ASKED QUESTIONS:<br />
WHAT INFORMATION DO I NEED TO REGISTER BY PHONE<br />
• Course title, course number, <strong>and</strong> course section.<br />
• Your mailing address, e-mail address, <strong>and</strong> telephone number.<br />
• Your credit card (Visa ® , MasterCard ® , American Express ® , or Discover ® card).<br />
WHAT ABOUT LATE FEES<br />
There are no late fees for noncredit courses. But remember to register early for best course selection <strong>and</strong> availability.<br />
HOW DO I DROP OR ADD COURSES<br />
You may drop a course by mail or in person (145 Fourth Avenue, 2nd Floor, <strong>New</strong> <strong>York</strong>, NY 10003); online anytime at<br />
scps.nyu.edu/drop; <strong>and</strong> up until one day before the course start date via ALBERT, the NYU student information services<br />
website (instructions for accessing ALBERT are sent upon registration); or by fax (212-995-3060). Please consult our<br />
refund policy in the Registration section <strong>of</strong> this Bulletin for drops made after the start <strong>of</strong> class. You may add a course<br />
by fax, online, or in person.<br />
MAY I USE A COMPANY VOUCHER TO PAY FOR MY CLASS<br />
Yes, as long as your company does not qualify payment based upon completion <strong>of</strong> coursework with a passing<br />
grade. We accept purchase orders, vouchers, <strong>and</strong> letters <strong>of</strong> authorization as payment for tuition in credit <strong>and</strong><br />
noncredit courses. Please send the voucher with your registration.<br />
WHERE CAN I LEARN ABOUT NEW PROFESSIONAL CERTIFICATE DECLARATION REQUIREMENTS<br />
Our pr<strong>of</strong>essional certificate programs include new requirements <strong>and</strong> benefits. Students intending<br />
to pursue a certificate must declare their c<strong>and</strong>idacy. For details, visit scps.nyu.edu/certificate.<br />
CAN I CONTACT NYU WITH QUESTIONS BEFORE I REGISTER<br />
Yes. If you need more information or have questions about a course or certificate, we are available via e-mail<br />
at scpsinfo@nyu.edu, or by phone (see the General Information section <strong>of</strong> the Bulletin for contact information).