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SCPS.NYU.EDU/FINANCE FRM® EXAM REVIEW COURSES FRM ® Exam Review (Level I and II) FINA1-CE9700/$4,950 W Sec. 1: Fri. 6.30–9.30 p.m., Sat. Sun. 10 a.m.–5 p.m., June 3–July 24 (21 sessions). Alan Anderson, FRM V Sec. 2: Dates and hours to be arranged. This interdisciplinary course prepares professionals for both the Level I and II Financial Risk Manager FRM® Exam administered by the Global Association of Risk Professionals (GARP*) each November. The FRM credential is considered the gold standard in the industry. The complete package includes all pre-reviews, program training modules, and final exam review. Students receive regularly scheduled review sessions, exam-taking skills utilizing past exams, class notes, and instructor-led support via e-mail until the day of the exam. Prerequisites: Fundamentals of Finance Risk Management/FINA1-CE9208, The Options Market and Trading Strategies/ FINA1-CE9120, Financial Futures and Options in Risk Management/FINA1- CE9235, and Interest Rate Swaps/FINA1- CE9240 or Pricing Interest Rate Swaps and Their Derivatives/FINA1-CE9250, or equivalent experience. FRM ® Level I Exam Review FINA1-CE9698/$2,825 W Sec. 1: Fri. 6.30–9.30 p.m., Sat. Sun. 10 a.m.–5 p.m., June 3–26 (12 sessions). V Sec. 2: Dates and hours to be arranged. Level I topics of study focus on the items determined by the most recently published GARP AIMS for candidates preparing to sit for the Level I exam: Quantitative Review, Foundations of Risk Management and Financial Markets, Quantitative Analysis, and Risk Modeling. FRM ® Level II Exam Review/ FINA1-CE9793/$2,125 W Sec. 1: Fri. 6.30–9.30 p.m., Sat. Sun. 10 a.m.–5 p.m., July 8–24 (9 sessions). V Sec. 2: Dates and hours to be arranged. Level II topics of study focus on the items determined by the most recently published GARP AIMS for candidates preparing to sit for the Level II exam: Market Risk and Investment Risk, Credit Risk and Risk Management Issues, and Operational Risk. Candidates planningto take both the Level I and Level II exams should register for FINA1-CE9700. For more information, e-mail scps.frmexam@nyu.edu or call (212) 992-3400. * GARP does not endorse, promote, review, or warrant the accuracy of the products or services offered by NYU-SCPS of FRM-related information, nor does it endorse any pass rates claimed by the provider. Further, GARP is not responsible for any fees or costs paid by the user to NYU-SCPS nor is GARP responsible for any fees or costs of any person or entity providing any services to NYU-SCPS. FRM®, GARP®, and Global GARP of Risk Professionals are trademarks owned by the Global Association of Risk Professionals, Inc. NEW BANKING AND FINANCIAL SERVICES Learn the strategies and principles used to measure and manage financial risk, and understand how markets operate in futures, options, swaps, and other derivative instruments used to protect assets. Advanced Financial Risk Management FINA1-CE9723/$750 W Sec. 1: Thurs. 6.30–8.30 p.m., June 30– Aug. 18 (8 sessions). Build upon the knowledge and skills gained in Intermediate Financial Risk Management through a comprehensive examination of interest rate risk, commodity and futures risk, credit risk, cash flow risk, and earning and currency exchange risk. Learn to identify and measure financial risks faced by corporations, establish an effective risk program, and develop hedging strategies to minimize risk by using realworld case study methods and recent examples. Prerequisites: Fundamentals of Financial Risk Management/FINA1-CE9208 and Intermediate Financial Risk Management/ FINA1-CE9201, or equivalent experience. Applied Technical Analysis FINA1-CE9125/$750 W Sec. 1: Tues. 6.30–8.30 p.m., May 31–Aug. 2 (10 sessions). Cornelius Luca, president, LGR. Learn to recognize essential chart formations and determine how to identify and apply the appropriate techniques in this introduction to the use of basic charting methods. Topics include trends and trendlines, ratio analysis (Fibonacci), types of charts, reversal and continuation patterns, candlestick analysis, construction and application of moving averages and oscillators, and Elliott wave analysis. Apply these technical analysis techniques to current price charts. 2.0 CEU (24 50-minute hours) Derivatives Documentation FINA1-CE9215/$795 M Sec. 1: Sat. 10 a.m.–2 p.m., July 16– Aug. 13 (5 sessions). Ilene Froom, executive director and assistant general counsel, JPMorgan Chase Bank, N.A. Learn to prepare legal documents for, and draft the three major components of, derivatives documentation. Review the various legal and regulatory influences on derivatives, as well as documentation methods used outside the United States. 2.0 CEU (24 50-minute hours) NEW Derivatives Modeling Using VBA FINA1-CE9249/$795 W Sec. 1: Mon. 6–10 p.m., July 11–Aug. 8 (5 sessions). Alan Anderson Get an intensive introduction to the mathematical modeling of derivative securities with a focus on developing algorithms for option pricing models. The Visual Basic for Applications (VBA) language is used throughout the course and key features of VBA are introduced as needed. Learn the mathematical foundations of numerous pricing models—the Black-Scholes model, binomial and trinomial trees, finite difference methods, and Monte Carlo simulation—and how algorithms are developed to implement these models in VBA. Pricing models for interest rate derivatives and exotic options are also developed, time permitting. Prerequisites: Financial Futures and Options in Risk Management/ FINA1-CE9235 or equivalent, college-level mathematics, and familiarity with Excel. No prior knowledge of VBA necessary. Implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act FINA1-CE9724/$795 W Sec. 1: Mon. 6.30–9 p.m., June 6–Aug. 1 (8 sessions). Wall Street and the financial service industry brought about the largest financial crisis since the Depression. The 1929 crash led to increased regulation and the founding of the U.S. Securities and Exchange Commission (SEC) and Federal Deposit Insurance Corporation (FDIC), profoundly changing the landscape and instituting safeguards and policing. The Dodd-Frank Wall Street Reform and Consumer Protection Act brings increased regulations, more power to the federal government, and establishes new regulatory authorities. Review the act—and the updated changes—and discuss its future implications for the financial service industry, corporations, investors, and the public. Hedge Fund Strategies FINA1-CE9209/$845 W Sec. 1: Wed. 6.30–9 p.m., May 25–July 13 (8 sessions). Zachary R. Michaelson Explore the investment strategies and techniques used by hedge fund managers in the areas of bonds, stocks, fixed assets, currency, options, and commodities. Study different strategies including event-driven or distressed mergers, long and short equities, funds, and convertible arbitrage and global macro strategies. Performance measurements; alpha, beta, and Sharpe ratio; and market efficiency are also covered. NEW Risk Management of Capital Assets: Risk Capital, Regulatory Capital, and Liquid Cash FINA1-CE9726/$650 N Sec. 1: Tues. 6.30–8.30 p.m., May 31– July 19 (8 sessions). Norman Chaleff, senior vice president–risk management, Sterne, Agee & Leach. Learn to manage different types of capital, measure management, and allocate assets for three basic types of capital: equity, regulatory, and liquid. Examine risk of loss of equity, risk of noncompliance and regulatory requirements, and risk of insufficient short-term liquidity to fund operations. Analyze your organization using this framework in order to make cogent recommendations to management. Systemic Risk and Its Impact on the Markets FINA1-CE9124/$750 N Sec. 1: Mon. 7–9 p.m., May 23–Aug. 8 (10 sessions). Gain the fundamental financial tools and techniques to identify sources of potential systemic risks, measure a portfolio’s exposure to such risks, and design effective riskmitigating strategies. Every asset allocator, whether a sophisticated private investor, institutional portfolio manager, investment committee member, investment advisor, liability manager, CFO, or treasury professional is required to identify sources of potential systemic risk and to understand the implication of such exposures to his or her portfolio or enterprise. Examine systemic risk, the dynamics of hedging, current issues pertaining to derivatives, and the historical development of past crises. TO REGISTER: (212) 998-7150 FOR MORE INFORMATION: (212) 998-7200 8
SCPS.NYU.EDU/FINANCE INDUSTRY AND SERVICE COMPANIES Financial Futures and Options in Risk Management FINA1-CE9235/$750 N Sec. 1: Thurs. 6.30–9 p.m., May 26–July 14 (8 sessions). Zachary R. Michaelson This risk management approach to the fundamentals and trading aspects of financial futures and options markets is designed for bankers, treasury professionals, and traders. Topics include description and delivery of contracts; methods of trading (puts, calls, spreads versus futures); pricing mechanisms; and money management applications, including hedging and arbitrage techniques. Review momentum and technical analysis, margin computation, and market regulations. Participate in simulated trading in interest rate futures, currency futures, and stock indices and options. 2.0 CEU (24 50-minute hours) Using the Yield Curve FINA1-CE9211/$750 N Sec. 1: Wed. 6.30–8.30 p.m., June 1–Aug. 3 (10 sessions). Aleksey V. Leksanov, FRM, portfolio manager and director–quantitative development, Stone Tower Capital LLC. Examine the factors that create risk and provide return in fixed-income markets. Review the basics of money markets and the role of the Fed in determining shortterm interest rates. Learn the essentials of bond pricing, price sensitivity (duration and convexity), zero (spot) curves, forward curves, and yield-curve strategies. Gain an understanding of options as they relate to fixed-income markets. The course concludes with an exploration of callable bonds and mortgage-backed securities, and an introduction to the fixed-income derivatives market. Students must have a basic understanding of financial markets and basic proficiency in mathematics. 2.0 CEU (24 50-minute hours) Web For the most up-to-date course information and to register online, visit: scps.nyu.edu CERTIFICATES IN FINANCIAL RISK MANAGEMENT NYU-SCPS offers three professional certificate programs in financial risk management to meet the needs of students who are new to the field, as well as professionals who wish to advance their expertise in a particular area of specialization. These certificates cover the measurement and management of financial risk, as well as the nature and operation of markets in futures, options, swaps, and other derivative instruments, which serve both as hedges against risk and as sources of potential profit. The Certificate in Financial Risk Management is a foundation-focused program emphasizing core skills and competencies, which can be completed in nine months. The Advanced Certificates in Financial Risk Management build on the core certificate with specializations in either Banking and Financial Services or Industry and Service Companies. Upon completion, students have covered: • Strategies and principles of financial risk management. • Measurement techniques necessary to manage and measure financial risk. • Structuring of limits to control risk taking. • Mathematical models and how they contribute to risk control, including value at risk (VaR). • Structure of various derivatives markets (e.g., options, futures, and swaps). • Pricing and valuation techniques for derivatives instruments. Students must decide whether they wish to pursue the fundamental certificate or one of the advanced certificates since they may not receive both. An advanced certificate is earned by taking three courses in the area of specialization in addition to the five courses required for the fundamental certificate. Students with minimal experience or no formal training are advised to take Finance Math/ Statistics: A Skill Enhancement and Review Course/FINA1-CE9151 either simultaneously or in advance of taking the first course in this program. CERTIFICATE IN FINANCIAL RISK MANAGEMENT It is recommended that the five required courses be taken in the order listed. Fundamentals of Financial Risk Management/FINA1-CE9208 (page 7) Core Concepts in Asset Securitization/ FINA1-CE9162 (page 7) Interest Rate Swaps/ FINA1-CE9240 (page 7) Credit Risk Models: Theory and Applications/FINA1-CE9214 (page 7) Intermediate Financial Risk Management/FINA1-CE9201 (page 7) ADVANCED CERTIFICATE IN FINANCIAL RISK MANAGEMENT, BANKING AND FINANCIAL SERVICES (Choose three) Advanced Concepts in Technical Analysis/FINA1-CE9041 (2011–2012) Advanced Financial Risk Management/ FINA1-CE9723 (page 8) Applied Technical Analysis/ FINA1-CE9125 (page 8) Basics of Centrally Cleared Derivatives/ FINA1-CE9248 (2011–2012) CDO Basics/ FINA1-CE9133 (2011–2012) Derivatives Documentation/ FINA1-CE9215 (page 8) Derivatives Modeling Using VBA/ FINA1-CE9249 (page 8) Equity Derivatives/ FINA1-CE9245 (2011–2012) Fixed Income Portfolio Management/ FINA1-CE9015 (page 13) FRM® Exam Review Course/ FINA1-CE9700 (page 8) FRM® EXAM Level I Review/ FINA1-CE9698 (page 8) FRM Exam Level II Review/ FINA1-CE9793 (page 8) Hedge Fund Operation Risk and Due Diligence/FINA1-CE9237 (2011–2012) Hedge Fund Strategies/ FINA1-CE9209 (page 8) Implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act/FINA1-CE9724 (page 8) Introduction to Hedge Funds/ FINA1-CE9203 (2011–2012) Measuring and Managing Operational Risk Under Basel II/ FINA1-CE9016 (2011–2012) The Options Market and Trading Strategies/FINA1-CE9120 (2011–2012) Risk Management of Capital Assets: Risk Capital, Regulatory Capital, and Liquid Cash/ FINA1-CE9726 (page 8) Treasury Bond Basis: Trading, Hedging, Modeling/FINA1-CE9373 (2011–2012) Volatility Modeling/ FINA1-CE9252 (2011–2012) ADVANCED CERTIFICATE IN FINANCIAL RISK MANAGEMENT, INDUSTRY AND SERVICE COMPANIES (Choose three) Financial Futures and Options in Risk Management/FINA1-CE9235 (this page) Introduction to Hedge Funds/ FINA1-CE9203 (2011–2012) Pricing Interest Rate Swaps and Their Derivatives/FINA1-CE9250 (2011–2012) Pricing Options/ FINA1-CE9246 (2011–2012) Using the Yield Curve/ FINA1-CE9211 (this page) See page 14 for certificate requirements and benefits. INTERNATIONAL BUSINESS AND FINANCE As individual companies and industries expand or are reconfigured abroad, opportunities grow for professionals with international business expertise. NYU-SCPS faculty are industry experts with long careers and experience in global markets, international trade law, and corporate finance. Students learn the cultural, economic, political, and social influences in international business, and master skills within their geographic and subject areas of interest to ensure they succeed. Introduction to International Business and Finance FINA1-CE9400/$795 W Sec. 1: Mon. 6.30–9 p.m., May 23–Aug. 8 (10 sessions). Christine S. Pomeranz, chairperson, international trade and marketing department, Fashion Institute of Technology. M Sec. 2: Sat. 10 a.m.–1.30 p.m., June 11– July 30 (7 sessions). No class July 2. August Morar, executive director, Center for International Business Strategic Studies. Examine the economic, political, and social forces that shape the global marketplace. Analyze procedures adopted to implement business operations in diverse economies, and learn how to make sharp business decisions. Topics include international economic principles and their influence on foreign trade and productive investments, the international monetary system, the exchange rate mechanism and its impact on direct investments and financial operations, international marketing operations for products and services, corporate and trade financing methods, and foreign risk management. International Corporate Finance FINA1-CE9405/$750 W Sec. 1: Mon. 6.30–9 p.m., June 6–Aug. 1 (8 sessions). Gain an understanding of the international financial system from both a theoretical and a practical point of view. Topics include central bank functions; foreign exchange markets and convertibility; the eurocurrencies markets and the euro; short- and longterm financing, including trade and project finance; and documentation. This course also covers the legal, political, and economic framework of international financial markets. 2.0 CEU (24 50-minute hours) 9 WEB: SCPS.NYU.EDU E-MAIL: SCPSINFO@NYU.EDU
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