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SCPS.NYU.EDU/FINANCE HP 10bII Calculator Workshop: A Comprehensive Approach FINA1-CE9032/$300 W Sec. 201: Sat. Sun. 9 a.m.–5 p.m., June 25–26 (2 sessions). Joseph Matthews, vice president–wealth management, Merrill Lynch. Gain a comprehensive understanding of the HP 10bII calculator. Understand operating modes as well as the varied calculations required of financial planners when structuring and reviewing client strategies. Topics include time value of money basics, solving for lease and loan payments, mortgage applications, NPV and IRR discounted cash flow, standard deviation, investment calculations, basic statistical applications, valuation of debt and equity securities, risk adjusted portfolio performance measurement and duration, standard deviation of a portfolio, and CAPM. BEHAVIORAL ECONOMICS AND FINANCE THEORY The financial crisis and gradual recovery have increased the focus on behavioral economics in finance and on the stock market. Behavioral economics applies principles of psychology to economic theory, examining the factors that impact actor behavior in the marketplace—how and why decisions are made—to help interpret and predict economic trends. Investors, industry professionals, and lay people alike benefit from a nuanced understanding of the complicated patterns that govern economic choices. Behavioral Economics and Finance Theory FINA1-CE9154/$795 N Sec. 1: Mon. 6.30–9 p.m., June 6–Aug. 1 (8 sessions). Joseph Matthews, vice president– wealth management, Merrill Lynch. Delve into the thriving new field of behavioral economics and finance theory and explore models that bring together human psychology and neoclassical economics. Topics include heuristics (the theory that people often make decisions based on generally accepted rules rather than rational analyses), framing (the different ways an individual reacts depending upon how ideas are first presented), anomalies (how efficient market theory’s unexpected and unlikely events continue to occur—and why they do), and the role and implementation technical analysis for a security’s buy-and-sell decision process. CERTIFICATE IN BEHAVIORAL ECONOMICS AND FINANCE THEORY This certificate program is designed for practitioners who manage financial assets and need to gain significant insights into the financial crisis through a firm understanding of investors’ behavior and the impact that behavior has on the financial markets. Understanding the psychology behind the complicated patterns within the financial markets creates opportunity and reduces the inherent risk and speculation for sophisticated investors. Upon completion of this program, students have a firm understanding of: • The foundational theory of behavioral finance. • Institutional limitations and how human biases affect pricing. • The performance of trading strategies. • The analytical tools to evaluate strategic and investment decisions. • Theory and strategy of effective decision making. • Financial market behavior. • Future market and investor needs. This certificate is awarded to students who successfully complete five required courses. REQUIRED COURSES It is recommended that the five required courses be taken in the order listed. Behavioral Economics and Finance Theory/FINA1-CE9154 (this page) Behavioral Corporate Finance/ FINA1-CE9153 (2011–2012) Ethics in Finance/ FINA1-CE9152 (2011–2012) Applied Technical Analysis/ FINA1-CE9125 (page 8) Advanced Concepts in Technical Analysis/FINA1-CE9041 (2011–2012) See page 14 for certificate requirements and benefits. CONTINUING PROFESSIONAL EDUCATION FOR ACCOUNTANTS (CPE) NYU-SCPS holds a continuing education sponsor agreement with the New York State Department of Edu cation, which authorizes the granting of continuing education credit in the following subject areas: accounting, auditing, taxation, advisory services, and knowledge and applications related to specialized industries. Courses offered outside the authorized subject areas are not recognized for credit under this agreement. For the acceptability of an individual course listed here, call (212) 998-7200 or the New York State Department of Education at (518) 474-3836. BUSINESS FINANCE FUNDAMENTALS CERTIFICATE IN BUSINESS FINANCE FUNDAMENTALS This certificate program teaches students how organizations—from small businesses to multinational corporations—acquire, spend, and manage their finances. The program is designed for professionals and nonbusiness majors who seek to strengthen their knowledge of economics, accounting, math, statistics, principles of finance, and corporate finance. Upon completion of this certificate program, students: • Fortify their ability to make informed economic, personal finance, and business decisions. • Develop applied skills relating to the time value of money, risk analysis, and money supply. • Gain proficiency in using a financial calculator. • Understand the relationships between commercial banks, thrift institutions, savings banks, credit unions, pension funds, mutual funds, investment banking firms, finance companies, and mortgage banking firms. This certificate is awarded to students who complete five courses—three required and two electives. Students pursuing this certificate with no finance experience are advised to take Finance for Nonfinance Professionals/ FINA1-CE9642 either simultaneously or in advance of taking the first course in this program. REQUIRED COURSES It is recommended that the three required courses be taken in the order listed. Macroeconomic Principles in Finance/ FINA1-CE9604 (page 3) HP 10bII Calculator Workshop: A Comprehensive Approach/ FINA1-CE9032 (this page) Fundamentals of Corporate Finance/ FINA1-CE9140 (page 4) ELECTIVES (Choose two) Fundamentals of Financial Risk Management/FINA1-CE9208 (page 7) Introduction to International Business and Finance/FINA1-CE9400 (page 9) Introduction to the Markets/ FINA1-CE9000 (page 12) Investment Banking Fundamentals/ FINA1-CE9160 (page 11) Techniques of Financing Corporations/ FINA1-CE9670 (page 4) See page 14 for certificate requirements and benefits. CREDIT ANALYSIS Credit management takes many forms, but all businesses, not only banks and financial institutions, have significant credit management issues. Anytime a product is purchased without cash, a business needs money to expand, or credit is extended to a new or existing customer, credit management is an essential part of the process. The Certificate in Credit Analysis and the five-day Intensive Credit Training Program (page 24) are for students seeking to improve their credit skills in a manner similar to bank credit training programs. Writing a Credit Analysis FINA1-CE9290/$995 W Sec. 1: Thurs. 6.30–9.40 p.m., June 2– July 21 (8 sessions). Learn to evaluate and explain how to repay an asset-based loan, revolving credit, a term loan, or a commercial mortgage loan. Focus initially on the cash conversion cycle in the analysis of asset-based loans, trade finance, factoring, accounts receivable securitization, and captive finance companies. Then explore free cash flow in the analysis of revolving credits, term loans, and project finance. Finally, the course addresses net operating income in the analysis of commercial mortgage loans to finance owneroccupied and investment properties. Prerequisite: Financial Accounting: Part I/ ACCT1-CE8101 or equivalent knowledge. Conducting a Credit Analysis II FINA1-CE9291/$995 W Sec. 1: Thurs. 6.30–8.30 p.m., May 26– July 28 (10 sessions). Alkesh Nanavaty, CFA, credit risk management, Deutsche Bank AG. Learn to look beyond financial statements to evaluate and explain the risk in a borrower’s accounting principles, financial projections, and business practices. Analyze aggressive and/or deceptive accounting principles, such as purchase accounting, unfunded pension liabilities, securitized receivables, deferred taxes, and channel stuffing. Examine financial projections, including aggressive assumptions, break-even analysis, and debt service coverage. Explore industry risk, including aggressive and/or deceptive practices used by manufacturers, retailers, drug companies, life insurance companies, utilities, and REITs. Prerequisite: Writing a Credit Analysis/FINA1-CE9290.H M Meets at NYU Midtown Center, 11 W. 42nd St. N Meets at Norman Thomas Center, 111 E. 33rd St. W Meets at the Woolworth Building, 15 Barclay St. H Consult an advisor before registering. TO REGISTER: (212) 998-7150 FOR MORE INFORMATION: (212) 998-7200 2
SCPS.NYU.EDU/FINANCE SUMMER INTENSIVE Credit Training FINA2-CS3330/$1,295 M Sec. 201: Mon.–Fri. 9 a.m.–5 p.m., June 6–10 (5 sessions). Richard M. Fox, managing director, Cross Atlantic Capital Partners, Inc. V Sec. 202: Dates and hours to be arranged. Alkesh Nanavaty, CFA, credit rish management, Deutsche AG. This intensive, which mirrors major bank credit training programs, targets junior banking officers and those in the financial services industry seeking to improve their credit skills. It provides a disciplined framework for credit analysis and encourages clear, concise oral and written skills using a case study approach. Topics include analysis of short- and long-term credit products; business and industry risks and management; and comprehensive analysis of income statements, cash flow, and balance sheets. Financial covenants and other documentary issues are examined. Familiarity with financial accounting and statement analysis is recommended. For details on all our Summer Intensive programs, visit scps.nyu.edu/summer or call (212) 998-7200. CERTIFICATE IN CREDIT ANALYSIS This certificate program is designed to provide a working knowledge of the essentials of credit analysis for today’s marketplace. Students learn credit and credit analysis in application-based courses that convey how to conduct and write a credit analysis report; manage a loan or loan portfolio; structure term- and asset-based loans; manage workouts and business bankruptcies; and understand trade financing transactions, project financing, and reorganization. The program is designed by a faculty of leading credit practitioners whose teaching is responsive to the changing economic environment. The program is designed for professionals who wish to acquire expertise in a consolidated time frame and can be completed in nine months. Who Should Enroll: M.B.A.s; recent college graduates; professionals who work in finance; banking executives; bankers who currently work with, or on, credit topics; bankers who wish to transition into the credit area; bankers from foreign banks or branches who wish to learn how U. S. banks do business; business owners; accountants; lawyers; and professionals from any field who want to understand or advance their knowledge of credit analysis. Upon completion of the course students are able to: • Write a credit analysis report. • Manage a commercial loan or loan portfolio. • Manage workouts and business bankruptcies. • Negotiate loan agreements. • Structure asset-based loans and trade finance transactions. • Structure term loans, syndicated transactions, and project finance transactions. This certificate is awarded to students who complete five courses—two required and three electives. Required courses must be taken sequentially. Students who prefer to take more than one course per semester can take a required course along with an elective course. All prerequisites in this program are required. Students with minimal writing experience are advised to take Writing Skills for Accounting and Finance Professionals/ACCT1-CE8112. Students with minimal experience or formal training are advised to take Financial Accounting: Part I/ACCT1-CE8101 and Financial Statement Analysis/ACCT1-CE8105. REQUIRED COURSES Required courses must be taken in the order listed. Writing a Credit Analysis/ FINA1-CE9290 (page 2) Conducting a Credit Analysis II/ FINA1-CE9291 (page 2) ELECTIVES (Choose three) Bankruptcy, Workouts, and Reorganizations/ FINA1-CE9335 (page 11) Hedge Fund Strategies/ FINA1-CE9209 (page 8) Managing a Commercial Loan Portfolio/FINA1-CE9296 (this page) Negotiating Loan Agreements/ FINA1-CE9281 (this page) Structuring Asset-Based Loans and Trade Finance/FINA1-CE9282 (this page) Structuring Term Loans, Syndicated Transactions, and Project Finance/ FINA1-CE9283 (this page) See page 14 for certificate requirements and benefits. Managing a Commercial Loan Portfolio FINA1-CE9296/$795 W Sec. 1: Wed. 6.30–9 p.m., May 25–July 13 (8 sessions). Learn to underwrite and manage a portfolio of commercial mortgages and syndicated, middle-market, asset-based, and trade-finance loans. Explore the origination of a loan, including the loan proposal, credit analysis, and loan agreement. Discuss the control of risk in a portfolio, including credit policy, risk rating, reserves, loan review, internal audit, and workout. Examine compliance with regulatory standards governing safety and soundness (Basel II and FDICIA), community reinvestment (CRA), and money laundering (Patriot Act). Credit analysis formats, loan agreement forms, and bank examination manuals are distributed in class. Negotiating Loan Agreements FINA1-CE9281/$795 M Sec. 1: Tues. 6.30–9 p.m., June 7–July 26 (8 sessions). Bruce Levine, partner, Herrick, Feinstein, LLP. Take an in-depth look at how to negotiate, close, and enforce the varieties of loan agreements, including credit, security, pledge, guarantee, hypothecation, subordination, and participation. Topics include the “hellor-high-water” clause, interference with contractual relations, anticipatory breach, deceleration, the fair and equitable doctrine, and the cram-down. Case studies examine actual loan transactions. This course is designed for bankers, corporate treasury personnel, and lawyers who negotiate agreements involving syndicated loans, trust indentures, middle market loans, state economic development authorities, or the Small Business Administration. Structuring Asset-Based Loans and Trade Finance FINA1-CE9282/$795 N Sec. 1: Mon. 6.30–8.30 p.m., June 6– Aug. 15 (10 sessions). William J. Ezzo, capital business credit. Learn how to finance working capital and trade through commercial and standby letters of credit, asset-based loans, purchase and securitization of receivables, purchase of whole loans, and support of captive finance companies. Students examine how to use the field examination report as a tool to evaluate and explain the dilution of receivables, exert dominion over the collateral, and establish and monitor the borrowing base. Prerequisite: Writing a Credit Analysis/FINA1-CE9290 or formal accounting and financial statement analysis experience. Structuring Term Loans, Syndicated Transactions, and Project Finance FINA1-CE9283/$795 W Sec. 1: Thurs. 6.30–8.30 p.m., May 26– July 28 (10 sessions). Herbert Jacobs Examine how to underwrite and syndicate revolving credit and term loans to finance working capital, equipment, acquisitions, and projects. Learn how to structure transactions through direct loans, backup facilities, bridge facilities, covenant packages, collateral support, take-or-pay contracts, and lease assignments. Students then learn how to syndicate down transactions and mitigate risk through the use of assignments, participations, collateralized loan obligations, and credit default swaps. Prerequisite: Writing a Credit Analysis/ FINA1-CE9290 or formal accounting and financial statement analysis experience. ECONOMICS Macroeconomic Principles in Finance FINA1-CE9604/$795 W Sec. 1: Tues. 6.30–8.30 p.m., May 24– July 26 (10 sessions). Carrie M. Kennedy, economist, Commodity Futures Trading Commission. W Sec. 2: Sun. 10 a.m.–2 p.m., June 12– July 17 (5 sessions). No class July 3. Acquire a foundation in current economic thought and build competency in economic principles. Topics include inflation, unemployment, and economic growth; fiscal and monetary policy; aggregate supply and demand; the Federal Reserve System; Keynesian economics; monetarism; measuring the macroeconomy; the GNP; and the interrelationship between key macro variables. Microeconomic Principles in Finance FINA1-CE9601/$795 N Sec. 1: Wed. 6.30–9 p.m., June 8–July 27 (8 sessions). Delve into the various components of the economic system in this introduction to microeconomics. Students examine individual markets, the determination of relative price values, supply and demand for all goods and services, and factors of production with an emphasis on the practical use of microeconomic principles. Prerequisite: Macroeconomic Principles in Finance/ FINA1-CE9604. M Meets at NYU Midtown Center, 11 W. 42nd St. N Meets at Norman Thomas Center, 111 E. 33rd St. W Meets at the Woolworth Building, 15 Barclay St. V Online course. 3 WEB: SCPS.NYU.EDU E-MAIL: SCPSINFO@NYU.EDU
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