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ICCF® @ Columbia Business School

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  • Next promotion : February 11 2019. The three courses and their case studies require approximately 70 hours of work, over the course of five months.
  • Language : English
  • Get the benchmark certificate in corporate finance delivered by Columbia Business School – Syllabus
  • Price : 2,900 2,400 USD before december 21 – Price details
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PRESENTATION

COURSE 1 : FINANCIAL ANALYSIS

The goal of Financial Analysis is to diagnose the past in order to understand the present and try to predict the future. The learning objective of this course is to provide students with a clear, simple and effective methodology, enabling them to successfully complete financial analyses independently.

COURSE 2 : CORPORATE VALUATION

This course presents the main methods and approaches in corporate valuation. You will learn the nuances of these methods and approaches, and develop an understanding for how they are applied to real-world situations.

COURSE 3 : INVESTMENT AND FUNDING DECISIONS

With a clear vision of a company’s financial health and of its valuation, we are now equipped to make financial decisions. This course presents the main concepts and operational tools in this domain, in order to make sound decisions or to give the proper advice: should this investment be made? How should it be funded?

SYLLABUS

The 2-hour final exam comprises 120 questions. It can be taken in any Pearson VUE center around the world, in 150 countries.

Conditions to obtain the certificate are as follows:
active participation in all three courses;
minimal grade of 50% on each case study;
minimal grade of 60% on the final exam.

The final grade is calculated as the weighted average of case studies grades (30%) and final exam grade (70%).

CURRICULUM :

Week 0 : Prerequisites

E-learning assets and textbook are available as soon as you enroll in the program.
They will allow you to start working on the following topics:
P&L account
Cashflow Statement
Working Capital

Week 1 : Margin Analysis

>Introduction to financial analysis:
Why perform financial analysis?
Common mistakes
Roadmap and structure

>First part : Margin analysis

Week 2 : Investments Analysis

>Acquisition of fixed assets
State of depreciation of fixed assets
Investment policy: state of depreciation of fixed assets vs. Capex

>Working capital requirements
Concept
Characteristics
Calculations

Week 3 : Funding Analysis

>Dynamic approach

>Static approach

Week 4 : Return Analysis

>Economic profitability
Concept
Measure

>Return on equity
Concept
Measure
Limits

>Leverage
Concept
Measure

Conclusion

Weeks 4 to 6 : Case Studies

A real company’s case…
40 numerical questions
500 word essay

Week 0 : Prerequisites

It is necessary to understand and master the concepts of discounting and compounding.

Week 1 : Overview of the different methodologies

>Why value corporations?
>Two methods, two approaches :
Direct approach, intrinsic method
Direct approach, relative method
Indirect approach, intrinsic method
Indirect approach, relative method

Week 2 : Multiples

Selecting multiples
Application to case study
Average, median and regression
Which years to consider?

Week 3 : Discounting Free Cash-Flow

Application to case study
Cost of capital
Common mistakes
From economic asset valuation to capital valuation

Week 4 : Further Thoughts

Patrimonial methods
Opco and Propco methods
Caveat
Conclusion
Further thoughts

Weeks 4 to 6 : Case Studies

Semaine 0 : Prerequisites

E-learning assets present debt instruments and shares.

Week 1 : Investment Decisions

>Introduction
>Investment decisions
 Toolbox
 Net Present Value
 Internal Rate of Return
 Payback
 Others

Week 2 : Conceptual ground to the investment decision

>Traditional approach
 Modigliani & Miller
 Pecking order theory
 Other approaches

Week 3 : How to choose a financial structure ?

>Traditional approach
 Main concepts
 Choice factors
 Accounting and financial criteria

Week 4 : The implementation of the funding policy

>Debt structure
 Covenants
 Debt renegociation
 Why keep cash?

>Conclusion

Weeks 4 to 6 : Case studies

CHARLES JONES

Vice Dean, Professor of finance and economics

Charles M. Jones is Vice-Dean, Robert W. Lear Professor of Finance and Economics and the Director of the Program for Financial Studies at Columbia Business School.

Professor Jones joined Columbia Business School in 1997 and held the Class of 1967 Associate Professorship from 1998–2003 and served as the chair of the Finance and Economics Division from 2008–11.

Charles has received dozens of awards, fellowships, and research grants, including the Dean’s Award for Teaching Excellence in the Core.

Before joining Columbia, Jones was a faculty member at Princeton University, and received his Ph D in finance in 1994.

Professor Jones currently serves on the economic advisory committee of FINRA and has headed the economic advisory board at Nasdaq. At Columbia, Jones regularly teaches the core MBA course “Corporate Finance,” and he has received the Singhvi Prize for scholarship in the classroom.

SHIVARAM RAJGOPAL

Professor of Accounting and Auditing

Shiva Rajgopal is the Kester and Byrnes Professor of Accounting and Auditing at Columbia Business School.

Previously he was a a faculty member at Duke University, Emory University and the University of Washington. At Columbia, Professor Rajgopal teaches fundamental analysis of financial statements for investors, managers and entrepreneurs and a PhD seminar on accounting regulation.

Professor Rajgopal’s research interests include financial reporting and earnings quality. His research is frequently cited in the popular press, including The Wall Street Journal, The New York Times, Financial Times, and the Economist.

Professor Rajgopal has won many industry notable awards, including the American Accounting Association Notable Contribution to Literature award and the Graham and Dodd Scroll Prize, given by the Financial Analysts Journal.

DANIEL WOLFENZON

Professor of Finance and Economics

Daniel Wolfenzon is the Stefan H. Robock Professor of Finance and Economics at Columbia Business School. He received a Masters and a PhD in economics from Harvard University and holds a BS in economics and a BS in mechanical engineering from MIT.

Professor Wolfenzon previously taught at the University of Michigan, the University of Chicago and NYU.

He is also a faculty research fellow at the National Bureau of Economic Research. His work has been published in top economic and finance journals such as the Quarterly Journal of Economics, the Review of Economic Studies, the Journal of Finance, and the Journal of Financial Economics.

Professor Wolfenzon received the Jensen Prize (second place) for best paper on corporate finance and organizations published in the Journal of Financial Economics both in 2002 and 2005.

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