Finance for Executives
As recent years attest, financial decisions can make or break an organization.
What is the cost of one bad decision? This corporate finance program will
enhance your ability to interpret and use financial information to make sound,
strategic decisions that create value for your firm.
January 9–13, 2012
May 7–11, 2012
Finance for Executives
A stimulating and informative program specially designed to help you use and interpret
financial information in your daily decision making to create value. Finance for Executives
effectively illustrates the link between business strategy and financial strategy. It will give
you the knowledge and confidence to choose among the different financing sources available
to your company and to assess the desirability and value of investment projects, corporate
assets, and acquisitions.
n Understand financial objectives, analysis, and issues involving corporate finance.
n Determine how financial decisions affect business decisions and vice versa.
n Understand business valuation techniques.
n Identify and address key variables in an acquisition analysis.
For More Information Contact:
During this seminar you will learn to:
n Understand how economic outcomes of business The University of Chicago
decisions are reflected in your organization’s financial Booth School of Business
450 N. Cityfront Plaza Drive, Suite 514
n Communicate more effectively with financial executives Chicago, IL 60611-4316
in your organization.
n Improve your financial vocabulary so that you are better
able to understand and interpret financial information. Associate Director of Executive Education
n Increase your comprehension of current analytical Tel 312.464.8732
practices and techniques. Fax 312.464.8731
n Use financial information in managerial decision making.
n Sharpen your skills in assessing the strengths and
weaknesses of competitors by analyzing their financial
n Assess the desirability and value of investment projects,
corporate assets, and whole companies (acquisitions).
n Establish financial policy in your area of responsibility.
n Discuss current financial problems with some of the
nation’s top finance faculty.
n Understand the impact of operating decisions on
“Fantastic program — I’ve been to Kellogg and Harvard, and
I’ll be back here. Professors were extremely engaged and obvious
experts in their field. Clearly, concepts I can translate to my
Peter Pannes, Senior Vice President,
PMI Mortgage Insurance Company
Who Should Attend About Chicago Booth
Executives in every functional area of responsibility, A University Steeped in Excellence
from all industries, whose decisions have significant The University of Chicago has a long history steeped
financial impact, will benefit from this course. In in a tradition of academic excellence and innovation.
particular, executives in areas such as marketing, That commitment to discovery has translated into
sales, operations, manufacturing, or engineering, as enduring contributions to the world. Among its
well as general managers who have been promoted faculty, researchers, students, and graduates are 85
through these routes will find this program beneficial. Nobel laureates. Current faculty include eight Nobel
This program builds upon our Financial Analysis for prize winners, 13 MacArthur Fellows (commonly
known as a “genius grant”), and three Pulitzer Prize
Nonfinancial Managers program. Individuals should have
winners, among countless others.
a strong knowledge of accounting and finance, including
budgeting, income statements, and balance sheets, in A Leader in Business Education
order to benefit from this course. If you have questions
The University of Chicago Booth School of Business,
about which course would be of most value to you, please
founded in 1898, has been a leader and innovator
contact us prior to registering for this program.
in the field of business research and education. It
was the first business school in the country to offer a
PhD program, the first to publish a scholarly business
Program Dates and Fees journal, the first to offer an executive MBA program
for experienced managers, the first to have a Nobel
#12C10001 Jan. 9–13, 2012 ($8,295) laureate on its faculty, and the first to have six Nobel
#12C10002 May 7–11, 2012 ($8,295) Prize winners on its faculty. Chicago’s close ties with
many of today’s business leaders and its grounding
This course begins at 8 a.m. on Monday and in the real world have helped Chicago Booth maintain
ends at 1:30 p.m. on Friday. its reputation as one of the world’s leading centers of
business education and research. With its reputation,
The program fee includes tuition, lunches, coffee breaks, commitment to academic research, and high quality
and all educational materials. The fee is subject to change
faculty, Chicago Booth carries a prestige that few
and payable in advance upon confirmation of registration.
Chicago Booth reserves the right to cancel any program.
Collaborate and study at a top ranked,
world-renowned global business school
The Setting n BusinessWeek ranked Chicago’s Full-Time MBA
Classes are held at the University of Chicago Booth School Program first in its biennial rankings (2010), while
of Business’ Gleacher Center, 450 North Cityfront Plaza Drive, the Executive MBA was ranked second (2009).
situated along the Chicago River (one block east of Michigan n The Economist ranked Chicago’s Full-Time MBA
Avenue) in the heart of the downtown area known as “The Program first globally (2010).
Magnificent Mile.” Gleacher Center is within walking distance n U.S. News & World Report (2011) rated Chicago
of some of Chicago’s most exciting retail and entertainment Booth second in finance, third in accounting,
areas. Gleacher Center, which also houses Chicago’s top-ranked and fifth overall of full-time programs, first among
Executive MBA, Evening MBA, and Weekend MBA Programs, part-time MBA programs, and second among
provides state-of-the-art classrooms that complement the executive MBA programs.
exceptional quality of the program’s content and faculty.
n Forbes ranked Chicago’s Full-Time MBA Program
The University of Chicago Booth School of Business has We are more than a business school.
reserved a limited block of rooms at the InterContinental Chicago We are a business force.
hotel. Single or double rooms are available at a discounted
rate. Contact the InterContinental Reservations Department
by telephone at 312.944.4100 or by fax at 312.321.8725.
Participants must contact the hotel directly to reserve
Unparalleled Ideas that people Who create
accommodations. Three weeks prior to the program’s start IntellectUal FUndaMentally lastIng ValUe
date, or once the block is filled, the hotel cannot guarantee cUrIosIty, honesty, shape MarKets
accommodations. Participants should identify themselves as exchange, and rIgor and BUsInesses
registrants in Finance for Executives at the University of
Chicago Booth School of Business.
Financial Statement Analysis and Investment Decisions and Value Creation
Cash Flow Forecasting n Evaluating projects using net present value
n Terminology n Calculating cost of capital
n Uses of financial analysis — using financial n Valuing companies
statement analysis to analyze company
operating strategies and their success n Restructuring and acquiring companies
n Performance evaluation analysis Participants will assess the desirability and
value of investment projects, and assess the
n Developing cash flow forecasts based on corporate assets of an acquisition, as well as
company operating strategies the entire company.
Participants will gain an understanding of the Benefits
basic terminologies and methodologies of
financial statement analysis. Participants will understand:
Benefits n how to evaluate the desirability of investment
Participants will understand:
n how to calculate and explain the cost of capital.
n how to analyze financial statements.
n how to identify and analyze the key variables in
n how the company’s financial statements are an acquisition.
driven by the company’s operating strategies.
n how to develop cash flow forecasts and
pro forma financial statements.
Financing Decisions The purpose of this seminar is to help general
n Financing sources managers, senior functional managers, and other
n Overall capital structure design nonfinancial managers make decisions that will
n Choices among financial instruments to measurably improve their personal effectiveness
implement desired capital structure and the profitability of their organizations. The
n Risk management program provides sufficient familiarity with financial
information to enable managers to interpret and
Participants will be able to understand and
comfortably use financial data in their daily
choose among the different financing sources
available to their companies. decisions.
Benefits Also, it will equip participants to communicate
Participants will understand: more effectively with financial specialists, including
treasurers and controllers. It concentrates on the
n how to communicate more effectively with
financial specialists at their companies. uses of financial information rather than on its
preparation. Participants will develop skills to
n how capital structure and financing decisions
affect the operating strategies of their companies. understand financial decisions that affect their
companies’ business and operational objectives.
n how the company’s operating strategies affect
They also will learn how to analyze decisions
the company’s financing decisions.
involving capital structure, financing, dividends,
n the concept of financial risk management and
valuations, acquisitions, and restructuring.
when risk management is likely to be beneficial.
Comments from Past Participants
“ Excellent blend of fact, theory, and application;
the importance of capital structure to overall value
optimization comes out loud and clear.”
Jeff Childs, SVP and Chief Human Resources Officer,
“Outstanding course content with excellent instructors.
Very logical and understandable explanations in
assessing value equity and debt in companies. Would
recommend this course to all senior managers in
operations of business.”
Todd Harrold, Vice President Operations, BAE Systems
“This is an extremely well run program—hardly a detail
is missed. Excellent course, high caliber instructors with
real life experience. Intense, useful, and entertaining
Jean Voorhees, Global Director of Marketing,Terex Mining
“ This course exceeded my expectations. The instructors
were superb, the subject matter of great interest, the
cases practical. I learned methods and techniques I can
put to immediate use, not just academic theory.”
Robert Frost, President, Nuclear Safety Associates
“ In my job I am responsible for financial decisions
and now I have new knowledge and skills that will
facilitate them and my working relationship with
Gleacher Center is part of the University of Chicago Booth School
Juan Carlos Gil, Executive VP Venezuela Business Unit, of Business. Overlooking the Chicago River, its state-of-the-art
Inelectra classrooms are only steps away from Chicago’s “Magnificent Mile.”
Learning, Reflection, Custom Executive
and Action (LRA) Education Programs
Transform knowledge gained at Chicago Booth Chicago Booth creates custom executive
into results for you and your company. education programs that capitalize on the
“Chicago Approach,” which is the very best
Chicago Booth’s programs provide a web tool disciplined approach to conceptual knowledge
that’s easy to use, intuitive, and encourages and academic theory with practical, real world
you to: application delivered by faculty of one of
n articulate your goals, the world’s top business schools. These
components of Chicago’s programs are all
n specify implementation plans, and keys to driving your corporate competitive
n track your progress toward meeting advantage through effective human capital
these goals. investments. Through deep thinking and high
impact results, Chicago Booth writes the rules
Extend learning beyond the classroom and turn that business follows. Partnering with us today
your learning goals into concrete results. will drive your business success tomorrow!
Outstanding Booth Faculty
The University of Chicago Booth School of Business has one of the most highly regarded
faculty of any business school in the world and the most productive researchers in the country.
Rigorous, interactive, and dynamic, the faculty presents topics in a variety of ways, including lectures, case studies,
and small group discussions, using a range of media. Accomplished teachers and active consultants, this program’s
faculty offer a blend of academic excellence, rigorous scholarship, real-world relevance, and practical application that
provide participants with unparalleled opportunities to expand their horizons.
Steven N. Kaplan
Learn from top faculty with real-world experience.
Neubauer Family Distinguished Service Professor
of Entrepreneurship and Finance
banks, and insurance companies, and has served as an expert
witness in commercial litigation in federal and state courts.
The University of Chicago Booth School of Business Dr. Leftwich is a co-editor of the Journal of Accounting Research and
Steven N. Kaplan is the Neubauer Family Distinguished Service has served on the editorial boards of the Accounting Review, the
Professor of Entrepreneurship and Finance at the University of Journal of Accounting and Economics, the Bank of America Journal
Chicago Booth School of Business. He is the faculty director of of Applied Corporate Finance, and Abacus. He has published in the
Chicago Booth’s Polsky Center for Entrepreneurship. Professor Journal of Accounting Research, the Accounting Review, the Journal
Kaplan has been a member of the faculty since 1988. He earned of Accounting and Economics, the Journal of Accounting, Auditing
his PhD in business economics from Harvard University and and Finance, the Journal of Business, the Journal of Financial
received his bachelor’s degree in applied mathematics and Economics, and the Journal of Finance. In 1984, he was awarded
economics from Harvard College. Before completing his PhD, the AICPA Notable Contribution Award.
Professor Kaplan held positions with Kidder, Peabody & Co., and Dr. Leftwich holds a PhD in applied economics from the University
Booz, Allen & Hamilton. of Rochester, and a bachelor of commerce from the University of
Professor Kaplan’s research and teaching focus on issues in Queensland in his native Australia. Before his graduate studies,
private equity and entrepreneurial finance, corporate governance, Dr. Leftwich was an accountant and a financial analyst in Australia.
mergers and acquisitions, and corporate finance. He has published At Chicago Booth Executive Education, Dr. Leftwich teaches in the
papers in a number of academic and business journals. Professor Accelerated Development Program (London), Finance for Executives,
Kaplan has testified to U.S. Senate and U.S. House Committees Financial Analysis for Nonfinancial Managers, and the Chicago
about his research. He is a research associate at the National Management Institute programs.
Bureau of Economic Research and is an associate editor of the
Journal of Finance, the Journal of Financial Economics, and several Kevin F. Rock
other journals. Clinical Professor of Finance
Professor Kaplan teaches advanced MBA and executive courses The University of Chicago Booth School of Business
in entrepreneurial finance and private equity, corporate financial Kevin Rock joined the faculty of the University of Chicago Booth
management, corporate governance, and wealth management. School of Business in 2004. Prior to his appointment, he taught
He has been one of the top-rated teachers at Chicago Booth in courses in corporate finance and mergers and acquisitions at MIT’s
BusinessWeek’s bi-annual surveys since 1992. BusinessWeek Sloan School of Management, where he was named Teacher of the
named Professor Kaplan one of the top 12 business school Year in 2003, 2000, and 1996.
teachers in the country.
Professor Rock was formerly vice president at Citicorp Securities,
Professor Kaplan serves on the board of directors of Accretive Inc., where he was co-director of the Financial Institutions Group.
Health, Columbia Acorn Funds, and Morningstar (MORN). He also He has also been a professor at both Harvard Business School and
serves as a director of the Illinois Venture Capital Association and the University of Pennsylvania’s Wharton School of Business.
the University of Chicago Laboratory Schools, and as the academic
dean of the Kauffman Fellows Program, an educational and Dr. Rock received his PhD and MBA from the University of Chicago
mentoring program for new venture capitalists. Booth School of Business and an MA in economics from the
University of Chicago. He conducts research on the structure,
At Chicago Booth Executive Education, Professor Kaplan teaches behavior, and efficiency of public and private securities markets.
in the Finance for Executives and Private Wealth Management He studies privatizations, joint ventures, and the mergers and
programs. acquisitions of banks and insurance companies in the developing
world and emerging markets. His research includes “Why New
Richard Leftwich Issues Are Underpriced” in the Journal of Financial Economics,
Deputy Dean for the Faculty “The Transactions Process and Rational Stock Price Dynamics” with
Fuji Bank and Heller Professor of Accounting and Finance Terry A. Marsh; and “Dividend Policy under Asymmetric Information,”
The University of Chicago Booth School of Business in the Journal of Finance and a chapter in the “Selected Works of
Richard Leftwich teaches MBA courses and executive MBA courses Merton H. Miller: A Celebration of Markets: Volume 1: Finance.”
in financial statement analysis and financial management at the Professor Rock combines his research with his corporate experience.
University of Chicago Booth School of Business. In 1994, he In Mexico, he participated in such transactions as the privatization of
received the prestigious McKinsey Award for Excellence in Teaching. Teléfonos de México and the joint venture between GM and Confia
Professor Leftwich’s research, teaching, and consulting focus on Bank and in Peru, the privatization of Banco Continental. He was also
issues concerning audit qualifications, bond ratings, corporate a consultant for Citicorp Venture Capital in Argentina.
charter changes, and block trades. He has conducted seminars in At Chicago Booth Executive Education, Dr. Rock teaches in Mergers
finance in Europe and the United States for investment managers and Acquisitions, Finance for Executives, and the Latin American
and has served as a consultant to commercial banks, investment CFOs’ Executive Program.
How to Mail Chicago Booth Executive Education
450 N Cityfront Plaza Drive, Suite 514
Register online at
register. Chicago, Illinois 60611-4316
YES, I will attend Finance for Executives. Please print clearly or type on line above:
h #12C10001 January 9–13, 2012 $8,295
h #12C10002 May 7–11, 2012 $8,295 Name: h Mr. h Ms. h Dr.
Fee includes tuition, books and instructional materials, lunches, and coffee breaks.
Fee is subject to change and payable in advance. Name desired on name tag
NO, I am unable to attend. Title
h Please provide information regarding future sessions of the program.
h Check enclosed
(payable to Chicago Booth Executive Education). Preferred mailing address: h Home h Business
h Check to follow.
h Please invoice.
h Charge to my: h Visa h MasterCard h Discover h AMEX City State Zip code
Daytime phone Fax
CVV code (3-digit code on back of card) Exp. date What is your primary responsibility?
h General Management h Operations/Production h Administration
h Financial/Accounting h Technical/R&D h Logistics
h Human Resources h Marketing/Sales h Other ___________________
Approximate number of employees: Annual sales or budget:
Is your company a subsidiary/division of another company? h Yes h No
Name of parent company:
Number of employees in parent company: h Under 1,000 h 1,000 to 5,000 h 5,001 and above
h Accounting h Chemical h Electrical h Insurance h Publications h Telecommunications h Other
h Aerospace h Computer h Energy h Mining h Retail h Textiles ________________________________
h Automotive h Consumer Products h Financial h Nonprofit h Service h Transportation ________________________________
h Bank h Education h Government h Pharmaceutical h Steel h Utilities ________________________________
Persons in charge of executive development for your organization:
Name Title Company
Mailing address City State Postal code Country
Program fee is payable upon notice of acceptance. The following must be dated and signed in order to validate application.
Name of applicant (please print) Signature of applicant Date
Program cancellation – Chicago Booth reserves the right to cancel Transfer requests received within 30 days of the program start will be Substitutions of registrants in a session may be made, without
any program. subject to a $200 transfer fee to cover administrative costs. Any late penalty, any time prior to the program’s commencement.
transfers followed by a cancellation will be charged 25 percent of the
Cancellations and transfers are accepted without charge if written Photo rights – The University of Chicago reserves the right to use
program fee. Transferees will have a period of one year from the date
notification is received at least 30 days prior to the program’s starting photos taken during program activities for promotional purposes.
of their transfer to attend a subsequent program offering. After a one-
date. Cancellations received after that time will be charged 25 percent
year period, tuition fees will be forfeited. Transferees will be required
of the total program fee.
to pay fee increases, should any take place.
Finance for Executives
January 9–13, 2012
May 7–11, 2012
Cutting-edge content “Excellent program. It puts you in the driver’s seat
to assess opportunities and identify problems with
your company, business, or project.”
State-of-the-art facilities Isaac Moussan, Kemira, Director of Market Development
Even highly innovative and creative managers with excellent people skills must report their results
using financial terms and concepts. This program presents the main elements of modern finance
from the manager’s viewpoint.
Finance for Executives will help you understand how finance affects your company's operating
strategies, while demystifying the numbers behind the terms. It will provide sufficient familiarity with
financial information so that you can confidently interpret and use financial data in daily decisions
that add value to your organization.
We are more than a business school. We are a business force.
For More Information Contact:
Enhance your ability to The University of Chicago
make strategic, financial Booth School of Business
decisions that create value. 450 N. Cityfront Plaza Drive, Suite 514
Chicago, IL 60611-4316
Enroll in this stimulating chicagoexec.net
seminar today. Mark Lewis
Associate Director of Executive Education