fall
Professional
DeveloPment
Catalogue
Ethics | Knowledge | Professional Excellence
www.torontocfa.ca
NEXT
table of contents
Message from the Executive Director fall 2011
pg # Event Name
Dear member: 05 Fundamentals of ETFs
06 Power of Excel (Part 1)
SEPT
07 Contingency Capital: Regulatory & Market Outlook
As leaders in finance, it is necessary to be on top of current market trends and issues
while remaining dedicated to your own professional development. We recognize this need 07 Applied Equity Derivatives
and have put together this calendar that showcases many of our courses, seminars, and 08 Building a Financial Model
workshops to help you plan out your future professional growth opportunities. 09 Advanced ETFs
At Toronto CFA Society, we strive to provide continuing educational programming that
addresses members’ ongoing business needs, is current and targeted towards practitioners. 10 Annual Forecast Dinner
These programs are offered primarily in classroom, conference, workshop, or seminar style, 10 Applied Credit Derivatives
with various durations, delivered in person or electronically. Events are topical, convenient
OCT
11 Modelling a Company's Capital Structure: Building an LBO
to attend, and very competitively priced. They provide opportunities for education and
12 Speaking as a Leader
professional development in a wide range of issues relating to investments and the
investment process. To help round out your skills development, Toronto CFA Society also 12 Power of Excel (Part 2)
hosts a variety of networking events and soft-skills courses. 13 DCF Valuation Analysis
We are continually researching and vetting new offerings and learning opportunities featuring
today’s and tomorrow’s emerging issues. Please visit our website, www.torontocfa.ca, for the 14 IFRS: For Analysts, Portfolio Managers, and Financial Statement Users
NOV
most up-to-date listing. 15 Applied Rate Derivatives
16 Foreign Exchange: Intermediate Concepts
We hope that in this calendar you will find the professional development programs you need
17 Merger Modelling
in your journey towards financial investment excellence. Should you have any suggestions for
future topics or course instructors, please contact us at education@torontocfa.ca.
DEC
Sincerely, 18 Building a Financial Model
Peter S. Jarvis, CFA
Executive Director
19 List of Instructor/Speaker Bios
Toronto CFA Society
23 Event Policies
3 ǀ BACK NEXT ǀ 4
sept 2011 sept 2011
CE 12PM
TO
1:30PM
12
MON
CE 8:30AM
TO 13
5PM TUES
Continuing OVERVIEW Continuing OVERVIEW
Education This seminar will cover the key differentiating characteristics Education Course This hands-on course is an intensive program that will
of exchange-traded funds (ETFs), the mechanics of how they transform participants into Excel “Power Users”. The course
FUNDAMENTALS work, and any resulting advantages/disadvantages of the ETF POWER OF EXCEL is focused on the pertinent Excel tools that are required in a
OF ETFs structure. Participants will also learn common investment
(PART 1) corporate environment to efficiently analyze and manipulate
strategies using ETFs, as well as how to evaluate these financial data and to create compelling financial analysis.
level: Basic/intermediate
Level: Basic investment products for use in portfolios.
LEARnIng OutCOmES
LEARnIng OutCOmES During this session, participants will learn to:
By the end of this seminar, participants will be able to:
• Use numerous built-in functions to interpret and manipulate data
• Explain the differences between ETFs and traditional
• Use Excel’s filters in conjunction with specific arithmetic
mutual funds
functions to summarize large volumes of data
• Describe the unique ETF creation/redemption process and
• Use many features of the Advanced Filter, one of the most
how this drives an ETF’s advantages (transparency, liquidity,
helpful and least utilized tools in Excel
tax-efficiency)
• Incorporate widely used financial and arithmetic functions
• Describe common legal structures of ETFs
• Use a variety of intermediate and advanced Lookup
• Describe common investment strategies using ETFs
functions to efficiently extract specific information
• Understand the key considerations when evaluating ETFs,
• Use Vlookup and Offset functions, including ways to
such as index characteristics and tracking error
automate these functions
TopiCS inCluDE: • Create nested formulas to expand the flexibility of various
• ETF creation/redemption and market-making processes functions
• Portfolio construction using ETFs • Become proficient with Pivot Tables, one of the most powerful
• Evaluating ETFs tools in Excel, to quickly analyze large quantities of data
REGISTRATION FEE
Member: $35 InStRuCtOR: • Use some the most effective and lesser-known Pivot Table
Non-Member: $50 Som Seif, President and CEO, Claymore Investments, Inc. features
• Use numerous other tips, tricks, and keyboard shortcuts to
LOCAtIOn: increase efficiency
Toronto CFA Society, 130 Adelaide St. W., Meeting Room 902A
TopiCS inCluDE:
• Data Analysis
• Lookup Functions
• Managing Text
• Pivot Tables.
REGISTRATION FEE
Member: $350 InStRuCtOR:
Non-Member: $450 The Marquee Group
LOCAtIOn:
Toronto CFA Society, 130 Adelaide St. W., Meeting Room 902A
5 ǀ BACK NEXT ǀ 6
sept 2011 sept 2011
LS 12PM
TO 14 CE 8:30AM
TO
5PM TUES
27
2PM WED
Luncheon Seminar OVERVIEW Continuing OVERVIEW
Regulators and industry practitioners have been actively discussing Education Course This intensive one-day course focuses on the skills required to
CONTINGENCY the introduction of a counter-cyclicality buffer and contingent build an interactive and clearly-designed financial model of a
CAPITAL: capital requirement on regulated financial institutions worldwide. BUILDING A company that adheres to the highest industry standards.
REGULATORY Contingent capital could be a debt instrument that converts into FINANCIAL
& MARKET equity when a predefined event occurs. A representative from the MODEL LEARnIng OutCOmES
OUTLOOK During this session, participants will learn to:
Office of the Superintendent of Financial Institutions (OSFI) (the
Canadian banking and insurance regulator) will begin discussion at level: intermediate / • Design and layout a financial model clearly and logically
this event by outlining the key issues and regulatory considerations Advanced • Develop useful inputs and assumptions schedules
surrounding the requirement for contingent capital. Potential • Use switches to create effective scenarios and value drivers
product structures, pricing, and market dynamics will be the focus • Forecast and build up a company’s revenues and expenses
of discussion by a leading banking fixed-income specialist, who will • Design and incorporate a company’s income statement,
provide an outlook on international market developments. balance sheet, and cash flow statement
• Construct all necessary schedules, including:
Don’t miss this exciting event on a timely topic. • Depreciation / CAPEX Schedule
REGISTRATION FEE • Working Capital Schedule
SPEAKERS:
Regular: Member $50 / • Income Tax Schedule
mark White, Assistant Superintendent, Regulation Sector
Non-Member $70 / • Debt and Interest Schedule
Office of the Superintendent of Financial Institutions (OSFI)
Table of 8 $460 • Shareholders’ Equity Schedule
Ben Katz, Managing Director, Head of Debt Capital Markets FIG,
EArly BirD: Member • Use Lookup functions within the model to effectively extract
Co-Head Financing Solutions Group, HSBC Securities (U.S.A.) Inc.
$40 / Non-Member $60 information
/ Table of 8 $380 LOCAtIOn: • Properly incorporate Senior Term Debt with an amortizing
Toronto Board of Trade, Hall ABCD, 77 Adelaide Street W. repayment schedule
• Create a robust Bank Operating Line (Revolving Credit Facility)
CE 1PM
TO
5PM WED
21 • Design and incorporate a cash sweep for a company’s Revolver
• Balance the company’s balance sheet
Continuing OVERVIEW • Rid a model of undesirable error messages
Education Course This applied workshop gets participants to expand their working
knowledge of equity derivatives through a series of real-life case TopiCS inCluDE:
APPLIED EQUITY studies. Participants use an Excel option-pricing model to construct • Model design
DERIVATIVES risk profiles for various equity options and then recommend option- • Logic
hedging solutions for an equity portfolio. • Construction
level: intermediate REGISTRATION FEE • Financial Concepts and Accounting Treatment
LEARnIng OutCOmES Member: $425
By the end of this course, participants will be able to: InStRuCtOR:
Non-Member: $575 The Marquee Group
• Outline the risk/reward profile of various equity derivative
solutions LOCAtIOn:
• Understand the changing nature of option risk through a Toronto CFA Society, 130 Adelaide St. W., Meeting Room 902A
detailed analysis of the Greeks
• Identify difficulties associated with pricing and hedging
equity options
TopiCS inCluDE:
• Hedging using equity options
• Option-pricing issues
• Option risk management using the Greeks
REGISTRATION FEE
Member: $250 InStRuCtOR:
Non-Member: $350 Claude Choukrane, CFA, Senior Consultant, MDA Training
LOCAtIOn:
Toronto CFA Society, 130 Adelaide St. W., Meeting Room 902A
7 ǀ BACK NEXT ǀ 8
sept 2011 oct 2011
CE 12PM
TO
1:30PM THUR
29 AE 5PM
TO
9PM TUES
04
Continuing OVERVIEW
Education The Advanced ETFs seminar is designed to cover the key Annual Event OVERVIEW
characteristics of exchange-traded funds (ETFs) at an in-depth Reception commences at 5:00 PM
ADVANCED ETFs level, such as the ETF creation/redemption process, market
ANNUAL Dinner commences at 6:00 PM
FORECAST
level: intermediate/ making, and different index replication strategies employed by DINNER The 54th Annual Forecast Dinner will be Toronto CFA Society’s
Advanced ETFs. Participants will also take a close look at how some of the premiere event of the year, and is considered a major highlight
less traditional ETFs are constructed and work (e.g., leveraged, of the Toronto investment community calendar. The dinner
inverse, inverse-leveraged, commodity, currency, and active provides influential members with the opportunity to entertain
ETFs). In addition, the seminar will cover the key risks to an REGISTRATION FEE their clients and hear relevant, unbiased forecasts of future
ETF, trading strategies using ETFs, and advanced investment Single Ticket:$200 market expectations.
strategies using some of these non-traditional ETFs. Table of 10: $1800
LOCAtIOn
LEARnIng OutCOmES Metro Toronto Convention Centre, Constitution Hall
By the end of this seminar, participants will be able to: 255 Front Street W.
• Describe using numerical examples the unique ETF creation/
redemption and market-making processes
• Explain the economics of an exchange-traded fund
• Describe the different index replication strategies used by ETFs
• Explain how leveraged, inverse, inverse-leveraged,
CE 1PM
TO
5PM THUR
06
commodity, currency, and active ETFs work, and any unique
issues to be aware of Continuing OVERVIEW
• Describe the key risks to an ETF Education Course This applied workshop gets participants to expand their
• Explain how these non-traditional ETFs can be used to working knowledge of credit derivatives through a series of
implement advanced investment strategies APPLIED CREDIT real-life case studies. Participants build an Excel model for
DERIVATIVES credit pricing and are tasked with analyzing the practical issues
TopiCS inCluDE:
• ETF creation/redemption and market-making processes associated with investing in/trading single name and index CDS.
level: intermediate
• Index replication strategies LEARnIng OutCOmES
• Non-traditional ETF mechanics By the end of this course, participants are able to:
• ETF risks • Explain risks and cash flows from both single name and index
• Advanced portfolio construction using ETFs credit derivative products
REGISTRATION FEE InStRuCtOR: • Explain credit pricing with the help of a model that they will
Member: $35 Howard Atkinson, CFA, President, Horizons Exchange Traded build during the workshop
Non-Member: $50 Funds Inc. TopiCS inCluDE:
LOCAtIOn: • Single name and index CDS
Toronto CFA Society, 130 Adelaide St. W., Meeting Room 902A • Issues surrounding default and settlement
REGISTRATION FEE • Pricing credit products
Member: $250 InStRuCtOR:
Non-Member: $350 Claude Choukrane, CFA, Senior Consultant, MDA Training
LOCAtIOn:
Toronto CFA Society, 130 Adelaide St. W., Meeting Room 902A
9 ǀ BACK NEXT ǀ 10
oct 2011 oct 2011
CE Continuing OVERVIEW
8:30AM
TO 13
5PM THUR
CE Continuing
Education
OVERVIEW
Speaking as a Leader: For Investment Professionals
1PM
TO 17
5PM MON
Education This one-day financial modelling course is an
intensive program designed specifically for finance professionals Course is an intensive half-day program. Participants will receive personalized
Course coaching and deliver a short prepared talk on a topic of their choice.
who need to forecast and understand a company’s debt and equity.
SPEAKING AS A
MODELLING LEARnIng OutCOmES LEADER LEARnIng OutCOmES
A COMPANY’S During this session, participants will learn to:
By the end of this workshop, participants will be able to:
CAPITAL Level: Applied learning • Create brief scripts for upcoming real-life leadership
STRUCTURE: • Build a Sources and Uses schedule within a model
opportunities
BUILDING AN LBO • Incorporate and amortize all fees incurred during an
• Strengthen their abilities to speak as a persuasive and
acquisition or financing
influential leader
level: intermediate • Recapitalize a company’s balance sheet following an acquisition
• Properly incorporate Senior Term Debt with an amortizing TopiCS inCluDE:
repayment schedule The mindset of leadership, crafting a strong script, delivering
• Create a robust bank operating line (revolving credit facility) REGISTRATION FEE with a strong presence
with a cash sweep Member: $375 InStRuCtOR:
• Incorporate variable interest rates in which the spread is Non-Member: $475 rob Borg-olivier, Vice President, The Humphrey Group
dependent on the company’s leverage
• Calculate a stand-by fee on the undrawn portion of the bank LOCAtIOn:
operating line Toronto CFA Society, 130 Adelaide St. W., Meeting Room 902A
• Utilize a margining formula to monitor the size of a
company’s bank operating line
• Incorporate Subordinated High Yield or Mezzanine Debt into CE Continuing OVERVIEW
8:30AM
TO
This hands-on course is intended for anyone who 5PM TUES
25
the company’s capital structure Education
• Build a provision for non-cash Payment in Kind (PIK) interest Course uses Excel extensively and who is already comfortable with the
on various pieces of debt skills taught in Part 1. The session covers advanced-level Excel
• Create a well-designed shareholders’ equity schedule POWER OF EXCEL topics that are required to manage and analyze data.
• Calculate dividend payments based on a pre-determined (PART 2) LEARnIng OutCOmES
yield or a payout ratio During this session, participants will learn to:
level: Advanced
• Properly link the debt and equity schedules into the • Use Excel’s Database functions so that Excel can be used
financial statements instead of MS Access
• Balance the company’s balance sheet • Learn common uses for the Database functions, some of the
• Understand the need for circularity within a model most underutilized tools in Excel
• Make a model iterative by incorporating circular references • Discuss the rationale for using Static Names when building formulas
• Learn to create a “circular reference breaker” to rid a model • Learn to create Dynamic Named Ranges, one of the most
of undesirable error messages when the model crashes powerful concepts in Excel, which allows users to automatically
• Properly calculate the investor’s internal rate of return update graphs, Lookup functions, and Pivot Tables
• Understand and incorporate appropriate operating and debt ratios • Use some of Excel’s more advanced Lookup functions, including
• Include debt ratios in which the covenant tightens each year the INDEX function, and learn helpful applications for their use
• Create “flags” to warn the user when a debt covenant has • Use advanced conditional formatting tools to enhance the
been tripped calibre of analytical output
TopiCS inCluDE: • Review Excel’s security features, including some lesser-known
• Recapitalizing a company’s balance sheet following an techniques to protect a spreadsheet
acquisition or financing • Use Excel’s Validation tool to restrict a cell’s contents
• Forecasting the capital structure so that the model can be TopiCS inCluDE:
REGISTRATION FEE used for credit purposes, as a Leveraged Buyout (LBO) model Data functions, static and dynamic naming, Lookup functions,
Member: $425 InStRuCtOR: REGISTRATION FEE conditional formatting, securing data
Non-Member: $575 The Marquee Group Member $350 InStRuCtOR:
Non-Member: $450 The Marquee Group
LOCAtIOn:
Toronto CFA Society, 130 Adelaide St. W., Meeting Room 902A LOCAtIOn:
Toronto CFA Society, 130 Adelaide St. W., Meeting Room 902A
11 ǀ BACK NEXT ǀ 12
oct 2011 nov 2011
CE 8:30AM
TO
5PM THUR
27 CE 8:30AM
TO
5PM TUES
01
Continuing OVERVIEW Continuing OVERVIEW
Education Course This course is focused on using valuation tools and concepts to Education Course International Financial Reporting Standards (IFRS) are being
value a company. A Discounted Cash Flow (DCF) analysis will be adopted in Canada. They are already adopted in 84 countries
DCF VALUATION discussed and incorporated into a financial model. It is geared IFRS: FOR where publicly listed companies must report with IFRS
ANALYSIS towards anyone who is involved in valuing companies or assets. ANALYSTS, standards. These reporting standards will require substantial
PORTFOLIO changes to a Canadian company’s financial statements. In
level: Advanced rECoMMEnDED prE-rEQuEST MANAGERS, Canada, as of January 2011, all publicly accountable enterprises
Building a Financial Model course AND FINANCIAL
STATEMENT will be required to report their financial results under IFRS
LEARnIng OutCOmES USERS instead of Canadian GAAP. The organizations most affected are
Participants will learn to recognize and avoid the most common public companies and crown corporations. In January 2009,
mistakes that people make when creating a DCF analysis. Level: Basic the SEC announced that IFRS may be the required reporting
standard in 2014, with dual reporting beginning in 2012. The
TopiCS inCluDE:
FASB has on its agenda to reduce the differences between U.S.
• Discuss various valuation methodologies and the
GAAP and IFRS.
appropriateness of using a discounted cash flow
methodology to value a business This course will be an introductory review of the significant IFRS
• Properly calculate a company’s levered or unlevered free accounting standards and statement presentation layouts from
cash flows the perspective of an analyst’s use of the statements. No prior
• Build a terminal year in the model to create a steady-state knowledge of IFRS is required.
perpetual cash flow
LEARnIng OutCOmES
• Calculate the tax impact of unlevering a company’s cash flows
By the end of the seminar, participants should be able to:
• Use two common styles to create a discounted cash flow
• Identify the differences between IFRS and Canadian or U.S.
(DCF) analysis
GAAP on financial statements
• Calculate a company’s cost of capital and choose an
• Analyze IFRS financial statements effectively
appropriate weighted average cost of capital (WACC) range
• Discount the cash flows in the forecast period and ensure TopiCS inCluDE:
that the cash flows are discounted to the correct period • Background and overview of IFRS
• Discuss various methodologies to value the terminal period • Financial statement presentation under IFRS
• Discuss common discounting errors and review the magnitude • Comparison of IFRS vs. Canadian GAAP
of discounting the cash flows to the wrong time period • New formats expected for:
• Use a number of powerful Excel tools to sensitize the outputs • Income Statement
• Incorporate appropriate credit ratios that impact a • Balance Sheet
company’s covenants • Statement of Changes in Shareholder Equity
• Create “flags” to warn the user when a covenant has been tripped • Statement of Cashflows
• Conditionally format output tables to highlight specific results • New statement reconciling income to cash flow
REGISTRATION FEE • New financial statement note disclosures
Member: $425 InStRuCtOR:
• Impact of the new changes on users of financial statements
Non-Member: $575 The Marquee Group
• Overview of some major accounting changes that will impact
LOCAtIOn: REGISTRATION FEE financial statement users
Toronto CFA Society, 130 Adelaide St. W., Meeting Room 902A Member: $425 InStRuCtOR:
Non-Member: $575 Karine Benzacar, Managing Director, Knowledge Plus Corp.
LOCAtIOn:
Toronto CFA Society, 130 Adelaide St. W., Meeting Room 902A
13 ǀ BACK NEXT ǀ 14
nov 2011 nov 2011
CE 1PM
TO
5PM THUR
03 CE 3PM
TO
5PM TUES
22
Continuing OVERVIEW Continuing OVERVIEW
Education Course This hands-on workshop gets participants to expand their Education Course The purpose of this workshop is to go beyond the basic concepts
working knowledge of interest rates derivatives through a of passive currency management and to look at some of the
APPLIED RATE series of real-life case studies. Participants build a swap-pricing FOREIGN more advanced aspects of managing global currency market risk.
DERIVATIVES model that is then used to price a series of swaps. EXCHANGE: In particular, this workshop will look at currency management
INTERMEDIATE in a post-financial crisis environment and the concept of
level: Advanced LEARnIng OutCOmES CONCEPTS “Conditional Currency Risk Management,” which incorporates
By the end of this workshop, participants will be able to:
currency correlations with underlying investment portfolio risk.
• Explain the relationships among spot rates, forward rates, level: intermediate
The post-financial crisis environment has seen currency returns
and discount factors, along with the pricing of swaps
trade with higher levels of correlation with the broader asset
• Use short-term interest rate futures (STIRs) to hedge interest
markets, which has a profound impact on passive currency
rate risk
hedge programs–in particular those benchmarked against the
• Identify appropriate interest rate derivatives strategies that
Canadian dollar. This workshop will look at the evolution of
meet the needs of specific customer requirements
currency returns through the pre- and post-Lehman era, and
TopiCS inCluDE: how managers may look to adjust their hedge policies to reduce
• Swap curves-discount factors and spot, zero, and forward their foreign currency exposures and maximize risk-adjusted
rates returns in these types of portfolios.
• Pricing swaps
LEARnIng OutCOmES/tOPICS:
• Market risk from swaps
By the end of this course, participants will be able to:
• STIR futures
• Introduce the concept of “currency beta” by looking at
• Using STIRs to hedge swap risk
currency returns relative to a portfolio of diversified equities
REGISTRATION FEE • Interest rate options
or bonds – should all currencies be hedged the same?
Member: $250 InStRuCtOR: • Examine currency correlations to broader asset markets pre
Non-Member: $350 Claude Choukrane, CFA, Senior Consultant, MDA Training and post Lehman and to address risks with not adjusting
currency policy in the midst changing trading environments
LOCAtIOn:
• Hedging considerations for portfolios with a “reserve
Toronto CFA Society, 130 Adelaide St. W., Meeting Room 902A
currency” benchmark relative to a “commodity currency”
benchmark
• Hedging considerations for Emerging Markets portfolios –
REGISTRATION FEE
NDFs vs Currency Forwards
Member: $35
Non-Member: $45 InStRuCtOR:
TBD
LOCAtIOn:
Toronto CFA Society, 130 Adelaide St. W., Meeting Room 902A
15 ǀ BACK NEXT ǀ 16
nov 2011 dec 2011
CE 8:30AM
TO
5PM THUR
24 CE 8:30AM
TO
5PM TUES
06
Continuing OVERVIEW Continuing OVERVIEW
Education Course This intensive one-day course focuses on the skills required Education Course This intensive one-day course focuses on the skills required to
to design and create a powerful model to analyze the impact build an interactive and clearly-designed financial model of a
MERGER of a merger or acquisition. Issues related to combining BUILDING A company that adheres to the highest industry standards.
MODELLING two companies will be reviewed and discussed. Various FINANCIAL
MODEL LEARnIng OutCOmES
intermediate and advanced Excel tools, along with helpful During this session, participants will learn to:
level: intermediate/ keyboard shortcuts, will also be covered throughout the day.
Advanced level: intermediate / • Design and layout a financial model clearly and logically
LEARnIng OutCOmES/tOPICS: Advanced • Develop useful inputs and assumptions schedules
During this session, participants will learn to: • Use switches to create effective scenarios and value drivers
• Discuss the rationale for merger models • Forecast and build up a company’s revenues and expenses
• Discuss the different approaches that companies use to • Design and incorporate a company’s income statement,
complete an acquisition, and the related tax implications balance sheet, and cash flow statement
• Review the various assumptions required to prepare a • Construct all necessary schedules, including:
merger model • Depreciation / CAPEX Schedule
• Understand accretion and dilution concepts • Working Capital Schedule
• Identify potential synergies and incorporate them into the model • Income Tax Schedule
• Use various forms of consideration in an acquisition • Debt and Interest Schedule
• Calculate the impact of mergers and acquisitions on a • Shareholders’ Equity Schedule
buyer’s financial statements • Use Lookup functions within the model to effectively extract
• Review the limitations of accretion/dilution calculations information
and incorporate post-transaction analyses to enhance the • Properly incorporate Senior Term Debt with an amortizing
model’s ability to serve as a decision-making tool repayment schedule
• Incorporate various other analyses to help asses the • Create a robust Bank Operating Line (Revolving Credit Facility)
attractiveness of a transaction (i.e. Analysis at Various Prices, • Design and incorporate a cash sweep for a company’s
Contribution Analysis, Breakeven Analysis) Revolver
• Calculate pro forma ownership positions based on various • Balance the company’s balance sheet
forms of consideration • Rid a model of undesirable error messages
• Review and incorporate various checks to make sure the TopiCS inCluDE:
model is working properly • Model design
• Incorporate powerful Excel tools to sensitize the outputs • Logic
• Create summary analysis to synthesize and display important • Construction
information
• Financial Concepts and Accounting Treatment
• Transform a single merger model into a powerful tool that REGISTRATION FEE
can quickly analyze the impact of a company making any one Member: $425 InStRuCtOR:
REGISTRATION FEE of a number of acquisitions Non-Member: $575 The Marquee Group
Member: $425 InStRuCtOR: LOCAtIOn:
Non-Member: $575 The Marquee Group Toronto CFA Society, 130 Adelaide Street W., Meeting Room 902A
LOCAtIOn:
Toronto CFA Society, 130 Adelaide Street W., Meeting Room 902A
17 ǀ BACK NEXT ǀ 18
instructor bios instructor bios
HOWARD J. ATKINSON, CIMA®, ICD.D, CFA ROB BORG-OLIVIER
President, Horizons Exchange Traded Funds Inc. Vice President, The Humphrey Group
Mr. Atkinson has spent the last 11 of his 24 years of investment management industry Rob is a seasoned communications professional who has worked extensively with executives
experience focused on exchange traded funds. He joined BetaPro Management Inc., an affiliate and senior managers in the capital markets industry. He is instrumental in developing and
of Horizons ETFs, as Executive Vice-President in October 2006 and has led the significant building relationships with The Humphrey Group’s clients. Rob’s client work includes group and
growth in assets from $100 million to approximately $3.0 billion as of April 30, 2011. Prior to private coaching, writing services, and creating customized communications programs.
joining BetaPro, Howard was responsible for the Exchange Traded Products business at Barclays
Founded in 1988 by Judith Humphrey, The Humphrey Group is Canada’s premier executive
Global Investors Canada Limited and has held positions with a national investment dealer and
communications firm. Its clients include many of Canada’s most esteemed corporations.
major mutual fund companies.
The Humphrey Group’s communications programs help its clients attain a strong leadership
Howard serves on the board of directors of both BetaPro Management Inc. and BetaShares presence in formal talks, presentations, meetings and Q&As.
Capital Ltd., an Australian firm providing exchange traded funds under the “BetaShares ETFs”
brand. BetaPro Management owns approximately 40% of BetaShares Capital Ltd. In addition, CLAUDE CHOUKRANE, CFA
Howard is a past president of Toronto CFA Society board of directors and is a member of the Senior Consultant, MDA Training North America
S&P/TSX Canada Index Advisory Panel. In 2009, he achieved the ICD.D designation from the
Claude has over 10 years of experience creating training initiatives for diverse groups within
Institute of Corporate Directors.
financial services organizations. Claude has led all stages of training program design and
Mr. Atkinson is the author of four books, including The New Investment Frontier III: A Guide development, from needs analysis to implementation. He has extensive classroom teaching
to Exchange Traded Funds for Canadians, (Insomniac Press, 2005) and Les Fonds Négociés experience, and in the classroom Claude continually seeks to build students’ skill sets and
en Bourse: Un outil de placement novateur pour l’investisseur avisé (Transcontinental, 2003). increase their capabilities.
Howard has been a contributing writer and frequent analyst referenced in many major
Claude’s work experience and training design and development experience includes:
Canadian newspapers, including The Globe & Mail, National Post, Toronto Star, Vancouver Sun,
and Ottawa Citizen. He is also a co-author of "Market Efficiency", a chapter in the CFA Institute • Conducting buy-side investment analysis and leading ongoing research on numerous
Investment Series book titled Investments: Principles of Portfolio and Equity Analysis (Wiley, hedge fund strategies
2011) that is currently used as Level 1 material within the Candidate Body of Knowledge. • Leading an educational institute housed within a regulator, where he designed, developed,
Howard is a regular guest on BNN and CP-24 and has appeared several times on CNBC Europe and delivered an array of financial services training courses
and Global TV. In February 2010, he was recognized by ACTIF, Quebec’s premier financial • Leading a training program at an insurer, designing, developing, and delivering training for
education co-operative, as the Top Educator for his efforts to foster financial literacy among underwriters of the risks borne by financial institutions
Canadians.
• Teaching a wide range of product courses and specialist programs for global financial
Mr. Atkinson is also the current chair of the Canadian ETF Association (CETFA), an independent institutions, investment banks, and asset managers
national association that represents and promotes the Canadian ETF industry. CETFA was
founded by three leading Canadian ETFs firms in May 2011 and is the first organization of its Claude’s facilitation skills always focus on achieving breakthrough results via a learning platform
kind in the world. that is practical and interactive. He is a graduate of Amherst College is a CFA charterholder, and
holds an MBA in finance from the NYU Stern School of Business full-time program
TIM BENSON, CFA
Principal, The Marquee Group KARINE BENzACAR, MBA
Managing Director, Knowledge Plus Corp.
Tim is a senior financial services professional with extensive experience in corporate finance,
investment banking, equity research and investor relations. Prior to joining The Marquee Knowledge Plus Corp. is an organization that specializes both in business training and in providing
Group in 2009, Tim was part of the management team at Retirement Residences REIT, a financial, accounting, and management information services. As a professional accountant,
TSX-listed real estate investment trust. Before that, he worked at UBS Securities as a sell-side certified both in Canada and in the U.S., Karine’s practice has involved both Canadian and U.S.
equity research analyst covering the Canadian oil and gas sector. Tim started his career in the organizations. Her clients include large companies, such as the Bank of Nova Scotia, Magna, and
investment banking department at BMO Capital Markets. IBM, start-up firms, and the public sector, such as the Government of Canada.
Karine obtained an MBA from McGill University in Montreal. In addition to her industry
experience, Karine has been teaching undergraduate and MBA courses at several leading
universities, which include University of Toronto, Concordia University, and Ryerson University.
She is a highly acclaimed industry expert, has presented at national industry conferences, and
has been facilitating Strategic Leadership seminars for the Society of Management Accountants
for the past 10 years. She also trains professionals throughout Canada and the U.S. for the
North American Risk Management Association.
19 ǀ BACK NEXT ǀ 20
instructor bios instructor bios
HOWARD JOHNSON, MBA, CFA MARK WHITE
Managing Director of Veracap Corporate Finance Limited and Campbell Assistant Superintendent, Regulation Sector
Valuation Partners Limited Office of the Superintendent of Financial Institutions (OSFI)
Howard has helped numerous business owners and executives in maximizing shareholder value Mark was appointed assistant superintendent, Regulation Sector, in July 2009. In this role,
through acquisitions, divestitures, private equity financing, and corporate growth strategies. In he is responsible for capital and accounting issues; actuarial policies and reviews; regulatory
addition, Howard has acted as an expert witness before the courts and serves on the board of approvals and compliance; guidelines, regulations and interpretations; and international
directors for public and private companies. assistance and liaison. Mark joined OSFI in April 2008 as senior director, capital, Accounting
and Research Division.
Howard holds a bachelor of commerce degree from Concordia University (Governor General’s
Award, 1988), a graduate diploma in public accountancy from McGill University (Kenneth Previously, he was at RBC Capital Markets for nearly seven years in several positions, including
F. Byrd Prize, 1989), and a Masters degree in business administration from McMaster managing director and global head of the Strategic Transactions Group. In that role, Mark led
University (D. M. Heddon Gold Medal, 1992). He is a Fellow of the Society of Management an international structured finance team.
Accountants of Canada and a member of the Canadian Institute of Chartered Accountants, the
Prior to RBC, he was a partner at Ernst & Young Management Consultants and Donahue Ernst
Canadian Institute of Chartered Business Valuators, the American Institute of Certified Public
& Young, Barristers & Solicitors. Mark is also a former senior vice-president and director of
Accountants, the American Society of Appraisers, and the Chartered Director designation.
a U.S. multi-national structured finance and leasing business in Canada and in Europe. In
Howard is also a CFA and a member of CFA Institute.
addition to practicing law, he gained experience in a regulatory environment with the Ontario
Howard is the author of The Acquisition Value Cycle™, editor of Corporate Finance for Energy Board and in accountancy.
Canadian Executives, author of Selling Your Private Company, co-author of The Valuation of
Mark is currently chair of the Basel Committee’s Risk Management and Modelling Group and a
Business Interests, co-editor of Canada Valuation Services and has written numerous articles
member of the Basel Committee on Banking Supervision.
on the subjects of business valuation and corporate finance. Howard is a frequent speaker at
conferences throughout North America on the subjects of business valuation, acquisitions,
JON zELMAN
and divestures.
Principal, The Marquee Group
BEN KATz Prior to joining The Marquee Group in 2009, Jon Zelman was an investment banking
Managing Director, Head of Debt Capital Markets FIG, Co-Head professional who advised clients on a wide range of transactions and opportunities, including
Financing Solutions Group, HSBC Securities (U.S.A.) Inc. mergers and acquisitions, debt and equity financings, restructurings, and liability management.
For over seven years, Jon was with Citi’s investment banking division in Toronto, where he held
Ben joined HSBC in 2010 after having worked in London from 1996 through 2010.
the position of director. Jon began his investment banking career with BMO Nesbitt Burns,
Previous to joining HSBC, Ben was head of Capital Advisory Group and co-head of DCM FIG at where he spent three years in the firm’s Montreal office.
Lehman Brothers. He is a qualified CPA and began his career in the tax department with Arthur
Andersen in 1987.
From 1992 to 1996, Ben was a member of the Merrill Lynch New Product Development Group
and was integral to the development of Trust Preferred Capital Securities. He has significant
experience structuring capital solutions, and in particular capital security solutions, to satisfy
regulatory and rating agency objectives and constraints.
IAN SCHNOOR, CFA
Principal and Founder, The Marquee Group
Ian started the business in 2002 to provide Excel-based financial modelling and valuation
training to professionals in the financial community. The Marquee Group has become
Canada’s leading provider of financial modelling training, offering programs at dozens of banks,
pension funds, corporations, and business schools. Over the years, Ian has taught thousands
of business professionals and university students in Canada, the United States, the United
Kingdom, Australia, and Mexico. Prior to establishing The Marquee Group, Ian spent a number
of years in the investment banking industry at Citigroup and BMO Capital Markets.
21 ǀ BACK NEXT ǀ 22
event policies
Registration Process & Policies for Events
• Advance registration and payment is required by the deadline indicated on the event
registration page
• A $10 fee will be charged for all registrations at the door in addition to the posted
registration fee
• Toronto CFA Society accepts only MasterCard, VISA, AMEX, and cheques
• Online registration and payment is available in the calendar section of our website. Please
note: Non-members registering online for the first time must provide full business and
contact information to eventregistration@torontocfa.ca in order to activate their online
user name and password. Upon completion of registration, confirmation will be sent via FALL
PROFESSIONAL
e-mail. Please ensure that all contact information is correct by updating it in the Account
Management section of this site
DEVELOPMENT
• Registration availability at the door is not guaranteed. To reserve a space, please register
in advance. For Media registration and additional information, contact eventregistration@
torontocfa.ca. Restrictions may apply
CATALOGUE
• Dress Code: Business casual is required-no jeans, runners, shorts, or logo golf shirts are allowed.
• By registering for and attending our events or courses, you acknowledge that any
photographs and/or recordings that may be taken are the property of Toronto CFA Society
and give your consent to their use in Toronto CFA Society’s online and print business
communications and marketing
• Event or course information is subject to change at any time.
• All registration fees are subject to 13% HST
Cancellations, Refunds & Substitutions for Events
Did you know that you can claim tuition fees on your income tax if you
• Advance cancellation notice is required for all events. Refunds are provided to individuals take courses with Toronto CFA Society?
who are registered for non-host events with (2) business days prior written notice of
cancellation. If another individual is being sent in the place of the registrant, advance
If your tuition fee for a given course is more than $100, you will be issued an
notice is preferred to facilitate registration at the event. Notice can be given by e-mail to
official income tax receipt mid-February of every year for all courses taken
dwong@torontocfa.ca or faxed to (416) 366-6716
during the preceding calendar year, known as a T2202A form.
Registration, Cancellations or Substitutions for Conferences & Courses
registration Fee includes: A copy of conference/course material will be provided. (Materials and administrative fees are not eligible for tax deduction.)
Cancellation policy: Toronto CFA Society reserves the right to cancel a conference/course that
does not meet the minimum enrollment. In the event a course is cancelled, all registrants will Some courses and conferences may also be eligible for IIROC credits.
be contacted and 100% of the tuition fee will be refunded.
Withdrawals/refunds: Advanced written cancellation notice is required. Requests may be For up to date event listings visit www.torontocfa.ca
e-mailed to dwong@torontocfa.ca or faxed to (416) 366-6716. The refunded amount will be
based on when notice is received.
• 10 business days prior to the conference/course-100% refund will be issued
• 5 business days prior to the conference/course-an administrative fee of $200 will be
incurred for cancellations or transfers
• No refunds or transfers will be allowed less than 5 business days prior to the conference/course
Disclaimer
Opinions expressed at Toronto CFA Society events by speakers/presenters do not necessarily
represent those of Toronto CFA Society and do not constitute a solicitation for the purchase or
sale of any financial instruments. Toronto CFA Society therefore disclaims any liability arising
from the use of information obtained through its events.
23 ǀ BACK NEXT
toronto Cfa society
130 Adelaide Street W, Suite 902
Toronto, ON M5H 3P5
T. 416.366.5755
F: 416.366.6716
www.torontocfa.ca
registration inquiries
eventregistration@torontocfa.ca
416.366.5755 option 2
Ethics | Knowledge | Professional Excellence
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
BACK