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   Certificate in Finance and Investment of the Faculty of
    Actuaries and Institute of Actuaries (UK)
   Chartered Financial Analyst (CFA) of the Chartered Financial
    Analyst Institute (USA)
   Certified International Investment Analyst (CIIA)
    Association of Certified International Investment Analysts
   The Association of Corporate Treasurers (UK)
   The Training Center for Actuaries and Financial Analysts

An analyst will write reports on the companies they are
  supposed to cover, trying to describe the businesses
  and their opinion of the company's investment
  potential, usually from a fundamental analysis
  standpoint. They also summarize that report with a
  rating, such as "buy", "sell", "market perform",
  "overweight", "hold", etc.
Financial analysts, also called securities analysts and
   investment analysts, work for banks, insurance companies,
   mutual and pension funds, securities firms, and other
   businesses, helping these companies or their clients make
   investment decisions. Financial analysts employed in
   Commercial lending perform "balance sheet analysis,"
   examining the audited financial statements and corollary data
   in order to assess lending risks. In a stock brokerage house or
   in an investment bank, they read company financial
   statements and analyze commodity prices, sales, costs,
   expenses, and tax rates in order to determine a company's
   value and project future earnings. In any of these various
   institutions, the analyst often meets with company officials to
   gain a better insight into a company's prospects and to
   determine the company's managerial effectiveness. Usually,
   financial analysts study an entire industry, assessing current
   trends in business practices, products, and industry
   competition. They must keep abreast of new regulations or
   policies that may affect the industry, as well as monitor the
   economy to determine its effect on earnings.
Financial analysts in investment banking departments of
   securities or banking firms often work in teams, analyzing the
   future prospects of companies that want to sell shares to the
   public for the first time. They also ensure that the forms and
   written materials necessary for compliance with Securities and
   Exchange Commission regulations are accurate and complete.
   They may make presentations to prospective investors about
   the merits of investing in the new company. Financial analysts
   also work in mergers and acquisitions departments, preparing
   analyses on the costs and benefits of a proposed merger or
   takeover. There are buy-side analysts and sell-side analysts.

Some financial analysts, called ratings analysts (who are often
  employees of ratings agencies), evaluate the ability of
  companies or governments that issue bonds to repay their
  debt. On the basis of their evaluation, a management team
  assigns a rating to a company's or government's bonds. Other
  financial analysts perform budget, cost, and credit analysis as
  part of their responsibilities.
                Financial analysis
Financial analysis refers to an assessment of the viability, stability
   and profitability of a business, sub-business or project.
It is performed by professionals who prepare reports using ratios that
    make use of information taken from financial statements and other
    reports. These reports are usually presented to top management as
    one of their basis in making business decisions. Based on these
    reports, management may:
   Continue or discontinue its main operation or part of its business;
   Make or purchase certain materials in the manufacture of its
   Acquire or rent/lease certain machineries and equipments in the
    production of its goods;
   Issue stocks or negotiate for a bank loan to increase its working
   other decisions that allow management to make an informed
    selection on various alternatives in the conduct of its business.

   Financial analysts often assess the firm's:

1. Profitability - its ability to earn income and sustain
   growth in both short-term and long-term. A company's
   degree of profitability is usually based on the income
   statement, which reports on the company's results of

2. Solvency - its ability to pay its obligation to debtors and
   other third parties in the long-term;
3. Liquidity - its ability to maintain positive cash flow,
   while satisfying immediate obligations;
  Both 2 and 3 are based on the company's balance sheet,
  which indicates the financial condition of a business as of
  a given point in time.

4. Stability - the firm's ability to remain in business in the
   long run, without having to sustain significant losses in
   the conduct of its business. Assessing a company's
   stability requires the use of both the income statement
   and the balance sheet, as well as other financial and
   non-financial indicators.

   It is often required for analysts to earn an MBA or a
    professional qualification such as Chartered Financial
    Analyst designation (CFA) in the United States of
    America, or Certified International Investment Analyst
    designation (CIIA) in Europe and Asia, to advance
    beyond a certain level within a firm. Alternatively,
    analysts may earn a Master of Science in Finance (MSF).
Faculty of Actuaries and Institute
           of Actuaries
            Introduction to the
             Education System
There are four stages:
 Core Technical stage
 Core Applications stage
 Specialist Technical stage
 Specialist Applications stage

             This is shown
       diagrammatically as:
         Core Technical Stage
In the Core Technical stage there are nine subjects:
 CT1        Financial Mathematics
 CT2        Finance and Financial Reporting
 CT3        Probability and Mathematical Statistics
 CT4        Models
 CT5        Contingencies
 CT6        Statistical Methods
 CT7        Economics
 CT8        Financial Economics
 CT9        Business Awareness Module
Each of CT1 - CT8 will be examined by one paper of three
  hours duration.

CT9 Business Awareness Module involves a 2-day
  residential course, with pre-course study and a post-
  course test, that has been designed to help people
  joining the Actuarial Profession understand:
   the business environment they will be working in,
    including the related challenges
   how to tackle business related problems
   their professional responsibilities
   the need to equip themselves for lifelong learning

The module consists of internet-based study, attendance at
  a two day course and internet-based assessment.
        Core Applications Stage
In the Core Applications stage we will be covering actuarial
The main Core Applications subject will be assessed by two
  papers each of three hours in length, one paper covering
  assets and one covering liabilities and asset-liability
  management. The two papers will be added together to
  give a single mark for:

   CA1        Core Applications Concepts
    CA11 one paper - assets
    CA12 one paper - liabilities and asset-liability
CA2 Modelling requires attendance at a two day course
  with a practical data handling assessment on the second
  day. The purpose of the first day is to ensure that all
  students understand the nature of the assessment and
  are familiar with the software provided and on the
  second day the assessment takes place.

The successful candidate will be able to demonstrate:

 Analysis and summary of data
 Development of a model with audit trail
 Ability to apply results
 Interpretation of results within a general business
 Communication of results to a technical audience
   CA3 Communications has two questions,
    each testing a different type of written
    communication. The paper is of three hours
          Specialist Technical stage
Students will in future be required to pass two subjects at
  the Specialist Technical stage. There are seven Specialist
  Technical subjects:
   ST0    Alternative Specialist Technical
   ST1    Health and Care Specialist Technical
   ST2    Life Insurance Specialist Technical
   ST3    General Insurance Specialist Technical
   ST4    Pensions and other Benefits Specialist Technical
   ST5   Finance and Investment Specialist Technical A
   ST6   Finance and Investment Specialist Technical B
Each of ST1 - ST6 will be tested by one examination paper
  of three hours in length.
      Specialist Applications stage
There are seven Specialist Applications subjects. Students
  required to pass one subject chosen from:

   SA0   Research Dissertation Specialist Applications
   SA1   Health and Care Specialist Applications
   SA2   Life Insurance Specialist Applications
   SA3   General Insurance Specialist Applications
   SA4   Pensions and other Benefits Specialist Applications
   SA5   Finance Specialist Applications
   SA6   Investment Specialist Applications

Each of SA1–SA6 are tested by an examination paper of
  three hours duration.
            UK Practice Modules
A UK Practice Module has to be taken by students working
  in the UK. This is tested by multiple choice examinations
  each of one and a half hours duration.

The first part is common to all practice areas and tests the
  generic principles of UK Financial Services.

The second part tests UK business practice, regulation,
  legislation and professional guidance notes in specific
1. Class of Associate

  Students who have completed all but the Specialist
  Technical and Specialist Applications subjects and who
  have completed the appropriate professionalism course
  and meet the work-based skills requirement, may apply
  to transfer to the class of Associate member.

  Students do not automatically transfer to Associate prior
  to taking the Specialist Technical and Specialist
  Applications subjects, but can apply to transfer to the
  class of Associate if they no longer wish to continue
  taking examinations.
2. Class of Fellow

  Students will be admitted to the Fellowship on having
  successfully completed or passed the Core Technical
  subjects, Core Applications subjects, two of the
  Specialist Technical subjects, one of the Specialist
  Applications subjects and having met the work-based
  skills requirement.
  An applicant for admission to the Institute Class of
  Fellow must have attained the age of 23 years.
3. Diploma in Actuarial Techniques

 The joint Diploma in Actuarial Techniques was
 introduced in April 1996. The Diploma in
 Actuarial Techniques will be sent directly to
 students completing all of the Core Technical
 stage subjects: CT1, CT2, CT3, CT4, CT5, CT6,
 CT7, CT8 and CT9.
4. Certificate in Finance and Investment

  The Certificate in Finance and Investment is a joint
  certificate and will be sent to all students of the Faculty
  and Institute of Actuaries who complete or are exempted
  from CT1, CT2, CT4, CT7, CT8, CT9 and CA1 .
Chartered Financial Analyst
      Institute (USA)
Chartered Financial Analyst (CFA) is a professional
  designation offered by the CFA Institute (formerly known
  as Association for Investment Management and
  Research (AIMR)) to financial analysts who complete a
  series of three examinations and work for at least four
  years in the investment decision making process. CFA
  charterholders are also obliged to adhere to a strict Code
  of Ethics and Standards (a commitment that, above all
  else, you put the interests of your clients first. )
  governing their professional conduct.

The CFA designation is a qualification for people engaged
  in the financial and investment sector.
From 1963 (when the CFA designation was first used) to
  2006, approximately 69,600 people from 126 different
  countries have been awarded the right to use the CFA
  designation. As of 2006, more than 116,000 more
  people are currently enrolled to take one of the

The CFA program began in the United States, but has
  become increasingly international with many people
  becoming charterholders across Europe, Asia and
  Australasia. By 2003 fewer than half the candidates in
  the CFA program were based in the US and Canada, with
  most of the other candidates based in Asia or Europe.
  India and China have shown some of the highest growth
  from 2005-2006 with increases of 25% and 53%
  respectively in the total number of charterholders.
The basic requirements for participation in the CFA
  program include holding or being in the final
  year of (a) four-year university degree (or
  international equivalent) or having four years of
  qualified, professional work experience in an
  investment decision-making process. The
  program focuses on portfolio management and
  financial analysis, and provides a generalist
  knowledge of other areas of finance.
             The CFA exam
Candidates generally take one exam per year over
  three years and are written at a postgraduate
  level for financial professionals. Exams are
  challenging, with only 39% passing the Level I
  exam in December 2006. The June 2006 Level I
  Exam resulted in a worldwide pass rate of 40%;
  Europe achieved the highest pass rate for that
  exam with 57%. The Level II and III passing
  rates for 2006 were 48% and 76% respectively.
   The Level I study program emphasizes tools and inputs
    and includes an introduction to asset valuation and
    portfolio management techniques.

   The Level II study program emphasizes asset valuation
    and includes applications of the tools and inputs
    (including economics, financial statement analysis, and
    quantitative methods) in asset valuation.

   The Level III study program emphasizes portfolio
    management and includes strategies for applying the
    tools, inputs, and asset valuation models in managing
    equity, fixed income, and derivative investments for
    individuals and institutions.
All three exams are administered on paper, on a single
   day; the Level I exam is administered twice a year
   (usually the first weekend of June and December). The
   Level II and III exams are administered once a year,
   usually the first weekend of June. Each exam consists of
   two three-hour sessions. Both Level I and Level II are
   entirely multiple choice, while Level III consists of a
   session of short-answer questions and a session that is
   multiple choice. On the multiple-choice sections, there is
   no penalty for wrong answers.
Candidates who have taken the exam receive a score
  report that is intended to be fairly unspecific: there is no
  overall score for the test, only a Pass/Fail result. For
  each category of questions, each test-taker is given a
  broad range within which his or her performance falls:
  below 50%, between 50% and 70%, and above 70%.
  There is no pre-set passing grade for the exams. The
  threshold for passing is 70% of the average of the top
  10% of all scores. The wide variation in pass rates from
  year to year may partially stem from this calculation.
            The CFA curriculum
The curriculum for the CFA program includes:

 Ethics and Professional Standards
 Quantitative Methods (such as the time value of money,
  and statistical inference)
 Economics
 Financial Statement Analysis
 Corporate Finance
 Analysis of Investments (stocks, bonds, derivatives,
  venture capital, real estate, etc.)
 Portfolio Management and Analysis (asset allocation,
  portfolio risk, performance measurement, etc.)
   Analysis of Equity Investments

    -   Organization and Functioning of Securities Markets
    -   Security-Market Indexes and Benchmarks
    -   Equity Risk Definition and Measurement
    -   Fundamental Analysis
    -   Special Applications of Fundamental Analysis
    -   Technical Analysis
   Financial Statement Analysis

    - Financial Reporting System
    - Principal Financial Statements
    - Earnings Quality and Nonrecurring Items
    - Analysis of Inventories
    - Analysis of Long-Lived Assets
    - Analysis of Income Taxes
    - Analysis of Financing Liabilities
    - Analysis of Leases
    - Analysis of Off-Balance-Sheet Activities
    - Analysis of Pensions, Stock Compensation, and Other
      Employee Benefits
    - Analysis of Inter-Corporate Investments
    - Analysis of Business Combinations Analysis of
      Multinational Operations
    - Ratio and Financial Analysis
   Corporate Finance

    -   Fundamental Issues
    -   Capital Investment Decisions
    -   Business and Financial Risk
    -   Long-Term Financial Policy
    -   Mergers and Acquisitions
    -   Valuation Implications of Corporate Finance
   Analysis of Fixed-Income Investments

    - Fixed-Income Securities
    - Risks Associated with Investing in Bonds
    - Global Bond Sectors and Instruments
    - Yield Spreads
    - Introduction to the Valuation of Fixed-Income
    - Yield Measures, Spot Rates, and Forward Rates
    - Measurement of Interest Rate Risk
    - The Term Structure and Volatility of Interest Rates
    - Valuing Bonds with Embedded Options
    - Mortgage-Backed Securities
    - Asset-Backed Securities
    - Valuing Mortgage-Backed and Asset-Backed Securities
    - Assessing Trading Strategies
    - Principles of Credit Analysis
   Economics

    - Market Forces of Supply and Demand
    - Elasticity
    - The Firm and Industry Organization
    - Supply and Demand for Productive Resources
    - Measuring National Income
    - Economic Fluctuations and Unemployment
    - The Monetary System
    - Inflation: Causes and Consequences
    - International Trade
    - International Finance
    - The Macroeconomics of an Open Economy
    - Aggregate Demand and Aggregate Supply
    - Sources of Economic Growth
    - Government Regulation
    - Natural Resource Markets
    - Relationship of Economic Activity to the Investment
   Derivatives

    -   Derivative Markets and Instruments
    -   Forward Markets and Instruments
    -   Futures Markets
    -   Options Markets
    -   Swaps Markets
   Portfolio Management

    -   Capital Market Theory
    -   Management of Individual Investor Portfolios
    -   Management of Institutional Investor Portfolios
    -   Pension Plan and Employee Benefit Funds
    -   Endowment Funds and Foundations
    -   Insurance Companies
    -   Other Corporate Investors
    -   Capital Market Expectations
    -   Asset Allocation
    -   Portfolio Construction and Revision
    -   Equity Portfolio Management Strategies
    -   Fixed-Income Portfolio Management Strategies
    -   Real Estate and Alternative Investments in
    -   Portfolio Management
    -   Risk Management
    -   Performance Measurement
    -   Presentation of Performance Results
   Analysis of Alternative Investments

    -   Real Estate
    -   Investment Companies
    -   Venture Capital
    -   Hedge Funds
    -   Closely-Held Companies
    -   Distressed Securities/Bankruptcies
    -   Commodity Markets and Commodity Derivatives
   Ethical and Professional Standards

    - Professional Standards of Practice
    - Topical Issues
                  Fee Schedule
    To enter the CFA Program, you must pay:

   An initial, one-time only registration fee
   An enrollment fee for your first exam (Level I)

Fees for New Candidates
   Payment deadlines:
   December 2007: 15 Mar 07     15 Aug 07   17 Sep 07
 Registration Fee
   (one-time)         US$390     US$390      US$465
Exam Fee: Level I
   (enrollment)        US$370     US$455      US$690
Total Cost to Enter
   the CFA Program: US$760       US$845     US$1155
Association of Certified International
        Investment Analysts

Certified International Investment Analyst (CIIA) is
  a designation offered by the Association of Certified
  International   Investment    Analysts   (ACIIA)   to
  professional financial analysts; candidates may be
  financial analysts, portfolio managers and / or
  investment advisors.

To be awarded the CIIA, candidates must pass two
  "Common      Knowledge"      Exams     and     a    third
  National/Regional Exam (examining knowledge of
  specific markets), and have 3 years relevant experience.
  The exams are taken twice per year and are written at a
  postgraduate level.
The exams are implemented by 27 national Associations of
  Financial Analysts, or Federations of Financial Analysts
  Associations. Federations of Analysts Associations that
  are members of ACIIA, are inter alia the Asia-pacific
  Securities Analysts Federation (ASAF) European
  Federation of Financial Analysts Societies (EFFAS) and
  Brazil / Latin America Associação Brasileira dos Analistas
  do Mercado de Capitais (ABAMEC).
   Equity valuation and analysis

    -   Equity Markets and Structures
    -   Understanding the Industry Life Cycle
    -   Analyzing the Industry Life Cycle
    -   Valuation Model of Common Stock
   Financial accounting and financial statement

    - Financial Reporting Environment
    - Framework for the Preparation and Presentation of
      Financial Statements
    - Statement of Cash Flows
    - Generally Accepted Accounting Principles: Income –
    - Generally Accepted Accounting Principles: Assets,
      Liabilities and Shareholders’ Equity
    - Business Combinations
    - Foreign Currency Transactions
    - Financial Reporting and Financial Statement Analysis
    - Analytical Tools for Gaining Financial Statements
    - Analytical Tools for Assessing Profitability and Risk
   Corporate finance

    -   Fundamentals of Corporate Finance
    -   Long-Term Finance Decision
    -   Short-Term Finance Decision
    -   Capital Structure and Dividend Policy
    -   Mergers and Acquisitions
    -   International Corporate Finance
   Fixed income valuation and analysis

    -   Fundamentals
    -   Time Value of Money
    -   Bonds with Warrants
    -   Convertible Bonds
    -   Callable Bonds
    -   Floating Rate Notes
    -   Mortgage-Backed Securities
    -   Fixed Income Portfolio Management Strategies
   Economics

    - Macroeconomics: the Basics
    - Macroeconomic Dynamics
    - Open-Economy Macroeconomics: the Balance of
      Payments and the Exchange - Rate
    - Monetary Policy
   Derivative valuation and analysis

    -   Financial Markets and Instruments
    -   Futures Valuation and Analysis
    -   Option Valuation and Analysis
    -   Asset-Based Securities
   Portfolio management

    -   Modern Portfolio Theory
    -   Investment Policy
    -   Asset Allocation
    -   Practical Portfolio Management
    -   Performance Measurement
    -   Management of Investment Institutions
   National Exam

    -   Regulation
    -   Ethics
    -   Financial statements analysis
    -   National Market structures and instruments
The Common Knowledge Exams are divided into two levels - the
  Foundation and Final Level. Examined are essential skills and knowledge
  required for professionals working in investment markets common in all

   Foundation Level
    Exam Format: multiple choice, calculation, discursive and short essay

    Exam 1   3.10hrs     Equity valuation and analysis
                           Financial accounting and statement analysis
                           Corporate Finance

    Exam 2   2.40hrs     Fixed income valuation and analysis

    Exam 3   3.10hrs      Derivative valuation and analysis
                            Portfolio management
Graduates who already have relevant qualifications may be exempt
   from the Foundation Level exams. Contact your local
   national/regional society for further details.

   Final Level

    Exam Format: full and mini-case study questions and in-depth
    Exam 1     3hrs   Corporate finance
                      Financial accounting and statement analysis
                      Equity valuation and analysis

    Exam 2     3hrs   Fixed income valuation and analysis
                      Derivative valuation and analysis
                      Portfolio management
National/Regional Exam
 Exam 1 3hrs Regulation
             Financial statements analysis
             Market structures and
   Multilingual Exams

    The Common Knowledge Exams can be conducted in
    Chinese, English, French, German, Italian, Japanese,
    Korean, Polish, Portuguese, Russian and Spanish.
American Academy of Financial
The AAFM was founded in 1996, via a merger between the
  American Academy of Financial Management & Analysts
  (AAFMA) and the Founders Advisory Committee of the
  Original Tax and Estate Planning Law Review. The AAFM
  is a professional association governed by a Board of
  Standards and a membership code of ethics and
  standards of practice. The AAFM operates in most
  countries as a ‘society’ or non-profit association, with the
  members of the local or regional chapter making up the
  ‘owners’ of the society. At all times the AAFM and its
  members are accountable to the community and to the
  board of standards.
The American Academy of Financial Management maintains
  more than 20 designations in the finance arena, with
  highly specialized role-based post-nominal awards.
  Members must either have come through one of the
  AAFM Accredited University Finance programs (such as
  Universities within AACSB - The Association to Advance
  Collegiate Schools of Business, ACBSP – The Association
  of Collegiate Business Schools and Programs, etc),
  through an Executive Training Program, or in some rare
  cases through grandfathering by way of board/peer
AAFM is best recognized for its designations being in
  alliance with the AACSB International Accreditation
  Agency, the ACBSP Accreditation Agency, and listed and
  disclosed with various authorities such as: Investor
  Education, Department of Labor, or National Association
  of Securities Dealers (NASD). AAFM Designations are
  available as executive certification courses for accredited
  degree holders in: North and South America as well as
  Asia, India, and the Middle East.
   Chartered Wealth Manager
    The CWM is only available for wealth managers with an
    accredited masters degree, law degree, CPA, PhD or
    specialized executive training.

   Chartered Asset Manager
    The CAM is only available for asset managers with an
    accredited masters degree, law degree, MBA, CPA, PhD
    or specialized executive training.

   Chartered Portfolio Manager
    The CPM is only available for portfolio managers with an
    accredited masters degree, MBA, law degree, CPA, PhD
    or specialized executive training.
   Master Financial Professional
    The MFP is only available for financial planning
    managers with an AACSB or ACBSP accredited degree,
    ABA (American Bar Association) law degree, MBA, CPA,
    PhD or specialized executive training.

    The AAFM has mutual legal recognition agreements with
    over 560 accredited and registered business schools to
    convey this credential to registered graduates of these
    top institutions.
   Certified Market Analyst
    The Certified Market Analyst or Chartered Market Analyst
    credential is only available for financial analysts and
    market analysts with an earned & accredited masters
    degree, law degree, MBA, CPA, PhD or specialized AAFM
    executive training. The CMA has a focus on technical and
    fundamental analysis. Requirements are very high which
    include: graduate education, ethics, continuing
    education, and vast experience with research,
    publications and investments.

   Chartered Trust and Estate Planner
    The CTEP is only available for estates and trust
    managers with an accredited degree, law degree, MBA,
    CPA, PhD or specialized executive training. Trust and
    estates experience and knowledge is required.
   Registered Financial Specialist
    The RFS is only available for financial planning managers
    with an accredited degree, MBA, law degree, CPA, PhD
    or specialized executive training. Criteria for this award
    includes ethics, continuing education, testing, education,
    and degree.
   The AAFM has always required a college degree
    to be a candidate for certification. AAFM
    members are mainly from AACSB or ACBSP
    government recognized business schools. Thus,
    a college graduate would have already
    successfully completed 30 or more college level
    courses and exams along with ethics and
    professionalism courses to earn a degree to then
    be eligible for professional certification.
 The Association of
Corporate Treasurers
The Association of Corporate Treasurers (ACT) is the
  international body for finance professionals working in
  treasury, risk and corporate finance. Through the ACT
  we come together as practitioners, technical experts and
  educators in a range of disciplines that underpin the
  financial security and prosperity of an organisation.

The ACT defines and promotes best practice in treasury
  and makes representations to government, regulators
  and standard setters.
Treasury is an integral element of the financial
  management of a business and as the environment in
  which companies operate evolves, the role of corporate
  treasury also changes.

The ACT is the only UK based professional body to offer
  specialist qualifications in treasury, risk and corporate
  finance. The membership qualifications, recognised as
  the global benchmark for treasury education, ensure that
  the ACT represents a highly qualified community of
           The ACT Qualifications
Professional membership of the ACT may be obtained at
  two levels:

   Associateship
   Membership

    The Associateship qualification is set at professional
    entry level and gives a thorough overview of the
    fundamentals of treasury management. These concepts
    are developed further in the Membership examinations.
The ACT Membership qualifications:

    AMCT – Diploma in Treasury, Risk and
    Corporate Finance

   MCT – Advanced Diploma in Treasury, Risk and
    Corporate Finance, and the Certificate
                AMCT Syllabus
There are two levels of papers in the AMCT syllabus –
  Foundation Papers, which are core to the understanding
  of treasury and accountancy principles; and Associate
  Papers, which provide the building blocks for the modern
  treasurer, examining and analysing the principles of
  corporate treasury.

An AMCT student’s study is made up of seven papers, four
  Foundation Papers and three chosen Associate Papers.
Foundation Papers:

   Financial & Management Accounting

   Economics & Statistical Analysis

   Corporate Taxation

   Business Law
Associate Papers

 Liquidity Management
 Risk Management
 Corporate Finance & Funding
 Corporate Finance & Funding FastTrack

 International Cash Management (Certificate)
 Financial Mathematics and Modelling
 Risk Management for Pensions (Certificate)

Certificate papers may be taken independently of the AMCT
  qualification and are recognised as qualifications in their
  own right. There are currently three Certificate papers:

   International Cash Management (CertICM)

   Financial Mathematics and Modelling (CertFMM)

   Risk Management for Pensions (CertRMP)
The Association of Corporate Treasurers' Certificate in
  Financial Mathematics and Modelling (CertFMM) is
  designed to cover three critical areas of financial risk
  mathematics: money market calculations, options and
  portfolio management.

International Cash Management explores the instruments,
   infrastructure and techniques of managing cash from the
   basics of payments and collections to foreign exchange
   swaps and outrights. It explains the links with working
   capital management together with the effects of legal,
   tax, technology and regulatory issues on cash
   management and banking relationships.
By completing this paper you will:

   Be able to demonstrate a detailed understanding of
    international cash management from both a corporate
    and banking perspective.
   Understand the wider context in which cash
    management fits within corporate treasury and
    international banking.
   Understand global money transmission techniques and
    the details of major clearing systems.
   Be able to add real value when organising and
    negotiating      international     cash management
   Be equipped with a practical toolkit for practical
    international cash management, including the use of
    instruments and strategies for optimising cash
    management efficiency.
The Association of Corporate Treasurers' Certificate in
  Financial Mathematics and Modelling (CertFMM) is
  designed to cover three critical areas of financial risk
  mathematics: money market calculations, options and
  portfolio management.

Financial Mathematics & Modelling provides the tools to
   calculate, understand and interpret interest rate and
   currency risk from a mathematical viewpoint and
   analyses how these can be applied to practical
   situations. Techniques such as duration, convexity and
   portfolio analysis, including the trade-off between risk
   and return are discussed. The course explores option
   theory and the powerful ideas behind option pricing. It
   provides an insight into Value at Risk measures and its
   potential value and limitations as a useful risk measure.
   This Certificate is highly practical and will be taught
   using Excel.
By completing this paper you will:

   Be able to calculate prices and yields for a variety of
    financial instruments.
   Be able to explain and analyse interest rate sensitivity.
   Be able to demonstrate how derivatives are used in
    financial risk management
   Be able to price interest rate and currency derivatives.
   Understand the concepts behind option pricing theory.
   Be able to explain how portfolios can be measured in
    terms of risk and the limitations of those measures.
   Be able to describe Value at Risk and how it is used.
The Association of Corporate Treasurers' Certificate Paper
  in Risk Management for Pensions (CertRMP) is designed
  to enable you to understand, analyse and manage the
  risks associated with company pension funds.

CertRMP equips finance professionals with a fundamental
  understanding of the legislative and regulatory
  framework surrounding pensions, including the role of
  trustees, risk management implications and associated
  governance issues. By illustrating how analysts and
  shareholders view the risk profile of a company on the
  basis of the existence of a pension fund, it provides the
  skills to manage and understand this risk. The Certificate
  explores the impact of the pension fund on the cost of
  capital, enabling the finance professional to manage the
  financial assets of the business and address funding
On completion of this paper you will be able to:

 Understand key aspects of the pensions framework and
  provision in the UK and compare these with other key
 Compare and contrast the management of various types
  of company pension
 Explain the roles and responsibilities of key persons
  associated with the management of a pension scheme
 Understand and describe the financial risks associated
  with pension funds for both Fund and Company
 Identify and assess your company’s key pension risk
  exposures and strategies to manage them
 Discuss the constraints/inhibitors to actions or decisions
  sought for the purposes of risk management
   Recommended study time – 100-120 hours

   Examination time – 3 hours

   The pass mark for each paper is normally 50%
The Training Center for Actuaries and
    Financial Analysts (Ukraine)
The Training Center for Actuaries and Financial Analysts
  started its activity on the base of Kyiv National Taras
  Shevchenko University in 2006.

The Training Center was organized within the framework of
  EU Tempus Project IB-JEP-25054 under auspices of
  consortium of EU Universities, State Commission for
  Regulation of the Financial Services Markets of Ukraine
  and Society of Actuaries of Ukraine. The strategic goal of
  Training Center is assistance in development of actuarial
  profession in Ukraine through implementation the
  system of actuarial training on the base of advanced
  teaching methods. The employees of insurance
  companies, pension funds, banks, and governmental
  agencies as well as postgraduate and graduate students
  can attend these courses and at this center and prepare
  themselves for qualifying exams for Ukrainian actuaries
Educational programs of Training Center are adapted to the
  BritishActuarial examination system and correspond to
  EU standards of actuarial training. Very fruitful contacts
  are established with Institute of Actuaries and Faculty of
  Actuaries in United Kingdom. An Examination Center for
  British actuarial exams was created on the base of the
  Training Center at Kyiv National Taras Shevchenko
  University. The first group of Ukrainian trainees passed
  exams in September 2006.
Highly qualified staff of professors and lecturers from the Department
   of Probability Theory and Mathematical Statistics of Kyiv University
   delivers the courses in the Core Technical (CT) subjects according
   British actuarial training system:

   CT1   Financial Mathematics;
   CT2   Finance and Financial Reporting;
   CT3   Probability and Mathematical Statistics;
   CT4   Models;
   CT5   Contingencies;
   CT6   Statistical Methods;
   СT7   Economics;
   CT8   Financial Economics.
Training Center has a good library of actuarial literature,
  lecture halls and computer equipment. All trainees are
  provided by necessary teaching materials and have
  possibility to use library of actuarial literature, which has
  newest books on actuarial, financial mathematics,
  stochastic and statistics. The organization of training
  process is flexible. Lecture and practical studies are
  delivered in specially equipped computer classes at Kyiv
  University. These studies are combined with elements of
  distance education. The realistic timetable for the
  delivery of courses, which is appropriate for the needs of
  trainees from Kyiv and regional-based insurance
  companies are created.

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