Financial Analyst) Fall 2008
1177 Avenue of the Americas, 2nd floor
New York, NY 10036-2714
A leading forum for the
212.541.4530 investment community
Programs at a Glance: About NYSSA
NYSSA has been a leading forum for
3 Getting Ready the investment community since 1937.
A not-for-profit educational organi-
3 Equity Analysis zation with over 10,000 members,
NYSSA is committed to the promo-
3 Financial Accounting tion of best practices and the highest
professional and ethical standards in
4 The CFA® Program the investment industry. NYSSA is the
largest of the more than 135 societies
4 CFA® Level I Orientation 2009 worldwide that make up CFA Institute,
which has more than 95,000 members.
4 CFA® Level I NYSSA Weekly Review
5 CFA® Level I NYSSA 5-Week Saturday The mission of the New York Society
Condensed Review of Security Analysts is to serve the
needs of all professionals involved
5 CFA® Level I Schweser Intensive Review in the investment decision-making
(3 days) process and to assist and educate the
5 Financial Statement Analysis
The fundamental objectives of
5 Problem Solving NYSSA are:
• To provide the premier forum for
7 About the Instructors the exchange of information among
investment professionals, corporate
6 CFA Study Groups management, and other interested
members of the public.
6 On-Site Classes • To maintain an active program of
6 CFA Scholarships • To encourage the pursuit of high
standards of ethics and professional
7 Policies & Procedures conduct, and to promote integrity
Benefits of Membership
As NYSSA members, investment pro-
“Your class gave me the confidence and fessionals have unparalleled access to
knowledge to walk out of the exam center the broad network of associates, senior
proud of what I had accomplished. Every investment professionals, and corpo-
time I walked out of class knowing I was get- rate executives who are affiliated with
ting the tools to beat this exam. I can not say NYSSA. Members gain opportunities
it enough, THANK YOU.” for education and career develop-
—Andrew Hackel ment through NYSSA’s seminars,
presentations, continuing education
programs, CFA® (Chartered Financial
Analyst) review courses, publications,
career services, job listings, and other
forums—all at special member rates.
The NYSSA Website
For more information about NYSSA
and the latest information on our
courses, visit: www.nyssa.org
2 NYSSA | fall 2008 | www.nyssa.org
Why Choose NYSSA’s Program Programs to Help You Prepare
Unlike other providers, NYSSA is not only Equity Analysis
interested in you while you are a CFA can-
didate. NYSSA looks forward to welcoming Mondays, October 20–November 10, 2008 (4 weeks)
you as a member and being a resource to 6:00 p.m.–8:30 p.m.
you throughout your career. Instructor: Vincent C. Catalano
When selecting your CFA preparatory Member $650 | Nonmember $750
review provider, ask what unique benefits
each provides. This course looks into, through, and behind
the financial results of selected high-growth
NYSSA’s Weekly and Condensed and value-oriented companies to help you
Reviews offer: develop an understanding of the prin-
• Expert instruction by experienced ciples of equity analysis. You will study the
CFA® instructors—all CFA Charter- decision-making process that companies
holders. must face and the competitive atmosphere
• Instructor advisement outside of the in which companies operate. Through de-
classroom via email and in-office tailed examination of the financials behind
hours for the duration of the program. key company decisions, you will learn what
• Electronic access to NYSSA’s industry determines the buy, sell, or hold conclu-
job listings during the length of the sions of investment decision-makers.
course (Weekly Review only).
• State-of-the-art facilities designed for Note: This course requires the purchase of
classroom instruction. a textbook. Textbook information will be
• NYSSA sponsored study groups orga- sent to you upon registration.
nized in your geographic area.
• Connection to the CFA community Financial Accounting
through NYSSA, a member society of
CFA Institute. Mondays, October 20–November 10, 2008 (4 weeks)
• Waived application fee for NYSSA 6:00 p.m.–8:30 p.m.
membership. Instructor: Rudy Jacob, PhD
“I passed. Thank you for the help I can defi- Member $675 | Nonmember $775
nitely say that the classes helped me struc-
ture my preparation and also understand a Accounting is a basic foundation for the
lot of the material.” CFA exam. If you have not taken a col-
—Vinit Srivastava lege accounting course, or if you took a
course some time ago, you should review
“I just wanted to thank you and let you accounting fundamentals. You will be
know that we were very impressed with your introduced to the basic concepts of ac-
knowledge, enthusiasm, discipline, motiva- counting and financial statements by way
tion, and preparation that you showed in of a “bottom-up”, understanding of the
classes and in your emails. I have recom- individual components of the income state-
mended your classes to several people.” ment and balance sheet. Key accounting
—Paulina Yazigi principles, cash flow statement analysis,
and basic ratio analysis will be covered.
Note: Materials for this course
will be distributed on the first
evening of the program.
Also recommended: Financial Statement
Analysis—a one-day workshop emphasiz-
ing a more macro use of accounting data.
NYSSA | fall 2008 3
CFA® Preparation Curriculum
The CFA® Program CFA® Level I NYSSA Weekly
The CFA charter is known as the designa-
tion of professional excellence within the Session I: Wednesdays
global investment community. Around the August 20–November 12, 2008
world, employers and investors recognize 5:45 p.m.–8:45 p.m.
the CFA designation as the definitive stan- Instructor: O. Nathan Ronen, CFA
dard for measuring competence and integ- Location: NYSSA
rity in the fields of portfolio management
and investment analysis. The CFA Pro- Member $1,250 | Nonmember $1,400
gram curriculum develops and reinforces (through August 1, 2008)
a fundamental knowledge of investment
principles and investment decision-making Member $1,350 | Nonmember $1,500
ability. The professional conduct require- (after August 1, 2008)
ments demand that both CFA candidates
and charterholders adhere to the high- Session II: Tuesdays
est standards of ethical responsibility. September 16–December 2, 2008
5:45 p.m.–8:45 p.m.
CFA® Preparation Curriculum Instructor: O. Nathan Ronen, CFA
NYSSA and the Schweser Study Program
run live CFA weekly reviews in New York Member $1,250 | Nonmember $1,400
City that provide local CFA candidates (through August 23, 2008)
with traditional classroom-based learn-
ing. Topics covered are those included Member $1,350 | Nonmember $1,500
in the CFA Program curriculum. (after August 23, 2008)
CFA Level I Orientation 2009 Note: The 2008 Schweser Seminar Work-
book is included in the tuition for CFA
Thursday, October 16, 2008 Weekly Review classes, and will be shipped
6:00 p.m.–8:00 p.m. directly to you within 5 to 7 business days
Location: NYSSA via UPS. Book shipments to locations out-
Free to members and nonmembers side of the continental U.S. require an ad-
ditional shipping fee, which will be charged
This free orientation helps you ease into to your credit card.
the demanding CFA testing process and
outlines what you can expect from the We recommend candidates purchase the
June 2009 exam. It describes the CFA Schweser Essential Solution package which
Program curriculum, study groups, and includes the following Schweser learn-
the review courses offered by NYSSA. ing materials that are not included in the
Experts will be on hand to answer your tuition for review classes:
questions about the CFA Program.
• Schweser Study Notes Books 1-5
Although this program is free, you • Practice Exams, Volumes I & II
must register in advance to attend. • SchweserPro Question Bank
Please see NYSSA’s website at • Faculty-Led Blog with lessons, tips and
www.nyssa.org for further details. strategies
• Kick-Off Seminar
The Essential Solution package is offered
exclusively to NYSSA Weekly Review or
Condensed Review registrants at an ad-
ditional $325—a savings of $254 over the
retail value of $579! (We’re sorry but this
offer is not available for registrants of the
Schweser 3-Day Intensive Review.)
4 NYSSA | fall 2008 | www.nyssa.org
CFA® Preparation Curriculum
CFA® Level I NYSSA 5-Week CFA® Level I Problem Solving
Saturday Condensed Review
Saturday, November 8, 2008
Saturdays, September 20–October 18, 2008 9:00 a.m.–5:00 p.m.
10:00 a.m.–5:00 p.m. Instructor: O. Nathan Ronen, CFA
Instructor: O. Nathan Ronen, CFA Member $450 | Nonmember $550
Review theoretical concepts and develop
Member $900 | Nonmember $1,050 your problem solving skills by working
(through August 20, 2008) through a series of mock questions and
answers. Understand the theory behind
Member $1,000 | Nonmember $1,150 the calculations as well as their mathemat-
(after August 20, 2008) ics. Topics range across the CFA Program
curriculum, including the core areas of
Minimize the time spent away from home economics, quantitative methods, and
and the office when you sign up for the financial statement analysis.
CFA® Level I 5-Week Condensed Saturday
Review, scheduled especially for the busy Note: Bring a financial calculator
professional. (approved by CFA Institute®) that you
plan to use for the CFA exam.
Financial Statement Analysis
Saturday, November 1, 2008 Special Offer
9:00 a.m.–5:00 p.m. Apply for NYSSA membership while
Instructor: O. Nathan Ronen, CFA attending a NYSSA CFA weekly
Location: NYSSA review course or CFA 5-week con-
Member $450 | Nonmember $550 densed course and NYSSA will waive
the $100 membership application
Financial statement analysis represents fee. See Policies and Procedures
a significant portion of the CFA® Level I section for more information.
exam. You need to know what financial
reports contain as well as how accountants
use certain assumptions and concepts to CFA® Level I Schweser Intensive
prepare them. This course will show you Review (3 days)
how accounting theory, standards, and
principles are applied. Topics include con- Friday, November 14, 2008
struction of cash flow statements, capital Saturday, November 15, 2008
and operating leases, deferred income tax 8:30 a.m.–5:00 p.m.
assets and liabilities, accounting for long- Sunday, November 16, 2008
term projects, book value and earnings 8:30 a.m.–4:45 p.m.
per share, inventory valuation methods, Instructor: H. Kent Baker, PhD, CFA
revenue recognition, depreciation and Member $675 | Nonmember $775
depletion charges, and calculation and use
of financial ratios. Designed to fit the needs of the work-
ing professional, this seminar will help
you bring your study efforts into focus.
Special offer! Schweser’s enhanced technical presentation
Register for both the CFA Weekly will hold your attention and improve your
Review and the Financial Statement retention. An experienced instructor will
Analysis or Problem Solving course at guide you through the challenging CFA
the same time and save $50! You must program curriculum, provide important
fax in your registration to (212) 541-4677 insights, and impart valuable exam tips and
to receive the discount. strategies.
The 2008 Schweser Seminar Workbook is
included in your tuition and will be given
out the first day of class.
NYSSA | fall 2008 5
About the Instructors
H. Kent Baker, PhD, CFA, serves as uni- Salomon Brothers. He has taught courses
versity professor of finance at the Kogod in finance and other investment-related
School of Business at American University, subjects at both Johns Hopkins University
and has consulting and training experience and Strayer College. He has also been an
with more than 95 organizations. His work instructor for preparatory courses for the
has been featured in over 150 academic and CFA exam conducted by NYSSA, the Study
professional journals, including The Journal Seminar for Financial Analysts (SSFA), and
of Finance, Financial Management, Jour- the Washington Society of Security Ana-
nal of Portfolio Management, and Harvard lysts. Ronen holds a BS in management sci-
Business Review. Baker has also written and ence from the State University of New York
edited several books and monographs. He at Binghamton and an MBA in finance and
received his PhD from American University. accounting from the University of Chicago.
Vincent C. Catalano, is president and chief
investment strategist with Blue Marble CFA® Study Groups
Research (formerly iViewResearch), which NYSSA organizes study groups as a ser-
publishes The Sectors and Styles Strat- vice to New York City–area CFA candi-
egy Report. Previously, he was a financial dates. Each study group consists of 5 to 15
consultant with Merrill Lynch for 25 years. people and a group leader. Study groups
Catalano has taught a number of courses meet once a week from early August until
at NYSSA, and has organized conferences the end of November. Material will be
and events for the Society including the assigned each week to keep candidates
popular Market Forecast luncheons. He has on schedule, and fellow group members
appeared on CNBC, has been quoted in The will help explain difficult problems and
Wall Street Journal, and is a past president of concepts. Being part of a group establishes
NYSSA. a sense of camaraderie through what can
otherwise be a difficult, stressful experi-
Rudy Jacob, PhD, is professor and chairman ence.
of the Department of Accounting at Pace
University, where he won the “Outstand- To register for a study group, please visit
ing Teacher of the Year Award.” He has also the CFA section of www.nyssa.org and
taught in the Executive Education Program click on Study Groups.
at Dartmouth’s Tuck School of Business, and
has lectured at New York University and CFA® Scholarships
Shanghai University of Finance and Eco- In conjunction with CFA Institute,
nomics. His students have included execu- NYSSA may award up to five scholarships
tives from France, Italy, China, Korea, and for the Fall 2008 semester. Scholarship
the former Soviet Union. Jacob has served recipients receive enrollment in NYSSA’s
as a consultant to the U.S. Small Business CFA Weekly Review Course, Schweser
Administration and over two hundred busi- Study Program Learning Materials, and
nesses in the areas of finance and account- registration and enrollment fees for the
ing. A former faculty fellow at Coopers & CFA Examination. (A $220 registration
Lybrand, he has published numerous papers fee for the examination must be paid to
in academic and professional journals and CFA Institute by each scholarship recipi-
also serves as an ad hoc reviewer for several ent.) To be considered for a scholarship
journals. He received his PhD from New award, you must submit a scholarship ap-
York University’s Leonard N. Stern Graduate plication and demonstrate financial need.
School of Business Administration. Further details can be found on NYSSA’s
website under the CFA section.
O. Nathan Ronen, CFA, has occupied
positions as a supervisory analyst training
government regulators, accounting analysts, On-Site Classes
and corporate finance analysts at a Japanese NYSSA can bring programs to your work
brokerage firm. His professional experience site. Call the Education Department at (646)
encompasses well-known organizations 871-3424 or email email@example.com for
such as New York Life, NASD, and more information.
6 NYSSA | fall 2008 | www.nyssa.org
Policies & Procedures
Registration Process. New Member Application Fee Waiver.
To enroll in a course, you can register Apply for NYSSA membership while at-
directly online at www.nyssa.org. You can tending a NYSSA CFA® Weekly Review or
also download a registration form from 5-Saturday Condensed Review and NYSSA
www.nyssa.org and fax it in along with will waive the $100 membership applica-
your credit card number to (212) 541-4677. tion fee. (This offer is not available for the
If you are paying by check, please mail Schweser Intensive or any other education
the registration form along with your courses.) You must be a current student in
check to NYSSA Education, 1177 Avenue a course to qualify, and the offer expires
of the Americas, 2nd floor, New York, NY on the last day of the course. Attach a copy
10036-2714. of the course confirmation letter to your
application form in order to qualify for the
We are sorry that NYSSA cannot invoice membership fee waiver. Email education@
your company or hold space for you if your nyssa.org for details.
registration form is received without pay-
ment. Group Discounts.
Special rates are available for five or more
Class Locations. people from one company who attend the
All courses will be held at NYSSA, 1177 same course. Please contact the Education
Avenue of the Americas (between 45th and Department for details by phone at (646)
46th Streets), 2nd floor, unless otherwise 871-3428 or (646) 871-3429, or via email at
Passes. Discount Coupons.
On the first evening of class you will be Discount coupons are not valid towards the
issued a building pass. This pass must be registration cost of CFA review or intensive
presented each time you attend class or you courses. Special offers or rebates cannot be
will not be admitted into the training facil- combined with any other offer or coupon.
ity. There is a $25.00 fee for lost/replace-
ment passes. Passes issued to candidates Cancellations.
must be returned to NYSSA on the last day NYSSA reserves the right to cancel a course
of class. Additional information on pass that does not meet the minimum enroll-
issuance will be sent to you with your reg- ment. In the event a course is cancelled,
istration confirmation. Please bring a photo 100% of your tuition will be refunded
ID with you on the first day of class. (less any cost of materials you may have
already received). Please allow 30 days for
your credit card refund to appear on your
All requests for refunds and course transfers must be issued in writing and dated.
Withdrawals from classes are subject to the following administrative/bank fees:
Withdrawal Weekly Condensed Intensive Full Day 2-4
Refund policy Review Review Review Class Evening
7 or more days $25.00 $25.00 $25.00 $25.00 $25.00
prior to class
Less than 7 days $50.00 $50.00 *$50.00 * $50.00 * $50.00
prior to class
After 1st Class, $150.00 No Refund No Refund No Refund No Refund
before 2nd Class
After 2nd Class No Refund
* No refund or credit if withdrawal is received less than 24 hours prior to the course.
NYSSA | fall 2008 7
Policies & Procedures
CFA Course Material. Continuing Education Credits.
The 2008 Schweser Seminar Workbook is Some events/activities may qualify for
included in the tuition for the CFA Weekly continuing education credit depending
Review and the Saturday Condensed upon the circumstances surrounding the
Review and will be shipped directly to you event/activity and one’s unique professional
from Schweser within 5-7 business days responsibilities. If a program does not have
via UPS. Express shipments or shipments credits assigned to it, you may still submit
to locations outside the continental US re- your participation in it to the recognizing
quire an additional shipping fee, which will organization, which has the final authority
be charged to your credit card. The 2008 on acceptance for credit.
Schweser Seminar Workbook is included in
the tuition for the Schweser 3-day Intensive Certificates of attendance are available for
and will be given out on the first day of those members who need documentation
class. of continuing education credits for their
employer or another member organization.
Material Return Policy. Email requests to firstname.lastname@example.org.
If you cancel out of a course, you must
return the Schweser Seminar Workbook For more information regarding admin-
and your personal identification badge to istrative policies, complaints, or refunds,
NYSSA to receive a refund. contact NYSSA at (646) 871-3428 or (646)
If you upgraded to the Essential Solution
package, you must return it along with CFA Institute does not endorse, promote,
your original invoice directly to Schweser. review, or warrant the accuracy or quality of
The materials must be returned in original the products or services offered by NYSSA.
packaging, in like-new condition in order CFA Institute®, CFA®, and Chartered Finan-
to be considered for a refund. Returns of cial Analyst® are trademarks owned by CFA
paper based materials to Schweser must Institute.
be completed within 14 days after receipt
of your order. Schweser will not accept “Your class was excellent. There is no way
returns after the 14 day period. Returns are that I would have passed without your help.”
subject to a $33.00 restocking fee. Program —Rob Clark
withdrawal refunds will be processed when
the withdrawal request and return of ap-
propriate learning materials are received.
Book Return Policy
Book Return Return Keep Return Keep Essential
Policy Seminar Seminar Essential Solution
Workbooks Workbooks Solution Package
1-14 Days No Charge $249.00 $33.00 $579.00
After 14 Days No Refunds
8 NYSSA | fall 2008 | www.nyssa.org
Register online. Visit www.nyssa.org for details.
Mail to: NYSSA | 1177 6th Avenue, 2nd fl. | New York, NY 10036-2714
Fax (credit card orders only): (212) 541-4677
Please type or print clearly.
city state zip
daytime phone # fax # email
card # exp. date signature
r NYSSA Member # r Nonmember r Check (to NYSSA)
Members of other CFA Institute Societies may register at the member rate.
Society Name & member ID #
If billing address on credit card is different from above address, please provide the credit
card billing address:
10/20–11/10 Equity Analysis $650 $750
10/20–11/10 Financial Accounting $675 $775
10/16 CFA® Level I Orientation 2009 free free
CFA Level I NYSSA Weekly Review
08/20–11/12 Session I: Wednesdays
through August 1 $1,250 $1,400
after August 1 $1,350 $1,500
09/16–12/02 Session II: Tuesdays
through August 23 $1,250 $1,400
after August 23 $1,350 $1,500
09/20-10/18 CFA Level I NYSSA 5-Week Saturday Condensed Review
through August 20 $900 $1,050
after August 20 $1,000 $1,150
Add $325 to upgrade to
Schweser Essential Solution.
11/01 Financial Statement Analysis $450 $550
11/08 Problem Solving $450 $550
11/14–11/16 CFA Level I Schweser 3-Day Intensive Review $675 $775
Total Payment $ $
NYSSA | fall 2008 9
1177 Avenue of the Americas
New York, NY 10036-2714
and save $100.
NYSSA CFA® Exam Preparation Courses