pristine equity-participant-cfa-l2-v8

© Neev Knowledge Management – Pristine

www.edupristine.com

CFA Level IIEquity Investments

June 2011


Agenda

• Introduction and context• Understanding the CFA Examination Structure• Introduction to Equity Investments

– Valuation Concepts – FCFF and WACC Calculations

• Complete Offering & Registration• Contact Information

2 www.edupristine.com

Seminar MaterialNot for Sale

Understanding the CFA Examination Structure

2

Pristine has been started by professionals with diverse experience in financial services, IT and Auto who are alumnus of IITs & IIMs

Pristine

Founded with an aim of creating world class professionals in the area of finance particularly risk management and investment banking

Topic Expert Model (TEM ) – Industry professionals bring invaluable industry perspective for students. Pool of 300+ working professionals as active faculty members with the likes of CFA regional directors, Presidents of various banks

Testimonial - 53% of the students join us on the basis of referral is a testimonial of the effective training methodologies

Effective training methodologies to improve the performance of the students and enhance the employability

© Neev Knowledge Management – Pristine 3 www.edupristine.com


Pristine has been started by professionals with diverse experience in financial services, IT and Auto who are alumnus of IITs & IIMs

PristineClassroom/ Online delivery (synchronous and asynchronous) – To increase reach and improve efficiency of learning. Conducted 15+ batches with over 300 hours of recorded content

Innovative content – To improve understanding & learning capability of students. VisualizeFRM, VisualizeCFA as one of the best selling products

Founded with an aim of creating world class professionals in the area of finance –particularly risk management and investment banking

Effective training methodologies to improve the performance of the students and enhance the employability

3

Key Authorization

CFA Institute (2010-11)Authorized Training provider – CFA

Pristine is now the authorized training provider for CFA Exam trainings . Pristine is largest training provider for CFA in India with presence across seven major cities.

FPSB India (2010-11)Authorized Training provider -CFP

An authorized Education Provider for Chartered Financial Planner Charter.

© Neev Knowledge Management – Pristine www.edupristine.com


GARP (2007-10)Authorized Training provider -FRM

Largest player in India in the area of risk management training. Trained 1000+ students in risk management

PRMIA (2009-10)Authorized Training provider – PRM/ APRMSole authorized training for PRM Training in India. Largest player in India in the area of risk management training. Trained 1000+ students in risk management

Key Associations*

Bank Of America Continuum Solutions (2010)Financial Modeling in Excel

Associates were trained on valuation and mergers and acquisitions

J. P. Morgan (2010)Financial Modeling in Excel

The Real Assets Group were trained in Excel for infrastructure and real

modeling

Franklin TempletonCFA (2010)

Students were facing a gap in the overall understanding of finance topics like corporate finance, FSA and valuation. Provided training for over 100 hours to bridge the gap

Credit-Suisse India (2009)Risk Management and Quant. AnalysisIT Professionals of Creditwere trained on risk management.



HSBC (2008)Risk Management and Quant. AnalysisNew joinees in HSBC had a gap in knowledge of Risk Management and quantitative skills. Conducted trainings (On campus) to bridge the gap

*Indicative List

Mizuho (2010)Financial Modeling in Excel

Bankers were using excel models that they could not understand. Conducted financial modeling in Excel trainings to

bridge the gap

J. P. Morgan (2010)Financial Modeling in Excel

The Real Assets Group were trained in Excel for infrastructure and real-estate

modeling

Suisse India (2009)Risk Management and Quant. AnalysisIT Professionals of Credit-Suisse India were trained on risk management.

…Key Associations

IIM Calcutta (2010) Financial Modeling in Excel

Students about to go for internships and join jobs found a gap in their grasp of

knowledge of excel for financial modeling. Conducted training for 75+

students with an average rating of 4.5+

IIT Delhi (2009)Corporate finance

Students get placed in finance companies (UBS, GS, MS, etc) with no understanding of the subject/ Job Profile. Conducted workshop to bridge the gap

Sydenham College (2009)Financial Modeling in Excel

Students about to join jobs found a gap in their grasp of excel for financial modeling. Conducted 40+ hours of training and helped students be ready for job

FMS Delhi (2010) Financial Modeling in Excel

Final Year MBA students of Faculty of Management Studies, Delhi University were trained in financial modeling so as

to prepare them better for a job in finance.



IIM Calcutta (2010) Financial Modeling in Excel

Students about to go for internships and join jobs found a gap in their grasp of

knowledge of excel for financial modeling. Conducted training for 75+

students with an average rating of 4.5+

BITS Pilani (2009)Workshops on Basics of Finance

Most of the students desire a career in finance. Conducted training for 350+ students with an average rating of 4.5+

College (2009)Financial Modeling in Excel

Students about to join jobs found a gap in their grasp of excel for financial modeling. Conducted 40+ hours of training and helped students be ready

NISM (2008)Derivatives workshop for Hedging

Corporate in Ludhiana incurred huge losses because of derivative trades (for hedging). Conducted trainings for directors and CFOs for better understanding of derivative products

Trainer

• Extensive experience in the financial services, consulting and training domain. extensive knowledge of the financial services industry, where he raised growth capital for organizations and helped them improve their revenues. He has authored research papers and trained 1000s of senior people in the area of financial modeling, quantitative analysis and risk management.

•Prior to founding Pristine, Paramdeep has worked in senior management positions as an Investment Banker with Standard Chartered Capital Markets Management Consulting.

• Work experience as Industry Practitioner

• Consultant to Reliance Energy (Power), strategizing their growth and cutting down the losses in energy distribution. He has helped them formulate their business plan.

• Assisted clients in raising capital through Private Equity & IPO by analyzing & business plans, preparing IM/DRHP, ensuring regulatory compliance and marketing the issue. He has Successfully placed two IPOs worth Rs. 100 Crore & achieved subscription of 32 & 11 times.

• Experience as Trainer

• He has trained participants from America for financial modelling

• Has conducted workshops and training courses in financial modelling in Excel receiving rave reviews

• Published research papers & articles in leading news papers in the field of risk management and Basel II accords, which are now used by leading banks as reference material.

• Paramdeep is an MBA from IIM Indore, where he secured the highest CGPA in his batch. He has completed his B. Tech and M. Tech in Mathematics and Computing from

Paramdeep Singh, Director and Faculty, Pristine



xtensive experience in the financial services, consulting and training domain. He has extensive knowledge of the financial services industry, where he raised growth capital for organizations and helped them improve their revenues. He has authored research papers and trained 1000s of senior people in the area of financial modeling, quantitative analysis and risk management.

Prior to founding Pristine, Paramdeep has worked in senior management positions as an Investment Standard Chartered Capital Markets (India) and as a consultant with Accenture

Work experience as Industry Practitioner

Consultant to Reliance Energy (Power), strategizing their growth and cutting down the losses in energy distribution. He has helped them formulate their business plan.

Assisted clients in raising capital through Private Equity & IPO by analyzing & modelling business plans, preparing IM/DRHP, ensuring regulatory compliance and marketing the issue. He has Successfully placed two IPOs worth Rs. 100 Crore & achieved subscription of

He has trained participants from HSBC, JP Morgan, Mizuho Bank , ING Vysya, Bank of modelling in excel, receiving very good rating.

Has conducted workshops and training courses in IIM Calcutta, Sydenham, Welingkar on in Excel receiving rave reviews

Published research papers & articles in leading news papers in the field of risk management and Basel II accords, which are now used by leading banks as reference material.

, where he secured the highest CGPA in his batch. He has in Mathematics and Computing from IIT Delhi

, Director and Faculty, Pristine

CFA – Your Clear Interest in finance

• CFA charter provides you with a strong foundation for a variety of career choices in the investment profession– Interested in portfolio management, investment research, advisory services, or investment banking, you

will benefit from a CFA charter

My Personal Experience: Many jobs with preference for CFA + MBA(specially for Non CA background)



CFA charter provides you with a strong foundation for a variety of career choices in the investment

Interested in portfolio management, investment research, advisory services, or investment banking, you

* CFA Institute website

My Personal Experience: Many jobs with preference for CFA + MBA(specially for Non CA background)


Agenda







9

Course Structure

Topic Area

Ethical and Professional StandardsInvestment Tools (Total) ‒ Financial Reporting and Analysis

‒ Corporate Finance

‒ Economics

‒ Quantitative Methods

Asset Classes (Total)

‒ Equity Investments

‒ Fixed Income

‒ Derivatives

‒ Alternative Investments

Portfolio Management


Requires 200-250 Hours of studies

www.edupristine.com


Level II

1030 – 6015 – 25

5 – 15

5 - 10

5 – 10

35 – 75

20 - 30

5 – 15

5 – 15

5 - 15

5 - 15

250 Hours of studies

Way to CFA

• Each exam is six hours long and is split between morning and afternoon sessions. There is a twohour lunch break at the end of the morning session. – The Level I exam is composed of multiple-choice questions and is offered in June and December.– The Level II exam is composed of item-set questions and is offered in June only.– The Level III exam is composed of item-set and essay questions and is offered in June only.

• Score matrix provided on the exam results is an indicator of overall performance – The “<=50%” range is considered poor; – “51%–70%” is considered poor to average; – “>70%” is considered average to above average

Key to crack CFA Level II is by doing well in Equity, Ethics and FRA



Each exam is six hours long and is split between morning and afternoon sessions. There is a two-hour lunch break at the end of the morning session.

choice questions and is offered in June and December.set questions and is offered in June only.set and essay questions and is offered in June only.

exam results is an indicator of overall performance

“>70%” is considered average to above average

Key to crack CFA Level II is by doing well in Equity, Ethics and FRA

Fees Structure Levels II - Deadlines

© Neev Knowledge Management – Pristine 12

CFA Institute now offers three options to all its candidatescurriculum in i) eBook form; ii) Print form or iii) Both

Suppose a candidate chooses to enroll by 16th Febtotal cost will be = 405 + 720 – 40 = $1085. If she405+720+20(shipping charges) = $1145

by 16 February Program Enrollment(new Level I only)Exam Registration $720 eBook + Print $50

Total $1,175

$405

www.edupristine.com

Seminar MaterialNot for SaleDeadlines

12

candidates. You can either choose to obtain theeBook and in Print

Feb and chooses the e-book version then hershe had taken the print version she will pay

by 16 February by 16 March

$970 $50

$1,175 $1,510

$490


Agenda







13

Concept Case

Given the following information regarding company XYZ

Company XYZ has made a net profit of $24mn in 2010. While the only non cash charge is depreciation expense which is $7.5mn. The interest expense is $4mn and the tax rate is 35%. Fixed capital expense in the year was $8.2mn while the working capital expense was $3.5mn.


Beta of Company XYZ 1.4

Risk Free rate 7.1%

Market Risk Premium 4.2%

Cost of Debt 10.7%

Tax Rate 35%

Market Value of Debt $270 mn

Market Value of Equity $310 mn

www.edupristine.com


Given the following information regarding company XYZ

Company XYZ has made a net profit of $24mn in 2010. While the only non cash charge is depreciation expense which is $7.5mn. The interest expense is $4mn and the tax rate is 35%. Fixed capital expense in the year was $8.2mn while the working capital expense was $3.5mn.

14

10.7%

$270 mn

$310 mn

Valuation Concepts

• Intrinsic ValueThis is the true value of an asset given a complete understanding of its investment characteristics.

• Going-concern AssumptionThe assumption that the company will continue its business into the foreseeable future.

• Liquidation ValueThis is the value if the assets were dissolved and its assets sold individually.

• Fair ValueThis is the price at which an asset will sell if both the buyer and seller are not under any compulsion to act.



This is the true value of an asset given a complete understanding of its investment characteristics.

The assumption that the company will continue its business into the foreseeable future.

This is the value if the assets were dissolved and its assets sold individually.

This is the price at which an asset will sell if both the buyer and seller are not under any compulsion to

15

Concept Checker

1. The fair value of a firm is the price at which an asset will sell if both the buyer and seller are under no compulsion to act while the intrinsic value is the value obtained when the assets are liquidated. The two statements are most likely


Fair Value Intrinsic ValueA Correct Correct

B Incorrect Correct

C Correct Incorrect

www.edupristine.com


The fair value of a firm is the price at which an asset will sell if both the buyer and seller are under no compulsion to act while the intrinsic value is the value obtained when the assets are liquidated. The

16

Valuation Process



17

Valuation Models

Valuation

Relative Valuation

• Equity Valuation‒ P/ E Multiples

• Enterprise Valuation‒ EV / EBITDA Multiple‒ EV / Sales Multiple

Cash

Assets

Debt

Equity

Assets

• Multiples can be calculated from both trading comps or transaction comps



Absolute Valuation

• Equity Valuation‒ Free Cash Flow to Firm (FCFF)

• Enterprise Valuation‒ Free Cash Flow to Equity (FCFE)‒ Dividend Discount Method (DDM)

AssetsNet Debt1

Equity

Enterprise Value, calculated as sum of Equity and Net Debt

Equity Value calculated as No of shares

multiplied by Share Price

• Equity Value

• Enterprise Value

• 1 Net Debt = Debt - Cash

18

Case Questions

2. An analyst reviewing Company XYZ is most likely A. The company is an acquisition targetB. The company pays dividendsC. The company is being valued from the position of a minority investor



most likely use the free cash flow model if

The company is being valued from the position of a minority investor

19

Discounted Cash Flow Approach


DCF

Cash Flow Timing

FCFF FCFE Dividend

n

ii

i

CapitalOfCostCFValueFirm

1 )1(

www.edupristine.com


20

Expectations

WACC

Re

Rf MarketPremium

β(Rm – Rf)

Weighted Average Cost of Capital (WACC)

• The WACC is the weighted average of the after tax required rate of return for equity and debt.


d ratetaxrEquityMVDebtMV

DebtMVWACC 1(**)()(

)(

WACC

Market Value of Debtrd*(1-tax)

www.edupristine.com

Seminar MaterialNot for SaleWeighted Average Cost of Capital (WACC)

The WACC is the weighted average of the after tax required rate of return for equity and debt.

21

erEquityMVDebtMVEquityMVrate *

)()()()

WACC

Market Value of Equity

re

Concept Checker

3. For the company XYZ what is the closest value of WACCA. 10.18%B. 12.45%C. 11.25%



For the company XYZ what is the closest value of WACC

22

Absolute Valuation Technique

23© Neev Knowledge Management - Pristine

• Free Cash Flow to Firm (FCFF)• Free Cash Flow to Firm represents the cash flows to the enterprise, which includes cash

flows to both debt and equity investors• FCFF is calculated as:• FCFF = EBIT X (1 – Tax Rate) + Depreciation • FCFF has to be discounted by the Weighted Average Cost of Capital (WACC)

company, to arrive at the enterprise value

• Free Cash Flow to Equity (FCFE)• Free Cash Flow to Equity represents the cash flows to the equity investors only, after

servicing obligations towards debt investors• FCFE is calculated as:• FCFE = PAT + Depreciation – Capex – Increase in Working Capital + New Debt Issues

Principal Payment on Debt• FCFE has to be discounted by the Cost of Equity



23

Free Cash Flow to Firm represents the cash flows to the enterprise, which includes cash

Tax Rate) + Depreciation – Capex – Increase in Working CapitalWeighted Average Cost of Capital (WACC) of the

Free Cash Flow to Equity represents the cash flows to the equity investors only, after

Increase in Working Capital + New Debt Issues –

discounted by the Cost of Equity to arrive at the equity value

23

Free Cash Flow to Firm (FCFF)

• Free Cash Flow to the Firm is the cash flow available to the company’s suppliers of capital after all operating expenses and investments in working capital and fixed capital has been made.


Net Income

Non Cash Charges

Int * ( 1- tax)

www.edupristine.com


Free Cash Flow to the Firm is the cash flow available to the company’s suppliers of capital after all operating expenses and investments in working capital and fixed capital has been made.

24

tax) FC Investment

WC Investment

FCFF

Case Questions

4. The free cash flow to the firm for Company XYZ is A. $10.8 mnB. $22.4 mnC. $21.2 mn



The free cash flow to the firm for Company XYZ is closest to

25

Free Cash Flow to Equity (FCFE)

• Free Cash Flow to Equity is the cash flow available after all the obligations to other investors has been met.


Int * ( 1- tax)

FCFF

Net Borrowing

www.edupristine.com


Free Cash Flow to Equity is the cash flow available after all the obligations to other investors has

26

Borrowing

FCFE

Case Questions

5. Assuming that the net borrowings during the year is $15mn. The free cash flow to equity is A. $34.8 mnB. $39.7 mnC. $42.2 mn



Assuming that the net borrowings during the year is $15mn. The free cash flow to equity is closest to

27

Value of the Firm

• Value of the firm is then calculated as the present value of future free cash flow to the firm discounted at the weighted average cost of capital.


gWACCgFCFF

WACCFCFFValueFirm

n

ii

i

)1(*)1(

0

1

FCFF0 FCFF1 FCFF2 FCFF3

DebtNetValueFirmValueEquity

www.edupristine.com


Value of the firm is then calculated as the present value of future free cash flow to the firm discounted

28

FCFF4 FCFFn………..

Case Questions

6. Assuming that the FCFF is expected to grow at a constant 4% rate for infinity. The firm value is closest to (Assume that the WACC is 10.2%)A. $107.8 mnB. $225.4 mnC. $375.7 mn



Assuming that the FCFF is expected to grow at a constant 4% rate for infinity. The firm value is

29


Agenda







30

About CFA Prep School

School for CFA Prep

a 100 Hrs extensive training program*

that can enable you

to prepare for and crack CFA Level II Examination

www.edupristine.com


School for CFA Prep is


that can enable you

to prepare for and crack CFA Level II Examination


School for CFA Prep is


that can enable you

to prepare for and crack CFA Level II Exam

=

www.edupristine.com


• Extensive 100 Hours coverage

• 16 days 5 hrs of regular classes

• 3 days 5 hrs of revision classes

• 2 Mock tests

• Extensive Question Bank to

prepare and Practice

• 2 Hrs of one-to-one doubt

clearing sessions*

• Qualified faculty with extensive

industry and teaching experience

=


=School for CFA Prep is


that can enable you

to prepare for and crack CFA Level II Exam

www.edupristine.com


• Proven credentials in successfully

training CFA aspirants

• Actionable and Innovative Material

• Complete Slide Pack

• Each Session followed by Quiz

• Adaptive feedback based on Quiz

• Mock tests and feedback

• Individual doubt solving session

• CFA Visualized Formula Charts

• Summarized Recordings for

revision

=

Tentative Schedule for CFA Level II – Online

Date Day26-Feb-11 Sat

27-Feb-11 Sun

05-Mar-11 Sat Financial Reporting & Analysis

06-Mar-11 Sun Financial Reporting & Analysis

12-Mar-11 Sat Financial Reporting & Analysis

13-Mar-11 Sun

www.edupristine.com

Seminar MaterialNot for SaleOnline

* Indicative list – Subject to Change

TopicQuant

Economics

Financial Reporting & Analysis -I

Financial Reporting & Analysis -II

Financial Reporting & Analysis -III

Corporate Finance-I

Tentative Schedule for CFA Level II – Online (cont…..)

Date Day

26-Mar-11 Sat

27-Mar-11 Sun

02-Apr-11 Sat

03-Apr-11 Sun

09-Apr-11 Sat

10-Apr-11 Sun Fixed Income Investments

www.edupristine.com

Seminar MaterialNot for SaleOnline (cont…..)


Topic

Corporate Finance-II

Equity Investments-I

Equity Investments-II

Equity Investments-III

Equity Investments-IV

Fixed Income Investments-I

Tentative Schedule for CFA Level II – Online (cont…..)

Date Day

16-Apr-11 Sat

17-Apr-11 Sun

23-Apr-11 Sat

24-Apr-11 Sun

30-Apr-11 Sat

www.edupristine.com

Seminar MaterialNot for SaleOnline (cont…..)


Topic

Fixed Income Investments-II

Derivatives-I

Derivatives-II

Alternative Investments

Portfolio Management

How it works?

1 2 3

You signup for the program by making payment of USD 1000*

www.edupristine.com


4 5

You signup for the program by making payment of USD 1000*

How it works?

1 2

Start Preparation with material and

www.edupristine.com


3 4 5

material and Live Interactive Class

How it works?

1 2 3

Work on the Problem sets/ Quizzes adapting preparation Style

www.edupristine.com


3 4 5

sets/ Quizzes adapting preparation Style

How it works?

1 2 3

Give Mock Tests/ Ask Doubts/ Revise and Complete

www.edupristine.com


3 4 5

Give Mock Tests/ Ask Doubts/ Revise and Complete Preparation

How it works?

1 2 3

Plan and Achieve Success

www.edupristine.com


3 4 5

Plan and Achieve Success in CFA Level II Exam

Methodology

Each topic will be explained

Conceptual Discussion, Examples, Tests, Quizzes, Actionable

Presentations, Visualized Charts and Q&A

www.edupristine.com


Each topic will be explained through

Conceptual Discussion, Examples, Tests, Quizzes, Actionable

Presentations, Visualized Charts and Q&A

Sample Innovative Material


Probability Distributions

Normal Distribution

Normal Distribution

• Described by mean & variance• Symmetric about its mean• Standard Normal Distribution

- Mean = 0; Variance =1

Z-Score

If Z is a standard normal R.V. An event X is defined to happen if either -1< Z < 1 orZ > 1.5. What is the prob. of event X happening if N (1) =0.8413, N (0.5) = 0.6915and N (-1.5) = 0.0668, where N is the CDF of a standard normal variable?Ans. P(X)= P(-1< Z < 1) + P(Z > 1.5)

= N(1)-(1-N(1)) + N(-1.5)= 2*0.8413-1 + 0.0668= 0.7494

-1 +1 1.5

-4 -3 -2 -1 0 1 2 3 4

68% of Data

95% of Data

99.7% of Data

www.edupristine.com


43

Binomial Distribution

Score Skewness and Kurtosis

No. of σ a givenobservation is awayfrom population mean.

Z=(x-µ)/σ

Q. At a particular time, the market valueof assets of the firm is $100 Mn and themarket value of debt is $80 Mn. Thestandard deviation of assets is $ 10 Mn.What is the distance to default?Ans. z = (A-K) / σA

= (100-80)/10= 2

Q. Which of the following is likely to be a probability distributionfunction?For X=[1,2,3,4,5], Prob[Xi]= 49/(75-Xi

2)For X=[0,5,10,15], Prob[Xi]= Xi/30For X=[1,4,9,16,25], Prob[Xi]= [(X i)1/2 – 1]/5

Ans. The correct answer is For X=[0,5,10,15], Prob[Xi]= Xi/30For all values of X, probability lies within [0,1] and sum of all theprobabilities is equal to 1.

Sample Innovative Material


H0: σ2 = cHA: σ2 ≠ c

Inference Based on

Sample Data

Real State of Affairs

H0 is True H0 is False

H0 is True Correct decision Confidence level = 1-

Type II error

P (Type II error) =

H0 is False Type I error Significance level = *

Correct decision

Power = 1-

*Term represents the maximum probability of committing a Type I error

Null HYPOTHESIS:H0

Alternative Hypothesis: Ha

Hypothesis thatthe researcherwants to reject

Concluded if there issignificant evidenceto reject H0

Type 1 error: rejection of H0 when itis actually true

Type 2 error :Fail to reject H0 whenit is actually false

Q. Co. ABC would give bonus to employees, if they get arating higher than 7/10 from customers. A random sampleof 30 customers is conducted with rating of 7.1/10.Formulate Hypothesis?• Null Hypothesis: H0: Mean<=7• Alternate Hypothesis : H1: Mean>7• Statistic to be measured: t-statistic, with 29 DoF

Range of values within whichH0 Cannot be rejected (say90% or 95%).Known variance, 2 Tailed test,CI is: X”± zα/2(σ/√t)

Confidence Intervals (CI)

Do not reject H0 Reject H0

2

H0: σ2

HA: σ2

Upper tail test:

2

22

σ1)s(n

Hypothesis Tests

Tests for a SinglePopulation Variances

Chi-Square test

Hypothesis Testing

www.edupristine.com


44

One tailed Test Two Tailed test

Test if the value is greaterthan or less than KH0; µ<=K vs. Ha: µ>K

Test if the value isdifferent from KH0; µ=0 vs. Ha: µ≠ 0

2

≤ σ02

> σ02

Upper tail test:

F

/2

F/2Reject H0Do not

reject H0

H0: σ12 – σ2

2 = 0HA: σ1

2 – σ22 ≠ 0

Hypothesis Testsfor Variances

Population VariancesTests for a two

Population Variances

F test

H0: σ12 – σ2

2 = 0HA: σ1

2 – σ22 ≠ 0

22

21

ssF

Q. If standard deviation of anormal population is known to be10 & the mean is hypothesizedto be 8. Suppose a sample sizeof 100 is considered. What is therange of sample means in whichhypothesis can be accepted atsignificance level of 0.05?Ans: SE = = 10/√100 =1

z = (x-µ)/ SE= (x-8)/1

At 95% -1.96<z<1.96Therefore 6.04<x<9.96

n

0

0.05

0.1

0.15

0.2

-5 0 5Z=0 Z=2.5

Do not Reject H0Reject H0

α= 0.05

Z=0

Do not Reject H0

Reject H0

α= 0.025

0

0.05

0.1

0.15

0.2

-5

α= 0.025

Reject H0

Hypothesis

What to expect at the end?

Towards the end of School for CFA Prep*You will be able to learn the topics related to CFA Level II Exam

You will know how to solve the questions asked in CFA Level II Exam

You will get an industry perspective of the topics

You will get a certificate of participation

*assuming you follow the program and practice

www.edupristine.com


Towards the end of School for CFA Prep*You will be able to learn the topics related to CFA Level II Exam

You will know how to solve the questions asked in CFA Level II Exam

You will get an industry perspective of the topics

You will get a certificate of participation

assuming you follow the program and practice

Cost of the Program

USD 795For individual registrations

www.edupristine.com


USD 650For participants joining in groups of 5 or more

Contact Details

Questions & Doubts?

Please e-mail me at [email protected]

or visit http://www.edupristine.com

or call +91 989 298 0608

www.edupristine.com


Questions & Doubts?

[email protected]

http://www.edupristine.com

+91 989 298 0608

To Register

• Wire Transfer– Bank Name: HDFC Bank– Country: India– Swift Code: HDFCINBB– Account Name: Neev Knowledge Management Pvt Ltd– Account Number: 00602560008449

• PayPal to PayPal (Preferred)– Create a Personal PayPal account (it is free)– After Logging in, click on tab "My Account" and then on "Profile". Link PayPal account with your credit

card or bank account– Click on the tab "Send Money"– In the "To" tab enter the email id - [email protected]– Pay the fees as per package required.

• Credit Card to PayPal– You can make the payment from your credit card to PayPal account.– Please make the payment to email id - [email protected]



Account Name: Neev Knowledge Management Pvt Ltd

After Logging in, click on tab "My Account" and then on "Profile". Link PayPal account with your credit

[email protected]

You can make the payment from your credit card to PayPal [email protected]

Course Classroom Trainings

Online Trainings

Content

CFA Level I All* + Singapore**

Yes Original

CFA Level II Mumbai, Delhi From 2010 Original

FRM Level I All + Singapore

Yes Original

FRM Level II Mumbai, Delhi Yes Original

PRM All + Singapore

Yes Original

APRM Corporate From 2010 Original

Financial Modeling

Mumbai, Delhi, Bangalore

Yes Original

Finance for Lawyers

Mumbai No Original

CFP Mumbai, Delhi Yes Original

Placement Oriented Training

Colleges No Original

*All cities include Mumbai, Delhi, Kolkata, Chennai, Bangalore, Pune and Hyderabad ; ** Singapore class room trainings to comJune 2010

Other Pristine Offerings



Crash Course/Mock Test

Hours of Training

Accreditation Price

Yes 100 Under Process USD 1000;INR 17,950

From 2010 80 Under Process USD 1000;INR 16,950

Yes 75 GARP USD 495; INR 12,950

Yes 60 GARP USD 495,INR 9,950

Yes 135 PRMIA USD 795, INR 20,000

Yes 80 PRMIA INR 10,000

NA 50 - INR 18,000

NA 50 - INR 45,000

NA 120 Under Process INR 20,000

NA 150 Not Required INR 12,000

*All cities include Mumbai, Delhi, Kolkata, Chennai, Bangalore, Pune and Hyderabad ; ** Singapore class room trainings to commence from June 2010


Agenda







50

Contact

Contact Phone

Unmesha Tawde +91 982 043 2652

Paramdeep Singh +91 989 298 0608

Atul Kumar +91 932 2194 932



Email

+91 982 043 2652 [email protected]

