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Financial Management Courses

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Bank M & A Strategies

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Bank M & A Strategies

2.0 hours ♦ Core

M&A activity in the banking industry has been stimulated in various decades by a number of factors, including deregulation; increasing competition; market valuations; synergistic opportunities; and technology, globalization, and management incentives. The financial services industry is highly fragmented, both on a global basis and within individual countries, most notably the United States. The sustained wave of financial industry mergers and

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M&A activity in the banking industry has been stimulated in various decades by a number of factors, including deregulation; increasing competition; market valuations; synergistic...

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Bank M & A Strategies

2.0 hours ♦ Core

M&A activity in the banking industry has been stimulated in various decades by a number of factors, including deregulation; increasing competition; market valuations; synergistic opportunities; and technology, globalization, and management incentives. The financial services industry is highly fragmented, both on a global basis and within individual countries, most notably the United States. The sustained wave of financial industry mergers and

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Bank M & A Strategies

2.0 hours ♦ Core

M&A activity in the banking industry has been stimulated in various decades by a number of factors, including deregulation; increasing competition; market valuations; synergistic opportunities; and technology, globalization, and management incentives. The financial services industry is highly fragmented, both on a global basis and within individual countries, most notably the United States. The sustained wave of financial industry mergers and

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Financial Institutions and Risks

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Financial Institutions and Risks

1.5 hours ♦ Core

The activities of financial institutions expose them to four primary types of ongoing risks: market risk, credit risk, liquidity risk, and political risk. Market (price) risk is caused by changing market conditions. Credit risk is the exposure to loss from the default or downgrade of a financial or other counterparty instrument. Liquidity risk is the risk that a financial institution

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The activities of financial institutions expose them to four primary types of ongoing risks: market risk, credit risk, liquidity risk, and political risk. Market...

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Financial Institutions and Risks

1.5 hours ♦ Core

The activities of financial institutions expose them to four primary types of ongoing risks: market risk, credit risk, liquidity risk, and political risk. Market (price) risk is caused by changing market conditions. Credit risk is the exposure to loss from the default or downgrade of a financial or other counterparty instrument. Liquidity risk is the risk that a financial institution

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Financial Institutions and Risks

1.5 hours ♦ Core

The activities of financial institutions expose them to four primary types of ongoing risks: market risk, credit risk, liquidity risk, and political risk. Market (price) risk is caused by changing market conditions. Credit risk is the exposure to loss from the default or downgrade of a financial or other counterparty instrument. Liquidity risk is the risk that a financial institution

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Financial Institution Players and Relationships

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Financial Institution Players and Relationships

2.0 hours ♦ Core

The modern financial institution is a complex organization engaged in a wide variety of financial activities, serving a wide variety of customers, and composed of distinct legal entities subject to numerous regulatory bodies. It operates globally, is confronted with a myriad of ethical norms and business practices, and is expected to perform many of its functions in seconds through an

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The modern financial institution is a complex organization engaged in a wide variety of financial activities, serving a wide variety of customers, and composed...

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Financial Institution Players and Relationships

2.0 hours ♦ Core

The modern financial institution is a complex organization engaged in a wide variety of financial activities, serving a wide variety of customers, and composed of distinct legal entities subject to numerous regulatory bodies. It operates globally, is confronted with a myriad of ethical norms and business practices, and is expected to perform many of its functions in seconds through an

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Financial Institution Players and Relationships

2.0 hours ♦ Core

The modern financial institution is a complex organization engaged in a wide variety of financial activities, serving a wide variety of customers, and composed of distinct legal entities subject to numerous regulatory bodies. It operates globally, is confronted with a myriad of ethical norms and business practices, and is expected to perform many of its functions in seconds through an

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Capital Asset Pricing Model

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Capital Asset Pricing Model

1.5 hours ♦ Core

The underlying theory and real world application of the Capital Asset Pricing Model (CAPM) is important, especially when evaluating alternative assets. CAPM, a formula to calculate the risk premium and expected return for a company, is one of the foundations of corporate finance. Investors use CAPM to estimate the anticipated risk and return on an equity holding or on a

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The underlying theory and real world application of the Capital Asset Pricing Model (CAPM) is important, especially when evaluating alternative assets. CAPM, a formula...

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Capital Asset Pricing Model

1.5 hours ♦ Core

The underlying theory and real world application of the Capital Asset Pricing Model (CAPM) is important, especially when evaluating alternative assets. CAPM, a formula to calculate the risk premium and expected return for a company, is one of the foundations of corporate finance. Investors use CAPM to estimate the anticipated risk and return on an equity holding or on a

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Capital Asset Pricing Model

1.5 hours ♦ Core

The underlying theory and real world application of the Capital Asset Pricing Model (CAPM) is important, especially when evaluating alternative assets. CAPM, a formula to calculate the risk premium and expected return for a company, is one of the foundations of corporate finance. Investors use CAPM to estimate the anticipated risk and return on an equity holding or on a

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Short-Term Financial Management

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Short-Term Financial Management

2.0 hours ♦ Intermediate

Short-term financing is most often associated with working capital requirements (inventories, accounts receivable and other current assets) at a floating rate, based on money market rates. Short-term financial management functions typically include liquidity management, cash management and banking relationship management. Each function is different, though there is some overlap. Companies often hold cash balances in various forms, though there is

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Short-term financing is most often associated with working capital requirements (inventories, accounts receivable and other current assets) at a floating rate, based on money...

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Short-Term Financial Management

2.0 hours ♦ Intermediate

Short-term financing is most often associated with working capital requirements (inventories, accounts receivable and other current assets) at a floating rate, based on money market rates. Short-term financial management functions typically include liquidity management, cash management and banking relationship management. Each function is different, though there is some overlap. Companies often hold cash balances in various forms, though there is

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Short-Term Financial Management

2.0 hours ♦ Intermediate

Short-term financing is most often associated with working capital requirements (inventories, accounts receivable and other current assets) at a floating rate, based on money market rates. Short-term financial management functions typically include liquidity management, cash management and banking relationship management. Each function is different, though there is some overlap. Companies often hold cash balances in various forms, though there is

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Debt and Equity Securities: Origination and Distribution

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Debt and Equity Securities: Origination and Distribution

2.0 hours ♦ Core

Origination, structuring, and distribution describe the whole process of issuing new debt or equity in an investment or universal bank. The first time that a company issues equity is called an IPO, an initial public offering. Companies very rarely issue bonds before an IPO, so all bond offerings are for companies with enough public information to assess risk and, therefore,

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Origination, structuring, and distribution describe the whole process of issuing new debt or equity in an investment or universal bank. The first time that...

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Debt and Equity Securities: Origination and Distribution

2.0 hours ♦ Core

Origination, structuring, and distribution describe the whole process of issuing new debt or equity in an investment or universal bank. The first time that a company issues equity is called an IPO, an initial public offering. Companies very rarely issue bonds before an IPO, so all bond offerings are for companies with enough public information to assess risk and, therefore,

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Debt and Equity Securities: Origination and Distribution

2.0 hours ♦ Core

Origination, structuring, and distribution describe the whole process of issuing new debt or equity in an investment or universal bank. The first time that a company issues equity is called an IPO, an initial public offering. Companies very rarely issue bonds before an IPO, so all bond offerings are for companies with enough public information to assess risk and, therefore,

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Financial Institution Roles

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Financial Institution Roles

2.0 hours ♦ Core

The success of every financial institution in providing financial services depends on how well it performs its three roles: investor, issuer and intermediary. As investors, financial institutions invest their own capital and manage clients' investment portfolios. Asset growth requires capital: equity, fixed rate debt, floating rate debt, or some combination. As issuers, banks are engaged in fee-producing business such as

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The success of every financial institution in providing financial services depends on how well it performs its three roles: investor, issuer and intermediary. As...

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Financial Institution Roles

2.0 hours ♦ Core

The success of every financial institution in providing financial services depends on how well it performs its three roles: investor, issuer and intermediary. As investors, financial institutions invest their own capital and manage clients' investment portfolios. Asset growth requires capital: equity, fixed rate debt, floating rate debt, or some combination. As issuers, banks are engaged in fee-producing business such as

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Financial Institution Roles

2.0 hours ♦ Core

The success of every financial institution in providing financial services depends on how well it performs its three roles: investor, issuer and intermediary. As investors, financial institutions invest their own capital and manage clients' investment portfolios. Asset growth requires capital: equity, fixed rate debt, floating rate debt, or some combination. As issuers, banks are engaged in fee-producing business such as

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Non-Bank Related Money Market Instruments

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Non-Bank Related Money Market Instruments

2.5 hours ♦ Intermediate

Money market instruments are investments that will mature in one year or less. They are valuable because they are highly liquid and have low cost and low risk. Money market instruments contain safety of principal. They are typically issued in units of USD 10,000 or more, and most mature in three months or less. The major participants in the money

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Money market instruments are investments that will mature in one year or less. They are valuable because they are highly liquid and have low...

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Non-Bank Related Money Market Instruments

2.5 hours ♦ Intermediate

Money market instruments are investments that will mature in one year or less. They are valuable because they are highly liquid and have low cost and low risk. Money market instruments contain safety of principal. They are typically issued in units of USD 10,000 or more, and most mature in three months or less. The major participants in the money

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Non-Bank Related Money Market Instruments

2.5 hours ♦ Intermediate

Money market instruments are investments that will mature in one year or less. They are valuable because they are highly liquid and have low cost and low risk. Money market instruments contain safety of principal. They are typically issued in units of USD 10,000 or more, and most mature in three months or less. The major participants in the money

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Working Capital Concepts

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Working Capital Concepts

2.0 hours ♦ Intermediate

An understanding of working capital is essential to assessing a company and the state of its corporate viability. This unit introduces working capital, describes its components, and discusses how they vary over time. The method used to measure working capital is explained, and examples reinforce the concept. In addition, this unit examines working capital adequacy and the tools required for

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An understanding of working capital is essential to assessing a company and the state of its corporate viability. This unit introduces working capital, describes...

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Working Capital Concepts

2.0 hours ♦ Intermediate

An understanding of working capital is essential to assessing a company and the state of its corporate viability. This unit introduces working capital, describes its components, and discusses how they vary over time. The method used to measure working capital is explained, and examples reinforce the concept. In addition, this unit examines working capital adequacy and the tools required for

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Working Capital Concepts

2.0 hours ♦ Intermediate

An understanding of working capital is essential to assessing a company and the state of its corporate viability. This unit introduces working capital, describes its components, and discusses how they vary over time. The method used to measure working capital is explained, and examples reinforce the concept. In addition, this unit examines working capital adequacy and the tools required for

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Venture Capital Structures and Features

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Venture Capital Structures and Features

2.5 hours ♦ Intermediate

Venture and growth stage investments can be structured to meet the needs of the parties involved. Venture investments are structured as common stock, preferred stock, hybrids, or combinations of these instruments. Customized venture and mezzanine financings can combine several instruments to fit the parties' requirements. Because it establishes a close, long-term relationship between the investor and the company, growth capital

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Venture and growth stage investments can be structured to meet the needs of the parties involved. Venture investments are structured as common stock, preferred...

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Venture Capital Structures and Features

2.5 hours ♦ Intermediate

Venture and growth stage investments can be structured to meet the needs of the parties involved. Venture investments are structured as common stock, preferred stock, hybrids, or combinations of these instruments. Customized venture and mezzanine financings can combine several instruments to fit the parties' requirements. Because it establishes a close, long-term relationship between the investor and the company, growth capital

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Venture Capital Structures and Features

2.5 hours ♦ Intermediate

Venture and growth stage investments can be structured to meet the needs of the parties involved. Venture investments are structured as common stock, preferred stock, hybrids, or combinations of these instruments. Customized venture and mezzanine financings can combine several instruments to fit the parties' requirements. Because it establishes a close, long-term relationship between the investor and the company, growth capital

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Venture Capital Sources

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Venture Capital Sources

2.0 hours ♦ Intermediate

Venture capital and mezzanine financing are available from a variety of sources, including venture capital limited partnerships, business development companies, small business investment companies, investment banks, commercial banks, corporations, wealthy individuals, and government agencies. Each of these sources has its own investment characteristics and preferences, which should be considered to align best the source and use of financing. Each source

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Venture capital and mezzanine financing are available from a variety of sources, including venture capital limited partnerships, business development companies, small business investment companies,...

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Venture Capital Sources

2.0 hours ♦ Intermediate

Venture capital and mezzanine financing are available from a variety of sources, including venture capital limited partnerships, business development companies, small business investment companies, investment banks, commercial banks, corporations, wealthy individuals, and government agencies. Each of these sources has its own investment characteristics and preferences, which should be considered to align best the source and use of financing. Each source

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Venture Capital Sources

2.0 hours ♦ Intermediate

Venture capital and mezzanine financing are available from a variety of sources, including venture capital limited partnerships, business development companies, small business investment companies, investment banks, commercial banks, corporations, wealthy individuals, and government agencies. Each of these sources has its own investment characteristics and preferences, which should be considered to align best the source and use of financing. Each source

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Venture Capital Overview

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Venture Capital Overview

2.5 hours ♦ Intermediate

Venture capital financing provides for the start-up and growth of high-potential businesses, business expansion, leveraged acquisitions, and turnarounds. Venture capital is an investment by sophisticated individual or professional investors in privately placed, unregistered securities. It is a structured form of equity or hybrid financing for a high-risk, high-return business opportunity. The working relationship between the company and the investor is

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Venture capital financing provides for the start-up and growth of high-potential businesses, business expansion, leveraged acquisitions, and turnarounds. Venture capital is an investment by...

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Venture Capital Overview

2.5 hours ♦ Intermediate

Venture capital financing provides for the start-up and growth of high-potential businesses, business expansion, leveraged acquisitions, and turnarounds. Venture capital is an investment by sophisticated individual or professional investors in privately placed, unregistered securities. It is a structured form of equity or hybrid financing for a high-risk, high-return business opportunity. The working relationship between the company and the investor is

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Venture Capital Overview

2.5 hours ♦ Intermediate

Venture capital financing provides for the start-up and growth of high-potential businesses, business expansion, leveraged acquisitions, and turnarounds. Venture capital is an investment by sophisticated individual or professional investors in privately placed, unregistered securities. It is a structured form of equity or hybrid financing for a high-risk, high-return business opportunity. The working relationship between the company and the investor is

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Mortgage Features

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Mortgage Features

2.5 hours ♦ Intermediate

A mortgage is a loan made to finance the purchase of real estate property. The lender takes a legal charge on the property for the duration of the loan and can sell the property if the borrower does not meet the requirements of the loan. It is therefore a collateralized loan. Competition has spawned a variety of mortgages to suit

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A mortgage is a loan made to finance the purchase of real estate property. The lender takes a legal charge on the property for...

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Mortgage Features

2.5 hours ♦ Intermediate

A mortgage is a loan made to finance the purchase of real estate property. The lender takes a legal charge on the property for the duration of the loan and can sell the property if the borrower does not meet the requirements of the loan. It is therefore a collateralized loan. Competition has spawned a variety of mortgages to suit

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Mortgage Features

2.5 hours ♦ Intermediate

A mortgage is a loan made to finance the purchase of real estate property. The lender takes a legal charge on the property for the duration of the loan and can sell the property if the borrower does not meet the requirements of the loan. It is therefore a collateralized loan. Competition has spawned a variety of mortgages to suit

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Wholesale Bank Products and Services

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Wholesale Bank Products and Services

2.0 hours ♦ Core

Why do banks exist? Their traditional role has been to take deposits from individuals and companies and lend that cash to other individuals and companies, earning a spread on the interest rates charged. Therefore, banks are in the business of managing liabilities (their customers' deposits) and assets (the loans they grant). Because loans and deposits created a demand for payments,

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Why do banks exist? Their traditional role has been to take deposits from individuals and companies and lend that cash to other individuals and...

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Wholesale Bank Products and Services

2.0 hours ♦ Core

Why do banks exist? Their traditional role has been to take deposits from individuals and companies and lend that cash to other individuals and companies, earning a spread on the interest rates charged. Therefore, banks are in the business of managing liabilities (their customers' deposits) and assets (the loans they grant). Because loans and deposits created a demand for payments,

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Wholesale Bank Products and Services

2.0 hours ♦ Core

Why do banks exist? Their traditional role has been to take deposits from individuals and companies and lend that cash to other individuals and companies, earning a spread on the interest rates charged. Therefore, banks are in the business of managing liabilities (their customers' deposits) and assets (the loans they grant). Because loans and deposits created a demand for payments,

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WACC Calculations

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WACC Calculations

2.0 hours ♦ Core

Weighted average cost of capital (WACC), sometimes called the cost of capital, discount rate, required rate of return, or opportunity cost, is an essential component of valuation, financial strategy, restructuring decisions, capital budgeting and performance metrics. A company's cost of both equity and debt are needed to calculate its WACC. Equity's high cost relative to debt ensures that it will

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Weighted average cost of capital (WACC), sometimes called the cost of capital, discount rate, required rate of return, or opportunity cost, is an essential...

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WACC Calculations

2.0 hours ♦ Core

Weighted average cost of capital (WACC), sometimes called the cost of capital, discount rate, required rate of return, or opportunity cost, is an essential component of valuation, financial strategy, restructuring decisions, capital budgeting and performance metrics. A company's cost of both equity and debt are needed to calculate its WACC. Equity's high cost relative to debt ensures that it will

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WACC Calculations

2.0 hours ♦ Core

Weighted average cost of capital (WACC), sometimes called the cost of capital, discount rate, required rate of return, or opportunity cost, is an essential component of valuation, financial strategy, restructuring decisions, capital budgeting and performance metrics. A company's cost of both equity and debt are needed to calculate its WACC. Equity's high cost relative to debt ensures that it will

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Uncertain Cash Flow Combinations

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Uncertain Cash Flow Combinations

2.5 hours ♦ Core

Measures of association are important because most risk analysis involves more than a single series of prices, rates, or cash flows, and financial managers must analyze the risk of combinations of securities. Association between assets affects the overall level of risk in the portfolio. Hedging, one of the primary means of reducing risk, depends on determining whether there is positive

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Measures of association are important because most risk analysis involves more than a single series of prices, rates, or cash flows, and financial managers...

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Uncertain Cash Flow Combinations

2.5 hours ♦ Core

Measures of association are important because most risk analysis involves more than a single series of prices, rates, or cash flows, and financial managers must analyze the risk of combinations of securities. Association between assets affects the overall level of risk in the portfolio. Hedging, one of the primary means of reducing risk, depends on determining whether there is positive

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Uncertain Cash Flow Combinations

2.5 hours ♦ Core

Measures of association are important because most risk analysis involves more than a single series of prices, rates, or cash flows, and financial managers must analyze the risk of combinations of securities. Association between assets affects the overall level of risk in the portfolio. Hedging, one of the primary means of reducing risk, depends on determining whether there is positive

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Basic Statistical and Quantitative Methods

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Basic Statistical and Quantitative Methods

2.0 hours ♦ Core

The use of quantitative data is at the heart of finance. There are several core evaluative techniques used to interpret quantitative data, so that financial decisions are based on a reasonable forecast of the future. Indeed, all financial decisions contain some implicit forecast. Every decision made by a banker or bank customer is made under conditions of uncertainty. Uncertainty arises

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The use of quantitative data is at the heart of finance. There are several core evaluative techniques used to interpret quantitative data, so that...

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Basic Statistical and Quantitative Methods

2.0 hours ♦ Core

The use of quantitative data is at the heart of finance. There are several core evaluative techniques used to interpret quantitative data, so that financial decisions are based on a reasonable forecast of the future. Indeed, all financial decisions contain some implicit forecast. Every decision made by a banker or bank customer is made under conditions of uncertainty. Uncertainty arises

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Basic Statistical and Quantitative Methods

2.0 hours ♦ Core

The use of quantitative data is at the heart of finance. There are several core evaluative techniques used to interpret quantitative data, so that financial decisions are based on a reasonable forecast of the future. Indeed, all financial decisions contain some implicit forecast. Every decision made by a banker or bank customer is made under conditions of uncertainty. Uncertainty arises

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Net Present Value and Internal Rate of Return

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Net Present Value and Internal Rate of Return

2.0 hours ♦ Core

When choosing between investments with unequal cash flows generated over equal time periods, the most common calculations are net present value and internal rate of return. NPV is the sum of all the present values of the cash flows for a given investment. Internal rate of return is the discount rate that will produce a net present value of zero

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When choosing between investments with unequal cash flows generated over equal time periods, the most common calculations are net present value and internal rate...

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Net Present Value and Internal Rate of Return

2.0 hours ♦ Core

When choosing between investments with unequal cash flows generated over equal time periods, the most common calculations are net present value and internal rate of return. NPV is the sum of all the present values of the cash flows for a given investment. Internal rate of return is the discount rate that will produce a net present value of zero

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Net Present Value and Internal Rate of Return

2.0 hours ♦ Core

When choosing between investments with unequal cash flows generated over equal time periods, the most common calculations are net present value and internal rate of return. NPV is the sum of all the present values of the cash flows for a given investment. Internal rate of return is the discount rate that will produce a net present value of zero

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Compound Interest

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Compound Interest

1.5 hours ♦ Core

The frequency of compounding is one of the key differences between quoting conventions in different markets. Annual returns are expressed as an annual nominal interest rate, also called the quoted interest rate, which is the annual rate before compounding. A periodic rate is the nominal rate divided into periods: daily, monthly, quarterly, or semi-annually. If quoted instruments do not have

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The frequency of compounding is one of the key differences between quoting conventions in different markets. Annual returns are expressed as an annual nominal...

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Compound Interest

1.5 hours ♦ Core

The frequency of compounding is one of the key differences between quoting conventions in different markets. Annual returns are expressed as an annual nominal interest rate, also called the quoted interest rate, which is the annual rate before compounding. A periodic rate is the nominal rate divided into periods: daily, monthly, quarterly, or semi-annually. If quoted instruments do not have

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Compound Interest

1.5 hours ♦ Core

The frequency of compounding is one of the key differences between quoting conventions in different markets. Annual returns are expressed as an annual nominal interest rate, also called the quoted interest rate, which is the annual rate before compounding. A periodic rate is the nominal rate divided into periods: daily, monthly, quarterly, or semi-annually. If quoted instruments do not have

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Correlation and Causality

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Correlation and Causality

2.0 hours ♦ Core

Measures of association are important, because most risk analysis involves more than a single series of prices, rates, or cash flows. Financial managers must analyze the risk of combinations of securities. A portfolio manager may have hundreds of different stocks, bonds, or loans in a portfolio and wants to measure and minimize the risk of the entire portfolio. A corporate

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Measures of association are important, because most risk analysis involves more than a single series of prices, rates, or cash flows. Financial managers must...

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Correlation and Causality

2.0 hours ♦ Core

Measures of association are important, because most risk analysis involves more than a single series of prices, rates, or cash flows. Financial managers must analyze the risk of combinations of securities. A portfolio manager may have hundreds of different stocks, bonds, or loans in a portfolio and wants to measure and minimize the risk of the entire portfolio. A corporate

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Correlation and Causality

2.0 hours ♦ Core

Measures of association are important, because most risk analysis involves more than a single series of prices, rates, or cash flows. Financial managers must analyze the risk of combinations of securities. A portfolio manager may have hundreds of different stocks, bonds, or loans in a portfolio and wants to measure and minimize the risk of the entire portfolio. A corporate

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Calculating Prices and Yields

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Calculating Prices and Yields

2.0 hours ♦ Core

Calculating the yields on different financial instruments is an essential skill for every banker. A debt instrument is priced by using its yield to maturity to discount its cash flows, and each type of instrument contains different cash flow structures. Several yield calculations apply to long-term, interest-bearing instruments, including the coupon rate, current yield, yield-to-maturity, bond equivalent yield, and ISMA

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Calculating the yields on different financial instruments is an essential skill for every banker. A debt instrument is priced by using its yield to...

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Calculating Prices and Yields

2.0 hours ♦ Core

Calculating the yields on different financial instruments is an essential skill for every banker. A debt instrument is priced by using its yield to maturity to discount its cash flows, and each type of instrument contains different cash flow structures. Several yield calculations apply to long-term, interest-bearing instruments, including the coupon rate, current yield, yield-to-maturity, bond equivalent yield, and ISMA

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Calculating Prices and Yields

2.0 hours ♦ Core

Calculating the yields on different financial instruments is an essential skill for every banker. A debt instrument is priced by using its yield to maturity to discount its cash flows, and each type of instrument contains different cash flow structures. Several yield calculations apply to long-term, interest-bearing instruments, including the coupon rate, current yield, yield-to-maturity, bond equivalent yield, and ISMA

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Time Value of Money

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Time Value of Money

1.0 hours ♦ Core

Time value of money (TVM) is perhaps the most fundamental idea in all of finance. The key concepts in the TVM are present value and future value. Present value refers to the value, today, of money that will be received in the future. Future value refers to the value, at a defined point in the future, of money that is

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Time value of money (TVM) is perhaps the most fundamental idea in all of finance. The key concepts in the TVM are present value...

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Time Value of Money

1.0 hours ♦ Core

Time value of money (TVM) is perhaps the most fundamental idea in all of finance. The key concepts in the TVM are present value and future value. Present value refers to the value, today, of money that will be received in the future. Future value refers to the value, at a defined point in the future, of money that is

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Time Value of Money

1.0 hours ♦ Core

Time value of money (TVM) is perhaps the most fundamental idea in all of finance. The key concepts in the TVM are present value and future value. Present value refers to the value, today, of money that will be received in the future. Future value refers to the value, at a defined point in the future, of money that is

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Zero Coupon Rates and PV Factors

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Zero Coupon Rates and PV Factors

2.0 hours ♦ Core

The flaw in most discounting calculations is that you can't predict the reinvestment rate; the solution is to value cash flows using zero-coupon rates. Yield curves are commonly constructed by converting par coupon yields in the government debt market into zero coupon yields. The zero coupon yields are then used to price a bond. The zero coupon rate for a

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The flaw in most discounting calculations is that you can’t predict the reinvestment rate; the solution is to value cash flows using zero-coupon rates....

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Zero Coupon Rates and PV Factors

2.0 hours ♦ Core

The flaw in most discounting calculations is that you can't predict the reinvestment rate; the solution is to value cash flows using zero-coupon rates. Yield curves are commonly constructed by converting par coupon yields in the government debt market into zero coupon yields. The zero coupon yields are then used to price a bond. The zero coupon rate for a

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Zero Coupon Rates and PV Factors

2.0 hours ♦ Core

The flaw in most discounting calculations is that you can't predict the reinvestment rate; the solution is to value cash flows using zero-coupon rates. Yield curves are commonly constructed by converting par coupon yields in the government debt market into zero coupon yields. The zero coupon yields are then used to price a bond. The zero coupon rate for a

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Principles of Credit Analysis

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Principles of Credit Analysis

2.0 hours ♦ Intermediate

The objective of credit analysis is to identify risks in order to minimize defaults and losses on loans and other credit instruments. Taking credit risk is not something that banking institutions are supposed to avoid. In fact, taking credit risk is the business that banks are in and for which they are paid. The objective of the credit analyst, and

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The objective of credit analysis is to identify risks in order to minimize defaults and losses on loans and other credit instruments. Taking credit...

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Principles of Credit Analysis

2.0 hours ♦ Intermediate

The objective of credit analysis is to identify risks in order to minimize defaults and losses on loans and other credit instruments. Taking credit risk is not something that banking institutions are supposed to avoid. In fact, taking credit risk is the business that banks are in and for which they are paid. The objective of the credit analyst, and

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Principles of Credit Analysis

2.0 hours ♦ Intermediate

The objective of credit analysis is to identify risks in order to minimize defaults and losses on loans and other credit instruments. Taking credit risk is not something that banking institutions are supposed to avoid. In fact, taking credit risk is the business that banks are in and for which they are paid. The objective of the credit analyst, and

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Core
2.0 hours
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Bank M & A Strategies

2.0 hours ♦ Core

M&A activity in the banking industry has been stimulated in various decades by a number of factors, including deregulation; increasing competition; market valuations; synergistic opportunities; and technology, globalization, and management incentives. The financial services industry is highly fragmented, both on a global basis and within individual countries, most notably the United States. The sustained wave of financial industry mergers and

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Financial Institutions and Risks

1.5 hours ♦ Core

The activities of financial institutions expose them to four primary types of ongoing risks: market risk, credit risk, liquidity risk, and political risk. Market (price) risk is caused by changing market conditions. Credit risk is the exposure to loss from the default or downgrade of a financial or other counterparty instrument. Liquidity risk is the risk that a financial institution

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Financial Institution Players and Relationships

2.0 hours ♦ Core

The modern financial institution is a complex organization engaged in a wide variety of financial activities, serving a wide variety of customers, and composed of distinct legal entities subject to numerous regulatory bodies. It operates globally, is confronted with a myriad of ethical norms and business practices, and is expected to perform many of its functions in seconds through an

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Capital Asset Pricing Model

1.5 hours ♦ Core

The underlying theory and real world application of the Capital Asset Pricing Model (CAPM) is important, especially when evaluating alternative assets. CAPM, a formula to calculate the risk premium and expected return for a company, is one of the foundations of corporate finance. Investors use CAPM to estimate the anticipated risk and return on an equity holding or on a

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Intermediate
2.0 hours
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Short-Term Financial Management

2.0 hours ♦ Intermediate

Short-term financing is most often associated with working capital requirements (inventories, accounts receivable and other current assets) at a floating rate, based on money market rates. Short-term financial management functions typically include liquidity management, cash management and banking relationship management. Each function is different, though there is some overlap. Companies often hold cash balances in various forms, though there is

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Debt and Equity Securities: Origination and Distribution

2.0 hours ♦ Core

Origination, structuring, and distribution describe the whole process of issuing new debt or equity in an investment or universal bank. The first time that a company issues equity is called an IPO, an initial public offering. Companies very rarely issue bonds before an IPO, so all bond offerings are for companies with enough public information to assess risk and, therefore,

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Financial Institution Roles

2.0 hours ♦ Core

The success of every financial institution in providing financial services depends on how well it performs its three roles: investor, issuer and intermediary. As investors, financial institutions invest their own capital and manage clients' investment portfolios. Asset growth requires capital: equity, fixed rate debt, floating rate debt, or some combination. As issuers, banks are engaged in fee-producing business such as

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Non-Bank Related Money Market Instruments

2.5 hours ♦ Intermediate

Money market instruments are investments that will mature in one year or less. They are valuable because they are highly liquid and have low cost and low risk. Money market instruments contain safety of principal. They are typically issued in units of USD 10,000 or more, and most mature in three months or less. The major participants in the money

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Intermediate
2.0 hours
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Working Capital Concepts

2.0 hours ♦ Intermediate

An understanding of working capital is essential to assessing a company and the state of its corporate viability. This unit introduces working capital, describes its components, and discusses how they vary over time. The method used to measure working capital is explained, and examples reinforce the concept. In addition, this unit examines working capital adequacy and the tools required for

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Venture Capital Structures and Features

2.5 hours ♦ Intermediate

Venture and growth stage investments can be structured to meet the needs of the parties involved. Venture investments are structured as common stock, preferred stock, hybrids, or combinations of these instruments. Customized venture and mezzanine financings can combine several instruments to fit the parties' requirements. Because it establishes a close, long-term relationship between the investor and the company, growth capital

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Intermediate
2.0 hours
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Venture Capital Sources

2.0 hours ♦ Intermediate

Venture capital and mezzanine financing are available from a variety of sources, including venture capital limited partnerships, business development companies, small business investment companies, investment banks, commercial banks, corporations, wealthy individuals, and government agencies. Each of these sources has its own investment characteristics and preferences, which should be considered to align best the source and use of financing. Each source

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Intermediate
2.5 hours
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Venture Capital Overview

2.5 hours ♦ Intermediate

Venture capital financing provides for the start-up and growth of high-potential businesses, business expansion, leveraged acquisitions, and turnarounds. Venture capital is an investment by sophisticated individual or professional investors in privately placed, unregistered securities. It is a structured form of equity or hybrid financing for a high-risk, high-return business opportunity. The working relationship between the company and the investor is

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Intermediate
2.5 hours
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Mortgage Features

2.5 hours ♦ Intermediate

A mortgage is a loan made to finance the purchase of real estate property. The lender takes a legal charge on the property for the duration of the loan and can sell the property if the borrower does not meet the requirements of the loan. It is therefore a collateralized loan. Competition has spawned a variety of mortgages to suit

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Wholesale Bank Products and Services

2.0 hours ♦ Core

Why do banks exist? Their traditional role has been to take deposits from individuals and companies and lend that cash to other individuals and companies, earning a spread on the interest rates charged. Therefore, banks are in the business of managing liabilities (their customers' deposits) and assets (the loans they grant). Because loans and deposits created a demand for payments,

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Core
2.0 hours
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WACC Calculations

2.0 hours ♦ Core

Weighted average cost of capital (WACC), sometimes called the cost of capital, discount rate, required rate of return, or opportunity cost, is an essential component of valuation, financial strategy, restructuring decisions, capital budgeting and performance metrics. A company's cost of both equity and debt are needed to calculate its WACC. Equity's high cost relative to debt ensures that it will

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Uncertain Cash Flow Combinations

2.5 hours ♦ Core

Measures of association are important because most risk analysis involves more than a single series of prices, rates, or cash flows, and financial managers must analyze the risk of combinations of securities. Association between assets affects the overall level of risk in the portfolio. Hedging, one of the primary means of reducing risk, depends on determining whether there is positive

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Basic Statistical and Quantitative Methods

2.0 hours ♦ Core

The use of quantitative data is at the heart of finance. There are several core evaluative techniques used to interpret quantitative data, so that financial decisions are based on a reasonable forecast of the future. Indeed, all financial decisions contain some implicit forecast. Every decision made by a banker or bank customer is made under conditions of uncertainty. Uncertainty arises

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Net Present Value and Internal Rate of Return

2.0 hours ♦ Core

When choosing between investments with unequal cash flows generated over equal time periods, the most common calculations are net present value and internal rate of return. NPV is the sum of all the present values of the cash flows for a given investment. Internal rate of return is the discount rate that will produce a net present value of zero

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Core
1.5 hours
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Compound Interest

1.5 hours ♦ Core

The frequency of compounding is one of the key differences between quoting conventions in different markets. Annual returns are expressed as an annual nominal interest rate, also called the quoted interest rate, which is the annual rate before compounding. A periodic rate is the nominal rate divided into periods: daily, monthly, quarterly, or semi-annually. If quoted instruments do not have

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Correlation and Causality

2.0 hours ♦ Core

Measures of association are important, because most risk analysis involves more than a single series of prices, rates, or cash flows. Financial managers must analyze the risk of combinations of securities. A portfolio manager may have hundreds of different stocks, bonds, or loans in a portfolio and wants to measure and minimize the risk of the entire portfolio. A corporate

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Calculating Prices and Yields

2.0 hours ♦ Core

Calculating the yields on different financial instruments is an essential skill for every banker. A debt instrument is priced by using its yield to maturity to discount its cash flows, and each type of instrument contains different cash flow structures. Several yield calculations apply to long-term, interest-bearing instruments, including the coupon rate, current yield, yield-to-maturity, bond equivalent yield, and ISMA

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Core
1.0 hours
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Time Value of Money

1.0 hours ♦ Core

Time value of money (TVM) is perhaps the most fundamental idea in all of finance. The key concepts in the TVM are present value and future value. Present value refers to the value, today, of money that will be received in the future. Future value refers to the value, at a defined point in the future, of money that is

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Zero Coupon Rates and PV Factors

2.0 hours ♦ Core

The flaw in most discounting calculations is that you can't predict the reinvestment rate; the solution is to value cash flows using zero-coupon rates. Yield curves are commonly constructed by converting par coupon yields in the government debt market into zero coupon yields. The zero coupon yields are then used to price a bond. The zero coupon rate for a

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Intermediate
2.0 hours
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Principles of Credit Analysis

2.0 hours ♦ Intermediate

The objective of credit analysis is to identify risks in order to minimize defaults and losses on loans and other credit instruments. Taking credit risk is not something that banking institutions are supposed to avoid. In fact, taking credit risk is the business that banks are in and for which they are paid. The objective of the credit analyst, and

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