Institute

Nurturing Professionals in Banking and Finance

CERTIFICATE IN FINANCIAL RESEARCH

From Copal Partners, the leading player in Financial Services outsourcing industry

About Copal Institute

Copal Institute has been set up with an aim to establish a center of excellence in the eld of nancial advisory and research. The Institute endeavors to provide better learning processes and train aspirants seeking a successful career in the Financial Research industry

Faculty

The institute has engaged a highly skilled faculty with extensive industry experience to impart the program. Most of the faculty members have global exposure in the eld of Investment Banking, Equity Research, Private Equity, and Credit Research.

Pedagogy/ Methodology

The programs rigor can be gauged from the pedagogy, which it follows, involving hands-on experience on research through extensive practical assignments. The main objective is to learn from the interactive sessions that follow the practical assignments. The pedagogy involves:

Case studies including real deals and transactions in the industry Hands-on experience in valuing companies across the globe Expertise in learning various nancial databases and using them as tools in analyzing companies and transactions

Key Highlights
We provide level playing eld for students coming from different background/streams We are one of the few institutes that cover auditing of nancial models We cover the entire gamut of analytics/products used by the nancial analytics industry We ensure that every module is backed by relevant and realistic case studies, which provide in-depth understanding of the concept For example: Zimbabwe hyperination, Japan deation, subprime crisis, euro-zone crisis, etc. We invite guest lecturers from various divisions of Copal Partners We focus more on real-life business situations rather than pedantic education We have embedded soft-skill sessions for students to enhance there behavioral and communication skills, which brings them at par with the industry standards.

Certicate in Financial Research

About the Course

Copal Institute offers a Certicate in Financial Research, a three-month full-time intensive classroom program, designed specially to impart practical knowledge in the eld of nancial research The course offers a perfect blend of academics and practical approach, which is highly relevant within the ever competitive nancial industry The program focuses on imparting expertise and knowledge in the eld of Investment Banking, Equity Research, Private Equity and Credit Research, keeping in view the skill-sets that the industry expects and demands The course is developed, keeping in mind, the evolving nancial industry, requiring individuals to be job ready and ensuring productivity from the day they join the organization The curriculum has been developed in consultation with industry veterans across the globe and Senior Management team of Copal Partners The program features regular interactions with industry veterans and Senior Management of Copal Partners, providing detailed insights about the industry as over a decade of experience in the nancial industry The program aims at understanding of all key products & markets including application of products and insight nancial industry

Unique About the Course

Course Details

Duration:

3 months full time - 6 hours/day (weekdays) 6 months part time - 6 hours/day (weekends) B.Sc. / B.Com / B.A. or any other graduate with minimum 50% marks Professional qualications including CFA / FRM / CA / MBA Interview Aptitude test

Eligibility criteria:

Application process:

Major Verticals in Financial Research

Investment Banking (IB)
Corporate Finance Merger and Acquisition Advisory Underwriting Sales Institutional Sales Private Client Service/HNI Trading Research

Equity Research (ER) Credit Research (CR)

Sector/Industry coverage (such as Telecom, Oil & Gas, Banking, etc) Company reports

Rating Corporate Corporate bonds SME ratings Government securities Bank loans Other instruments Credit analysis Interest Rate analysis Sector/Industry research

Private Equity (PE)

Funding Private placements Buyouts

Course Structure
Basic Module 4 Weeks Introduction

Macroeconomics
Understanding macro-economics Wealth & management Gross Domestic Product Macro-economic management Impact on equity markets

Financial markets overview Insights into functions of Investment Banks, PE Firms and Equity Research Houses Credit research Various sources used for the analysis: SEC Filings, including Annual Reports (10-K) and Quarterly Reports (10-Q) Concepts of the three nancial statements: Income statement, balance sheet and cash ow

Introduction to Financial databases

Bloomberg Capital IQ Reuters Fact Set Thomson IRESS Factiva

Financial Statement Analysis

MS Excel

Credit Research Ratio Analysis Inventory Valuations Depreciation Policies Leases Capitalization vs. Expensing Income Taxes

Excel basics (Analysts Excel formulae and functions, VLOOKUP, HLOOKUP,CHOOSE) Graphs and Charts

Two-axis graphs, Band charts PE, EV/EBITDA, P/Sales, Ratio charts

Direct Indirect linking Transpose functions Pivot table Data tables Macros

Course Structure (Contd.)

Advanced Module 6 Weeks
Financial Modeling

Transaction Comparables

Overview of nancial modeling Excel best practices Modeling warm up Key nancial statements Working capital schedule Depreciation schedule Amortization schedule Long-term items (others) schedule Building Income statement Shareholders equity schedule Shares outstanding schedule Preparing for debt & interest Troubleshooting

Choosing appropriate deals Discussing strategic rationale Understanding the regulatory roadblocks/ challenges Control premiums and synergies Calculating equity value and enterprise value (EV) Normalizing earnings Checking and interpreting results Understanding other valuation approaches Asset-based valuation, Sum of parts, Replacement cost method, Qualitative factors in valuation management

Trading Comparables
Choosing appropriate peer group Calculating equity value and EV Normalizing earnings Calculating last twelve months (LTM) Adjusting the EV Calculating fully diluted shares outstanding (options & convertibles) Calculating equity value multiples: P/E, P/CF, P/BV, PEG, Dividend Yield Calculating various multiples

Valuation
Valuing companies Differentiating between Book Value and Market Value Understanding Equity Value vs. Total Enterprise Value

(TEV) Understanding the valuation methodologies Discounted Cash Flow Analysis (DCF) Terminal value (Exit Value, perpetuity Growth Method) Discount rate (cost of debit, cost of equity, CAPM) Sensitivity analysis (TABLE Function) Equity value multiples: P/E, P/CF, P/BV, PEG, Dividend Yield

Specializations 2 Weeks
Private Equity

Equity Research
Annual Report Analysis analysts dissection of the

Introduction to private equity Fund Structure & overview Investment Process Deal Structuring Valuation Fund Managers Perspective Global Private Equity Market Indian Private Equity Market

available information
Method to forecast revenues and cost drivers Balance Sheet, Income Statement and Cash Flow

Investment Banking
Understanding the M & A and

Private Placement
Understanding the Pitch Book

adjustments Applying DCF Valuation Technique Suggesting BUY/SELL for the company Professional revenue segment Projections Modeling the Cost Drivers for different segments Valuations using Sum of Parts, DCF and Relative Valuation Techniques Suggesting BUY/SELL for the company

building process Understanding the Sell-side and Buy-side process Financing IPO valuation

Credit Research

Corporate Credit Analysis Understanding the business risk Special considerations of business risk Understanding Financial Statements Evaluating the nancial position Financial position from credit perspective Special consideration to structures

Course Assessment and Opportunities

Evaluation during the program

Assessments

Assignments

Case Studies

Class Room Test

Final Assessment

Opportunities
Copal
Investment Banking

Builds expertise in nancial and valuation modeling Interviews post Advanced Module with various divisions within Copal Partners Details of the students will be maintained in the institute database and shared with potential employers

Equity Research Credit Research Private Equity

Others

Value addition on resume writing Individuals will learn marketable skills which will help them nd jobs across the Financial Services industry Opportunities at other Investment Banks, Equity Research Firms, KPOs, Broking Houses etc.

Contact Hours: 10 am 7 pm (Monday to Friday) Address: Copal Institute, Ground Floor, Vatika Atrium, Sector-53, DLF Golf Course Road, Gurgaon 122002 Phone: +91 9891023556, 9810477989, 9717911313, 9650002496
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Nurturing Professionals in Banking and Finance