Chartered Investment Banking Analyst™

New York Institute of Finance

ITEM CIBA1000

15 Apr 2024 - 17 May 2024

09:00 AM - 04:30 PM

$16,395.00

22 Jul 2024 - 23 Aug 2024

09:00 AM - 04:30 PM

$16,395.00

07 Oct 2024 - 08 Nov 2024

09:00 AM - 04:30 PM

$16,395.00

group

In person

update

5

language

English

school

Introductory

15 Apr 2024 - 17 May 2024

09:00 AM - 04:30 PM

$16,395.00

22 Jul 2024 - 23 Aug 2024

09:00 AM - 04:30 PM

$16,395.00

07 Oct 2024 - 08 Nov 2024

09:00 AM - 04:30 PM

$16,395.00

videocam

In person

update

5

language

English

school

Introductory


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17

Chartered Investment Banking Analyst™

The CIBATM program develops the complete set of desk-ready skills to succeed in the competitive world of corporate finance and investment banking. Candidates will develop familiarity with US GAAP and IFRS accounting standards, learn how to value investment projects under conditions of uncertainty, acquire essential financial modeling skills, be able to assess the credit quality of companies and gain a thorough understanding of the M&A process from target company identification to funding strategies and deal structuring.

The CIBATM curriculum comprises five Professional Certificates. Four of the Certificate programs are week-long in-person offerings offered over 4 contiguous weeks, while the fifth Certificate is offered as a week-long in-person class or a digital class that can be completed remotely at your own pace.


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Week 1

    Day 1

    Module 1: Accounting Concepts

  • Introduction to financial accounting
  • Balance sheet equations
  • Types of ownership
  • Function of an audit
  • Module 2: Measuring Income

  • The income statement
  • Revenue recognition and the matching concept
  • Relationship between balance sheet and income sheet
  • Statement of retained earnings
  • Earnings per share
  • Module 3: Recording Transactions

  • Explain the double entry accounting system
  • Analyze and journalize transactions
  • Post journal entries to the ledgers
  • Prepare and use a trial balance
  • Explain the accounting adjustments required at the end of the fiscal period
  • Day 2

    Module 1: Accrual Accounting and Financial Statement Formats

  • Adjustments to accounts
  • Implicit transactions
  • Classified balance sheet
  • Income statement
  • Case study - Goodyear, Inc. balance sheet and income statement
  • Module 2: Accounting for Sales

  • Revenue recognition
  • Revenue measurement
  • Credit sales and accounts receivable
  • Assessing level of accounts receivable
  • Module 3: Cash Flow

  • Purpose of the statement of cash flows
  • Types of cash flow
  • Preparing the statement of cash flows
  • Day 3

    Module 1: Inventory

  • Gross Profit and COGS
  • Inventory Methods
  • LIFO and FIFO
  • Average Cost Methods
  • Module 2: Long lived assets and depreciation

  • Overview of long lived assets
  • Depreciation
  • Depreciation methods
  • Gains and losses on sales of fixed assets
  • Intangible assets
  • Depletion
  • Module 3: Deferred Taxes

  • Concept of deferred taxes
  • Computation of deferred tax items
  • Other deferred tax items Liabilities and interest
  • Current liabilities
  • Long term liabilities
  • Accounting for leases
  • Day 4

    Module 1: Equity

  • Background on stockholders equity
  • Types of capital stock
  • Cash dividends
  • Preferred stock
  • Employee stock options
  • Other items
  • Module 2: Free Cash Flow

    Day 5

    Module 1: Accounting for Investments

  • Overview of corporate investments
  • Short term investments
  • Long term investments in bonds
  • Market, equity and consolidation methods
  • Module 2: Pension accounting and accounting for stock options

  • Pension plan types
  • Measures of defined benefit pension plan liabilities
  • Cost components of a pension plan
  • Plan assets
  • Module 3: Introduction to Financial Statement Analysis

  • Performance Analysis
  • Financial Ratios
  • Evaluating Corporate Performance
  • Module 4: Desk Ready Skills Knowledge Check

Week 2

    Day 1

    Module 1: Overview of Credit

  • Interaction of the market, the client and credit
  • Understanding market, credit and operational risks
  • The 5Ps and 5Cs of Credit
  • Shareholder Value Added
  • Risk/Reward and capital allocation
  • Purpose and Payback
  • Module 2: Credit Analysis Fundamentals

  • Corporates versus Financial Intermediaries
  • Specialized Industries
  • Specialized Products
  • Sources of information
  • Module 3: Business and Industry Analysis

  • Industry Analysis including SWOT, critical success factors and Porter framework
  • Operation/Business analysis
  • Business risk versus financial risk
  • The asset conversion cycle
  • Environmental and Regulatory risk analysis
  • Management Analysis
  • Early Warning Signs
  • Credit red flags
  • Exercise: Balance Sheet Recognition Homework: Participants will complete the business and industry analysis for the selected company
  • Module 4: Rating Agencies

  • Role
  • Concepts/Process
  • Methodology/Issues
  • Oversight
  • Ratings
  • Day 2

    Module 1: Ratios and Credit Statistics

  • Advantages and Limitations of ratios
  • Types of Ratios including: profitability, asset quality and efficiency, leverage and coverage
  • Peer comparisons/Industry benchmarks
  • Specialized industry ratios
  • Seasonality
  • Overall performance ratios: DuPont formula
  • Exercise: Ratio Analysis Homework: Participants will complete the ratios for the selected company
  • Day 3

    Module 1: Cash Flow Analysis

  • Structure of the cash flow statement
  • Sources and Uses
  • Reconciliations including PP &E, Intangibles, Investments, Deferred Taxes, Long term debt, Minority interest and Equity
  • Exercise: Participants will complete the cash flow for the selected company
  • Module 2: Historical Financial Analysis

  • The Audit
  • Review of historical patterns and industry performance
  • Income Statement analysis
  • Balance Sheet analysis
  • Cash Flow analysis
  • Exercise: Participants will work in small groups to complete the FYE analysis
  • Day 4

    Module 1: Off Balance Sheet Items

  • Contingent liabilities
  • Operating leases
  • Debt of joint ventures and unconsolidated subsidiaries
  • Guarantees
  • Take-or-pay contracts and obligations under throughput and deficiency agreements
  • Receivables that have been factored, transferred or securitized
  • Contingent liabilities e.g. potential legal judgments or lawsuit settlements
  • Module 2: Additional Risks to Consider

  • Financial guarantees
  • Performance guarantees
  • Ratings triggers
  • Covenants
  • Revenue recognition
  • Unusual gains and losses
  • Asset write-offs
  • Swap exposures
  • FX exposure
  • Pension deficits
  • Securitization
  • Structural subordination
  • Partnerships/SPVs
  • Leases
  • Environmental
  • Product liability
  • Exercise: Annual Reports: identifying and recognizing industry and company specific off-balance sheet risks
  • Module 3: Forecasting

  • Building a forecast-framework and methodology
  • Qualitative and quantitative factors
  • Base, management, and downside cases
  • Critical value drivers
  • Analyzing results- assessing debt capacity, recommending financing alternatives, public versus private, quantifying results and drawing conclusions
  • Exercise: Forecasting the critical value drivers for selected companies
  • Day 5

    Module 1: Structuring and Documentation

  • Investment grade versus non-investment grade
  • Holding company analysis
  • Guarantees, Keepwells, LOMIs
  • Collateral secured versus unsecured
  • Liquidation analysis
  • Borrowing base
  • Covenants
  • Subordination
  • Exercise: Due diligence for selected case studies
  • Module 2: Derivatives

  • Introduction
  • What is credit risk
  • Purpose of credit derivatives
  • Market participants
  • Role of regulators
  • The Credit Default Family
  • ISDA
  • Description of vanilla vs. structured derivatives
  • Total Return Swaps
  • Characteristics
  • Exercise
  • Credit Default Swaps
  • Characteristics
  • Risks and Risk Management of Credit Derivatives
  • Credit
  • Operations
  • Market
  • Liquidity
  • Legal
  • Risk Management
  • Module 3: Presentations

  • Participants will present the complete credit analysis for the selected company
  • Module 4: Desk Ready Skills Knowledge Check

Week 3

    Day 1

    Module 1: Introduction and Overview

  • Time value of money
  • Present and future value
  • Compounding (annual, periodic, continuous)
  • Annuities and perpetuities
  • Complex problems
  • Module 2: Project Analysis

  • Payback and discounted payback
  • Internal rate of return (IRR) and modified IRR
  • Net present value (NPV)
  • EVA
  • Pros and cons of each
  • Day 2

    Module 1: Discounted Cash Flow Valuation

  • Brief Review of Financial Statements
  • Overview of DCF and intrinsic valuation
  • Determining Cash Flows
  • Real vs nominal returns
  • Module 2: Terminal Value

  • Asset values
  • Comparables
  • Perpetuities and growing perpetuities
  • Enterprise Value vs Equity Value
  • Day 3

    Module 1: Cost of Capital

  • Risk and return overview
  • Cost of Debt
  • Straight
  • Convertible
  • Cost of Equity
  • Capital Asset Pricing Model
  • Alpha
  • Beta
  • Equity risk premium
  • Other methods
  • Weighted Average Cost of Capital
  • Day 4

    Module 1: Capital Structure

  • -n theory
  • MM
  • In practice
  • Costs of financial distress
  • Optimal capital structure
  • Adjusted Present Value
  • Differences to WACC valuation process
  • Pros and cons
  • Peer Group Valuation
  • Selecting the peer group
  • Key ratios
  • P/Es, EV/EBITDA, etc
  • Day 5

    Module 1: Financing the Corporation (and transactions)

  • Bank lending
  • Term loans and lines of credit
  • Bilateral and syndicated loans
  • Debt
  • Investment grade
  • High yield
  • Convertibles
  • Preferreds
  • Equity
  • Private Equity
  • Venture Capital
  • Private Equity
  • Public Equity
  • IPOs
  • Secondary (US)/ Rights Offerings (Europe)
  • Mergers & Acquisitions
  • Rationale
  • Payment
  • Leveraged Buyouts / Management Buyouts
  • Wrap-up case study
  • Module 2: Desk Ready Skills Knowledge Check

DAY 1: ADVANCED EXCEL FOR FINANCIAL MODELING

DAY 2: FINANCIAL MODELING

DAY 3: BASIC VALUATION TECHNIQUES

DAY 4: VALUATION

DAY 5: SPECIAL VALUATION ISSUES, DESK READY SKILLS KNOWLEDGE CHECK

Day 1

    Mergers and Acquisitions - Concepts and Theories Part I

  • Mergers and Acquisitions Overview
  • Key Drivers of a Successful Acquisition
  • Attractiveness of Target Companies
  • Acquisition Structure
  • Sequence of Events
  • Documentation and Agreements

Day 2

    Mergers and Acquisitions - Concepts and Theories Part II

  • Managing for Value Creation
  • How Does the Integration Process Affect Value Creation?
  • Valuation
  • Financing the Acquisition
  • Anti-takeover Mechanisms
  • Anti-trust Policies

Day 3

    Free Cash Flow Modeling

  • Free Cash Flow and the Objectives of the Firm
  • Components of Free Cash Flow
  • Cost of Capital
  • Capital Budgeting Using Free Cash Flow
  • Modified Free Cash Flow
  • Using Free Cash Flow to Evaluate Acquisition Opportunities
  • Integration of Acquisitions

Day 4

    Mergers and Acquisitions - Structuring the Deal

  • Legal structures
  • Tax structures
  • Accounting
  • Letter of Intent
  • Seller paper, earn outs, hope certificates
  • Special cases
  • Tax loss mergers
  • Break-up/sum-of-the-parts/split-offs
  • LBOs
  • Roll-ups, consolidation plays
  • Distressed (Bankruptcy) M&A
  • Special Purpose Acquisition Corp. (SPAC), Blind pool
  • Reverse merger, backdoor IPO

Day 5

    Accounting for Mergers and Acquisitions

  • Equity Method of Consolidation
  • Purchase Accounting for Business Combinations
  • Forecasting the Performance of the Combined Company
  • Internal Revenue Code Section 338(g) and 338(h)(10) Transactions
  • Module 2: Desk Ready Skills Knowledge Check

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Chartered Investment Banking Analyst™

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$16,395.00

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