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                                                           CFA Level I
                                         Financial Reporting and Analysis
                                                               June 2011



© Neev Knowledge Management – Pristine
Seminar Material
                                                                     Not for Sale
  Agenda
              • Introduction and context
              • Understanding CFA Examination Structure
              • Introduction to Financial Reporting and Analysis
                 – Balance Sheet
                 – Advanced Concepts
              • Complete Offering & Registration
              • Contact Information




© Neev Knowledge Management – Pristine                    2         www.edupristine.com
Pristine has been started by professionals with diverse experience in financial Material
                                                                            Seminar
                                                                              Not for Sale
  services, IT and Auto who are alumnus of IITs & IIMs

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



    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              Pristine
                                                                                         Classroom/ Online delivery
                                                                                         (synchronous and
                                                        Founded with an aim              asynchronous) – To increase
                                                        of creating world                reach and improve efficiency of
                                                        class professionals in           learning. Conducted 15+
                                                        the area of finance –            batches with over 300 hours of
                                                        particularly risk                recorded content
                                                        management and
  Testimonial - 53% of the students join us on the      investment banking
  basis of referral is a testimonial of the effective               Effective training methodologies to improve the performance
  training methodologies                                            of the students and enhance the employability


© Neev Knowledge Management – Pristine                           3                                            www.edupristine.com
Seminar Material
 Key Authorization                                                                                         Not for Sale




                            CFA Institute (2010-11)
                                                                                 GARP (2007-10)
                    Authorized Training provider – CFA
                                                                        Authorized Training provider -FRM
               Pristine is now the authorized training provider
                                                                  Largest player in India in the area of risk
               for CFA Exam trainings . Pristine is largest
                                                                  management training. Trained 1000+ students
               training provider for CFA in India with presence
                                                                  in risk management
               across seven major cities.




                                                                                 PRMIA (2009-10)
                        FPSB India (2010-11)                       Authorized Training provider – PRM/ APRM
                 Authorized Training provider -CFP                Sole authorized training for PRM Training in
             An authorized Education Provider for                 India. Largest player in India in the area of risk
             Chartered Financial Planner Charter.                 management training. Trained 1000+ students
                                                                  in risk management




© Neev Knowledge Management – Pristine                                                                     www.edupristine.com
Seminar Material
 Key Associations*                                                                                               Not for Sale




             Bank Of America                           J. P. Morgan (2010)                               Mizuho (2010)
      Continuum Solutions (2010)                  Financial Modeling in Excel                    Financial Modeling in Excel
       Financial Modeling in Excel            The Real Assets Group were trained in          Bankers were using excel models that
  Associates were trained on valuation and      Excel for infrastructure and real
                                                                             real-estate      they could not understand. Conducted
           mergers and acquisitions                             modeling                      financial modeling in Excel trainings to
                                                                                                          bridge the gap




            Franklin Templeton                      Credit-Suisse India (2009)
                                                           Suisse                                         HSBC (2008)
                CFA (2010)                    Risk Management and Quant. Analysis           Risk Management and Quant. Analysis
  Students were facing a gap in the          IT Professionals of Credit
                                                                 Credit-Suisse India       New joinees in HSBC had a gap in
  overall understanding of finance           were trained on risk management.              knowledge of Risk Management and
  topics like corporate finance, FSA and                                                   quantitative skills. Conducted trainings
  valuation. Provided training for over                                                    (On campus) to bridge the gap
  100 hours to bridge the gap


                                                                                                                        *Indicative List


© Neev Knowledge Management – Pristine                                                                           www.edupristine.com
Seminar Material
  …Key Associations                                                                                             Not for Sale




             FMS Delhi (2010)                           IIM Calcutta (2010)                          BITS Pilani (2009)
        Financial Modeling in Excel                 Financial Modeling in Excel
                                                                                             Workshops on Basics of Finance
    Final Year MBA students of Faculty of      Students about to go for internships and
    Management Studies, Delhi University                                                   Most of the students desire a career
                                                join jobs found a gap in their grasp of
    were trained in financial modeling so as       knowledge of excel for financial        in finance. Conducted training for
      to prepare them better for a job in       modeling. Conducted training for 75+       350+ students with an average rating
                    finance.                   students with an average rating of 4.5+     of 4.5+




                                                                                                         NISM (2008)
                                                                                             Derivatives workshop for Hedging
               IIT Delhi (2009)                       Sydenham College (2009)
                                                                                            Corporate in Ludhiana incurred huge
              Corporate finance                      Financial Modeling in Excel
                                                                                            losses because of derivative trades
    Students get placed in finance             Students about to join jobs found a          (for hedging). Conducted trainings for
    companies (UBS, GS, MS, etc) with          gap in their grasp of excel for financial    directors and CFOs for better
    no understanding of the subject/ Job       modeling. Conducted 40+ hours of             understanding of derivative products
    Profile. Conducted workshop to             training and helped students be ready
    bridge the gap                             for job




© Neev Knowledge Management – Pristine                                                                          www.edupristine.com
Seminar Material
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  Trainer
                              Paramdeep Singh, Director and Faculty, Pristine
                                             ,


                               • Extensive experience in the financial services, consulting and training domain. He has
                                  xtensive
                               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
                                Prior
                               Banker with Standard Chartered Capital Markets (India) and as a consultant with Accenture
                               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 & 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
                                        32 & 11 times.
                               • Experience as Trainer
                                      • He has trained participants from HSBC, JP Morgan, Mizuho Bank , ING Vysya, Bank of
                                        America for financial modelling in excel, receiving very good rating.
                                      • Has conducted workshops and training courses in IIM Calcutta, Sydenham, Welingkar on
                                        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 IIT Delhi



© Neev Knowledge Management – Pristine                                                                                      www.edupristine.com
Seminar Material
                                                                                                Not for Sale
  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




                                                                          * CFA Institute website

                             Many jobs with preference for CFA + MBA

© Neev Knowledge Management – Pristine                                                          www.edupristine.com
Seminar Material
                                                                     Not for Sale
  Agenda
              • Introduction and context
              • Understanding CFA Examination Structure
              • Introduction to Financial Reporting and Analysis
                 – Balance Sheet
                 – Advanced Concepts
              • Complete Offering & Registration
              • Contact Information




© Neev Knowledge Management – Pristine                    9         www.edupristine.com
Seminar Material
                                                                                     Not for Sale
Course Structure

                                Topic                                    Level I

        Ethical and Professional Standards                                 15

        Quantitative Methods                                               12
        Economics                                                          10
        Financial Reporting and Analysis                                   20
        Corporate Finance                                                  8
        Equity Investments                                                 10
        Fixed Income                                                       12
        Derivatives                                                        5
        Alternative Investments                                            3
        Portfolio Management                                               5
                                     Requires 200-250 Hours of studies
                                                  250

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Seminar Material
                                                                                              Not for Sale
  Way to CFA


     • Each exam is six hours long and is split between morning and afternoon sessions. There is a two
                                                                                                   two-
       hour 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.
                                                   choice
        – The Level II exam is composed of item-set questions and is offered in June only.
                                                set
        – The Level III exam is composed of item-set and essay questions and is offered in June only.
                                                 set


     • 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 I is by doing well in Ethics and FRA




© Neev Knowledge Management – Pristine                                                        www.edupristine.com
Seminar Material
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  Fees Structure Levels I - Deadlines

                                         by 22 September        by 16 February       by 16 March
      Program Enrollment
                                              $405                  $405                 $490
      (new Level I only)
      Exam Registration                       $630                  $720                $970
      eBook                                   ($40)                 ($40)               ($40)

      Total                                   $995                 $1,085              $1,420


      CFA Institute now offers three options to all its candidates You can either choose to obtain the
                                                           candidates.
      curriculum in i) eBook form; ii) Print form or iii) Both eBook and in Print

      Suppose a candidate chooses to enroll by 16th Feb and chooses the e-book version then her
      total cost will be = 405 + 720 – 40 = $1085. If she had taken the print version she will pay
      405+720+20(shipping charges) = $1145




© Neev Knowledge Management – Pristine                     12                               www.edupristine.com
Seminar Material
                                                                     Not for Sale
  Agenda
              • Introduction and context
              • Understanding CFA Examination Structure
              • Introduction to Financial Reporting and Analysis
                 – Balance Sheet
                 – Advanced Concepts
              • Complete Offering & Registration
              • Contact Information




© Neev Knowledge Management – Pristine                   13         www.edupristine.com
Seminar Material
                                                                                          Not for Sale
  Introduction to Balance Sheet

  • The balance sheet presents a company’s current financial position by disclosing that a company
    controls (assets) and what it owes ( liabilities ) at a specific time.
  • The Owner’s equity represents the excess over liabilities.
  • Assets = Liabilities + Equity




© Neev Knowledge Management – Pristine              14                                   www.edupristine.com
Seminar Material
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  Balance Sheets : Pictorial Representation


                                     Current Assets        Current Liabilities
                                                          (Unearned Revenue,
                                   ( CCE, Receivables,
                                                          A/c Payables, Notes
                                   Inventories, Prepaid
                                                                Payables)
                                          Expenses)                                     Sources of Funds
                                          Long-term       Long-term Liabilities
                                                          Long
                                          Investment
                                                           (LT Debt, Deferred
                                                                Liabilities)
                                      Fixed Assets
                                    (Property, Plant &
                                       Equipment)         Shareholders’ Equity
    Use of Funds                                            ( Preferred Stock ,
                                                           Common Outstanding
                                                               stock, Retained
                                    Intangible Assets             Earnings )

                                         Other Assets




                             Total Assets = Total Shareholder’s equity + liabilities




© Neev Knowledge Management – Pristine                     15                           www.edupristine.com
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  Concept Checker

  1. Company ABC Inc. has paid rent for the entire year on their rented office premise in New York in
     advance. Similarly Zensar Corp. has received payment for servicing its products for the next five
     years. The two line items will most likely be classified as

                        Rental Payment       Payment for Servicing
             A         Prepaid Expenses       Unearned Revenue
             B         Accrued Liabilities      Current Assets
             C         Current Liabilities     Prepaid Expenses
                                                     d




© Neev Knowledge Management – Pristine                16                                   www.edupristine.com
Advanced Concept:                                                                                   Seminar Material
                                                                                                        Not for Sale
  Tangible Assets, Intangible Assets and Goodwill

  • Tangible assets are
     – Long-term assets
     – Have a physical presence
     – Can be used in daily operational activities.
  • Intangible assets
     –   Amounts paid by a company to acquire certain rights
     –   Do not represented by possession of any physical assets
     –   Distinguished as identifiable intangibles which can be linked to a particular right or privileges
     –   Have a finite benefit period
     –   Eg. Patents, copyrights, franchises, goodwill, trademarks, trade names
            .
  • Goodwill is another interesting concept as an intangible asset
     – Excess of the acquisition cost over the assets fair value
     – Periodically assessed for any impairments




© Neev Knowledge Management – Pristine                       17                                         www.edupristine.com
Seminar Material
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  Concept Checkers

  2.    Which of the following statements regarding goodwill recognition is most likely not correct
       A. Goodwill is the excess of the cost of acquisition over the acquirer’s interest in the fair value of the
          identifiable assets and liabilities.
       B. Goodwill needs to be amortized over the life of the assets
       C. Goodwill can affect the comparability of financial statements between companies using different
          accounting methods




© Neev Knowledge Management – Pristine                        18                                         www.edupristine.com
Seminar Material
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  Advanced Concept: Deferred Taxes

  • A deferred tax liability is created when:
      – A revenue is recognised in the financial statements but not for tax purposes.
      – An expense is deductible for tax purposes but not taken in the financials in the current year.
  •   A deferred tax asset is created when:
      – A revenue is taxed in the income tax return but is not recognised in the financial statements.
      – An expense is recognised in the financial statements but the same is not deductible for tax purposes.
  • A DTA/DTL is created only for TEMPORARY DIFFERENCES. A permanent difference does not
    create a DTA/DTL as the same is not reversable.

  • If a DTL is not expected to be reversed, it is shown as a part of Equity.




© Neev Knowledge Management – Pristine                     19                                       www.edupristine.com
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  Concept Checkers

  3.    Which of the following statements is not true?
       A. If DTA is not expected to be reversed, it must be reduced by creating a valuation allowance.
       B. If DTL is not expected to be reversed, the same must be recognised as a prt of equity
                                                                                          equity.
       C. DTA and DLT must be recorded at undiscounted values.




© Neev Knowledge Management – Pristine                     20                                      www.edupristine.com
Seminar Material
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  Balance Sheet Ratios

  • Liquidity Ratios

                          Current Assets
      Current Ratio 
                         Current Liabilities



                                   Cash  Marketable Securities  Re ceivables
     Quick ( Acid Test ) Ratio 
                                              Current Liabilities



                     Cash  Marketable Securities
      Cash Ratio 
                         Current Liabilities




© Neev Knowledge Management – Pristine                     21                     www.edupristine.com
Seminar Material
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  Balance Sheet Ratios (cont….)

  • Solvency Ratios

                             Total LT Debt
      LT Debt  Equity 
                              Total Equity



                           Total Debt
      Debt to Equity 
                          Total Equity



                      Total Debt
      Total Debt 
                     Total Assets



                               Total Assets
      Financial Leverage 
                               Total Equity




© Neev Knowledge Management – Pristine        22    www.edupristine.com
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  Concept Checkers

  4. A partial balance sheet of Wayfair Inc. is provided below

            Assets ($ mn)                2010                      2009
            Current Assets                54                       42
              Total Assets               250                       210
           Current Liabilities            27                       21
             Total LT Debt                80                       74
              Total Equity               110                       95

     Which of the following ratios most likely increased in 2010

     A. Current Ratio
     B. Debt Ratio
     C. Financial Leverage




© Neev Knowledge Management – Pristine                 23                  www.edupristine.com
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  Concept Checkers - Solution

  4. The calculations are shown below

                Ratio                    Calculation           2010                  2009
           Current Ratio            Current Asset/        54/27 = 2.0            42/21 = 2.0
                                    Current Liability
             Debt Ratio                  Debt / Equity   80/110 = 0.73           74/95 = 0.78
        Financial Leverage           Assets / Equity     250/110 = 2.72         210/95 = 2.21


     A. Current Ratio has remained the same
     B. Debt Ratio has actually decreased
     C. Financial Leverage is the only ratio to have increased in the given period




© Neev Knowledge Management – Pristine                    24                                     www.edupristine.com
Seminar Material
                                                                     Not for Sale
  Agenda
              • Introduction and context
              • Understanding CFA Examination Structure
              • Introduction to Financial Reporting and Analysis
                 – Balance Sheet
                 – Advanced Concepts
              • Complete Offering & Registration
              • Contact Information




© Neev Knowledge Management – Pristine                   25         www.edupristine.com
Seminar Material
                                                                Not for Sale
About CFA Prep School




                        School for CFA Prep is
                a 100 Hrs extensive training program*
                         that can enable you
           to prepare for and crack CFA Level I Examination




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About School for CFA Prep



                                                 • Extensive 100 Hours coverage
                                                     •   16 days 5 hrs of regular classes

                                                     •   3 days 5 hrs of revision classes
          School for CFA Prep is                     •   2 Mock tests

  a 100 Hrs extensive training program*              •   Extensive Question Bank to

            that can enable you              =       •
                                                         prepare and Practice

                                                         2 Hrs of one-to-one doubt
 to prepare for and crack CFA Level I Exam
                                                         clearing sessions*

                                                 • Qualified faculty with CFA
                                                   Charters and extensive industry
                                                   and teaching experience




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About School for CFA Prep



                                                • Proven credentials in successfully
                                                  training CFA aspirants

                                                • Actionable and Innovative Material
          School for CFA Prep is
                                                    •   Complete Slide Pack
   a 100 Hrs extensive training program*

           that can enable you              =       •

                                                    •
                                                        Each Session followed by Quiz

                                                        Adaptive feedback based on Quiz
to prepare for and crack CFA Level I Exam           •   Mock tests and feedback

                                                    •   Individual doubt solving session

                                                    •   CFA Visualized Formula Charts

                                                    •   Summarized Recordings for
                                                        revision




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Tentative Schedule - Feb


      Date            Day              Course                   Topic
   19/Feb/11           Sat          CFA-Level-I Financial Reporting & Analysis -I
   20/Feb/11          Sun           CFA-Level-I Financial Reporting & Analysis -II
   26/Feb/11           Sat          CFA-Level-I Financial Reporting & Analysis -III
   27/Feb/11          Sun           CFA-Level-I Financial Reporting & Analysis -IV
   * Indicative list – Subject to Change




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Tentative Schedule - Mar


      Date            Day                  Course                   Topic
   05/Mar/11           Sat                CFA-Level
                                              Level-I   Quant-I
   06/Mar/11          Sun                 CFA-Level
                                              Level-I   Quant-II
   12/Mar/11           Sat                CFA-Level
                                              Level-I   Quant-III
   13/Mar/11          Sun                 CFA-Level
                                              Level-I   Ethics
   26/Mar/11           Sat                CFA-Level
                                              Level-I   Corporate Finance
   27/Mar/11          Sun                 CFA-Level
                                              Level-I   Equity Investments-I
  * Indicative list – Subject to Change




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Tentative Schedule - Apr


      Date           Day             Course                       Topic
   02/Apr/11         Sat           CFA-Level-I   Equity Investments-II
   03/Apr/11         Sun           CFA-Level-I   Fixed Income Investments-I
   09/Apr/11         Sat           CFA-Level-I   Fixed Income Investments-II
   10/Apr/11         Sun           CFA-Level-I   Derivatives-I
   16/Apr/11         Sat           CFA-Level-I   Derivatives-II
                                                 Alternative Investments +
   17/Apr/11         Sun           CFA-Level-I   Portfolio Mgmt
   23/Apr/11         Sat           CFA-Level-I   Economics-I
   24/Apr/11         Sun           CFA-Level-I   Economics-II
   30/Apr/11         Sat           CFA-Level-I   Economics-III
   * Indicative list – Subject to Change




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How it works?

                             1    2     3    4    5



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




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How it works?

                                 1     2     3     4     5


                Start Preparation with material and Live Interactive Class




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How it works?

                                 1     2     3    4     5



                Work on the Problem sets/ Quizzes adapting preparation Style




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How it works?

                              1    2     3    4     5



            Give Mock Tests/ Ask Doubts/ Revise and Complete Preparation




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How it works?


                          1     2    3     4    5



                Plan and Achieve Success in CFA Level I Exam




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Methodology




                 Each topic will be explained through

     Conceptual Discussion, Examples, Tests, Quizzes, Actionable
               Presentations, Visualized Charts and Q&A




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  Sample Innovative Material
                                                                                  Probability
                                                                                 Distributions


                                                           Normal Distribution                                        Binomial Distribution


                                         Normal                                                                                               Skewness and
                                                                                           Z-Score
                                                                                             Score
                                       Distribution                                                                                             Kurtosis


                           • Described by mean & variance                                                     No. of σ a given
                           • Symmetric about its mean                                                         observation is away
                           • Standard Normal Distribution                                                     from population mean.
                                - Mean = 0; Variance =1                                                            Z=(x-µ)/σ


                                                                                                      Q. At a particular time, the market value
                                                                                                      of assets of the firm is $100 Mn and the
                                                                                                      market value of debt is $80 Mn. The
                                                    68% of Data                                       standard deviation of assets is $ 10 Mn.
                                                                                                      What is the distance to default?
                                                                                                      Ans. z = (A-K) / σA
                                                    95% of Data                                              = (100-80)/10
                                                                                                             =2
                                                    99.7% of Data

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

                                                                                                          Q. Which of the following is likely to be a probability distribution
                                                                                                          function?
                                                                                                          For X=[1,2,3,4,5],           Prob[Xi]= 49/(75-Xi2)
            If Z is a standard normal R.V. An event X is defined to happen if either -1< Z < 1 or         For X=[0,5,10,15],           Prob[Xi]= Xi/30
            Z > 1.5. What is the prob. of event X happening if N (1) =0.8413, N (0.5) = 0.6915            For X=[1,4,9,16,25],         Prob[Xi]= [(X i)1/2 – 1]/5
            and 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)                                                          Ans. The correct answer is For X=[0,5,10,15], Prob[Xi]= Xi/30
                       = N(1)-(1-N(1)) + N(-1.5)
                       = 2*0.8413-1 + 0.0668                                                              For all values of X, probability lies within [0,1] and sum of all the
                       = 0.7494                                                                           probabilities is equal to 1.
                                                                -1      +1               1.5



© Neev Knowledge Management – Pristine                                                           38                                                              www.edupristine.com
Seminar Material
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  Sample Innovative Material
                                                                                                   Hypothesis
                                                                                                    Testing

          Null                                  Alternative                Confidence Intervals                              Hypothesis Tests                                               One tailed
                                                                                                                                                                                                                                      Two Tailed test
      HYPOTHESIS:H0                            Hypothesis: Ha                     (CI)                                        for Variances                                                   Test

     Hypothesis      that              Concluded if there is             Range of values within which                                                       Test if the value is greater                                             Test if the value is
     the     researcher                significant evidence              H0 Cannot be rejected (say                                                         than or less than K                                                      different from K
     wants to reject                   to reject H0                      90% or 95%).                                                                       H0; µ<=K vs. Ha: µ>K                                                      H0; µ=0 vs. Ha: µ≠ 0
                                                                         Known variance, 2 Tailed test,
         Type 1 error: rejection of H0 when it                           CI is: X”± zα/2(σ/√t)                                                                                            0.2                                          0.2

         is actually true                                                                                                                                                            0.15                                             0.15


         Type 2 error :Fail to reject H0 when                                                                                                                                             0.1
                                                                                                                                                                                                                      α= 0.05
                                                                                                                                                                                                                                       0.1

         it is actually false                                                                                                                                                                                        α= 0.025
                                                                                                                                                                                                                                                               α= 0.025
                                                                                                                                                                                     0.05                                             0.05
         Inference                 Real State of Affairs
         Based on                                                                                                                                                                          0                                             0
        Sample Data            H0 is True           H0 is False                                                                                                   -5               Z=0          0
                                                                                                                                                                                                         Z=2.5
                                                                                                                                                                                                         5
                                                                                                                                                                                                             Reject H0          -5
                                                                                                                                                                                                                                             Z=0
                                                                                                                                                                                                                                                           Reject H0

                                                                                                                                                                                                        Reject H 0                     Do not Reject H0
                                                 Type II error                                                                                                         Do not Reject H0
                      Correct decision
         H0 is True
                      Confidence level = 1- 
                                                 P (Type II error) = 
                                                 Correct decision
                                                                                       Tests for a Single                                      Tests for a two
                     Type I error                                                     Population Variances                                   Population Variances                                       Q. If standard deviation of a
         H0 is False
                     Significance level = *     Power = 1-                                                                                                                                            normal population is known to be
                                                                                                                                                                                                        10 & the mean is hypothesized
         *Term  represents the maximum probability of committing a
                                Type I error                                             Chi-Square test                                                F test                                          to be 8. Suppose a sample size
                                                                                                                                                                                                        of 100 is considered. What is the
                                                                                                                                                                                                        range of sample means in which
                                                                                                                                                                                                        hypothesis can be accepted at
      Q. Co. ABC would give bonus to employees, if they get a                         H0: σ2 = c                                             H0: σ12 – σ22 = 0                                          significance level of 0.05?
                                                                                      HA: σ2 ≠ c                                             HA: σ12 – σ22 ≠ 0                                          Ans: SE =         = 10/√100 =1
      rating higher than 7/10 from customers. A random sample                                                                                                                                                                                n
      of 30 customers is conducted with rating of 7.1/10.                                            (n  1)s         2                                s2                                               z = (x-µ)/ SE
                                                                                           2                                                       F 1
      Formulate Hypothesis?                                                                                                                            s2                                                 = (x-8)/1
                                                                                                        σ2                                              2
                                                                                                                                                                                                        At 95% -1.96<z<1.96
      • Null Hypothesis: H0: Mean<=7
                                                                                                                                                                                                        Therefore 6.04<x<9.96
      • Alternate Hypothesis : H1: Mean>7                                                                            Upper tail test:                       H0: σ12 – σ2 2 = 0
                                                                                                                     H0: σ2 ≤ σ02                           HA: σ12 – σ22 ≠ 0
      • Statistic to be measured: t-statistic, with 29 DoF                                                           HA: σ2 > σ02

                                                                                                                 
                                                                                                                                                                          /2
                                                                                                                                        2
                                                                                       Do not reject H0          Reject H0                                                                          F
                                                                                                           2                                  Do not            Reject H 0
                                                                                                                                                reject H0    F/2



© Neev Knowledge Management – Pristine                                                                                    39                                                                                                                                 www.edupristine.com
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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 I Exam

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

                 You will get an industry perspective of the topics

                      You will get a certificate of participation



                       *assuming you follow the program and practice
                        assuming




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About the Program



             100 hours of Active Learning & Networking

                          Venue: Online

                    Starting Date: 19 Feb, 2011




                                                          www.edupristine.com
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Cost of the Program




            USD 795                                 USD 650
        For individual registrations   For participants joining in groups of 5 or more




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                          Questions & Doubts?


           Please e-mail me at paramdeep@edupristine.com

                  or visit http://www.edupristine.com

                      or call +91 989 298 0608




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© Neev Knowledge Management – Pristine                                                             www.edupristine.com
Seminar Material
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     Other Pristine Offerings
   Course              Classroom           Online          Content         Crash              Hours of        Accreditation        Price
                       Trainings           Trainings                       Course/            Training
                                                                           Mock Test
   CFA Level I         All* +              Yes             Original        Yes                100             Under Process        USD 1000;
                       Singapore**                                                                                                 INR 17,950
   CFA Level II        Mumbai, Delhi       From 2010       Original        From 2010          80              Under Process        USD 1000;
                                                                                                                                   INR 16,950
   FRM Level I         All +               Yes             Original        Yes                75              GARP                 USD 495;
                       Singapore                                                                                                   INR 12,950
   FRM Level II        Mumbai, Delhi       Yes             Original        Yes                60              GARP                 USD 495,
                                                                                                                                   INR 9,950
   PRM                 All +               Yes             Original        Yes                135             PRMIA                USD 795,
                       Singapore                                                                                                   INR 20,000
   APRM                Corporate           From 2010       Original        Yes                80              PRMIA                INR 10,000
   Financial           Mumbai, Delhi,      Yes             Original        NA                 50              -                    INR 18,000
   Modeling            Bangalore
   Finance for         Mumbai              No              Original        NA                 50              -                    INR 45,000
   Lawyers
   CFP                 Mumbai, Delhi       Yes             Original        NA                 120             Under Process        INR 20,000

   Placement           Colleges            No              Original        NA                 150             Not Required         INR 12,000
   Oriented
   Training

     *All cities include Mumbai, Delhi, Kolkata, Chennai, Bangalore, Pune and Hyderabad ; ** Singapore class room trainings to com
                                                                                                                               commence from
© Neev Knowledge Management – Pristine                                June 2010                                                  www.edupristine.com
Seminar Material
                                                             Not for Sale
  Agenda
              • Introduction and context
              • Understanding CFA Examination Structure
              • Introduction to Quantitative Analysis
                 – Descriptive Statistics
                 – Key Concept Checkers
              • Complete Offering & Registration
              • Contact Information




© Neev Knowledge Management – Pristine                46    www.edupristine.com
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        Contact                          Phone              Email
        Unmesha Tawde                    +91 982 043 2652   unmesha@edupristine.com
        Paramdeep Singh                  +91 989 298 0608   paramdeep@edupristine.com
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© Neev Knowledge Management – Pristine                                         www.edupristine.com

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  • 1. www.edupristine.com CFA Level I Financial Reporting and Analysis June 2011 © Neev Knowledge Management – Pristine
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  • 3. Pristine has been started by professionals with diverse experience in financial Material Seminar Not for Sale services, IT and Auto who are alumnus of IITs & IIMs Innovative content – To improve understanding & learning capability of students. VisualizeFRM, VisualizeCFA as one of the best selling products 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 Pristine Classroom/ Online delivery (synchronous and Founded with an aim asynchronous) – To increase of creating world reach and improve efficiency of class professionals in learning. Conducted 15+ the area of finance – batches with over 300 hours of particularly risk recorded content management and Testimonial - 53% of the students join us on the investment banking basis of referral is a testimonial of the effective Effective training methodologies to improve the performance training methodologies of the students and enhance the employability © Neev Knowledge Management – Pristine 3 www.edupristine.com
  • 4. Seminar Material Key Authorization Not for Sale CFA Institute (2010-11) GARP (2007-10) Authorized Training provider – CFA Authorized Training provider -FRM Pristine is now the authorized training provider Largest player in India in the area of risk for CFA Exam trainings . Pristine is largest management training. Trained 1000+ students training provider for CFA in India with presence in risk management across seven major cities. PRMIA (2009-10) FPSB India (2010-11) Authorized Training provider – PRM/ APRM Authorized Training provider -CFP Sole authorized training for PRM Training in An authorized Education Provider for India. Largest player in India in the area of risk Chartered Financial Planner Charter. management training. Trained 1000+ students in risk management © Neev Knowledge Management – Pristine www.edupristine.com
  • 5. Seminar Material Key Associations* Not for Sale Bank Of America J. P. Morgan (2010) Mizuho (2010) Continuum Solutions (2010) Financial Modeling in Excel Financial Modeling in Excel Financial Modeling in Excel The Real Assets Group were trained in Bankers were using excel models that Associates were trained on valuation and Excel for infrastructure and real real-estate they could not understand. Conducted mergers and acquisitions modeling financial modeling in Excel trainings to bridge the gap Franklin Templeton Credit-Suisse India (2009) Suisse HSBC (2008) CFA (2010) Risk Management and Quant. Analysis Risk Management and Quant. Analysis Students were facing a gap in the IT Professionals of Credit Credit-Suisse India New joinees in HSBC had a gap in overall understanding of finance were trained on risk management. knowledge of Risk Management and topics like corporate finance, FSA and quantitative skills. Conducted trainings valuation. Provided training for over (On campus) to bridge the gap 100 hours to bridge the gap *Indicative List © Neev Knowledge Management – Pristine www.edupristine.com
  • 6. Seminar Material …Key Associations Not for Sale FMS Delhi (2010) IIM Calcutta (2010) BITS Pilani (2009) Financial Modeling in Excel Financial Modeling in Excel Workshops on Basics of Finance Final Year MBA students of Faculty of Students about to go for internships and Management Studies, Delhi University Most of the students desire a career join jobs found a gap in their grasp of were trained in financial modeling so as knowledge of excel for financial in finance. Conducted training for to prepare them better for a job in modeling. Conducted training for 75+ 350+ students with an average rating finance. students with an average rating of 4.5+ of 4.5+ NISM (2008) Derivatives workshop for Hedging IIT Delhi (2009) Sydenham College (2009) Corporate in Ludhiana incurred huge Corporate finance Financial Modeling in Excel losses because of derivative trades Students get placed in finance Students about to join jobs found a (for hedging). Conducted trainings for companies (UBS, GS, MS, etc) with gap in their grasp of excel for financial directors and CFOs for better no understanding of the subject/ Job modeling. Conducted 40+ hours of understanding of derivative products Profile. Conducted workshop to training and helped students be ready bridge the gap for job © Neev Knowledge Management – Pristine www.edupristine.com
  • 7. Seminar Material Not for Sale Trainer Paramdeep Singh, Director and Faculty, Pristine , • Extensive experience in the financial services, consulting and training domain. He has xtensive 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 Prior Banker with Standard Chartered Capital Markets (India) and as a consultant with Accenture 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 & 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 32 & 11 times. • Experience as Trainer • He has trained participants from HSBC, JP Morgan, Mizuho Bank , ING Vysya, Bank of America for financial modelling in excel, receiving very good rating. • Has conducted workshops and training courses in IIM Calcutta, Sydenham, Welingkar on 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 IIT Delhi © Neev Knowledge Management – Pristine www.edupristine.com
  • 8. Seminar Material Not for Sale 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 * CFA Institute website Many jobs with preference for CFA + MBA © Neev Knowledge Management – Pristine www.edupristine.com
  • 9. Seminar Material Not for Sale Agenda • Introduction and context • Understanding CFA Examination Structure • Introduction to Financial Reporting and Analysis – Balance Sheet – Advanced Concepts • Complete Offering & Registration • Contact Information © Neev Knowledge Management – Pristine 9 www.edupristine.com
  • 10. Seminar Material Not for Sale Course Structure Topic Level I Ethical and Professional Standards 15 Quantitative Methods 12 Economics 10 Financial Reporting and Analysis 20 Corporate Finance 8 Equity Investments 10 Fixed Income 12 Derivatives 5 Alternative Investments 3 Portfolio Management 5 Requires 200-250 Hours of studies 250 © Neev Knowledge Management – Pristine www.edupristine.com
  • 11. Seminar Material Not for Sale Way to CFA • Each exam is six hours long and is split between morning and afternoon sessions. There is a two two- hour 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. choice – The Level II exam is composed of item-set questions and is offered in June only. set – The Level III exam is composed of item-set and essay questions and is offered in June only. set • 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 I is by doing well in Ethics and FRA © Neev Knowledge Management – Pristine www.edupristine.com
  • 12. Seminar Material Not for Sale Fees Structure Levels I - Deadlines by 22 September by 16 February by 16 March Program Enrollment $405 $405 $490 (new Level I only) Exam Registration $630 $720 $970 eBook ($40) ($40) ($40) Total $995 $1,085 $1,420 CFA Institute now offers three options to all its candidates You can either choose to obtain the candidates. curriculum in i) eBook form; ii) Print form or iii) Both eBook and in Print Suppose a candidate chooses to enroll by 16th Feb and chooses the e-book version then her total cost will be = 405 + 720 – 40 = $1085. If she had taken the print version she will pay 405+720+20(shipping charges) = $1145 © Neev Knowledge Management – Pristine 12 www.edupristine.com
  • 13. Seminar Material Not for Sale Agenda • Introduction and context • Understanding CFA Examination Structure • Introduction to Financial Reporting and Analysis – Balance Sheet – Advanced Concepts • Complete Offering & Registration • Contact Information © Neev Knowledge Management – Pristine 13 www.edupristine.com
  • 14. Seminar Material Not for Sale Introduction to Balance Sheet • The balance sheet presents a company’s current financial position by disclosing that a company controls (assets) and what it owes ( liabilities ) at a specific time. • The Owner’s equity represents the excess over liabilities. • Assets = Liabilities + Equity © Neev Knowledge Management – Pristine 14 www.edupristine.com
  • 15. Seminar Material Not for Sale Balance Sheets : Pictorial Representation Current Assets Current Liabilities (Unearned Revenue, ( CCE, Receivables, A/c Payables, Notes Inventories, Prepaid Payables) Expenses) Sources of Funds Long-term Long-term Liabilities Long Investment (LT Debt, Deferred Liabilities) Fixed Assets (Property, Plant & Equipment) Shareholders’ Equity Use of Funds ( Preferred Stock , Common Outstanding stock, Retained Intangible Assets Earnings ) Other Assets Total Assets = Total Shareholder’s equity + liabilities © Neev Knowledge Management – Pristine 15 www.edupristine.com
  • 16. Seminar Material Not for Sale Concept Checker 1. Company ABC Inc. has paid rent for the entire year on their rented office premise in New York in advance. Similarly Zensar Corp. has received payment for servicing its products for the next five years. The two line items will most likely be classified as Rental Payment Payment for Servicing A Prepaid Expenses Unearned Revenue B Accrued Liabilities Current Assets C Current Liabilities Prepaid Expenses d © Neev Knowledge Management – Pristine 16 www.edupristine.com
  • 17. Advanced Concept: Seminar Material Not for Sale Tangible Assets, Intangible Assets and Goodwill • Tangible assets are – Long-term assets – Have a physical presence – Can be used in daily operational activities. • Intangible assets – Amounts paid by a company to acquire certain rights – Do not represented by possession of any physical assets – Distinguished as identifiable intangibles which can be linked to a particular right or privileges – Have a finite benefit period – Eg. Patents, copyrights, franchises, goodwill, trademarks, trade names . • Goodwill is another interesting concept as an intangible asset – Excess of the acquisition cost over the assets fair value – Periodically assessed for any impairments © Neev Knowledge Management – Pristine 17 www.edupristine.com
  • 18. Seminar Material Not for Sale Concept Checkers 2. Which of the following statements regarding goodwill recognition is most likely not correct A. Goodwill is the excess of the cost of acquisition over the acquirer’s interest in the fair value of the identifiable assets and liabilities. B. Goodwill needs to be amortized over the life of the assets C. Goodwill can affect the comparability of financial statements between companies using different accounting methods © Neev Knowledge Management – Pristine 18 www.edupristine.com
  • 19. Seminar Material Not for Sale Advanced Concept: Deferred Taxes • A deferred tax liability is created when: – A revenue is recognised in the financial statements but not for tax purposes. – An expense is deductible for tax purposes but not taken in the financials in the current year. • A deferred tax asset is created when: – A revenue is taxed in the income tax return but is not recognised in the financial statements. – An expense is recognised in the financial statements but the same is not deductible for tax purposes. • A DTA/DTL is created only for TEMPORARY DIFFERENCES. A permanent difference does not create a DTA/DTL as the same is not reversable. • If a DTL is not expected to be reversed, it is shown as a part of Equity. © Neev Knowledge Management – Pristine 19 www.edupristine.com
  • 20. Seminar Material Not for Sale Concept Checkers 3. Which of the following statements is not true? A. If DTA is not expected to be reversed, it must be reduced by creating a valuation allowance. B. If DTL is not expected to be reversed, the same must be recognised as a prt of equity equity. C. DTA and DLT must be recorded at undiscounted values. © Neev Knowledge Management – Pristine 20 www.edupristine.com
  • 21. Seminar Material Not for Sale Balance Sheet Ratios • Liquidity Ratios Current Assets Current Ratio  Current Liabilities Cash  Marketable Securities  Re ceivables Quick ( Acid Test ) Ratio  Current Liabilities Cash  Marketable Securities Cash Ratio  Current Liabilities © Neev Knowledge Management – Pristine 21 www.edupristine.com
  • 22. Seminar Material Not for Sale Balance Sheet Ratios (cont….) • Solvency Ratios Total LT Debt LT Debt  Equity  Total Equity Total Debt Debt to Equity  Total Equity Total Debt Total Debt  Total Assets Total Assets Financial Leverage  Total Equity © Neev Knowledge Management – Pristine 22 www.edupristine.com
  • 23. Seminar Material Not for Sale Concept Checkers 4. A partial balance sheet of Wayfair Inc. is provided below Assets ($ mn) 2010 2009 Current Assets 54 42 Total Assets 250 210 Current Liabilities 27 21 Total LT Debt 80 74 Total Equity 110 95 Which of the following ratios most likely increased in 2010 A. Current Ratio B. Debt Ratio C. Financial Leverage © Neev Knowledge Management – Pristine 23 www.edupristine.com
  • 24. Seminar Material Not for Sale Concept Checkers - Solution 4. The calculations are shown below Ratio Calculation 2010 2009 Current Ratio Current Asset/ 54/27 = 2.0 42/21 = 2.0 Current Liability Debt Ratio Debt / Equity 80/110 = 0.73 74/95 = 0.78 Financial Leverage Assets / Equity 250/110 = 2.72 210/95 = 2.21 A. Current Ratio has remained the same B. Debt Ratio has actually decreased C. Financial Leverage is the only ratio to have increased in the given period © Neev Knowledge Management – Pristine 24 www.edupristine.com
  • 25. Seminar Material Not for Sale Agenda • Introduction and context • Understanding CFA Examination Structure • Introduction to Financial Reporting and Analysis – Balance Sheet – Advanced Concepts • Complete Offering & Registration • Contact Information © Neev Knowledge Management – Pristine 25 www.edupristine.com
  • 26. Seminar Material Not for Sale About CFA Prep School School for CFA Prep is a 100 Hrs extensive training program* that can enable you to prepare for and crack CFA Level I Examination www.edupristine.com
  • 27. Seminar Material Not for Sale About School for CFA Prep • Extensive 100 Hours coverage • 16 days 5 hrs of regular classes • 3 days 5 hrs of revision classes School for CFA Prep is • 2 Mock tests a 100 Hrs extensive training program* • Extensive Question Bank to that can enable you = • prepare and Practice 2 Hrs of one-to-one doubt to prepare for and crack CFA Level I Exam clearing sessions* • Qualified faculty with CFA Charters and extensive industry and teaching experience www.edupristine.com
  • 28. Seminar Material Not for Sale About School for CFA Prep • Proven credentials in successfully training CFA aspirants • Actionable and Innovative Material School for CFA Prep is • Complete Slide Pack a 100 Hrs extensive training program* that can enable you = • • Each Session followed by Quiz Adaptive feedback based on Quiz to prepare for and crack CFA Level I Exam • Mock tests and feedback • Individual doubt solving session • CFA Visualized Formula Charts • Summarized Recordings for revision www.edupristine.com
  • 29. Seminar Material Not for Sale Tentative Schedule - Feb Date Day Course Topic 19/Feb/11 Sat CFA-Level-I Financial Reporting & Analysis -I 20/Feb/11 Sun CFA-Level-I Financial Reporting & Analysis -II 26/Feb/11 Sat CFA-Level-I Financial Reporting & Analysis -III 27/Feb/11 Sun CFA-Level-I Financial Reporting & Analysis -IV * Indicative list – Subject to Change www.edupristine.com
  • 30. Seminar Material Not for Sale Tentative Schedule - Mar Date Day Course Topic 05/Mar/11 Sat CFA-Level Level-I Quant-I 06/Mar/11 Sun CFA-Level Level-I Quant-II 12/Mar/11 Sat CFA-Level Level-I Quant-III 13/Mar/11 Sun CFA-Level Level-I Ethics 26/Mar/11 Sat CFA-Level Level-I Corporate Finance 27/Mar/11 Sun CFA-Level Level-I Equity Investments-I * Indicative list – Subject to Change www.edupristine.com
  • 31. Seminar Material Not for Sale Tentative Schedule - Apr Date Day Course Topic 02/Apr/11 Sat CFA-Level-I Equity Investments-II 03/Apr/11 Sun CFA-Level-I Fixed Income Investments-I 09/Apr/11 Sat CFA-Level-I Fixed Income Investments-II 10/Apr/11 Sun CFA-Level-I Derivatives-I 16/Apr/11 Sat CFA-Level-I Derivatives-II Alternative Investments + 17/Apr/11 Sun CFA-Level-I Portfolio Mgmt 23/Apr/11 Sat CFA-Level-I Economics-I 24/Apr/11 Sun CFA-Level-I Economics-II 30/Apr/11 Sat CFA-Level-I Economics-III * Indicative list – Subject to Change www.edupristine.com
  • 32. Seminar Material Not for Sale How it works? 1 2 3 4 5 You signup for the program by making payment of USD 1000* www.edupristine.com
  • 33. Seminar Material Not for Sale How it works? 1 2 3 4 5 Start Preparation with material and Live Interactive Class www.edupristine.com
  • 34. Seminar Material Not for Sale How it works? 1 2 3 4 5 Work on the Problem sets/ Quizzes adapting preparation Style www.edupristine.com
  • 35. Seminar Material Not for Sale How it works? 1 2 3 4 5 Give Mock Tests/ Ask Doubts/ Revise and Complete Preparation www.edupristine.com
  • 36. Seminar Material Not for Sale How it works? 1 2 3 4 5 Plan and Achieve Success in CFA Level I Exam www.edupristine.com
  • 37. Seminar Material Not for Sale Methodology Each topic will be explained through Conceptual Discussion, Examples, Tests, Quizzes, Actionable Presentations, Visualized Charts and Q&A www.edupristine.com
  • 38. Seminar Material Not for Sale Sample Innovative Material Probability Distributions Normal Distribution Binomial Distribution Normal Skewness and Z-Score Score Distribution Kurtosis • Described by mean & variance No. of σ a given • Symmetric about its mean observation is away • Standard Normal Distribution from population mean. - Mean = 0; Variance =1 Z=(x-µ)/σ Q. At a particular time, the market value of assets of the firm is $100 Mn and the market value of debt is $80 Mn. The 68% of Data standard deviation of assets is $ 10 Mn. What is the distance to default? Ans. z = (A-K) / σA 95% of Data = (100-80)/10 =2 99.7% of Data -4 -3 -2 -1 0 1 2 3 4 Q. Which of the following is likely to be a probability distribution function? For X=[1,2,3,4,5], Prob[Xi]= 49/(75-Xi2) If Z is a standard normal R.V. An event X is defined to happen if either -1< Z < 1 or For X=[0,5,10,15], Prob[Xi]= Xi/30 Z > 1.5. What is the prob. of event X happening if N (1) =0.8413, N (0.5) = 0.6915 For X=[1,4,9,16,25], Prob[Xi]= [(X i)1/2 – 1]/5 and 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) Ans. The correct answer is For X=[0,5,10,15], Prob[Xi]= Xi/30 = N(1)-(1-N(1)) + N(-1.5) = 2*0.8413-1 + 0.0668 For all values of X, probability lies within [0,1] and sum of all the = 0.7494 probabilities is equal to 1. -1 +1 1.5 © Neev Knowledge Management – Pristine 38 www.edupristine.com
  • 39. Seminar Material Not for Sale Sample Innovative Material Hypothesis Testing Null Alternative Confidence Intervals Hypothesis Tests One tailed Two Tailed test HYPOTHESIS:H0 Hypothesis: Ha (CI) for Variances Test Hypothesis that Concluded if there is Range of values within which Test if the value is greater Test if the value is the researcher significant evidence H0 Cannot be rejected (say than or less than K different from K wants to reject to reject H0 90% or 95%). H0; µ<=K vs. Ha: µ>K H0; µ=0 vs. Ha: µ≠ 0 Known variance, 2 Tailed test, Type 1 error: rejection of H0 when it CI is: X”± zα/2(σ/√t) 0.2 0.2 is actually true 0.15 0.15 Type 2 error :Fail to reject H0 when 0.1 α= 0.05 0.1 it is actually false α= 0.025 α= 0.025 0.05 0.05 Inference Real State of Affairs Based on 0 0 Sample Data H0 is True H0 is False -5 Z=0 0 Z=2.5 5 Reject H0 -5 Z=0 Reject H0 Reject H 0 Do not Reject H0 Type II error Do not Reject H0 Correct decision H0 is True Confidence level = 1-  P (Type II error) =  Correct decision Tests for a Single Tests for a two Type I error Population Variances Population Variances Q. If standard deviation of a H0 is False Significance level = * Power = 1- normal population is known to be 10 & the mean is hypothesized *Term  represents the maximum probability of committing a Type I error Chi-Square test F test to be 8. Suppose a sample size of 100 is considered. What is the range of sample means in which hypothesis can be accepted at Q. Co. ABC would give bonus to employees, if they get a H0: σ2 = c H0: σ12 – σ22 = 0 significance level of 0.05? HA: σ2 ≠ c HA: σ12 – σ22 ≠ 0 Ans: SE =  = 10/√100 =1 rating higher than 7/10 from customers. A random sample n of 30 customers is conducted with rating of 7.1/10. (n  1)s 2 s2 z = (x-µ)/ SE 2  F 1 Formulate Hypothesis? s2 = (x-8)/1 σ2 2 At 95% -1.96<z<1.96 • Null Hypothesis: H0: Mean<=7 Therefore 6.04<x<9.96 • Alternate Hypothesis : H1: Mean>7 Upper tail test: H0: σ12 – σ2 2 = 0 H0: σ2 ≤ σ02 HA: σ12 – σ22 ≠ 0 • Statistic to be measured: t-statistic, with 29 DoF HA: σ2 > σ02  /2 2 Do not reject H0 Reject H0 F  2 Do not Reject H 0 reject H0 F/2 © Neev Knowledge Management – Pristine 39 www.edupristine.com
  • 40. Seminar Material Not for Sale 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 I Exam You will know how to solve the questions asked in CFA Level I Exam You will get an industry perspective of the topics You will get a certificate of participation *assuming you follow the program and practice assuming www.edupristine.com
  • 41. Seminar Material Not for Sale About the Program 100 hours of Active Learning & Networking Venue: Online Starting Date: 19 Feb, 2011 www.edupristine.com
  • 42. Seminar Material Not for Sale Cost of the Program USD 795 USD 650 For individual registrations For participants joining in groups of 5 or more www.edupristine.com
  • 43. Seminar Material Not for Sale Contact Details Questions & Doubts? Please e-mail me at paramdeep@edupristine.com or visit http://www.edupristine.com or call +91 989 298 0608 www.edupristine.com
  • 44. Seminar Material Not for Sale 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 - pristinecareers@eneev.com – 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 - pristinecareers@eneev.com © Neev Knowledge Management – Pristine www.edupristine.com
  • 45. Seminar Material Not for Sale Other Pristine Offerings Course Classroom Online Content Crash Hours of Accreditation Price Trainings Trainings Course/ Training Mock Test CFA Level I All* + Yes Original Yes 100 Under Process USD 1000; Singapore** INR 17,950 CFA Level II Mumbai, Delhi From 2010 Original From 2010 80 Under Process USD 1000; INR 16,950 FRM Level I All + Yes Original Yes 75 GARP USD 495; Singapore INR 12,950 FRM Level II Mumbai, Delhi Yes Original Yes 60 GARP USD 495, INR 9,950 PRM All + Yes Original Yes 135 PRMIA USD 795, Singapore INR 20,000 APRM Corporate From 2010 Original Yes 80 PRMIA INR 10,000 Financial Mumbai, Delhi, Yes Original NA 50 - INR 18,000 Modeling Bangalore Finance for Mumbai No Original NA 50 - INR 45,000 Lawyers CFP Mumbai, Delhi Yes Original NA 120 Under Process INR 20,000 Placement Colleges No Original NA 150 Not Required INR 12,000 Oriented Training *All cities include Mumbai, Delhi, Kolkata, Chennai, Bangalore, Pune and Hyderabad ; ** Singapore class room trainings to com commence from © Neev Knowledge Management – Pristine June 2010 www.edupristine.com
  • 46. Seminar Material Not for Sale Agenda • Introduction and context • Understanding CFA Examination Structure • Introduction to Quantitative Analysis – Descriptive Statistics – Key Concept Checkers • Complete Offering & Registration • Contact Information © Neev Knowledge Management – Pristine 46 www.edupristine.com
  • 47. Seminar Material Not for Sale Contact Contact Phone Email Unmesha Tawde +91 982 043 2652 unmesha@edupristine.com Paramdeep Singh +91 989 298 0608 paramdeep@edupristine.com Atul Kumar +91 932 2194 932 atul@edupristine.com © Neev Knowledge Management – Pristine www.edupristine.com