CFA (Chartered Financial Analyst) Exam Preparation Curriculum

Self-study won t cut it. Prepare with a provider that has a track record of success. It s all about passing. CFA (Chartered Financial Analyst) Exam Preparation Curriculum June 2011 Exam w w w. n y s s a. o r g

TABLE OF CONTENTS Why should you choose NYSSA as your CFA exam prep provider? CFA Exam Preparation Courses LEVEL I CFA Level I Orientation 2011................................. 3 CFA Level I Free Sample Class................................ 3 CFA Level I Weekly Review (Session A)........................ 4 CFA Level I Weekly Review (Session B)........................ 4 CFA Level I 5-Week Saturday Condensed Review................. 4 CFA Level I Schweser 3-Day Intensive Review................... 5 LEVEL II CFA Level II Free Sample Class............................... 5 CFA Level II Weekly Review (Session A)........................ 5 CFA Level II Weekly Review (Session B)........................ 6 CFA Level II 5-Week Saturday Condensed Review................ 6 CFA Level II Schweser 3-Day Intensive Review................... 6 LEVEL III CFA Level III Weekly Review................................. 7 CFA Level III Schweser 3-Day Intensive Review.................. 7 Foundational Courses Equity Analysis............................................ 9 Financial Accounting........................................ 9 Financial Statement Analysis................................. 10 The June 2011 exam is closer than you think when you factor in the average of 300 hours of study time recommended by CFA Institute. Bring your study efforts into focus by taking a CFA review class at the New York Society of Security Analysts. NYSSA is the only New York area exam prep provider With 25 years of experience helping candidates like yourself pass the exam Aligned with CFA Institute as a local member society Where every instructor for a Weekly or Condensed Review class is a CFA charterholder who imparts study tips and strategies Providing you with access to instructors outside the classroom, via email, phone or in person With instructors who teach the concepts behind the content you re not just reading material, you re learning it Offering free study groups that provide motivation and business connections What do you get with the Weekly or Condensed Review? NYSSA offers weekly, condensed and intensive live classroom formats, as well as one-day workshops. Register early and save $100 on the Weekly and Condensed Review courses! Join NYSSA while enrolled and we will waive your application fee. That s a $100 savings! Turn to page 13 for more information on becoming a NYSSA member. About NYSSA Established in 1937, the New York Society of Security Analysts is a leading forum for the investment community. NYSSA s mission is to promote best practices and the highest professional and ethical standards in the industry. A not-for-profit industry organization, NYSSA provides education and a venue for policymakers and practitioners to discuss the major issues that drive our industry and economy. With over 10,000 members, NYSSA is the largest of the 135 societies of CFA Institute, which has over 100,000 members globally. An exclusive offer: Purchase the Schweser Essential Self-Study Package for only $350 a $249 savings! A 20% discount on other supplemental Schweser study products Access to three recorded classes from Schweser s Video Program in case you miss a live session E-mails from your instructor on problems and materials worked on in class Free online mock exam a $49 value! The free Online Mock Exam is available in mid-may 2011 through exam day. It follows CFA Institute exam weightings at each level and matches the difficulty of the actual exam as closely as possible. The exam includes: 6-hour exam (two 3-hour sections) Answer key for self-grading Answer explanations and LOS page references online Online exam analysis by topic and score relative to others 2

CFA LEVEL I REVIEW COURSES CFA Level I Weekly Review (REGISTRATION CLOSED) Session A: Wednesdays (Downtown) LEVEL I CFA ORIENTATION AND SAMPLE CLASSES FREE! CFA Level I Orientation 2011 Date: Thursday, October 14, 2010 Time: 6:00 p.m. 8:00 p.m. Fee: Attendance is free to both members and nonmembers but advance registration is required. FREE! CFA Level I Sample Class Date: Tuesday, December 14, 2010 Time: 5:45 p.m. 7:45 p.m. Instructor: Andrew Spieler, PhD, CFA, FRM Fee: Attendance is free to both members and nonmembers but advance registration is required. CFA EXAM PREPARATION CURRICULUM Ease into the demanding CFA testing process and learn what you can expect from the June 2011 exam. Receive an overview of the CFA Program curriculum, preparatory courses offered by NYSSA, and study groups. Experts will be on hand to answer your questions about the exam process. How can a NYSSA review course help you? Attend our free sample class to find out. Watch your instructor work through actual problems, give strategic exam tips and answer your questions. Dates: Wednesdays, January 12 May 4, 2011 Location: Kaplan Financial, 61 Broadway, Suite 700 Tuition: Early registration through December 23, 2010 After December 23, 2010 Session B: Tuesdays (Midtown) Dates: Tuesdays, January 25 May 17, 2011 (Entrance on 45th street Times Square) Tuition: Early registration through January 5, 2011 After January 5, 2011 CFA Level I 5-Week Saturday Condensed Review Dates: Saturdays, March 19 April 16, 2011 Time: 9:00 a.m. 4:00 p.m. Tuition: Early registration through February 28, 2011 $950 Member $1,100 Nonmember After February 28, 2011 $1,050 Member $1,200 Nonmember Save $100 Excellent, thorough instructor who made the concepts clear and integrated the concepts throughout the curriculum. Radhika Gupte, Level I Instructor did an excellent job explaining the material in a way that was easy to understand and also made the three hour reviews entertaining. Brian Correia, Level I We know you re busy. That s why we created the 5-Week Condensed Review for those whose weeknight schedules are already full. You ll receive the same benefits as in the Weekly Review. when you register for either the Weekly Review or Condensed Review and Financial Statement Analysis (see page 10). 3 4

5 CFA Level I Schweser 3-Day Intensive Review Date: May 6 May 8, 2011 Times: Friday 8:30 a.m. 5:00 p.m. Saturday 8:30 a.m. 5:00 p.m. Sunday 8:30 a.m. 4:30 p.m. Instructor: H. Kent Baker, PhD, CFA Tuition: $675 Member $775 Nonmember Bring your study efforts into focus with this weekend review from Schweser. An experienced instructor will guide you through the challenging CFA Program curriculum, provide important insights, and impart valuable exam tips and strategies. Schweser s enhanced technical presentation will hold your attention and improve your retention. LEVEL II CFA SAMPLE CLASSES FREE! CFA Level II Sample Class Date: Monday, December 20, 2010 Time: 5:45 p.m. 7:45 p.m. Instructor: O. Nathan Ronen, CFA Fee: Attendance is free to both members and nonmembers but advance registration is required. CFA LEVEL II REVIEW COURSES CFA Level II Weekly Review Session A: Mondays (Midtown) Dates: Mondays, January 10 May 16, 2011 (no class January 17 or February 21) Instructor: Ronald G. Quintero, CPA, CFA (Entrance on 45th street Times Square) Tuition: Early registration through December 21, 2010 After December 21, 2010 The 2010 Schweser 3-Day Review Seminar Slide Workbook is included in the tuition for the Schweser 3-Day Intensive Review and will be handed out on the first day of class. Note: The Schweser Essential Self-Study Package cannot be sold at a discount with this course. The instructor was very thorough and easy to understand. I will take his class again. I will pass because of this class. Robin A. Young, Level I How can a NYSSA review course help you? Attend our free sample class to find out. Watch your instructor work through actual problems, give strategic exam tips and answer your questions. Last year, I took a competitor s CFA Level II prep class. It focused on the math but the exam focused on concepts. This year, I went with NYSSA and feel better prepared. It s worth it! Chris Lengle, Level II Session B: Wednesdays (Midtown) Dates: Wednesdays, January 26 May 18, 2011 (Entrance on 45th street Times Square) Tuition: Early registration through January 6, 2011 After January 6, 2011 CFA Level II 5-Week Saturday Condensed Review Dates: Saturdays, March 19 April 16, 2011 Time: 10:00 a.m. 5:00 p.m. Instructor: Ronald G. Quintero, CPA, CFA Tuition: Early registration through February 28, 2011 $950 Member $1,100 Nonmember After February 28, 2011 $1,050 Member $1,200 Nonmember Save $100 CFA Level II Schweser 3-Day Intensive Review Dates: April 29 May 1, 2011 Times: Friday 8:30 a.m. 5:00 p.m. Saturday 8:30 a.m. 5:00 p.m. Sunday 8:30 a.m. 4:30 p.m. Tuition: $675 Member $775 Nonmember The instructor s pragmatic approach to the material is quite useful, as is his intimate familiarity with the substance and style of the exam. Michael Sterling, Level II The instructor did a great job highlighting the most important material and explaining the more difficult concepts in easy to follow terms. Both are essential for level II prep. Christopher Rieger, Level II We know you re busy. That s why we created the 5-Week Condensed Review for those whose weeknight schedules are already full. You ll receive the same benefits as in the Weekly Review. when you register for either the CFA Weekly Review or Condensed Review and Financial Statement Analysis (see page 10). Bring your study efforts into focus with this weekend review from Schweser. An experienced instructor will guide you through the challenging CFA Program curriculum, provide important insights, and impart valuable exam tips and strategies. Schweser s enhanced technical presentation will hold your attention and improve your retention. The 2010 Schweser 3-Day Review Seminar Slide Workbook is included in the tuition for the Schweser 3-Day Intensive Review and will be handed out on the first day of class. Note: The Schweser Essential Self-Study Package cannot be sold at a discount with this course. 6

LEVEL III CFA LEVEL III REVIEW COURSES CFA Level III Weekly Review (Session A) -- view Session B at www.nyssa.org/cfa Dates: Tuesdays, January 11 May 10, 2011 (no class March 22) Instructor: John Paul Broussard, PhD, CFA, FRM, PRM Location: Practising Law Institute 810 7th Avenue at 53rd Street Tuition: Early registration through December 22, 2010 After December 22, 2010 CFA Level III Schweser 3-Day Intensive Review Dates: May 13 May 15, 2011 Times: Friday 8:30 a.m. 5:00 p.m. Saturday 8:30 a.m. 5:00 p.m. Sunday 8:30 a.m. 4:30 p.m. Instructor: John Paul Broussard, PhD, CFA, FRM, PRM Tuition: $675 Member $775 Nonmember I did take both Level I and Level II [NYSSA] classes and passed [the] exams. I like the condensed format and ability to take classes on weekends. Instructor s teaching method is excellent. Swapnil Raval, Level III The strength is the focus on the essays. Patrice Trucchio, Level III Instructor has extremely helpful comments regarding essays and grading. This info is not available anywhere else. Magdalena Znamirowska, Level III Bring your study efforts into focus with this weekend review from Schweser. An experienced instructor will guide you through the challenging CFA Program curriculum, provide important insights, and impart valuable exam tips and strategies. Schweser s enhanced technical presentation will hold your attention and improve your retention. The 2010 Schweser 3-Day Review Seminar Slide Workbook is included in the tuition for the Schweser 3-Day Intensive Review and will be handed out on the first day of class. Note: The Schweser Essential Self-Study Package cannot be sold at a discount with this course. Purchase the Schweser Essential Self-Study Package for only $350 a savings of $249! The Schweser Essential Self-Study Package includes: Schweser Study Planner SchweserNotes Schweser s QuickSheet SchweserPro QBank (Online + Download) Practice Exams, Vol.1&Vol.2 InstructorLink Schweser Library Exam-Tips Blog Instructor-Led Office Hours Searchable FAQs The Schweser Essential Self-Study Package will not be sold through NYSSA independent of the course. You will be working with the Schweser Essential Self-Study Package in class, so order when you register for either the Weekly Review or Condensed Review. Note: The Schweser Essential Self-Study Package offer does not apply to the 3-Day Intensive Review. 7 8

FOUNDATIONAL COURSES Financial Statement Analysis Date: Saturday, November 6, 2010 Time: 9:00 a.m. 5:00 p.m. Instructor: O. Nathan Ronen, CFA Tuition: $450 Member $550 Nonmember OR Date: Saturday, March 12, 2011 Time: 9:00 a.m. 5:00 p.m. Tuition: $475 Member $575 Nonmember In this course, you will: construction of cash flow statements capital and operating leases deferred income tax assets and liabilities accounting for long-term projects book value and earnings per share inventory valuation methods revenue recognition depreciation and depletion charges calculation and use of financial ratios Equity Analysis Dates: Mondays, October 18 November 8, 2010 (4 evenings) Time: 6:00 p.m. 8:30 p.m. Instructor: Vincent C. Catalano Tuition: $650 Member $750 Nonmember In these challenging economic times, decisions made by corporate executives can mean the difference between a company s survival and failure. Equity Analysis is an important component of the Level I exam. Note: This course requires the purchase of a textbook. Textbook information will be sent to you upon registration. In this course, you will: Walk through the decision-making process by examining the financial results of selected publicly-traded companies Grasp the key principles of equity analysis (cash flows, growth and risk) Assess the context macroeconomic and geopolitical environment, competitive strategies, and industry analysis within which companies operate Financial statement analysis represents a significant portion of the CFA Level I exam, and is also among the most difficult areas of the test. You need to know what financial reports contain, as well as what and why accountants use certain assumptions and concepts to prepare them. Understand how accounting theory, standards, and principles are applied. Note: Bring a financial calculator (approved by CFA Institute) that you plan to use for the CFA exam. Save $100 BONUS: Review theoretical concepts and develop your problem solving skills by working through a series of mock questions and answers. Understand the theory behind the calculations as well as their mathematics. when you register for either the CFA Weekly Review or Condensed Review (see page 4) and Financial Statement Analysis! Financial Accounting Dates: Mondays, October 18 November 8, 2010 (4 evenings) Time: 6:00 p.m. 8:30 p.m. Instructor: O. Nathan Ronen, CFA Tuition: $675 Member $775 Nonmember Accounting is a basic foundation of the CFA exam. If you have not taken a college accounting course, or need a refresher, taking this course is a must. Note: Materials for this course will be distributed on the first evening of the program. In this course, you will: Cover the basic concepts of accounting and financial statements Gain a bottom-up understanding of the individual components of the income statement and balance sheet Review key accounting principles, cash flow statement analysis, and basic ratio analysis 9 10

SPECIAL OFFERS ABOUT THE INSTRUCTORS CFA Study Groups NYSSA organizes study groups as a service to New York City area CFA candidates. Each study group consists of 5 15 people and a group leader. Study groups meet once a week to review course readings and concepts, helping keep candidates on schedule. Fellow group members help explain difficult problems and concepts. Being part of a group establishes a sense of camaraderie through what can otherwise be a difficult, stressful experience. To register for a study group, visit the CFA section of www.nyssa.org and click on Study Groups. CFA Scholarships In conjunction with CFA Institute, NYSSA may award up to five scholarships for the June exam. The CFA Institute will waive registration fees for the exam (less a $225 administrative fee) for scholarship recipients, and NYSSA will offer a complimentary enrollment in its CFA Weekly Review. To be considered for a scholarship award, you must submit a scholarship application and demonstrate financial need. Please visit the CFA section of www.nyssa.org and click on Scholarships for detailed information and an application. On-Site Classes NNYSSA can bring programs to your work site. Call the Education Department at (646) 871-3407 or (646) 871-3428, or email education@nyssa.org for more information. Group Discounts Special rates are available for five or more people from one company who attend the same course. Please contact the Education Department for details at (646) 871-3407 or (646) 871-3428, or email education@nyssa.org. Course Discounts Register by the early deadline and save $100 on the Weekly and Condensed reviews. Register for both the CFA Weekly Review or Condensed Review and Financial Statement Analysis and save $100! H. Kent Baker, PhD, CFA, is a university professor of finance at the Kogod School of Business at American University in Washington, DC. He has consulting and training experience with more than 100 organizations including the Comptroller of the Currency, the American Bankers Association, and the National Association of Securities Dealers. Baker has presented more than 700 training programs, including various CFA prep courses in the U.S. and Europe. He has more than 175 publications in academic and professional journals and has co-authored or edited several books, including Understanding Financial Management: A Practical Guide. Baker received his PhD from American University. Vincent C. Catalano is president and global investment strategist with Blue Marble Research and author of Sectors and Styles. A leading investment strategist, asset manager, and global economic and capital markets expert, he conducts numerous events with various CFA societies throughout the U.S., including the popular Market Forecast series. He appears regularly in the media (CNBC, Bloomberg Radio, foxbusiness.com) and is frequently quoted in professional publications (The Wall Street Journal, Barrons, Financial Times, Investors Business Daily). Catalano is a past president of NYSSA and a senior fellow at the Information Technology and Innovation Foundation. C. Mitchell Conover, PhD, CFA, an associate professor at the University of Richmond, has 14 years teaching experience. He has taught classes in investments, portfolio management, international finance, and corporate finance. His research focuses primarily on investment issues and has appeared in the Financial Analyst Journal, the Journal of Portfolio Management, the Journal of Business, the Journal of Banking and Finance, and other academic journals. He has served as a NASD arbitrator and received his PhD from Florida State University in 1995. O. Nathan Ronen, CFA, has worked as a supervisory analyst training government regulators, as an accounting analyst, and as a corporate finance analyst at a Japanese brokerage firm. His professional experience encompasses well-known organizations such as New York Life, NASD, and Salomon Brothers. Ronen has taught courses in finance and other investment-related subjects at Johns Hopkins University and Strayer College. In addition to teaching CFA preparatory courses for NYSSA, he has taught for the Washington Society of Security Analysts and the Study Seminar for Financial Analysts (SSFA). Ronen holds an MBA in finance and accounting from the University of Chicago. Andrew Spieler, PhD, CFA, FRM, is associate professor of finance at the Frank G. Zarb School of Business at Hofstra University, where he was named Distinguished Teacher of the Year and Researcher of the Year. His teaching experience includes graduate and undergraduate courses in finance, economics, statistics, and executive education programs. Spieler also serves as the director for the master s program in quantitative finance. He has extensive derivative and risk management experience and regularly consults with hedge funds, quantitative mutual funds, and law firms. Spieler is the former research director at the Investors Rights Association of America, a shareholder advocacy group, and he currently serves as chair of NYSSA s Derivatives Committee. 11 12

NYSSA MEMBERSHIP Registration Form Sign up now and SAVE! Register online at www.nyssa.org/cfa Apply for NYSSA membership while attending a CFA preparatory course and NYSSA will waive the $100 membership application fee. The offer expires on the last day of the course. Attach a copy of the course confirmation letter to your application form in order to qualify for the membership fee waiver. Email membership@nyssa.org or call (646) 871-3417 for details. You do not need to be a CFA charterholder to be a member of NYSSA. People seeking NYSSA membership who do not wish to obtain or are not yet eligible for a CFA charter may apply for an Associate membership. For more information about NYSSA, please visit www.nyssa.org POLICIES AND PROCEDURES Registration Process To enroll in a course, you can register directly online at www.nyssa.org or download a registration form and fax it in along with your credit card number to (212) 541-4677. If you are paying by check, please mail the registration form along with your check to NYSSA Education, 1540 Broadway, Suite 1010, New York, NY 10036-4039. Unfortunately, NYSSA cannot invoice your company or hold space for you if your registration form is received without payment. Cancellations NYSSA reserves the right to cancel a course that does not meet the minimum enrollment. In the event a course is cancelled, 100% of your tuition will be refunded (less any cost of materials you may have already received). Please allow 30 days for your credit card refund to appear on your monthly statement. Withdrawals/Refunds All requests for refunds and course transfers must be issued in writing and dated. The date of such request will be the date it is received by NYSSA (or in the case of mail, the date of postmark). Requests may be faxed to (212) 541-4677, emailed to education@nyssa.org, or mailed to NYSSA Education, 1540 Broadway, Suite 1010, New York, NY 10036-4039. Withdrawals from classes are subject to the following administrative and bank fees: 7 or more days prior to class: $25.00 Less than 7 days prior to class: $50.00* After 1st class and before 2nd class (Weekly Review only): $150.00 After 2nd class (Weekly Review only): No refund *No refund or credit will be received for cancellations made 24 hours prior to the Condensed Review, Intensive Review, full-day classes, or 4-evening classes. Here are just a few benefits you ll receive as a NYSSA member: Save on course tuition Participate in free members-only programs Access to NYSSA s job board and career resources Take advantage of member discounts on subscriptions, products, and services like Zipcar, Financial Times and FT.com, and many more! Network with an elite group of investment professionals Participate in two of NYSSA s 13 committees to network and plan programs Materials Return Policy 2010 If you purchased the Schweser Essential Self-Study Package, you must return that package along with your original invoice within 14 days directly to Schweser. Return of the Schweser Essential Prep Package is subject to a $50 restocking fee. The materials must be returned in original packaging in like-new condition in order to be considered for a refund. Important: If you elect to keep the Schweser Essential Prep Package, the full retail value of $599 will apply. In addition to any cancellation fee, the $249 difference will be deducted from your refund. For more information regarding administrative policies, complaints, or refunds, contact NYSSA at (646) 871-3400 or (646) 871-3433, or email education@nyssa.org. Security Passes Please bring a photo ID with you on the first day of class. For multiple-day courses, you will be issued a building pass. This pass must be presented each time you attend class or you will not be admitted into the training facility. There is a $25.00 fee for a one-time replacement pass. Your pass must be returned to NYSSA on the last day of class. NOTE: Any person attending NYSSA programs grants permission to NYSSA to use and publish his or her image or likeness in the form of photographs, video, audio, or any other recorded manner. CFA Institute does not endorse, promote, review, or warrant the accuracy or quality of the products or services offered by NYSSA. CFA Institute, CFA, and Chartered Financial Analyst are trademarks owned by CFA Institute. 2010 Please Circle All That Apply Member Nonmember Level I 10/14 CFA Level I Orientation 2011....................................Free........Free 12/14 CFA Level I Free Sample Class..................................Free........Free 1/12 5/4 Weekly Review Session A: Wednesdays Through December 23..........................................$1,425......$1,595 After December 23.............................................$1,525......$1,695 1/25 5/17 Weekly Review Session B: Tuesdays Through January 5............................................$1,425......$1,595 After January 5...............................................$1,525......$1,695 3/19 4/16 5-Week Saturday Condensed Review Through February 28...........................................$950.......$1,100 After February 28..............................................$1,050......$1,200 4/29 5/1 3-Day Intensive Review........................................$675.......$775 Level II 12/20 CFA Level II Free Sample Class.................................Free........Free 1/10 5/2 Weekly Review Session A: Mondays Through December 21..........................................$1,425......$1,595 After December 21.............................................$1,525......$1,695 1/26 5/18 Weekly Review Session B: Wednesdays Through January 6............................................$1,425......$1,595 After January 6...............................................$1,525......$1,695 3/19 4/16 5-Week Saturday Condensed Review Through February 28...........................................$950.......$1,100 After February 28..............................................$1,050......$1,200 5/6 5/8 3-Day Intensive Review........................................$675.......$775 Level III 1/11 5/10 Weekly Review Through December 22..........................................$1,425......$1,595 After December 22.............................................$1,525......$1,695 5/13 5/15 3-Day Intensive Review........................................$675.......$775 Foundational Courses 10/18 11/8 Equity Analysis..............................................$650.......$750 10/18 11/8 Financial Accounting..........................................$675.......$775 11/6 Financial Statement Analysis...................................$450.......$550 3/12 Financial Statement Analysis...................................$475.......$575 SUBTOTAL..........................................................$ $ CFA Weekly Review or Condensed Review and Financial Statement Analysis......................................... $100..... $100 TOTAL.............................................................$ $ Payment Information (Please print clearly) Name & Member ID # NYSSA Member Nonmember (Members of other CFA Institute local societies may register at member rate.) Society Name & Member ID # CFA Institute Candidate # Title Company Address City State Zip Daytime Phone ( ) Fax ( ) E-Mail Address CARD # EXPIRATION DATE: Month Year Signature 13 If billing address on credit card is different from above address, please provide the credit card billing address. Fax (credit card orders only): (212) 541-4677 Mail: NYSSA 1540 Broadway, Suite 1010 New York, NY 10036-4039 14