cfa russia year 2014 in review

CFA RUSSIA IN 2014

2014 Board Members and Officers Election

What to expect from Russian economy in 2014? Opinions of leading economists

Business breakfast. De-offshorisation: new challenges for Russian business

Post CFA Exam Party in Moscow

Summer 2014 / CFA Association Russia Educational Trainings

CFA Association Russia10th Anniversary

CFA Institute Ethics Award

Announcing the winner of the Russian stage of CFA Institute Research Challenge Competition 2014

The Round Table in Higher School of Economics «Financial Industry without ethics. Is there any future?»

CFA Institute Research Challenge 2015 launched at Moscow Exchange with participation of Tinkoff Credit Systems

CFA Career Day 2014

CFA Association Russia workshop «Building a career in finance»

92 new CFA Charterholders were welcomed to CFA Association Russia

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Ethics, continued education and raising the standards of your job are the hallmarks of accomplished professionalNITIN MEHTA, CFA, Managing Director, CFA Institute EMEA

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CFA BULLETIN #02 YEAR 2014 IN REVIEW

#02 CONTENTS

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2 CFA BULLETIN #2 YEAR 2014 IN REVIEW

2014’s CFA Association Russia Annual General Meeting (AGM) took place on February 27 at Dantes restaurant in Moscow.

2014 Board MeMBers and officers election

AGM is a venue for CFA members to take part in Association decision making and express their opinions about current processes and activities. Traditionally during this meeting, the election of the new Board of Directors is held.

Dantes restaurant has recently hosted several successful business events and presentations given by Russian and foreign companies, and CFA Association Russia’s AGM was no exception. After beginning the morning with a relaxing breakfast, ample time was given to busi-ness networking.

Vladimir Tutkevich, the Director of the CFA Association Russia, presented a detailed report on the activities of the Association in 2013, discussed the role of the Board of Directors in the governance of the Association and showed the tech-nical side of the election of new members of the Board of Directors in 2014.

The CFA Russia Board of Directors has plenty of opportunities to launch CFA Russia's initiatives, which include but are not limited to

member education,

professional conferences/breakfasts,

regulatory initiatives,

university outreach events,

networking/leisure/sporting.

Just like sixty other countries where local CFA societies are present, the strength and influence of the chapter in Russia depends on the efforts of local market professionals who volunteer as Board members to enhance the sta-tus and capacities of their local CFA communities.

Neil Withers, the President of the Association, summarized the major results of the year 2013 and talked about CFA Association Russia’s mission statement changes.

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Upon completion of the AGM it a short Q&A Session was held before each of par-ticipants had the opportunity to communicate with colleagues and discuss issues in personal conversations.

cfa association russia Board officers in 2014

Board of direc-tors MeMBersAssembly members sub-mitted the list of nominat-ed candidates and voted by ballot, and the new list was adopted unanimously. The Board of Directors of CFA Association Russia in 2014 included the follow-ing members:

● Bystrova Olga

● Dzhangirov Dzhangir

● Efremov Anton

● Kharlashkina Maria

● Ryabykh Dmitry

● Shestakova Marina

● Sitnikov Denis

● Sorokina Natalia

● Teplitskiy Alex

● Withers Neil

● Zagvozdkina Olga

Neil WithersPresident

Denis SitnikovVice President

Olga Bystrovatreasurer

Olga ZagvozdkinasecretarY

After the AGM, on the 27th of March we held the Board Meeting, and following CFA Association Russia Board Officers were chosen:


simeon djankovRector of New Economic

School (NES)

Mr Djankov indicated that there are structural issues within the Russian economy. One of the main issues is demographics. The work force in Russia is lacking young employees, and every year one million people leave the labor market. An indirect effect of this trend is a high unem-ployment rate. Djankov believes that in order to keep the economic growth at least at its minimum level, the country has to stimulate the growth of capital investments, which will help to compensate for the low workforce.

nitin MehtaManaging director of CFA Institute for Europe, Middle East and Africa

informed the event attendees of the global forecasts based on the opin-ion poll of CFA certificates holders around the world. The majority of experts think that in 2014 the world economy will continue to grow. The main positive factor, according to the respondents, is the improvement in the sovereign debt sector. By a sig-

What to exPect froM russian econoMY in 2014?

oPinions of leading econoMists

Moscow, 28th of April – Prospects of the Russian economic growth and the probability of large–scale sanctions against Russia were the main topics for discussion at the annual CFA Russia Association Forecast Dinner.

The dinner gathered the leading economists and investment experts, both practitioners and academicians, who shared their forecasts and opinions on the current Russian economic situation.

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nificant margin, shares were named the kind of investment that will give the best results in 2014, followed by raw materials and precious metals.

According to the majority of respondents, the best invest-ment markets at the moment

are the USA and China.

oleg KuzminEconomist «Renaissance Capital»

Oleg Kuzmin, the Economist from «Renaissance Capital» for Russia and CIS, talked about the Russian economy and its prospects with careful optimism. Oleg Kuzmin believes that one of the main issues for economic growth in 2013 was the reduction of reserves by the players of the economic market. He also believes that consumer demand will not decrease significantly and will remain the main factor of economic growth. At the same time, the short-age in the workforce, especially among highly qualified employees, will continue to affect the labor market. Therefore, Oleg Kuzmin pre-dicts that there will not be any rapid decrease in salary levels.

elena Khisamova,Head of ECM at VTB Capital

Elena spoke about the main chal-lenges for the Russian share mar-ket – particularly, she believes, a relatively low transparency of Rus-sian companies, predominance in national indexes of state companies as well as a strong dependence on foreign capital due to underdevelop-ment of Russian institutional inves-tors, all which affect the Russian share market. At the same time, Khisamova pointed out some posi-tive factors, including the creation of a united regulator of financial markets, an introduction of a central depositary, and an improvement of quality of corporate management in the country. In the next few years, Elena believes,

the privatization program as well as the development of a

pension system will support the share market.

roland nashSenior partner and Chief investment strategist from Verno Capital

Roland Nash, shared his opinion on the development of the financial market in Russia in the near future. He believes that the state role in the economy will continue to grow and it will affect the competition and effec-tiveness of capital distribution. The time of excessive profits on the Rus-sian financial market is declining for the majority of its participants, while the investors’ ability to find interest-ing options for capital placement is moving to the foreground.

Therefore, Nash believes there will be high demand for

qualified financial experts with a good understanding of the

Russian market.

Michael germershausenHead of Recruitment Agency Antal Russia, also participated in the Forecast Dinner. He discussed the situation on the labor market in the financial sector. According to opin-ion polls conducted by his company, more than 80% of employers did not increase employee salaries due to the Ruble devaluation. At the same time, there is no indication of large-scale cuts – 62% of respondents do not plan to decrease the number of staff, and 60% do not plan to freeze the current vacancies.


Business BreaKfast:

de-offshorisation: neW challenges for russian BusinessOn May 15, 2014 CFA Association Russia held the Business breakfast for members of the financial and investment society, called De-offshorisation: New Challenges for Russian Business.

There were more than 60 breakfast attendees, and among them were representatives of the Russian in-vestment and financial community.

There were presentations by Victor Kalgin, CFA, Senior Manager of Interna-tional Tax Services at Ernst and Young, Marina Belyakova, Director of Interna-tional Tax Services at Ernst and Young and Igor Shikov, Head of Tax Practice at Egorov, Puginsky, Afanasiev and Part-ners Law Firm.

The speech of Viktor Kalgin was devoted to the prehistory of the Rus-sian de-offshorisation campaign and the description of the proposed rules for the taxation of controlled foreign

companies, as well as criteria of tax residence. According to him, the de-off-shorisation campaign will lead to dras-tic changes in the Russian tax sphere.

Victor’s colleague, Marina Belyakova, gave examples of structures under the impact of de-offshorisation law and dis-cussed the impact of proposed changes on the Russian and foreign investment projects.

Currently, the de-offshorisation issue is very hotly debated among financial pro-fessionals.. This theme has generated a large interest and created a basis for the consideration of the nuances of the Russian legislation.

Igor Shikov analyzed the concept of beneficial ownership and touched upon the issues of taxation under the indirect sale of real estate

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Post cfa exaM PartY in MoscoWOn June 7, 2014, CFA Association Russia held the summer party to celebrate those who took the CFA exam this month. Both CFA Charterholders and CFA Candidates took part in this event.

The wonderful atmosphere at the Barbados bar provided everyone with opportunities to relax and establish new contacts with representatives of the CFA society.

The party was equipped with hi tech-nologies provided by our partner BizFamily. Each guest had the the opportunity to briefly connect with other visitors via the mobile site by name, company name or the level of the exam. The party took place at the luxurious Night club "Barbados", which is located in the heart of Mos-cow. Visitors were encouraged to drink and chat as lounge music played in the background.

This June more than 1300 people in Moscow took one of the three levels of the CFA Exam, taking another step forward to becoming the Chartered Financial Analyst. CFA Association Russia wished everybody well on their exam so they can achieve their goals and career benefits.


suMMer 2014 / cfa association russia educational trainings From January to June 2014 we held three series of three trainings: on financial modeling of investment projects, the use of financial models for business valuation, and detection of misleading reporting practices to define businesses’ actual financial standing.

These trainings gathered rep-resentatives of major financial institutions in Russia.

All three sessions have been popu-lar for a long time. We have seen repeated participation by represen-tatives of key organizations such as GazpromNeft, GazpromBank, Raiffeisen Bank, AlfaBank and many other prominent Russian finance and investment companies.

In total, we had more than 90 rep-resentatives of dozens of financial market players participating. After

finishing this session we received a lot of positive reviews and the number of applications for participa-tion for training in the new autumn season rose steadily.

The new season will see the renewal of existing trainings and modifica-tion, as well as an extension of the training program. All the details can be seen on our website.

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cfa association russia10th anniVersarY

In celebration of the 10th anniversary of founding the Russian Society of Chartered Financial Analysts (CFA Association Russia), the Asso-ciation directors, founders and guests planted an alley of apple trees.

The alley was planted on the grounds of the Higher School of Economics in Mos-cow at 4 Maliy Gnezdnikovsky Lane. This will be known as CFA Apple Alley.

CFA Institute is a global organization of investment professionals commit-ted to promoting the highest standards of ethics, education and professional excellence among financial profession-als for the ultimate benefit of society. The Higher School of Economics and its Banking Institute is a partner university of the CFA Institute.

The CFA Russia is the local society associated with the CFA Institute. It was founded in Moscow 10 years ago by 30 CFA Charterholders, but now

CFA Russia has over 500 members who have achieved the distinction of passing three levels of exams concerning professional knowledge and ethics.

Although at the beginning most mem-bers were people who had received their charter in overseas financial markets, now the local society is comprised primarily of young Russians who have achieved this distinction here in Moscow.

The CFA designation requires a candi-date to sit three annual exams each of 6 hours, with a recommended period of study of over 350 hours. The past year in Moscow 2,000 candidates wrote exams in two sessions, June and December.

Neil Withers, President of CFA Association Russia


CFA Institute was founded on the basis of financial analyst groups in Canada and the USA, but now China, Brazil, India and Russia lead in the numbers of new members and growth and the organization has become truly global reflecting the interconnected international financial markets. Approximately 130,000 charter-holders are working around the world.

Vladimir Tutkevich, Executive Director of CFA Russia, commented,

“The tremendous interest in the global qualification within Russia has brought world standards of professionalism and ethics to our financial markets. This is essential if capital markets are to meet the needs of our growing economy over the long run.”

CFA Apple Alley

Vassily Solodkov, Director of the Banking Institute at the Higher School of Economics stated,

“The educational material of the CFA Institute provides an excellent basis for our course, Masters in Finance. We have been pleased to work with CFA for a number of years.”

Dana Day, Director of Industry Relation, EMEA Region at CFA Institute

Tom Collimore, Head of Industry Relations at CFA Institute

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cfa institute ethics aWardAt the December 2014 Charter Award Ceremony, besides honoring the graduates, CFA Association Russia also celebrated the CFA Russia Annual Ethics Award that is given each year to an honorable partici-pant of the local financial industry who exemplifies high standards of ethical behavior in finance.

The nominee is selected by a panel of previous-year nominees and con-firmed by the board of directors of CFA Association Russia.

This year the nominee for CFA Russia's Ethics Award was Ilkka Seppo Salonen, Chairman of the Management Board of UralSib Bank. The award is granted for his remarkable work in key Russian banking institutions since 90’s, and his substantial contribution to improving the ethical standards in the financial markets in Russia.


CFA Association Russia is the organizer of the Russian stage of CFA Institute Research Challenge for the fourth time, and every year the teams show an incredibly high level of preparation and strong determination.

announcing the Winner

of the russian stage of cfa institute research challenge coMPetition 2014

However, only one team will become the winner and will represent Rus-sia on the international stage of the Olympiad. This year more than 3500 students and 600 universities and business schools from different parts of the world competed for the title, and the team that will represent Rus-sia at the international level has been chosen.

Every year CFA Association Russia invites Russian leading public compa-nies to become a subject for invest-ment reports on the national level of the competition. This year the subject for reports is the company QIWI, the leading payment service of new gen-eration in Russia and CIS countries.

QIWI owns an integrated payment system that allows making payments on physical, Internet and mobile com-munication channels.

Today QIWI products are in more than 14 million virtual pockets, 169000 kiosks and terminals and 54000 pro-viders that accept monthly payments totaling more than Rub 44 billion from more than 60 million clients.

In the CFA Institute Research Chal-lenge, there are eight Russian teams, and each one prepared an analytical

review of QIWI’s activity. Recognized experts from the finance industry, leading specialists of Russia’s largest banks and financial investment com-panies reviewed and evaluated these reports.

This year more than

3500 students and

600 universities and business schoolsfrom different parts of the world competed for the title.

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The event was organized jointly by CFA Association Russia, the Banking Institute of the Higher school of Economics and the Dutch investment com-pany Schildershoven Finance.

The event was opened by Mr. Solod-kov, Director of the Banking Institute of the higher school of Economics. In the opening speech he stressed the importance of ethics at the given stage of development of Russian business.

Mr. Withers, President of CFA Association Russia, focused on the return of confidence in the industry: «We are to blame that people no longer trust the financiers. We do not believe that we use money as a tool that we earn profits for clients,

rather than redistribute in your pocket. A greater promotion of good Ethics among financial companies would help. Also People are really not enough knowledge to effec-tively manage their money. Need to increase the level of financial literacy of the population, to explain complex things accessible language-this has to be one of the priorities of global financiers. Improving the financial knowledge of our own cli-ents, as well as the general popula-tion is needed and is already one of the most important tasks of our Association».

Mr. Tosunyan, President of Associa-tion of Russian banks, noted that all financiers’ actions are dictated by pragmatic considerations. "Every-thing we do is ultimately for you, not

for anyone. By our own hands we create a peaceful and friendly envi-ronment in which all of us should be comfortable to operate and inter-act. People improve with positive examples. A changing environment leads to changes in peoples’ minds. Thus, the low growth of the Russian economy is due not only to quantita-tive factors, but also to the socio-psychological state of society; we change this environment by chang-ing people’s minds.

The panel of judges chose the teams from 4 institutions for the final CFA IRC:

Moscow State University

Higher School of Economics

Russian Presidential Academy of National Economy and Public Administration

New Economic School

On March 5 2014, the final part of Russian stage of the competition was completed. As in the starting stage, 'Rosnano' and 'Kaplan Schweser', provider of training materials for CFA exams, were the part-

ners of the event. In the office of 'Rosnano' the final teams presented their investment projects in front of the panel of judges. Following the presentations, questions were taken from the judges; the results of the Russian stage were based on the sum of written report and oral presentation.

The winner of 2013-2014 CFA Institute Research Challenge final in Russia, with the maximum score for written report and presentation, was the Moscow State University team, and this team represented Russia in the regional final in Milan, Italy on April 1-2, 2014.

We congratulate the Moscow State University team and wish it the best of luck in future competitions!

the round taBle in higher school of econoMics

financial industrY Without ethics. is there anY future?22 May, 2014 – Moscow.


cfa institute research challenge 2015

launched at MoscoW exchange With ParticiPation of tinKoff credit sYsteMs

Event was attended by the repre-sentatives of CFA community, the Moscow Exchange, the IRC Subject company (Tinkoff Credit Systems Bank) and the students – main participants of the challenge.

The CFA IRC is an international con-test organized for more than 3000 finance and investment students from all over the world. It is a unique opportunity for young professionals to learn from leading industry experts and meet colleagues from the best business universities. This year over 800 prominent universities take part in the competition with the aim to choose the best team, representing the new generation of financial and investment specialists..

CFA IR Challenge Kick Off meeting is the first formal event that marks the start of this international competition. Local semi final will define the best 4 out of 8 teams from Moscow, Perm and Kaluga. Chosen semi finalists will deliver their presentations in person to the judges. Finally in March the winner will be defined who will travel to the EMEA regional competition represented by about 30 CFA societ-ies from Europe, Middle East and Africa, and will compete with them in Amsterdam in April 2015. After that the winning team from EMEA region will compete with winning teams from other global regions (America, Asia Pacific etc).

On November 19, 2014, CFA Association Russia launched the local stage of CFA Institute Research Challenge 2014-2015.

Russian students participate in the Challenge for the 5th year in a row. Up to this date they performed quite successfully.

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The whole Challenge is held in 2 levels: local and global. At first, 60 countries at local level agree with one of their national companies to be the subject for evaluation and invest-ment reports by the student teams. According to this rule, every year CFA Association Russia has been inviting a leading local public company. Over the past four years students have analyzed several business sectors and structures:

Severstal OAO (steel and mining industry), CFA IRC 2010-2011

HMS OAO (industrial equipment production), CFA IRC 2011-2012

Mostotrest OAO (infrastructure construction), CFA IRC 2012-2013

QIWI Group (payment services), CFA IRC 2013-2014

In 2014-2015 Challenge students will be analyzing Tinkoff Credit Systems Bank. Presenting this company, Neil Withers, CEO of CFA Russian and Chairman of judges said: «This year we evaluate Tin-koff Credit Systems. They did a very suc-cessful IPO not so long ago, but the stock price is significantly less now. So you have to decide, whether it continues to go down or is it going up. Modern world con-text and Russian financial market expe-rience a certain degree of uncertainty. You study how to analyze companies and market from academic point of view. Here we have a real life instance. The winner of competition is not the one who is able to make an academic analysis and presentation. At this point you are selling your ideas to investor, so the emotional commitment and energy you give to your presentation is the main part of being analyst and it’s more important in terms of credibility you have».

According to the rules there are limited opportunities to interact with the Sub-ject Company, so it was a unique face-to-face meeting, during which Tinkoff Credit Systems representatives delivered their presentation and team members asked questions. This opened the first stage. Now all participants have to write a report, which will be evaluated by the distinguished members of the CFA community. Then follows a video and life presentation of investment projects and answering the questions in front of panel of judges next March. The total score of the Russian stage is based on the sum of written report and oral presentation.

It is noteworthy that current event was organized along with the Moscow Exchange and was hosted at their venue. Explaining such cooperation, Andrew Bobovnikov, Moscow Stock Exchange,

said: «Market needs quality analytics, so real professionals in this area are always in high demand. It's particularly relevant in these times of turbulence, when it is very important to identify situations that could threaten the stability of the market and lead to a default. It’s great and very welcome that in these challenging times young people retain their interest. CFA is a ticket to the world of finance and investment banking. It's a quality mark for many employers, which greatly facili-tates the entry into this industry».

«Market needs quality analytics, so real professionals in this area are always in high demand. It's particularly relevant in these times of

turbulence, when it is very important to identify situations that could threaten the stability of the market and lead to a default...»

Following his words, Neil Withers confirmed:

«CFA Institute, the organizer of the event, is a developer of the gold standard in the finance industry: CFA program. CFA Institute has 120000 charterholders including 500 in Russia. CFA exam is a widely accepted degree, which gives you recognition around the world».


cfa career daY 2014The Annual CFA Russia Career Day 2014 was held on November 20, 2014 by CFA Association Russia and the Moscow Exchange for young investment professionals representing major areas of the finance industry.

The three-hour meeting brought to-gether top managers/HR directors of major market participants, and CFA members and candidates.

CFA Career Day for Investment Profes-sionals is a special format of dialogue between employers and applicants, which gives participants the opportunity to not only learn about corporate poli-cies, career and professional opportuni-ties, but also to have a direct access to recruiters. "Labor market in finance is quite fragmented, and each employment

agreement is unique. This is why our goal is to bring together representa-tives of various segments of the finance industry, to give candidates a complete view of available opportunities. We are pleased to provide both parties of this meeting the possibility of personal com-munication"- said Vladimir Tutkevich, Executive director of CFA Association Russia.

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Conference participants spoke about vacancies and internship programs and shared their vision of the present and future of labor market in the financial industry.

At the beginning, HR Directors of the Moscow Exchange, Ernst & Young, ATON and Credit Suisse told about prospects, opportuni-ties and career development paths for potential candidates. In their presentations leading HR special-ists discussed their approaches to recruitment, training and motivation of employees as well as recommen-dations to prospective applicants.

The second part of the discussion was dedicated to the state and trends of labor market in the invest-ment sector. Demand for invest-ment specialists was the subject of following reports:

General labor market trends in 2014. Tatiana Bartyuk, Antal Russia.

Current labor market trends in consulting. Olga Kozlova, HR Director Althaus Group.

Building a Career in Investor Relations in Russia. Neil Withers, President of CFA Association Russia.

The impact of the economic and political situation in the job search in the financial sector. Anastasia Glebova, CEO Recruit-ment Boutique S.M.Art.

Speakers agreed that despite the financial downturn, more profes-sionals are interested in pursuing an investment career, and many employers are willing to consider and hire successful candidates. Additional professional certifica-tions, such as the CFA or other similar designations is a significant

advantage when applying for a financial vacancy. CFA certification has been traditionally considered a proof of candidate’s far-reaching goals and a strong positive indica-tor for the employer. Summarizing the event, Vladimir Tutkevich said: "Financial crisis forces everyone to rethink their personal strate-gies and take more responsibility for career planning. In any case, serious professionals are always in high demand".

The event ended with an informal setting, in which participants contin-ued to discuss their plans for profes-sional development. During the cof-fee break, participants could leave their resumes and chat informally with senior and HR managers.

If you missed Career Day for Investment Professionals you can always take part in one of the many special events organized by the CFA. http://www.cfarussia.ru


cfa association russia WorKshoP

Building a career in finance

Meeting was conducted by profes-sional finance and recruiting experts: Anastasia Glebova (CEO, Recruitment boutique S. M. Art) and Boris Yatsenko (Partner, Department of Transaction Advisory Services, EY).

They talked about how to find a job in the best possible company, and explained nuances and chal-lenges on the way to it. During the event participants discussed trends, specifics and peculiarities of work in the financial sector.

In addition, speakers shared their personal experiences as employers and employees and gave practical advices on dealing with recruitment agencies in order to establish and pass the interview.

To make the workshop even more interesting, students were asked to send their resumes for evaluation. Analyzing practical examples, experts pointed out the main strong and weak points of the submitted works. As a result, they shared a list of useful tips for students to attract maximum atten-tion to their CVs and get a job of their dream.

On November 13, 2014 CFA Association Russia held a workshop for Moscow students on building a career in finance.

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92 neW cfa charterholders Were WelcoMed to cfa association russia On Wednesday, December 10, 2014, 92 investment professionals from Russia and other CIS countries joined CFA Association Russia and became CFA Charterholders during a special ceremony at Moscow’s luxurious Soho Rooms club.

For each graduate CFA Charter represents a valuable award, recognition of his success and significant achievement in his or her professional development.In his video message from London, Nitin Mehta, Managing Director of the CFA Institute EMEA office greeted those who passed all three levels of the CFA exam and became Chartered Financial Analysts this year. He personally congratulated new CFA Charterholders who “dedicated sometimes more than 4 years of their lives to the program, mastered some 10,000 pages and spent thousand hours studying. Not many students can withstand such a load: only 1 out of 5 candidates ends up with a charter – declaration that you have a drive, intelligence and character to be among the leading investment profession-als of the world”.

Moreover this evening CFA Association Russia presented its Annual Ethics Award 2014 to Ilkka Seppo Salonen, Chairman of the Management Board of UralSib Bank, as a sign of recognition of his leadership in fostering high standards of ethical behav-ior in finance in Russia. Nitin Mehta in his congratulatory speech noted: “Global financial crisis of 2008 undermined the credibility of financial professionals.

Unfortunately nowadays financial service is among the least trusted industries in the world. In this context I’m glad to high-light the importance of ethics with this Ethics Award. As for each one of us it’s very important to regain public trust and raise standards of ethics in finance”.

Nitin Mehta greeting to new CFA Charterholders http://www.youtube.com/watch?v=yPxKzIxPhAE

On behalf of CFA Association (Russia) we would like to wish all graduates further professional success and summarize our congratulations with parting words of Mr. Nitin Mehta:

«Ethics, continued education and raising the standards of your job are the hallmarks of accomplished pro-fessional. You pledge now to carry out those three principles throughout your carrier. Do something for your profession, join the CFA Associa-tion Russia, because being a profes-sional also means becoming a part of a group of like-minded people, who have similar goals and interests”.

CFA Association (Russia) is inviting investment professionals to attend three intensive courses, which have already been completed by more than 300 of your colleagues.

financial Modelling of inVestMentProJects

ParticiPants Will learn:

How to create simple, understandable and error-free financial models in Excel.

• Howtobuilddynamicfinancialmodelsthatreflectallprojectparameters

• Featuresassociatedwiththeplanningofincome,expenses,investments,fiscalchargesandothercomponents

• Modelstructuringbasedupontheprac-ticesoftheleadinginvestmentbanks

• Severaltechniquesforthebuildingofcomplexmodels

• Howtomanagecapitalbudgetsthroughturnovercycles

• Cashflowsstatement/Criteriafortheselectionofamodellingapproach,cor-relationwiththehistoryofcompany'sactivity

• Structureandformatoftheproject'sfinancialstatements

• Modelsoftheeconomicandfiscalenvi-ronment/Accountingforinflationandpricefluctuations

• Indicatorsofprojecteffectiveness:useofMSExcelformulasandself-construc-tionofindicators.

• Calculationofsolvencyindicatorsandtheiruseintheplanningoftheprojectfinancestructure.

• Howtocheckthemodelforpossibleerrors

• Simulationanalysis

Methods of Business Valuation With the helP offinancial Models

ParticiPants Will learn:

How to determine the value of a business, on the basis of his-torical data and other factors, by using a variety of valuation methods..

Modelling• Buildingacomprehensivefinancial

modelfromscratch.Purposeandobjectivesofafinancialmodel

• StructureandlogicoffinancialmodelbuildinginMSExcel.BasicmodelingrulesinMSExcel

• Linksbetweenfinancialanalysisandforecastingrealizedinfinancialmodel

• Analysisofhistoricalinformationanddefiningofthemodel'skeydrivers

• PLforecasting:Revenue,COGSandSGA,fixed/variablecostsplit

• ForecastingofFixedAssets,capitalexpen-dituresanddepreciation,workingcapital

• Forecastoftheincometax,propertytaxandturnoverastoVAT

• LinkbetweenPL,BSandCF.Modelbalancing

• Reviewofseveralindustryspecificmodels,VCandPEmodels,ProjectFinancemodels

Valuation• Mainvaluationmethods

(DCF,Comparative,Replacement)• TheconceptofEnterprisevalue,

thecomponentsofthisconcept• Theoreticalfoundationsandvarious

applicationsofDCFmethods• MethodologyandapplicationofFCFF, FCFE,EVAmethodsofvaluation• MethodologyandapplicationofAbnor

malEarningsmethod• ThediscountrateWACC–methodology

ofcalculationsforRussiancompanies• Comparativevaluation.Keyissues,

advantagesanddisadvantagesofthemethod

• Commonlyusedfinancialandoperationalmultipliers

• Issuesassociatedwiththeaccountingandforecastingofreserves(provisions)anddeferredtaxes.

detection of ManiPulation With financial stateMents andanalYsis of theBusiness’s realfinancial conditionDuring the workshop, we use financial reporting cases pre-pared under RAS, IFRS and US GAAP standards

• Purposes,usersandstructureoffinancialreports

• Purposesofmanipulationandthreelev-elsof"manipulators'"professionalism

• Interrelationsoffinancialstatementsasthefirststeptodatavalidation

• BalanceSheetanalysis

• ProfitandLossStatementanalysis

• CashFlowsStatementanalysis

• Errorsandmanipulationsoccur-ringingroups’consolidatedfinancialstatements

• Comprehensivefinancialanalysisofbusiness,detectionofinconsistentandincorrectinformation,assessmentofthebusiness'srealstate

• Commonmistakesofanalystsduringcalculation,comparisonandpracticalinterpretationofratios

• Finalworkshoponthedetectionofmanipulationandcomplexanalysisofthebusiness'sfinancialcondition

The workshop is built on real-world examples.

additionalinforMation:

Victoria Pavlova [email protected] +7968-593-30-84 www.cfarussia.ru

cfa russia year 2014 in review

Documents

cfa members

cfa bulletin

cfa russia board of

cfa association russias

cfa institute emeapage

cfa russias initiatives

local cfa communities

local cfa societies