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CONTENTS
CFERM: 2011-12
2.1 Why CFERM? 2.2 Why should organizations encourage CFERM? 2.3 What does CFERM offer? 2.4 How is CFERM unique? 2.5 Programme Format 2.6 Programme Design: Context, Content and Sequencing 2.7 Evaluation and Award of Certificate
Academic Team
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1.1 About NISM
In his budget speech of February 2005, the Honourable Union Finance Minister announced that the Securities and Exchange Board of India (SEBI) would establish an institute to undertake securities market education and research. In pursuance of this mandate, SEBI established the National Institute of Securities Markets (NISM) in Mumbai as a public trust under the Bombay Public Trust Act, 1950. The activities at NISM are carried out through its Six Schools of Excellence. These include: 1. School for Investor Education and Financial Literacy (SIEFL) 2. School for Certification of Intermediaries (SCI) 3. School for Securities Information and Research (SSIR) 4. School for Regulatory Studies and Supervision (SRSS) 5. School for Corporate Governance (SCG) 6. School for Securities Education (SSE) The mission for NISM is to add to market quality through educational and research initiatives that would support, enable and expedite an entire gamut of high quality knowledge services in the securities industry. A market for securities education and research is gradually emerging in India and abroad, partly due to the buoyancy in the securities industry and partly because of the regulatory efforts to create minimum competency levels for securities industry professionals. NISM intends to play a catalytic role in addressing these needs. Given the uniqueness of India and other emerging/ developing markets, such intervention would follow the twin approaches of accessing/disseminating the relevant existing knowledge and creating new knowledge that is more specific and appropriate for emerging markets. With no other institute in the Asian
region that seeks to address as wide a canvas, NISM stands uniquely poised to become an institution that would not only serve the securities markets in India but could also assume a pan-Asian purpose.
1.3.1 Vision
To lead, catalyze and deliver educational initiatives to enhance the quality of securities markets.
1.3.2 Mission
To engage in capacity building among stakeholders in the securities markets through financial literacy, professional education, certification, enhancing governance standards and fostering policy research.
1.3.3 Belief
NISM envisions a catalytic role in promoting securities markets research and education, through: close interface with policy makers, regulators and industry participants continuous knowledge creation, acquisition and dissemination collaboration with the larger educational and market infrastructure to reach constituencies relevant to the securities markets
CFERM Programme
The CFERM programme is an executive certificate programme in financial engineering and risk management. It has been designed for working professionals in treasury and risk management functions who cannot attend full-time programmes. The CFERM programme will be offered by NISM at Vashi.
IT & ITES, KPO firms engaged in Analytics, Quantitative Research and Business Solutions
In the modern world, organizations seek to effectively utilize financial resources to meet business requirements. Financial engineering offers customized financial solutions towards this. Further, risk management in organizations has become a core strategic function today. Therefore, it has become necessary that an organization has a team of financial engineering and risk management professionals to discharge, oversee and guide this pivotal responsibility. CFERM offers an in-depth understanding from the point of view of sellers, buyers, analysts and regulators as opposed to the current black-box approach. The CFERM programme will result in a win-win situation for professionals engaged in treasury and risk management functions and their employers in: Banks PMS Mutual Funds Insurance Companies Pension Funds Private Equity Companies Hedge Funds Investment Banks Stock Broking firms Firms that trade in Commodities, Currencies and other Instruments Credit Rating Agencies Securities Research firms
CFERM has several unique features: Convenient class timings to suit the needs of working executives Rigorous and well-designed curriculum with emphasis on class participation A team of best-in-class faculty Access to state-of-the-art library and computing facilities with latest software such as R, SAS and financial databases such as Bloomberg and others for financial modelling and simulation Reinforcement of concepts through case studies Relevant examples and case studies from the Indian scenario
Please find the calendar below for the scheduled classes in Format B. The classes will take place on the highlighted dates. JULY 2011 S M T W T 31 3 10 17 24 4 11 18 25 5 12 19 26 6 13 20 27 7 14 21 28 F 1 8 15 22 29 S 2 9 16 23 30 4 11 18 25 5 12 19 26 6 13 20 27 7 14 21 28 SEPTEMBER 2011 S M T W T 1 8 15 22 29 F 2 S 3 OCTOBER 2011 S M T W T 30 31 2 9 16 23 3 10 17 24 4 11 18 25 5 12 19 26 6 13 20 27 7 14 21 28 F S 1 8 15 22 29
9 10 16 17 23 24 30
Module 1
Module 2
NOVEMBER 2011 S M T W T 1 6 13 20 27 7 14 21 28 8 15 22 29 2 3 F 4 S 5 1 8 15 22 29
JANUARY 2012 S M T W T 2 9 16 23 30 3 4 5 F 6 S 7 4 11 18 25
MARCH 2012 S M T W T 1 5 12 19 26 6 13 20 27 7 14 21 28 8 15 22 29 F 2 S 3
9 10 11 12 16 17 18 19 23 24 25 26 30
10 11 12 13 14 17 18 19 20 21 24 25 26 27 28 31
9 10 16 17 23 24 30
Module 2
Module 3
Module 4
The program delivery will include classroom sessions, projects and group work. The candidates will have access to library and other computing facilities such as R, SAS and financial databases such as Bloomberg and others for financial modelling and simulation.
Certificate in Financial Engineering and Risk Management
in Mathematics and Statistics to understand and appreciate financial engineering models/products. The Advanced module covers application and practical phases of the Certificate in Financial Engineering and Risk Management programme#
Basic Module Format A : Classroom sessions spread over weekends from July 16 to September 18, 2011 Format B : Classroom sessions from July 16 to July 24, 2011 Mathematics for Quantitative Financial Risk Management Statistics for Quantitative Financial Risk Management 30 hrs 33 hrs
Only those who succeed in the Basic Module written exam would qualify for the Advanced Module of CFERM. Tentative date of written exam is September 25, 2011.
Advanced Module Format A : Classroom sessions spread over weekends during October 2011 to March 2012 Format B : Classroom sessions during October 29 November 7, 2011; January 21 January 29, 2012, and March 9 March 18, 2012 Financial Engineering Frameworks Financial Economics Equity, Currency and Commodity Derivatives pricing Risk Management I Risk Management II Applied Financial Econometrics Financial Modeling Financial Engineering Applications Project Dissertation, Seminar/Workshop on contemporary FE issues 10 hrs 30 hrs 30 hrs 30 hrs 30 hrs 30 hrs 20 hrs 30 hrs 24 hrs
#NISM reserves the right to add, modify, merge or delete any of the above mentioned programme calendar/ courses/topics for overall benefit of the programme. Evaluation for all subjects includes class tests, surprise quizzes, practical exercises, assignments, mid-term exam and final exam. The actual implementation of any of the three formats depends on the minimum number of participants enrolled for it. In case there are not enough participants for a particular format, it will be merged with the format that has the required number for participants. All participants are required to get their personal laptops for the programme.
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candidate appearing for the personal interview. 3. After the personal interview, a first list of candidates selected for admission to the Basic Module will be announced on the NISM website. The respective candidates will also be informed through email/letter on June 24, 2011. 4. NISM reserves the right to postpone or cancel the date of personal interview/s. Candidates are advised to visit the Institutes website from time to time for any changes and other information. 5. All expenses incurred for attending the personal interviews shall be borne by the candidate. NISM will not bear or reimburse any expenditure in this regard.
along with a demand draft of Rs.500/- (Rupees five hundred only) drawn in favour of National Institute of Securities Markets payable at Mumbai, should be sent to the following address with the name of the programme on top of the envelope: CFERM Admissions Office National Institute of Securities Markets, NiSM Bhavan, Plot No. 82, Sector 17, Vashi, Navi Mumbai 400 705
Last date for payment of second instalment October 10, 2011 Last date for payment of third instalment January 21, 2012 The list of important dates will remain same for both formats of CFERM.
Interested candidates should send their duly filled application form along with a demand draft of Rs. 500 (Rupees five hundred only) so as to reach the Institute on or before May 27, 2011. Incomplete forms and forms received after the due date will not be accepted. Please do NOT enclose copies of any certificate along with the application form.
The total fee is Rs. 1,50,000/- (Rupees one lakh fifty thousand only). The fee is payable in three instalments as follows:
First instalment: Rs. 30,000/- (to be paid when the candidate is offered admission to the programme, on or before July 4, 2011.) Second instalment: Rs. 60,000/- (to be paid at the beginning of Advanced Module, on or before October 10, 2011.) Third instalment: Rs. 60,000/- (to be paid on or before January 21, 2012.) The break-up of the fee is as under: Sr. No. 1 2 3 4 Particulars Tuition fee Courseware Examination fee Library fee Total Amount (Rs.) 1,20,000 10,000 10,000 10,000 1,50,000
3.7 Enquiries
All academic enquiries may be mailed to Ms. Kavitha Ranganathan, Programme Manager - Academics at cferm@nism.ac.in
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Faculty
Prof. Sunder Ram Korivi: Prof. Korivi is an MA (Economics & Political Science) and PhD (Business Policy & Administration) from the University of Mumbai. He is a Fellow of the Institute of Chartered Accountants of India, Associate of the Institute of Cost & Works Accountants of India and an Associate of the Insurance Institute of India. A full-time faculty member at SP Jain Institute of Management, he later became a Professor at NMIMS University, where he also served as the Head of Departments of Finance and Economics and as the Dean of the School of Business Management. He has also served on various Boards of the University, viz., Board of Management, Advisory Board, Planning & Monitoring Board and as the Convener of the Academic Council. His interests are in the fields of Financial Reporting, Financial Institutions & Markets and Fixed Income Securities. He has conducted policy-oriented research
for the Central and State Governments. An adjunct faculty at IIM Kozhikode, he has also lectured at NIBM, NIA, NITIE and other institutes of national importance. In addition to authoring papers in national journals and international conferences, he has guided and refereed PhD studies. Dr. Kiran Kumar: Dr. Kiran Kumar holds a PhD in Finance from the Indian Institute of Science, Bangalore and an MA in Economics from Hyderabad Central University. His research focuses on Market Microstructure, Derivatives, and Applied Financial Econometrics. He has received five Best Paper awards in national and international conferences and has published ten research papers. He has delivered lectures at several research workshops including SAS Workshop for Researchers at Indian School of Business, Structural VAR Models at RBI Staff College, and Econometrics Workshop of Indian Econometric Society. Earlier, Dr. Kiran Kumar was with the Centre for Analytical Finance, Indian School of Business as Senior Researcher and Researcher at ICICI Research Centre, Chennai. At NISM, in addition to his teaching and research responsibilities, Dr. Kiran Kumar is also the Programme Director of the nine-month Certificate in Financial Engineering and Risk Management programme and is also associated with the School for Securities Information and Research in building the Network for Securities Market Data. Ms. Poonam Mehra: Dr. Poonam Mehra holds a PhD from the Indira Gandhi Institute of Development Research (IGIDR), Mumbai. She has been a PhD scholar at University of Hamburg under the European Unions Asia link Scholarship Programme (December 2006). She is a Gold medallist in Economics (MSc) with specialization in Econometrics and Industrial Organization. Her teaching interests include Economics for Securities Markets, Mergers & Acquisitions, and Econometrics and Regulation in Securities Markets. Her research interests include Applied Econometrics, Corporate Finance, Institutional Economics and Applied Game Theory. She has published papers in international journals and has presented her research work in several international conferences and workshops. Dr Rachana Baid, Adjunct Associate Professor Dr. Rachana Baid is an MCom (Gold medallist) and a PhD. She specializes in Financial Systems and Regulatory
Policy. She has undertaken consulting assignments with multilateral agencies such as the World Bank and has been a visiting faculty at IIM Indore and SP Jain Institute of Management. She has also served as an Assistant Professor at the UTI Institute of Capital Markets, Mumbai for about a decade. Mr. Suneel Sarswat: Mr. Suneel Sarswat is an MSc in Statistics and Informatics from the Department of Mathematics, IIT Bombay. Before joining NISM, he has worked with Bank of America on Financial Analytics. He has keen interest in Computational Finance and is well versed in Visual Basic, C++, Matlab, R, PERL and other programming languages useful in Financial Engineering. He is engaged in vital projects such as the application of neural networks in financial analysis, credit ratings and trading algorithms involving pattern recognition.
PRM certification from PRMIA, US. He is also a Fellow Member of the Institute of Chartered Accountants of India and a Graduate Member of the Institute of Costs and Works Accountants of India. Dr. Kavita Laghate: An MSc (Statistics) and PhD, Dr. Laghate is a faculty member at Jamnalal Bajaj Institute of Management Studies, University of Mumbai. Her areas of specialization are Statistics, Operation Research, Quantitative Models, Quantitative Finance and Research Methods. Ms. Monita Joshi Khamkar: An MBA (Finance) from NMIMS University and a Fellow of the Insurance Institute of India (F.I.I.I.), specializing in Life Insurance, Ms. Khamkar has over 14 years of experience with LIC of India and other insurance companies in underwriting, finance and related functions. She teaches Financial Mathematics with applications in investments and actuarial science. Mr. Sanjoy Choudhury: Founder and Director of Radiant Consulting, Mr. Choudhury is a vastly experienced financial market professional in the Banking & Financial Services Industry. He has diverse experience spanning multinational banks (ICICI Bank), multi-national financial services organization (GlobeOp), multi-national financial information services organization (Telerate) and premium research houses (Credence) for approximately 15 years. He is an MBA and an FRM. Mr. T. S. Anantakrishnan: A CFA (US), MBA Finance NYU STERN US, Financial Risk Manager (FRM, US) Mr. Anantakrishnan has served in senior positions in Risk and Portfolio Analytics in large hedge funds and Investment banks. He served as
Director Risk Advisor for Shumway Capital, USA as well as in investment organizations like Goldman Sachs in the Asset Management division. He has over 10 years of experience in portfolio analytics and risk management. He is also a regional director for the India Chapter of GARP. He regularly features on CNBC, NDTV, etc. offering his views on the Indian Markets. Mr. Chandresh Shah: Currently working with Tata Capital Ltd. as Vice President- Corporate Risk Management, Mr. Shah has more than 15 years of experience in the area of Banking, Capital and Securities Market. His past assignments include Risk Management roles at Standard Chartered, HSBC, SBI & HDFC Securities. As CRO at SBI Asset Management, he was instrumental in setting up the Risk Function for Investment Management and developed Internal Models for risk measurement. As Head of Risk Management at HSBC Asset Management he played a key role in implementing Global Risk Management Best practices of HSBC in India. At Standard Chartered Bank, he developed key metrics for Market Risk and Asset liabilities Management. He is a Cost Accountant and a Post graduate in Management from the University of Mumbai and holds a CFA charter. Mr Shah is also a certified FRM. Mr. Akhlaque Ahmed Mr. Akhlaque Ahmed is an MSC (Mathematics) from Aligarh Muslim University and an MPhil from the University of Mumbai. He is associated with the BSc programme of the London School of Economics and Political Sciences conducted at Mumbai. His ares of interest include Financial Mathematics and Quantitative Finance.
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Please Remember
Application form duly filled in all respects along with demand draft should reach the institute on or before May 27, 2011. Institute reserves the right to change or cancel the dates of the personal interview. Candidates will be informed in advanced by e-mail in case of such changes. Candidates are advised to regularly visit the Institutes website for the updated information. Results of the interviews will be intimated to the successful candidates through e-mail and the same will be displayed on the Institutes website. No separate communication will be sent in this regard. Hence, candidates are advised to check their e-mail and also the Institutes website on a regular basis.
All correspondence to be sent to the following address: CFERM Admissions Office National Institute of Securities Markets NISM Bhavan, Plot No. 82, Sector 17, Vashi, Navi Mumbai 400 705 Tel: 022-66735100-05 Fax: 022-66735110 Email: cferm@nism.ac.in Website: www.nism.ac.in