BINUS FINANCIAL ANALYST ACADEMY

2018 CFA® (Chartered Financial Analyst) Preparation Program Level 1 Batch 34

Weekdays: 25 July – 23 November 2018 and Weekend: 28 July – 24 November 2018

This Program is designed to equip you with the knowledge based on CFA Level 1 curriculum and comprises of 4
modules. The first module is the basic tool needed for conducting an analysis. Ethics is also considered the basic tool.
Financial Statement Analysis Module helps you understand financial statements and capital structure of a firm
Asset Valuation Module provides the basic of 4 major asset classes and the basic of portfolio management.
The last module deals with review and exam preparation.

Module I: Ethics, Quantitative and Ilmu Ekonomi + Review Previous Topic 1 & 2 (18 Sessions) – 5 Weeks
This module will cover some topics which becomes the basic for the latter topics. It covers Ethics, a very important subject, which you must
adhere to as a CFA candidate. Then Ilmu Ekonomi, mostly in theoretical and application form. In this topic you will learn about the market and
financial environment, both macro and micro in which companies operate. Then on Metode Kuantitatif or Statistics you learn on how to
do proper data collections, samplings, calculations and hypotheses testing which you can use for testing assumptions, calculating the probability
of events etc.

Day Sess CLASS A (Weekdays) Weekend Sess CLASS B (Weekend) CLASS C (Weekend)
No. Weekdays No. No.
ion L Topic ion L Topic L Topic
1 25 Jul 18 Wed A RI Ethics and Prof. Std (1) 1 28-Jul-18 A VH Ethics and Prof. Std (1) 1 SA Ilmu Ekonomi (1)
2 25 Jul 18 Wed B RI Ethics and Prof. Std (3) 2 28-Jul-18 B VH Ethics and Prof. Std (4) 2 SA Ilmu Ekonomi (2)
3 27 Jul 18 Friday A RI Ethics and Prof. Std (2) 3 28-Jul-18 C RI Ethics and Prof. Std (3) 3 SA Ethics and Prof. Std (3)
4 27 Jul 18 Friday B RI Ethics and Prof. Std (4) 4 28-Jul-18 D SA Ilmu Ekonomi (1) 4 RI Ethics and Prof. Std (1)
5 28-Jul-18 E SA Ilmu Ekonomi (2) 5 RI Ethics and Prof. Std (4)

5 30 Jul 18 Monday A SA Ilmu Ekonomi (1) 6 4-Aug-18 A AN Analisis Lap Keuangan (1) 6 BE Ilmu Ekonomi (3)
6 30 Jul 18 Monday B SA Ilmu Ekonomi (2) 7 4-Aug-18 B AN Analisis Lap Keuangan (2) 7 BE Metode Kuantitatif (1)
7 1 Aug 18 Wed A CW Ilmu Ekonomi (5) 8 4-Aug-18 C BE Ilmu Ekonomi (3) 8 AN Analisis Lap Keuangan (1)
9 4-Aug-18 D BE Metode Kuantitatif (1) 9 AN Analisis Lap Keuangan (2)
10 4-Aug-18 E BE Ethics and Prof. Std (2) 10 AN Ethics and Prof. Std (2)
8 3 Aug 18 Friday A SD Ilmu Ekonomi (3)
9 3 Aug 18 Friday B SD Ilmu Ekonomi (4) 11 11-Aug-18 A TS Analisis Lap Keuangan (3) 11 FS Analisis Lap Keuangan (5)
10 6 Aug 18 Monday A RI Analisis Lap Keuangan (1) 12 11-Aug-18 B TS Analisis Lap Keuangan (4) 12 FS Financial St Analysis (6)
11 6 Aug 18 Monday B RI Analisis Lap Keuangan (2) 13 11-Aug-18 C FS Analisis Lap Keuangan (5) 13 HW Analisis Lap Keuangan (3)
14 11-Aug-18 D FS Financial St Analysis (6) 14 HW Analisis Lap Keuangan (4)

12 8 Aug 18 Wed A HW Analisis Lap Keuangan (3) 15 25-Aug-18 A AV Financial St Analysis (10) 15 PM Financial St Analysis (7)
13 8 Aug 18 Wed B HW Analisis Lap Keuangan (4) 16 25-Aug-18 B AV Financial St Analysis (11) 16 PM Financial St Analysis (8)
14 10 Aug 18 Friday A FS Analisis Lap Keuangan (5) 17 25-Aug-18 C PM Financial St Analysis (7) 17 AV Analisis Lap Keuangan (9)
15 10 Aug 18 Friday B FS Analisis Lap Keuangan (6) 18 25-Aug-18 D PM Financial St Analysis (8) 18 AV Financial St Analysis (10)
19 25-Aug-18 D PM Financial St Analysis (9) 19 AV Financial St Analysis (11)

Module II: Financial Statement Analysis + Keuangan Korporasi (16 Sessions) – 3.5 Weeks

This module covers about the basic tenet of company valuation process, that is to understand and analyze Financial Statements issued by a firm and
to judge its quality and reliability. Some popular issues such as difference in accounting standards are also discussed. In Keuangan Korporasi you will
learn about the various aspects of the capital structure of a firm including how to calculate the cost of equity and capital budgeting.

Day Sess CLASS A (Weekdays) Weekend Sess CLASS B (Weekend) CLASS C (Weekend)
No. Weekdays No. No.
ion L Topic ion L Topic L Topic
16 13 Aug 18 Monday A BR Financial St Analysis (7) 20 1-Sep-18 A CW Ilmu Ekonomi (4) 20 RK Keuangan Korporasi (1)
17 13 Aug 18 Monday B BR Financial St Analysis (8) 21 1-Sep-18 B CW Ilmu Ekonomi (5) 21 RK Keuangan Korporasi (2)
18 15 Aug 18 Wed A AN Financial St Analysis (9) 22 1-Sep-18 C RK Keuangan Korporasi (1) 22 CW Ilmu Ekonomi (4)
19 15 Aug 18 Wed B AN Financial St Analysis (10) 23 1-Sep-18 D RK Keuangan Korporasi (2) 23 CW Ilmu Ekonomi (5)

20 27 Aug 18 Monday A AV Analisis Lap Keuangan (11) 24 15-Sep-18 A YS Metode Kuantitatif (2) 24 FS Keuangan Korporasi (3)
21 27 Aug 18 Monday B AV Keuangan Korporasi (1) 25 15-Sep-18 B YS Metode Kuantitatif (3) 25 FS Keuangan Korporasi (4)
22 3 Sep 18 Monday A RI Metode Kuantitatif (1) 26 15-Sep-18 C FS Keuangan Korporasi (3) 26 AV Metode Kuantitatif (2)
23 3 Sep 18 Monday B RI Metode Kuantitatif (2) 27 15-Sep-18 D FS Keuangan Korporasi (4) 27 AV Metode Kuantitatif (3)
24 5 Sep 18 Wed A RI Metode Kuantitatif (3)
25 5 Sep 18 Wed B RI Metode Kuantitatif (4)

26 10 Sep 18 Monday A RI Metode Kuantitatif (5) 28 22-Sep-18 A FW Equity Investment (1) 28 FK Metode Kuantitatif (4)
27 10 Sep 18 Monday B RI Metode Kuantitatif (6) 29 22-Sep-18 B FW Equity Investment (2) 29 FK Metode Kuantitatif (5)
28 12 Sep 18 Wed A RK Keuangan Korporasi (2) 30 22-Sep-18 C RI Metode Kuantitatif (4) 30 FW Equity Investment (1)
29 12 Sep 18 Wed B RK Keuangan Korporasi (3) 31 22-Sep-18 D RI Metode Kuantitatif (5) 31 FW Equity Investment (2)
32 RI Metode Kuantitatif (6)
Module III: Asset Valuation + Portfolio Management (19 Sessions) – 4.5 Weeks

This module covers about the core topics: Asset Valuation and Portfolio Management. On Asset Valuation you will learn the basic concepts
and valuation methods for Equity, Debt, Derivatives and Alternatives Investments, four major asset classes. On Portfolio Management we cover the
development of portfolio management theories and introduction about diversification concept.

Day Sess CLASS A (Weekdays) Weekend Sess CLASS B (Weekend) CLASS C (Weekend)
No. Weekdays No. No.
ion L Topic ion L Topic L Topic
30 17 Sep 18 Monday A RI Keuangan Korporasi (4) 32 29-Sep-18 A FK Metode Kuantitatif (6) 33 FW Equity Investment (3)
31 17 Sep 18 Monday B RI Metode Kuantitatif (7) 33 29-Sep-18 B FK Metode Kuantitatif (7) 34 FW Equity Investment (4)
32 19 Sep 18 Wed A RK Equity Investment (1) 34 29-Sep-18 C FW Equity Investment (3) 35 RI Metode Kuantitatif (7)
33 19 Sep 18 Wed B RK Equity Investment (2) 35 29-Sep-18 D FW Equity Investment (4) 36 RI Debt Investment (1)
37 RI Debt Investment (2)

34 1 Oct 18 Monday A VH Equity Investment (3) 36 13-Oct-18 A CL Derivative Investments (1) 38 SO Debt Investment (3)
35 1 Oct 18 Monday B VH Equity Investment (4) 37 13-Oct-18 B CL Derivative Investments (2) 39 SO Derivative Investments (1)
36 3 Oct 18 Wed A RI Debt Investment (1) 38 13-Oct-18 C RI Debt Investment (1) 40 SO Derivative Investments (2)
37 3 Oct 18 Wed B RI Debt Investment (2) 39 13-Oct-18 D RI Debt Investment (2)
38 8 Oct 18 Monday A RI Debt Investment (3) 40 13-Oct-18 E RI Debt Investment (3)
39 8 Oct 18 Monday B RI Debt Investment (4)

40 10 Oct 18 Wed A FK Debt Investment (5) 41 20-Oct-18 A SD Portfolio Management (1) 41 YS Debt Investment (4)
41 10 Oct 18 Wed B FK Debt Investment (6) 42 20-Oct-18 B SD Portfolio Management (2) 42 YS Debt Investment (5)
42 12 Oct 18 Friday A BE Derivative Investments (1) 43 20-Oct-18 C YS Debt Investment (4) 43 SD Debt Investment (6)
43 12 Oct 18 Friday B BE Derivative Investments (2) 44 20-Oct-18 D YS Debt Investment (5) 44 SD Portfolio Management (1)
45 20-Oct-18 E YS Debt Investment (6) 45 SD Portfolio Management (2)

44 15 Oct 18 Monday A SH Derivative Investments (3) 46 27-Oct-18 A FS Alternative Investment 46 SH Derivative Investments (3)
45 15 Oct 18 Monday B SH Derivative Investments (4) 47 27-Oct-18 B FS Exam Tips 47 SH Derivative Investments (4)
46 17 Oct 18 Wed A VH Portfolio Management (1) 48 27-Oct-18 C SH Derivative Investments (3) 48 FS Alternative Investment
47 17 Oct 18 Wed B VH Portfolio Management (2) 49 27-Oct-18 D SH Derivative Investments (4) 49 FS Exam Tips
48 22 Oct 18 Monday A FS Alternative Investment (1)
49 22 Oct 18 Monday B FS Exam Tips

50 Take A Quick Pre Test Exam 50 Take Quick Pre Test Exam 50 A Quick Pre Test Exam
51 Home B 51 Home 51 B
Quick Pretest will be distributed on 22 Oct 2018 for weekday class and 27 Oct 2018 for weekend classes

Module IV: Kelas Ulasan + Practice Exam + Explanatory (12 Sessions) – 3 Weeks

After studying the theories, we move on to prepare for real exam. The review sessions focus on how to solve different types of multiple choice
problems that you will face on the exam. Then you will have a mock exam, full day sessions in which you will face a test which is similar to the real
exam. This mock exam will be graded and the top four participants will receive rewards. Then in solution sessions we will discuss each problem faced
during the mock exam in detail and how to solve them amicably.

Day Sess CLASS A (Weekdays) Weekend Sess CLASS B (Weekend) CLASS C (Weekend)
No. Weekdays No. No.
ion L Topic ion L Topic L Topic
52 29 Oct 18 Monday A AN Kelas Ulasan 1 52 3 Nov 18 A RI Kelas Ulasan 3 52 AS Kelas Ulasan 2
53 29 Oct 18 Monday B AN Kelas Ulasan 2 53 3 Nov 18 B RI Kelas Ulasan 4 53 AS Kelas Ulasan 5
54 31 Oct 18 Wed A RI Kelas Ulasan 3 54 3 Nov 18 C AS Kelas Ulasan 1 54 SH Kelas Ulasan 4
55 31 Oct 18 Wed B RI Kelas Ulasan 4 55 3 Nov 18 D AS Kelas Ulasan 5 55 SH Kelas Ulasan 1
56 2 Nov 18 Friday A RI Kelas Ulasan 5 56 3 Nov 18 E AS Kelas Ulasan 2 56 SH Kelas Ulasan 3

57-60 10 Nov 18 Saturday PRACTICE EXAM: Morning Session 09.00-12.00 and Afternoon Session 13.00-16.00*, No coffee break provided
61 14 Nov 18 Wed A AN Kelas Solusi 1 61 24 Nov 18 A RI Kelas Solusi 4 61 AN Kelas Solusi 2
62 14 Nov 18 Wed B AN Kelas Solusi 2 62 24 Nov 18 A RI Kelas Solusi 5 62 AN Kelas Solusi 3
63 21 Nov 18 Wed A RI Kelas Solusi 3 63 24 Nov 18 B AN Kelas Solusi 1 63 RI Kelas Solusi 1
64 21 Nov 18 Wed B RI Kelas Solusi 4 64 24 Nov 18 C AN Kelas Solusi 2 64 RI Kelas Solusi 4
65 23 Nov 18 Friday A RI Kelas Solusi 5 65 24 Nov 18 D AN Kelas Solusi 3 65 RI Kelas Solusi 5
Notes * Quick Pretest is take home session. No lecturing is provided
** FULL DAY Sat 09.00-16.00, those who cannot join on that day can join on alternative test date of 14 and 15 November 2018 (18.30-21.30)
Init Name / Occupation / Organization Email Address
AD Aditya Sutandi, CFA aditya.sutandhi@hotmail.com
AS Agus Salim, CFA (Independent Practitioner) agussalim09@gmail.com
AV Andre Varian, CFA, FRM (Portfolio Manager, BNI Asset Management) andre.varian@gmail.com
AN Andreyoso Sutikno, CFA (Kendall Court, Investment Manager) andreyoso88@hotmail.com
BE Bramantya Egin, CFA (Head of Product Development) eginpratama@gmail.com
CL Christian Linardo, CFA (Risk Methodology & Development Specialist) christianlinardo@gmail.com
BR Budi Rustanto, M.M., CFA, FRM, CSA darmadir@cbn.net.id;firewalk_82@yahoo.com
CW Christofer Wibisono, MA, CFA (Director, Wijaya Wisesa Group) cwibisono@gmail.com
FK Franky Venly Kumendong, CFA (Investment Analyst, Sequis) frankyvk@yahoo.com
FS DR. Ferdinand Sadeli, MAF, CFA, CPA, FRM, CFOS (CFO, Sinarmas Land) ferdinand.sadeli@sinarmasland.com
FW Ferry Wong, MBA, CFA, FRM (Head of Indonesia Research, Citigroup Securities) ferry.wong@citi.com
HW Hariyanto Wijaya, CFA, CPA, CFP, CMT (Vice President, Research Department) hariyantowijaya@yahoo.com;hariyanto.wijaya.cpa.cfa@gmail.com
MI Mohammad Indraputra, CFA (Saratoga) muhammad.indraputra@gmail.com
NR Nathalia Ratulangie, CFA (Citibank) nyratulangi@gmail.com; natalia.yoselin.ratulangi@citi.com
NS Nathanael Sutanto, CFA (Head of Investment, Heidelberg) nathanael.sutanto@gmail.com
PM Pintaro Mulia, CFA, CFOS (President Director, PT Citra Adi Karunia Pusaka) pintaro@gmail.com
Ricky Ichsan, CFA, FRM, PFM, CFP, CFOS, ERMCP, CRMP, CSA, CRP (Managing Director, Ghera
RI rickyichsan72@yahoo.co.id
Multi Wahana)
RK Ruben Kurniawan, CFA, FRM, CAIA rubenkurniawan@gmail.com
SA dr Saka Abadi, MBA, MSc (Infinity Capital) sakaabadi@yahoo.com
SD Sandy Hartawan, CFA sandy.hartawan@gmail.com
SH Santoso Himawan (Finance Director, Spectra Alam Sejahtera) santosohimawan@yahoo.com
SO Suryadi Ong, CFA (Director, Citibank Indonesia) suryadi.ong@gmail.com
SP Sugeng Purwanto, PhD , FRM (Dean, Paramadina) s-p@cbn.net.id / spvmax@yahoo.com
TS Triono Soedirdjo, CFA (Managing Partner, PwC) triono.soedirdjo@id.pwc.com
VH Vivi Handoyo Lie, CFA (Analyst, Citigroup) vivihlie@gmail.com
YS Yohan Setio, CFA (Vice President, Bank Mandiri) yohan.setio@bankmandiri.co.id

Participants may contact lecturers for queries on a specific study session/reading by emailing to Lecturer for the particular subject

Schedule For all administrative matters please contact: Dede (dsopiyan@binus.edu)

WEEKDAYS CLASS: or Rachel (rachel@binus.edu)
18.00 – 18.30: Dinner See the complete 2018 Level 1 Study Guide at www.cfainstitute.org
18.30 – 20.00: Session A
20.00 – 20.05: Short Break
20.05 – 21.35: Session B
WEEKEND CLASS:
08.45 – 10.15: Session A
10.15 – 10.30: Coffee Break
10.30 – 12.00: Session B
12.00 – 12.45: Lunch Co-Head of Program:
12.45 – 14.15: Session C Ferdinand Sadeli: ferdinand.sadeli@sinarmasland.com
14.15 – 14.30: Coffee Break Ferry Wong: ferry.wong@citi.com
14.30 – 16.00: Session D Training Coordinator:
16.00 – 16.05: Short Break Ricky Ichsan rickyichsan72@yahoo.co.id
16.05 – 17.35: Session E
Syllabus CFA Level 1 Training Program - 2018 Study Guide

No. Topic Details SS Reading

1 Ethics and Prof Std (1) Ethics and Trust in the Investment Profession 1 1
2 Ethics and Prof Std (2) Introduction to GIPS, Global Investment Performance Standard 1 4,5
3 Ethics and Prof Std (3) Code of Ethic & Standard of Professional Conduct 1 2
4 Ethics and Prof Std (4) “Guidance” for Standards I–VII 1 3
5 Quant. Methods (1) Time Value of Money 2 6
6 Quant. Methods (2) Statistical Concepts and Market Returns 2 8
7 Quant. Methods (3) Probability Concept 2 9
8 Quant. Methods (4) Common Probability Distribution 3 10
9 Quant. Methods (5) Sampling and Estimation 3 11
10 Quant. Methods (6) Hypothesis Testing 3 12
11 Quant. Methods (7) Discounted Cash Flow Applications; Technical Analysis 2,3 7,13
12 Economics (1) Demand and Supply Analysis: Introduction; Consumer Demand; 4 14
Demand and Supply Analysis: The Firm; Topics in Demand and Supply
Analysis
13 Economics (2) The Firm and Market Structure 4 15
14 Economics (3) Aggregate Output, Prices, and Economic Growth 4 16
15 Economics (4) Understanding Business Cycle; Monetary and Fiscal Policy 4 17-18
16 Economics (5) International Trade and Capital Flows; Currency Exchange Rates 5 19-20
17 Fin Reporting & Analysis (1) FSA Introduction; Financial Reporting Mechanics 6 21-22
18 Fin Reporting & Analysis (2) Financial Reporting Standards; Understanding Balance Sheet 6, 7 23,25
19 Fin Reporting & Analysis (3) Understanding Income Statement (1) 7 24
20 Fin Reporting & Analysis (4) Understanding Income Statement (2) 7 24
21 Fin Reporting & Analysis (5) Understanding Cash Flow Statement 7 26
22 Fin Reporting & Analysis (6) Financial Analysis Techniques 7 27
23 Fin Reporting & Analysis (7) Inventories 8 28
24 Fin Reporting & Analysis (8) Long-Lived Assets 8 29
25 Fin Reporting & Analysis (9) Income Taxes 8 30
26 Fin Reporting & Analysis (10) Non Current (Long-Term) Liabilities 8 31
27 Fin Reporting & Analysis (11) Financial Reporting Quality; FSA: Application 9 32,33
28 Corporate Finance (1) Corporate Governance and ESG: An Introduction 10 34
29 Corporate Finance (2) Capital Budgeting 10 35
30 Corporate Finance (3) Cost of Capital 10 36
31 Corporate Finance (4) Measures of Leverage; Dividends and Shares Repurchase: basics; 11 37-38
Working Capital Management
32 Portfolio Mgmt (1) PM: An Overview; Risk Management: an Introduction; Portfolio Risk 12 39-41
and Return Part I
33 Portfolio Mgmt (2) Portfolio Risk and Return Part II; Basics of Portfolio Planning and 12 42,43
Construction
34 Equity Investments (1) Market Organization and Structure; Security-Market Indexes 13 44,45
35 Equity Investments (2) Market Efficiency; Overview of Equity Securities 13-14 46,47
36 Equity Investments (3) Introduction to Industry and Company Analysis 14 48
37 Equity Investments (4) Equity Valuation: Concept and Basic Tools 14 49
38 Debt Investments (1) Fixed Income Securities: Defining Elements 15 50
39 Debt Investments (2) Fixed Income Markets: Issuance, Trading and Funding 15 51
40 Debt Investments (3) Introduction to Fixed Income Valuation 15 52
41 Debt Investments (4) Introduction to Asset Backed Securities 15 53
42 Debt Investments (5) Understanding Fixed Income Risk and Return 16 54
43 Debt Investments (6) Fundamentals of Credit Analysis 16 55
44 Derivative Inv. (1) Derivatives Markets & Instruments 17 56
45 Derivative Inv. (2) Basics of Derivative Pricing and Valuation (1) 17 57
46 Derivative Inv. (3) Basics of Derivative Pricing and Valuation (2) 17 57
Derivative Inv. (4) Risk Management Application of Option Strategies 17 59
47 Alt Investments (1) Introduction to Alternative Investments 18 58
48 Exam Tips Exam Strategies, Final Preparation F
49-50 Quick Pre Test A 3-hour Session solving 120 Questions, open book S
51 Review Class 1 Ethics + Portfolio Management
52 Review Class 2 Financial Reporting Analysis
53 Review Class 3 Corporate Finance; Equity
54 Review Class 4 Quantitative Methods, Economics
55 Review Class 5 Debt Investment; Derivatives, Alternative Investment
56-59 Practice Exam* 09.00 – 16.00 (240 Questions), closed book
60 Solution Class 1 Ethics + Portfolio Management
61 Solution Class 2 Financial Reporting Analysis
62 Solution Class 3 Corporate Finance; Equity
63 Solution Class 4 Quantitative Methods, Economics
64 Solution Class 5 Debt Investment; Derivatives, Alternative Investment

Notes * Pretest Modules are supervised by Binus Staff. No lecturing is provided

RED FONTS indicate that the reading is new to 2018 Curriculum