&

PROGRAM CURRICULUM

ICCF @
COLUMBIA
BUSINESS
SCHOOL

EXECUTIVE ONLINE CERTIFICATE

PRE-COURSE MODULE

PRE-COURSE MODULE

CASH FLOW VERSUS EARNINGS

WALKING THROUGH FROM EARNINGS TO CASH

FLOW 

CAPITAL EMPLOYED

CONSOLIDATED ACCOUNTS

MORE COMPLEX POINTS OF FINANCIAL ACCOUNTS

MODULE 1: FINANCIAL
ANALYSIS

WEEK 1: REVENUE ANALYSIS

INTRODUCTION: WHAT IS FINANCIAL ANALYSIS

ROADMAP OF FINANCIAL ANALYSIS

MARGIN ANALYSIS

EVOLUTION OF SALES (VOLUME VS. PRICE VS. SCOPE)

INCOME STATEMENT 

MARGIN STRUCTURE AND SCISSORS EFFECT

BREAKEVEN POINT & BREAKEVEN RULES

MODULE 1 CASE STUDY (REVENUE ANALYSIS)

LIVE SESSION

WEEK 2: INVESTMENT ANALYSIS

INTRODUCTION TO INVESTMENT ANALYSIS

THE ECONOMIC BALANCE SHEET AND THE CAPITAL EMPLOYED

NET FIXED ASSETS

NET WORKING CAPITAL 

INVESTMENT POLICY ANALYSIS

NET WORKING CAPITAL ANALYSIS

MODULE 1 CASE STUDY (INVESTMENT ANALYSIS)

LIVE SESSION
MODULE 1: FINANCIAL
ANALYSIS

WEEK 3: FINANCING ANALYSIS

INTRODUCTION TO FINANCING ANALYSIS 

SOURCES OF FINANCING

DYNAMIC ANALYSIS OF FINANCING

NET INCOME VS. INTERNALLY GENERATED FUNDS VS. CASH

FLOW FROM OPERATIONS 

CASH FLOW FROM INVESTMENTS (INVESTMENT CYCLE) AND

CASH FLOW FROM FINANCING (FINANCING CYCLE) 

STATIC ANALYSIS OF FINANCING

NET DEBT OR NET FINANCIAL DEBT AND LIQUIDITY AND

SOLVENCY RATIOS

MODULE 1  CASE STUDY (FINANCING ANALYSIS)

LIVE SESSION
MODULE 1: FINANCIAL
ANALYSIS

WEEK 4: PROFITABILITY ANALYSIS

INTRODUCTION TO PROFITABILITY ANALYSIS

MEASURES OF PROFITABILITY

VALUE CREATION 

CAPITAL EMPLOYED 

ECONOMIC VALUE ADDED AND RETURN OF CAPITAL

EMPLOYED

FINANCIAL GEARING OR FINANCIAL LEVERAGE 

RETURN OF EQUITY VS RETURN ON CAPITAL EMPLOYED

AND THE RISK-RETURN TRADE-OFF

SELF-SUSTAINABLE GROWTH

MODULE 1 CASE STUDY (PROFITABILITY ANALYSIS)

LIVE SESSION

RELEASE OF FINAL CASE STUDY TO MODULE 1

WEEK 5 & 6: FINAL CASE STUDY AND PEER

REVIEW
MODULE 2: CORPORATE
VALUATION

WEEK 1: THE TOOLBOX

INTRODUCTION & OVERVIEW

INTRODUCTION TO RATE OF RETURN

FUTURE VALUE AND COMPOUNDING 

PRESENT VALUE AND DISCOUNTING

CASH FLOWS AND SPECIAL CASH FLOW PATTERNS

CAPITAL BUDGETING TOOLS

LIVE SESSION

WEEK 2: PRICING SECURITIES

INTRODUCTION TO FINANCIAL INSTRUMENTS

PUBLICLY TRADED SECURITIES

TYPES, CHARACTERISTICS AND VALUATION OF BONDS 

PRIMARY VS. SECONDARY MARKETS

CONCEPT OF YIELD TO MATURITY 

PUBLICLY TRADED STOCKS (CHARACTERISTICS AND MARKETS

FOR PUBLICLY TRADED STOCKS)

VALUING STOCKS: DIVIDEND DISCOUNT AND GORDON GROWTH

MODEL 

THE CONCEPT OF THE RETURN ON INVESTMENT

RATE OF RETURN ON INVESTMENT VS. COSTS OF CAPITAL

MODULE 2: CORPORATE
VALUATION

WEEK 3: INTRINSIC VALUATION OF A FIRM

OVERVIEW TO THE VALUATION APPROACHES AND

METHODOLOGIES 

MARKET VALUE BALANCE SHEET

FREE CASH FLOW TO FIRM AND CASH FLOW TO EQUITY 

DIRECT APPROACH OF INTRINSIC VALUATION 

INDIRECT APPROACH OF INTRINSIC VALUATION 

ESTIMATING FUTURE FREE CASH FLOWS 

TERMINAL VALUE 

INTRODUCTION OF THE MODULE 2 CASE STUDY TO INTRINSIC

VALUATION
MODULE 2: CORPORATE
VALUATION

WEEK 4: RELATIVE VALUATIONS OF A FIRM

INTRODUCTION TO RELATIVE VALUATION APPROACHES

AND METHODOLOGIES

COMPARABLES AND MULTIPLES

ABOVE THE LINE AND BELOW THE LINE MULTIPLES

TRAILING MULTIPLES VS. FORWARD LOOKING MULTIPLES

CASE STUDY TO RELATIVE VALUATION

WRAP-UP TO THE MODULE 2 CASE STUDY TO INTRINSIC

VALUATION (CONTINUED WEEK 3)

LIVE SESSION

RELEASE OF FINAL CASE STUDY TO MODULE 2

WEEK 5 & 6: FINAL CASE STUDY AND PEER

REVIEW
MODULE 3:
INVESTMENT AND
FUNDING DECISIONS

WEEK 1: THE COST OF CAPITAL

INTRODUCTION & OVERVIEW 

MEASURING RISK AND THE RISK PREMIUM

SYSTEMATIC RISK AND FIRM SPECIFIC RISK

INTRODUCING BETA AND THE BETA OF A SECURITY 

PORTFOLIO THEORY 

CAPITAL ASSET PRICING MODEL AND THE COST OF EQUITY

INTRODUCTION TO THE WEIGHTED AVERAGE COST OF CAPITAL

(COST OF CAPITAL) 

ESTIMATING THE COST OF CAPITAL 

LIVE SESSION

WEEK 2: SECURITIES

INTRODUCTION 

TYPES AND CHARACTERISTICS OF CORPORATE BONDS 

RATING AND THE YIELD SPREAD

CHARACTERISTICS OF BANK DEBT AND OTHER DEBT

INSTRUMENTS

HYBRID SECURITIES AND CONVERTIBLE BONDS 

CHARACTERISTICS COMMON EQUITYLIFE SESSION

MODULE 3:
INVESTMENT AND
FUNDING DECISIONS

WEEK 3: THE DEBT-EQUITY MIX (OPTIMAL

CAPITAL STRUCTURE CONSIDERATIONS)

INTRODUCTION 

WHAT IS THE OPTIMAL DEBT-EQUITY MIX?

MODIGLIANI & MILLER THEOREMOPTIMAL CAPITAL STRUCTURE

AND THE COST OF CAPITAL 

GEARING AND THE ROLE OF TAXES AND COSTS OF FINANCIAL

DISTRESS

EQUITIES - RETURNING CASH TO SHAREHOLDERS: DIVIDENDS

VS BUY-BACKS

CHARACTERISTICS OF INITIAL PUBLIC OFFERINGS VS.

SECONDARY OFFERINGS

UNDERPRICING OF IPOS

SIGNALING THEORY 

SUBSCRIPTION RIGHTS
MODULE 3:
INVESTMENT AND
FUNDING DECISIONS

WEEK 4: CORPORATE GOVERNANCE & M&A

INTRODUCTION HOW IS CORPORATE GOVERNANCE DEFINED

AND HOW IS IT IMPLEMENTED IN PRACTICE?

AGENCY THEORY

PRACTICAL EXAMPLE TO CORPORATE GOVERNANCE AND

AGENCY THEORY

OVERVIEW TO THE CHARACTERISTICS AND MECHANICS OF

MERGERS & ACQUISITIONS AND PRACTICAL EXAMPLE

M&A AND EARNINGS PER SHARE DILUTION AND ACCRETION 

OVERVIEW TO LEVERAGED BUY-OUTS AND PRACTICAL

EXAMPLE

LIVE SESSION

RELEASE OF FINAL CASE STUDY TO MODULE 3

WEEK 5 & 6: FINAL CASE STUDY