Friday, May 14, 2010

Business Analysis Using Financial Statements

http://ocw.mit.edu/OcwWeb/Sloan-School-of-Management/15-535Business-Analysis-Using-Financial-StatementsSpring2003/CourseHome/index.htm

Primary Objectives:
- Learn how to use financial information to value and analyze firms
- Apply your economics / accounting / finance skills to issues in today's news to help understand : (1) What is contained in financial reports, (2) Why firms report certain information, (3) How to be a sophisticated user of this information.

Provide up-to-date applied knowledge of:
- Fundamentals valuation techniques
- Pitfalls of accounting reports
- Reading between-the-lines of financial reports

Financial statement information is used extensively by internal users:
- Management at various levels for performance evaluation, competitive analysis, investment decisions, valuation of targets
- Current and future employees for knowing is this firm going to meet its payroll and will the stock options be worth anything?

Financial statement information is used primarily by external users:
- Financial intermediaries (analysts) for stock recommendations
- Lenders for loan decisions and monitoring
- Investment bankers for (1) valuation for M&A and IPO and (2) top management performance evaluation

Financial statement analysis and business analysis applications' focus is more than mechanical analysis of financial statements and draw heavily on your understanding of finance, economics, marketing, and strategy (combine that understanding with financial statement information to diagnose problems and come up with solutions / recommendations).

This course is NOT about : extreme details of financial reporting rules and financial statement preparation and T-accounts and journal entries.


Market Efficiency and the Role of Financial Statement Analysis

Implications of stock market efficiency:
- Many profit-maximizing, actively competing traders
- Information almost freely available to all participants
- Competition means that the full effects of new information on intrinsic values are reflected instantaneously in prices
- Stock prices rapidly adjust to new information such that the new price promises only a normal rate of return to an investor

If markets are efficient, then what's the use of fundamental analysis and valuation?

Conflicting evidence on market efficiency
1. Markets are Efficient:
- Market's reaction to news events is instantaneous.
- Mutual funds have on average been unable to outperform broad indexes; in fact, generally under-performed.
- Why publish "secrets" instead of making money yourself?
2. Markets are Inefficient:
- Growing evidence of "easy ways" to beat market.
- Greater acceptance of "Behavioral Explanations" for stock market fluctuations.

The Lecturer's View on Market Efficiency:

- I am not dogmatic about efficiency: let the evidence accumulate and speak for itself then you can decide.
- On the other hand, financial (stock) markets are very competitive: it is not easy to make money above the expected rate for return for a given level of (beta) risk and trading strategies are not free of risk (Long Term Capital).
- Regardless of your allegiance, knowing state-of-the-art techniques and lingo from the "The Street" (post earnings announcement drift, PEG ratio, B/M effect) will certainly help get you a great job!)

Financial risk analyst: Job description and activities

http://www.prospects.ac.uk/p/types_of_job/financial_risk_analyst_job_description.jsp

Financial risk analyst: Job description and activities

1. Job description
2. Typical work activities

Job description

Financial risk analysts identify and analyse the areas of potential risk threatening the assets, earning capacity or success of organisations in the industrial, commercial or public sector. They are sometimes called risk managers. They have the responsibility of predicting change, forecasting cost to the organisation and predicting future trends.

There are high degrees of specialisation within the profession. Risk analysts may work in sales, origination, trading, marketing, financial services or private banking, specialising in:

* credit;
* market;
* operational;
* regulatory.

Financial institutions are required to manage market and credit risks daily. Risk analysts are therefore increasingly tasked with responsibilities touching all four key areas.
Typical work activities

A financial risk analyst's role is to formalise the process of risk management within an organisation. This involves business decision-making and enabling the process of risk taking. The role varies according to the area of work:

* Credit risk specialists analyse the risk to the company of its customers not paying for goods or services or defaulting on loans.
* Market risk specialists analyse the risk that outside factors may affect the share price or the market. They typically work closely with traders to calculate the risk associated with specific trading transactions.
* Operational risk analysts look at the likelihood of risky events, such as system breakdowns and employee fraud.
* Regulatory risk analysts look at the impact on the company of new legislation.

Work activities depend on the nature and business of the employer, but tasks typically involve:

* managing resources wisely;
* evaluating sources of action and proposed business decisions;
* protecting the organisation's assets and public image;
* conducting research to assess the severity of risk;
* conducting statistical analysis to evaluate risk and using statistical software such as SPSS and SAS;
* making recommendations to reduce/control risk, which may involve an insurance strategy;
* reviewing legal documents;
* presenting ideas via reports and presentations, outlining findings and making recommendations for improvements;
* working with traders to calculate the risk associated with specific transactions;
* forecasting and monitoring market trends;
* purchasing insurance;
* analysing a bank's market position and running figures through complex modelling techniques to find value at risk (VAR) measurements;
* carrying out quantitative analysis;
* using financial packages and software, including portfolio management software;
* studying government legislation, which may affect a company, and advising on compliance;
* developing contingency plans to deal with emergencies.

Financial risk analyst: Salary and conditions

* Range of typical starting salaries: £22,000 - £40,000. Salaries at the higher end of the scale are likely to be with investment banks (salary data collected May 09).
* Range of typical salaries at senior level/with experience could be anything up to six figures. In investment banks, risk analysts can earn up to £80,000 - £100,000 within two to three years. Bonuses are also available and some work is commission-related (salary data collected May 09).
* Salary levels depend on the size and type of the organisation. Most organisations also offer benefits packages.
* Working hours typically include regular extra hours, although not weekends or shifts.
* The work is mainly office based, but may involve visiting various other organisations.
* Self-employment/freelance work is a viable option on a consultancy basis, although considerable experience and expertise are required.
* There is currently a 70:30 male:female ratio, although more women are now entering the profession.
* Opportunities tend to be in large towns and cities.
* The job involves working under pressure to meet deadlines.
* Travel within a working day is frequently necessary and absence from home overnight is occasionally required.
* There may be opportunities to work overseas, particularly if you are employed by a large international company.

Financial risk analyst: Entry requirements

Although this area of work is open to all graduates and Diplomates, a degree or HND in the following subjects may increase your chances:

* finance;
* mathematics;
* statistics;
* accountancy;
* legal studies;
* business;
* economics;
* engineering.

Employers are increasingly looking for degrees in finance, mathematics or statistics. BSc courses in risk management related to finance are available at City University and Glasgow Caledonian University.

Entry without a degree or HND may be possible, but larger employers prefer graduates. Without a degree, experience in finance or insurance is usually required, along with professional qualifications.

A postgraduate qualification, such as an MSc in financial-related risk management or financial markets, can also significantly improve your employment prospects, particularly for candidates with an unrelated undergraduate degree.

Entry is also possible through graduate training programmes especially in many large finance organisations. Banks are increasingly offering graduates risk-specific training.

Pre-entry commercial experience can be an asset.

Candidates will need to show evidence of the following:

* strong numeracy and analytical skills;
* good research skills;
* planning/organisational skills and problem-solving ability;
* IT competence/computer literacy;
* negotiation skills;
* written and oral communication skills;
* the ability to explain complex issues and present technical information clearly;
* commercial awareness;
* the ability to work independently and to cope with pressure and responsibility;
* the confidence to relate to a wide range of people and to challenge people when necessary.

Competition for jobs is usually intense. The role of financial risk analyst has grown significantly in recent years, fuelled by the increasing complexity of financial products, additional regulations and the recent instability in the banking sector. Opportunities for graduates to work in risk-related roles are likely to increase following the current economic downturn as it is likely that organisations will invest more in their risk functions.

For more information see work experience and find courses and research.

Financial risk analyst: Training

Training is on the job and depends on the employer. The following organisations offer relevant examinations leading to industry-recognised qualifications:

* Chartered Insurance Institute (CII)
* CFA Institute - the Chartered Financial Analysts Programme
* Global Association of Risk Professionals (GARP)
* Institute of Risk Management (IRM)

The GARP examination, combined with two years' experience, leads to certification as a financial risk manager (FRM). The programme, which is internationally recognised, reflects the changing role of the risk professional and is delivered in two stages. Level 1 covers core areas of risk management, such as quantitative analysis, financial markets and products and essential risk modeling. Level 2 covers specific topics on the practical implementation and execution of measurement and management of market, credit and operational risk, as well as a section covering current issues in financial markets.

The IRM also offers an International Diploma in Risk Management. This course is at postgraduate level and covers risk management in a wider context, including areas outside financial risk. The course is undertaken part time through distance learning and takes three to five years to complete.

Financial risk analyst: Career development

Progression rates and routes vary according to the type of employer. In large organisations there may be scope for development internally, e.g., into management roles.

A typical career path in a large financial institution might be:

* credit risk analyst;
* senior credit risk analyst;
* risk manager;
* senior manager/managing director.

Risk is a growing area with very good career prospects. There are specialist risk consultancies that may offer employees the opportunity to move into the lucrative area of consultancy. However, some consultancies do offer graduate programmes in risk management.

Opportunities also exist to move from risk into more general finance roles.

Corporate governance initiatives and a more restrictive and expensive insurance market have given risk analysts a higher profile within organisations. The recent (2009) economic crisis has also brought to the forefront the importance of the role of risk professionals. Risk managers are now gaining a place at senior management level, responsible for creating a culture of risk awareness throughout the organisation. This higher profile has meant that risk professionals are increasingly becoming board members.

You may find that, in order to progress, you will need to move between organisations. Many professionals will change organisation within three to five years of joining. You may also need to gain additional professional qualifications for career progression with some employers.

Financial risk analyst:
Typical employers/vacancy sources

1. Typical employers
2. Sources of vacancies

Typical employers

Risk is a growing area of employment with good career prospects. Risk analysts can be found working in a wide range of organisations, predominantly in the private sector. Opportunities exist in the risk management departments of:

* investment companies;
* insurance companies;
* banks and other financial institutions;
* other medium to large-sized commercial and industrial organisations.

Self-employment/freelance work is also a viable option on a consultancy basis, although considerable experience and expertise are required to go down this route.
Sources of vacancies

Search graduate jobs on this site.

* Global Association of Risk Professionals (GARP)
* The Association of Insurance and Risk Managers (AIRMIC)
* Jobs In Risk
* Exec-appointments
* Post Magazine Online
* Times Online
* Guardian Jobs (http://jobs.guardian.co.uk)
* Independent Jobs
* employer literature and websites
* The GET Directory
* careers service vacancy bulletins and job databases

Some recruitment agencies specialise in finance and risk management posts, but vacancies advertised are usually targeted at those with experience. Examples include:

* eFinancialCareers
* The Supply Curve
* GRS (Global Risk Solutions)

See also job hunting tips and applications, CVs and interviews.

Related jobs

* Credit analyst

See also:

* Actuarial consultant
* Chartered accountant
* Insurance claims inspector
* Insurance underwriter
* Investment analyst
* Management consultant
* Operational researcher

Contacts and resources

Jobs and work

* The Association of Insurance and Risk Managers (AIRMIC) - also a good source of news and arranges conferences and training
* Careers in Financial Markets - an excellent guide to finding a job in this sector
* eFinancialCareers - also a good source for UK job market news and employment within the finance industry
* Exec-appointments - focuses on more senior-level jobs but good for career planning purposes
* The GET Directory, GTI Specialist Publishers, Annual
* Global Association of Risk Professionals (GARP) - also a good source of news.
* GRS (Global Risk Solutions) - an international specialist executive search consultancy focusing on management positions within risk, legal, tax and insurance
* Jobs In Risk - wide selection of risk and compliance vacancies within UK
* The Supply Curve - an independent, specialist job search engine dedicated to advertising vacancies for economists, statisticians and econometricians
* TARGETjobs City and Finance, GTI Specialist Publishers, Annual

Study

* CFA Institute
* Chartered Insurance Institute (CII)
* ifs School of Finance
* Institute of Risk Management (IRM)

News

* The Independent
* The Guardian
* Post Magazine Online
* Times Online

Reference

* Association of Credit Professionals
* Federation of European Risk Management (FERMA)
* Financial Services Skills Council
* London Investment Banking Association (LIBA)
* Royal Statistical Society (RSS)
* Society of Business Economists

Risk consultant: Lynne

This Case Study belongs to Financial risk analyst.

Lynne works for one of the UK’s largest banks as a risk consultant within the mortgage division. She has been in this role for two years having previously worked for a year within group risk as an anti money launder assessor. Lynne graduated in 2006 with a 2:1 in Management with Business Law.

After only one year in group risk I felt I was in need of a new challenge so when I saw the risk consultant role advertised on the intranet, I decided to apply as it looked like a role where I could directly apply the knowledge and skills I gained at university.

The interview was with three managers from the department and it took the form of a case study and practical exercise, a competency-based interview and a presentation on a prescribed topic (the top five risks facing the bank). Preparation for the interview was key. I contacted our internal audit division for help on the presentation and they were able to provide me with relevant reports, highlighting the top risks.

My degree in business management and business law has been extremely useful in my current role as I use the skills and knowledge gained on a daily basis, in particular economics, finance, corporate law and IT. The role is very much learn-on-the-job, as it’s a very practical job. There’s a lot of reading required, and a good understanding of regulation and how it applies is vital.

I work as part of a team of five risk consultants and one risk analyst, geographically spread across three different sites in the UK, so my role naturally involves some travel. My responsibilities include:

* assisting in the provision of advice and guidance to managers and staff on a wide range of operational and regulatory risk matters;
* monitoring the activities falling within these policies, regulations and codes;
* regularly updating and maintaining procedures and control standards;
* promoting a culture of risk awareness throughout mortgage operations;
* identifying areas for improvement, reporting findings and working with the appropriate areas to implement improvements.

My job is challenging and provides opportunities that other roles do not. I’m constantly busy and there’s never a dull moment and it can be stressful at times, particularly when there are deadlines to be met or when workloads are particularly high. My job requires me to deal with people of all levels, roles and backgrounds and I get to travel to visit different sites.

Since the recent banking crisis, the demands of the role have changed and more focus is being placed on operational risk and the health of processes – this has significantly increased the workload of the team. My role has remained largely unchanged, but the workloads have increased and there’s now a greater level of uncertainty about the future.

In the near future, my aim is to progress to be a senior risk consultant within my current team. The role would be similar to my present job, but would have some additional responsibilities. The way the team is structured would allow me to move areas and use the same skills in a different environment. This allows me to build my knowledge of a different operational area.

My job has quite a lot of responsibility which can be daunting and nerve-wracking at times, but it’s also a privilege. It’s a very diverse role and one that I’m very passionate about.

Case Study sourced by Jill Muirden of University of Stirling, 22 May 2009.

Financial credit risk analyst: Gary

This Case Study belongs to Financial risk analyst.

Gary works as a financial credit risk analyst with one of the UK’s largest financial institutions. This has been his first role since leaving university with an accountancy degree in June 2008.

I was particularly attracted to the financial and analytical nature of the financial credit risk analyst role as it was always my intention to pursue a career with these predominant features. I considered the analysis of financial data, interpretation of findings and presenting results offered a challenging and rewarding role and one where I could take responsibility for my own work. In addition, the possibility of joining a credit risk team within a leading financial institution provided excellent opportunities for career progression within financial credit risk, the wider credit risk discipline and other areas of the business.

I applied for the job after seeing it advertised on my university's careers website. The recruitment process involved providing a CV and covering letter; completing a numerical competency test and attending an interview with the head of the department and the line manager I’d be reporting to.

I’m responsible for managing and reporting the monthly bad debt charge for several portfolios consisting of mortgages, personal loans and banking. This responsibility includes performing analysis to identify key drivers and trends and liaising with various departments including collections, finance and other credit risk teams to identify ways to reduce the bad debt reported on these portfolios. I’m also responsible for producing various regular and ad hoc reports that detail the bad debt performance and exposure levels of various portfolios for use by a range of stakeholders.

I think it’s important that anyone who wants to pursue a career in financial credit risk should have a strong interest and enthusiasm for work of a financial and analytical nature. The role can be very challenging and tests your analytical, logical and communication abilities, but if you enjoy it and are driven on by the responsibilities of the job, the rewards can be substantial both in terms of personal work satisfaction and career progression.

In addition to the obvious financial knowledge and analytical skills developed as part of an accountancy degree, I’ve also found that the communication skills I developed during my time at university have been equally important. A key part of my role is communicating analytical findings to a broad range of stakeholders, some of whom are not based in credit risk. Participating in tutorial discussions and making presentations during my degree gave me the confidence I needed to fulfil these key aspects of my role effectively.

I particularly enjoy the analytical side of my job and the opportunity to drive my own analysis, present my findings and make recommendations. This can all be extremely rewarding. My role involves working with individuals from a range of departments and disciplines - which can be very insightful in terms of seeing the wider picture and how the business comes together.

The current (2009) economic downturn has put the credit risk department at the forefront of attempts to overcome the crisis. The importance of effective credit risk management during these difficult times has brought added pressures to my own role, but the challenges are rich and rewarding.

Credit risk offers excellent opportunities for career progression as it covers a wide spectrum of areas. Financial credit risk is only one part of the credit risk community and I’d like to take advantage of the opportunity to gain experience within other areas, which appear equally interesting and challenging.

Case Study sourced by Jill Muirden of University of Stirling, 22 May 2009.

Online Sources for Studying

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Apply for MBA Scholarships

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As part of our mission to provide information and access to business schools and Masters and PhD programs, QS is pleased to offer over US$1,600,000 in scholarship funding in 2010 for selected applicants from around the world who attend the QS World MBA Tour or QS World Grad School Tour and who complete our survey.

Application process: Once you have attended any of our fairs you will receive, by email, the QS Applicant Survey invitation. Fill it out in as much detail as possible.

You will then be taken to the scholarship application page to complete your application and submit the relevant essay. All fees paid by QS will go directly to the university.

All completed applications must be received by 15 May 2010 for the 2010/2011 academic year unless stated otherwise by the business or graduate school.

The winners will be announced online, pending admittance to the programs included.

If you experience any problems with your scholarship application, or have any further questions, please email mba.scholarships@qs.com

QS Leadership Scholarship for MBA and Postgraduate Studies

The QS Leadership Scholarships for MBA and Postgraduate Studies is designed to identify a QS World MBA Tour or QS World Grad School Tour participant who demonstrates exceptionally strong leadership potential and innovative thinking.

Scholarship value: US$10,000

Number of winners: Two, one MBA applicant, one postgraduate applicant

Criteria:

Attendance at a QS World MBA Tour or QS World Grad School Tour fair and a complete QS Applicant Survey.

Admittance to any top 200 global Masters, PhD or MBA program, participating in the QS World MBA Tour or QS World Grad School Tour. See the QS TopMBA Career Guide for list of schools - copies available at all QS World MBA Tour venues and online at www.topmba.com/mba-careers/career-guide-online

Submitted essay on the topic, "Where I have demonstrated responsible leadership or innovation and how it made a difference (either in my community or in my work)" (max. 750 words)

Deadline: 15 May 2010

The successful candidates will demonstrate their proven ability to innovate and lead. The winners are selected by a jury of distinguished alumni from QS Global Workplace and education specialists from QS World MBA Tour media partners.

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Chicago Booth School of Business Scholarship

Chicago Booth School of Business has long attracted students with more than just solid work experience and high test scores—they have the vision and determination to shape the future of business. The Admissions Committee also looks for students who have demonstrated the ability to succeed through academic endeavours and extracurricular involvement or community service.

Scholarship value: US$40,000 merit-based scholarship, renewable annually

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Criteria:

To be eligible for the scholarship, candidates must have attended a QS World MBA Tour fair in 2009/2010 and completed a QS Applicant Survey in the relevant year.

Admittance to the full-time MBA program at Chicago BSB.

Submitted essay on the topic, "Chicago BSB values students who bring a variety of viewpoints to our community. What unique perspective will you add as a member of the incoming class?" (max. 500 words)

Deadline: 15 May 2010



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Vlerick Leuven Gent Management School Scholarships

Scholarship value: €425,000 (total)

Number of winners: 20

Criteria:

To be eligible for the scholarship, candidates must have attended a QS World MBA Tour fair in 2009/2010 and completed a QS Applicant Survey in the relevant year.

Admittance to the MBA program at Vlerick Leuven Gent Management School.

Submitted essay on the topic, "What unique perspective will you add as a member of this incoming class?” (max. 500 words)

QS - Vlerick Leuven Gent Management School scholarships are worth a total of €425,000, in association with some of the world's leading MBA recruiters, including ING, KPMG, Deloitte and Ernst & Young, and are awarded only to attendees of the QS World MBA Tour in Fall 2009 and Spring 2010.

Peter Rafferty, Director of Vlerick Leuven Gent Management School, says: "QS have provided access to the world's best MBA candidates for many years through the QS World MBA Tour. I'm delighted with this partnership and have immense confidence that we will find a high calibre of future business leaders for our 2010 intake. The Vlerick MBA is taught entirely in English and has the benefit of some of the world's leading faculty in their fields. Our graduates, many of whom join some of the biggest companies in the world, are currently reporting average salaries of over €90,000 after completing their Vlerick MBA."

Deadline: 15 May 2010



Please apply through Vlerick web site.

EMLYON Business School Entrepreneurial Scholarship



Scholarship value: €15,000 - approx. 50% of tuition fees

Number of winners: One incoming full-time International MBA program student

Criteria:

To be eligible for the scholarship, candidates must have attended a QS World MBA Tour fair in 2009/2010 and completed a QS Applicant Survey in the relevant year.

Admittance to the International MBA program at EMLYON.

Submitted essay on the topic, "Is entrepreneurship restricted to setting up a business?” (max. 500 words).

Deadline: 15 May 2010

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QS Melbourne Business School International Scholarship

The QS Melbourne Business School International Scholarship is designed to attract high calibre international students to MBS. The full-time MBA class is highly diverse and attracts students from all over the world and from every industry. This broad and varied mix of students enriches the learning environment and contributes to a global understanding of business. This scholarship is aimed at highly competent students who can demonstrate above average academic ability and unique professional and personal attributes that will enhance the quality of the student body.

Scholarship value: US$20,000 - 50% of the tuition fee

Number of winners: Two

Criteria:

To be eligible for the scholarship, candidates must have attended a QS World MBA Tour fair in 2009/2010 and completed a QS Applicant Survey in the relevant year.

Admission through the school's normal procedures. Only applicants that have been accepted into the program will be considered.

Submitted essay on the topic, "Why would you make a good MBS ambassador, and why are you especially suited to take advantage of this scholarship?"(max. 300 words)

Deadline: 15 May 2010

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QS ESMT diversity scholarships

Scholarship value: €50,000

Number of winners: Two

Criteria:

To be eligible for the scholarship, candidates must have attended a QS World MBA Tour fair in 2009/2010 and completed a QS Applicant Survey in the relevant year.

Admission through the school's normal procedures. Only applicants that have been accepted into the ESMT Berlin MBA program will be considered.

Applicants must have 3+ years of work experience

Submitted essay on the topic, " Describe one event from your professional life where you challenged mainstream thought in a group setting, and describe the outcome, positive or negative” (max. 300 words)

Deadline: 15 May 2010

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QS Community Scholarships for MBA and Postgraduate Studies

These scholarships are designed to identify five QS World MBA Tour and QS World Grad School Tour applicants who demonstrate an exceptional level of socially responsible leadership and an ability to motivate others.

Scholarship value: US$2,000

Number of winners: Five

Criteria:

* Attendance at a QS World MBA Tour or QS World Grad School Tour fair and a complete QS Applicant Survey.

* Admittance to any top 200 global Masters, PhD or MBA program, participating in the QS World MBA Tour or QS World Grad School Tour. See the QS TopMBA Career Guide for list of schools - copies available at all QS World MBA Tour venues and online at topmba.com/mba-careers/career-guide-online

* Submitted essay on the topic, "Where I have given back my time and talent to my community and how it made a difference” (max. 750 words)

Deadline: 15 May 2010

The successful candidates will demonstrate their potential in leadership, motivating others and social responsibility. The winners will be selected by a jury of distinguished alumni from QS Global Workplace working in NGOs and education writers.

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IE Business School Scholarships for Women

The New York-based IE Fund, The IE Foundation in Madrid and QS World MBA Tour, are now accepting applications for annual scholarships for the school’s International MBA Program.

Scholarship value: €22,500

Number of winners: Two female candidates

Criteria:

To be eligible for the scholarship, candidates must have attended a QS World MBA Tour fair in 2009/2010 and completed a QS Applicant Survey in the relevant year.

Outstanding academic records and a high potential for leadership and professional advancement.

Admittance to the International MBA program at IE Business School.

Submitted essay on the topic, "What technology and/or innovation initiatives should be used to advanced female leadership within global organizations?” (max. 300 words)

Deadline: 15 May 2010



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Ashridge Business School Scholarships



Scholarship value: £6,000

Number of winners: Three

Criteria:

The scholarships will be offered to three categories of candidates: women, emerging markets and the non-profit sector.

To be eligible for the scholarship, candidates must have attended a QS World MBA Tour fair in 2009/2010 and completed a QS Applicant Survey in the relevant year.

Admittance to Ashridge through the school’s normal procedures.

Submitted essay on the topic, "Where I have demonstrated responsible leadership or innovation and how it made a difference (either in my community or in my work)" (max. 500 words)

Deadline: 15 May 2010





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Cass Business School, London Scholarships

Scholarship value: £69,000 (total)

Number of winners: Four:

1 x half fee scholarship for best international male candidate (£14,500 approx) for full-time MBA program commencing September 2010

1 x half fee scholarship for best international female candidate (£14,500 approx) for full-time MBA program commencing September 2010

1 x half fee scholarship for best international male candidate (£20,000 approx) for Modular EMBA program commencing May 2010

1 x half fee scholarship for best international female candidate (£20,000 approx) for Modular EMBA program commencing May 2010

Criteria:

Admittance to Cass Business School through the school’s normal procedures.

High academic calibre demonstrated by a first class degree, an excellent well-balanced GMAT score (for full-time applicants), a well-balanced score of at least 7 for IELTS (if English is not your first language) and relevant postgraduate work experience (3 years minimum).

Deadline: You must complete and return a QS scholarship form together with a full Cass MBA application form, GMAT transcript, degree transcript and references by 30 April 2010 to Cass Business School.

Apply for the full-time MBA Scholarships: www.cass.city.ac.uk/mba/ft/fees/scholarships/index.html.

For the Modular Executive MBA Scholarships: www.cass.city.ac.uk/mba/ft/fees/scholarships/index.html

Duke University – the Fuqua School of Business Scholarship

Scholarship value: US$23,000

Number of winners: One

Criteria:

To be eligible for the scholarship, candidates must have attended a QS World MBA Tour fair in 2009/2010 and completed a QS Applicant Survey in the relevant year.

Admittance to the full-time MBA program at Duke University – Fuqua School of Business.

Submitted essay on the topic, "A range of academic interests, personal perspectives, and life experiences adds much to the educational mix. Given your personal background, describe an experience that illustrates what you would bring to the diversity in the Duke community, or an encounter that demonstrated the importance of diversity to you." (max. 250 words)

Deadline: 15 May 2010

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USC Marshall School of Business Scholarship

Scholarship value: US$24,000

Number of winners: One

Criteria:

To be eligible for the scholarship, candidates must have attended a QS World MBA Tour fair in 2009/2010 and completed a QS Applicant Survey in the relevant year.

Admittance to the MBA program at the USC Marshall.

Submitted essay on the topic, "What unique perspective will you add as a member of this incoming class?” (max. 500 words)

Deadline: 15 May 2010

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Sydney Business School International Scholarship

Scholarship value:US$12,000 – 50% of the tuition fee

Number of winners: Two

Criteria:

To be eligible for the scholarship, candidates must have attended a QS World MBA Tour fair in 2009/2010 and completed a QS Applicant Survey in the relevant year.

Admittance to the International MBA program at Sydney Business School.

Submitted essay on the topic, "Is business leadership learned or earned?” (max. 1000 words)

Deadline: 15 May 2010

Apply now

Putera Sampoerna Foundation Overseas MBA Scholarship 2010

http://www.sampoernafoundation.org/en/Scholarship/putera-sampoerna-foundation-overseas-mba-scholarship-2010.html

Putera Sampoerna Foundation Overseas MBA Scholarship
2010 Intake


General Information

Putera Sampoerna Foundation Overview

Putera Sampoerna Foundation is a professional philanthropy organization and a service provider for Corporate Social Responsibility with a commitment to education. It was established in 2001 in response to the urgent need to improve the quality of education in Indonesia.

Putera Sampoerna Foundation Overseas MBA Scholarship

The Putera Sampoerna Foundation Overseas MBA Scholarship is a means to groom Indonesia’s future business leaders. Putera Sampoerna Foundation provides one (1) scholarship to pursue a Master’s of Business Administration degree at leading university overseas. Upon completing the program, the scholarship recipient is required to return to Indonesia and endeavor to transfer his/ her knowledge to his/ her fellow citizens.
Application deadline is February 1, 2010.



Putera Sampoerna Foundation Overseas MBA Scholarship consists of the following options:
No. Name of Scholarship
1 Putera Sampoerna Foundation MBA in the USA
2 Australian Education International – Putera Sampoerna Foundation MBA in Australia
3 Ambassade de France en IndonĂ©sie – Putera Sampoerna Foundation MBA in France
4 British Council – Sampoerna Foundation MBA in the UK
5 Singapore Education – Putera Sampoerna Foundation MBA in Singapore



CONDITIONS OF AWARD
The information contained in this document is intended for the Putera Sampoerna Foundation Overseas MBA Scholarship, pertinent to the 2010 Intake only.

I. Basic Eligibility
II. Further Requirements
III. Nature of award
IV. Duration of Award
V. Break from Study
VI. Employment
VII. Penalties
VIII. Termination
IX. Other Tasks and Obligations
X. Alumni Contribution Scheme
XI. General Procedures
XII. Timeline
XIII. Additional Information

I. Basic Eligibility

1. Applicant must satisfy ALL of the following conditions:
2. Indonesian citizen who is under 35 years of age when lodging the application.
3. Hold a local Bachelor’s degree from any discipline with a minimum Grade Point Average of 3.00 (on a 4.00 scale).
4. Have a minimum of 2 year full-time professional work experience after the completion of the undergraduate degree.
5. Currently did not enroll in graduate or post-graduate program, or obtained a Master’s degree or equivalent.
6. Did not graduate from an overseas tertiary institution, unless was on a full scholarship.
7. Do not receive other equivalent award or scholarship offering similar or other benefits at the time of the award.
8. Has applied to the university(ies) that are recommended by Putera Sampoerna Foundation for the academic year 2010/2011 by the closing date of this scholarship application (February 1, 2010).
9. Submit the result of TOEFL/ IELTS and GMAT with the minimum score as required by the chosen university.
10. Have motivation to return to Indonesia and work in Indonesia upon completion of the MBA program.


Any applicant proves to have forged information in his/her application form or any of the documents attached therein will be immediately disqualified.

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II. Further Requirements

Applicant also must:
1. Demonstrate leadership potential and interest in and commitment to community and national development.
2. Meet the requirements for obtaining a student visa of the designated country upon acceptance of the scholarship.
3. Comply with the application of the scholarship rules and regulations as stipulated by Putera Sampoerna Foundation, partner institution for each respective program, and the university.

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III. Nature of award
1. The scholarship covers the following:

* GMAT and TOEFL/ IELTS reimbursement, one time only, based on original invoice;
* University application fee, for up to 2 (two) universities;
* Student visa application fee;
* Return airfares from Jakarta to the place of study;
* Tuition fees, for the duration of study;
* Living allowance, to support living costs during period of study;
* Literature allowance, to purchase textbooks required for study.

2. The scholarship is intended for full-time/ regular class study only.
3. Scholarship recipient is not permitted to undertake any form of employment at any time during the course of study.

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IV. Duration of Award

1. The scholarship is provided for a maximum of 2 (two) years, or otherwise as stated by the university.
2. The scholarship recipient is obliged to complete his/ her study within 2 (two) years. Failure to complete the study within this timeframe will result in a penalty imposed whereby the scholarship recipient must return 50% of the total amount of scholarship fund already disbursed.
3. Continuation of scholarship is subject to the scholar’s satisfactory academic and non-academic progress.

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V. Break from Study
Scholarship recipient is not entitled to take any break from study other than term or semester breaks scheduled by the university without prior written approval from the university and Putera Sampoerna Foundation.

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VI. Employment
There is no obligation for the scholarship recipient or Putera Sampoerna Foundation to engage in any form of future employment. Putera Sampoerna Foundation does not oblige scholarship recipient to work for Putera Sampoerna Foundation and its affiliates or supporting organizations.
However, upon completion of study, the scholarship recipient is required to return and work in Indonesia for 5 (five) consecutive years to contribute the skills and knowledge gained from the MBA study for the development of the country.

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VII. Penalties

1. Putera Sampoerna Foundation will impose penalties for non-compliance with scholarship terms and conditions, including but not exclusive to academic and non-academic performance and participation in mandatory activities. Penalties may be in the form of reduction of funding, suspension of funding, or termination of scholarship funding.
2. Should the scholarship recipient decide to withdraw from the scholarship scheme, any funds already disbursed by Putera Sampoerna Foundation as part of scholarship coverage must be fully repaid by the scholarship recipient.

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VIII. Termination
1. The scholarship will be immediately terminated if:

* The scholarship recipient proves to have forged information in his/ her application form; or,
* The scholarship recipient is dismissed from the study program or expelled from the university; or,
* The scholarship recipient is involved in any illegal or criminal activities.

2. The scholarship will be terminated if the scholarship recipient does not pass the academic and non academic evaluation conducted by Putera Sampoerna Foundation every 6 (six) months and fails to improve his/ her performance within the given probation period.

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IX. Other Tasks and Obligations
Scholarship recipient must:

1. Act in accordance with Putera Sampoerna Foundation’s rules and regulations, as well as those of the university.
2. Attend and participate in the Putera Sampoerna Foundation activities.
3. Actively participate in personal development programs, such as:
* Social activities, which will be conducted by their respective universities or the local community organizations where the scholar resides, for a minimum 36 hours per academic year.
* Orientation Program, which will help the scholarship recipient to adapt to the local community, and to have better understanding of Putera Sampoerna Foundation’s vision and mission.
4. Actively participate in professional development programs, such as internship program.
5. During the study program, the scholarship recipient is expected to maintain regular correspondence with Putera Sampoerna Foundation to report his/her academic and non-academic progress.
6. After successful completion of the program, the scholarship recipient is expected to join Putera Sampoerna Foundation Alumni Association and actively participate in its programs and activities.
7. Return and work in Indonesia for 5 (five) consecutive years upon completion of study to contribute the skills and knowledge gained for the development of the country.
8. Participate in the Alumni Contribution Scheme, and in any other mandatory programs and activities as described herein or in the future.

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X. Alumni Contribution Scheme

"What goes around comes around". This expression highlights that we are all a part of a community. When we use the term community, we can mean our family, our neighborhood, our company, our city, our country, and even "the global village" as the late architect Buckminster Fuller once said. We are all part of a community.

As a member of the community, we help each other in order for all of us to grow as individuals as well as a group of people. We grow in professional terms and, of course, personally.

It is this principle of a larger community which helps each other helps themselves that has shaped the vision of the Putera Sampoerna Foundation. As a part of the community of the Putera Sampoerna Foundation, we look upon each of you, as an individual and as a collective body to help Putera Sampoerna Foundation fulfill its mission to further educate our fellow Indonesians as many as possible and ensure that we will thereby contribute to the building of Indonesia as a nation to stand strong on its own and yet also be an integral part of "the global village".

Let us join hands and continue to build this vision. How can we do this? Through join together in contributing fund upon graduation. This fund is a vehicle that enables those of us who have benefited from a Putera Sampoerna Foundation scholarship to further enable other Indonesians to also benefit as you have to better ourselves as individuals and as a nation. Through this scheme Putera Sampoerna Foundation encourages and supports you to become future donor and philanthropist.

As a scholarship recipient, you will have an opportunity to enjoy better education. What better way to extend the same opportunity to other deserving scholars in our future generation? What better way to strengthen our "community", however you define it? What better way to apply the principles of good will, fellowship, and scholarship?

The way? After graduation, you will be an active part of the Putera Sampoerna Foundation community, as a part of this community; you will communicate and cooperate among yourselves to keep the dream alive. Together, you and your colleagues will help ensure that sufficient funding can provide scholarships for individuals such as yourself in the next generation.

The full scholarship’s worth is approximately between USD 70,000.- to USD 150,000.- per student, depending on the country and university, for the duration of study. Each Putera Sampoerna Foundation Overseas MBA scholarship recipient is required to contribute on monthly basis between USD 300.- (three hundred US dollars) to USD 700.- (seven hundred US dollars), or 5% (five percent) of his/her total net salary / income, whichever is lower, for twenty five years. The alumni contribution scheme will apply starting from 6 (six) months after the alumni returns to employment upon graduation. Alumni are also encouraged to perform fund-raising activities – individually or collectively – to contribute to the fund. Collected contributions will be managed jointly by Putera Sampoerna Foundation and appointed representatives of the Putera Sampoerna Foundation Overseas MBA scholarship program alumni.

Let's keep the dream alive. We need your support for the sake of our future.

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XI. General Procedures
Application package can be downloaded here.

Interested applicants who meet the requirements must complete and return the application package (application form & reference form) by the deadline (February 1, 2010) to Putera Sampoerna Foundation office:

Sampoerna School of Education Building
Jl. Kapten Tendean No.88 C, 5th Floor
Jakarta Selatan 12710, Indonesia

When submit the application package, please write the name of the program at the top right corner of the envelope.
Putera Sampoerna Foundation will consider complete applications only, and will notify the short-listed applicants to attend the continuing stages of the selection process.

When applicable, the supporting documents must be certified by university (for school transcripts), public notary or other relevant authorized parties/ individuals as true copy of the original. Please do not send any original documents. Putera Sampoerna Foundation will not be responsible for handling and returning original documents, but does reserve the right to request the provision of original documents if necessary.

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XII. Timeline
Stage Timeline
Application Deadline February 1, 2010
Paper Selection and Announcement of Results 4th week of February 2010
Panel Interview, Group Discussion, Psychology Profiling and Home Visit 1st week of March 2010
Deadline for Candidates to Report University Admission Status to Putera Sampoerna Foundation 2nd week of April 2010
Final Review 3rd week of April 2010
Winners' Announcement 4th week of April 2010
Departure preparation: passport, student visa, ticket 2nd week of May 2010
Master’s Program Starts July 2010

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XIII. Additional Information

A. List of Universities

Putera Sampoerna Foundation recommends the 2010 scholarship applicants to apply for admission to any of the following universities:



Putera Sampoerna Foundation MBA in the USA Scholarship

* Harvard University - Boston, MA
* Stanford University - Stanford, CA
* Northwestern University (Kellogg) - Evanston, IL
* University of Pennsylvania (Wharton) - Philadelphia, PA
* Massachusetts Institut of Technology (Wharton) - Cambridge, MA
* University of Chicago (Booth) - Chicago, IL
* University of California-Berkeley (Haas) - Berkeley, CA
* Columbia University - New York, NY
* Yale University - New Haven, CT

* Reference: USNews: America’s Best Graduate Schools 2009 (www.usnews.com)



Australian Education International – Putera Sampoerna Foundation MBA in Australia Scholarship

* Australian Graduate School of Management
* Melbourne Business School

* Reference: Financial Times Global MBA Rankings 2009



Ambassade de France en IndonĂ©sie – Putera Sampoerna Foundation MBA in France Scholarship

INSEAD

* Reference: Financial Times Global MBA Rankings 2009



British Council – Putera Sampoerna Foundation MBA in the UK Scholarship

* London Business School
* University of Cambridge (Judge)
* University of Oxford (Said)

* Reference: Financial Times Global MBA Rankings 2009



Singapore Education – Putera Sampoerna Foundation MBA in Singapore Scholarship

* National University of Singapore
* Nanyang Technological University

* Reference: Financial Times Global MBA Rankings 2009



Prospective applicants are advised to directly contact the universities to find out about the admission process and requirements for an enrolment. Applicants’ inquiries about the scholarship (requirements, conditions, coverage, etc.) should be directed to Putera Sampoerna Foundation: (62-21- 577-2340 ext.7153/ ella.cecilia@sampoernafoundation.orgThis e-mail address is being protected from spambots. You need JavaScript enabled to view it ).



B. Further Information
TOEFL
The Indonesian International Education Foundation (IIEF)
Tel. 021-831-7330
Website: www.iief.or.id
GMAT
Universitas Indonesia, Salemba
Phone: 021-315-9225
-Universities in Australia
Australian Education Centre
Phone: 021-522-9675
Website: www.studyinaustralia.or.id
Universities in UK
British Council
Phone: 021-515-5561
Website: http://www.educationuk.org
Universities in France
CampusFrance
Phone: 021-310-1884
Website: www.campusfrance.org
Universities in Singapore
Singapore Education
Phone: 021-5799-2276/ 2279
Website: www.singaporeedu.gov.sg

Saturday, May 8, 2010

Chartered Islamic Finance Professional (CIFP) Online Program

http://www.inceif.org/study/cifp/cifp.php
http://pebs-feui.org/news-and-event/chartered-islamic-finance-professionals/

CIFP – PEBS FEUI Chapter

Chartered Islamic Finance Professional (CIFP) is a unique programme, the first of its kind in the world, in that it combines academic rigours with practical industry experience. CIFP is designed and developed by leading academicians and industry leaders from INCEIF (International Centre for Education in Islamic Finance), Malaysia. CIFP modules have been designed to reflect the needs of the industry, which is rapidly changing and growing, thereby giving CIFP candidates the leading edge over other Islamic financial industry executives.

CIFP is designed to meet the learning needs of working professionals. Its modules are in-depth and can be studied using flexible learning methodologies. For recent graduates, CIFP is a gateway to a career in Islamic finance as it provides complete technical knowledge of this exciting industry.

Career Benefit

CIFP objective is to meet the demand for qualified and certified professionals in Islamic Finance. Therefore, participants will be exposed to a world of opportunities upon completion of the programme.

CIFP graduates may see themselves furthering their career in areas of the Islamic financial services industry, specifically in the areas of Islamic banking and Takaful, thus developing a professional niche for themselves. CIFP is a gateway for rewarding start in specific areas of Islamic banking and Takaful such as wealth management, structured products, risk management, financial planning and equity investments.

This programme is also in process to obtain “Master Degree Qualification” from Ministry of Higher Education of Malaysia. Thus, by having CIFP title, the candidates will be considered as holder of Master Degree in Islamic Finance.

Entry Requirements

The minimum academic requirement for entry into the CIFP Programme is a Bachelor’s degree, or an equivalent professional qualification. Those with a diploma from a recognised institution will also be considered if they have at least 5 years working experience in a relevant field.

In addition, as the CIFP coursework and examinations are conducted in English, candidates should ensure that they are proficient in English in order to undertake the programme.

Course Modules

CIFP programme is divided into three parts, with the final part giving the opportunity to practice knowledge in the industry and gain industry experience. The 1st and 2nd part of CIFP offer comprehensive modules in Islamic Finance, while the 3rd part involves the candidates to an articleship programs in either national or global Islamic Finance Institutions.

Upon completion of each part, students will be conferred the Associate Member (1st part), Proficient Member (2nd part) and Practising Member (3rd part) status.

Flexible to suit today’s young professionals, the CIFP can be pursued online between a minimum of 1½ years to 6½ years.

Application

Application for admission into the CIFP programme may be made at any time during the year. However, the INCEIF academic terms commence in June and December each year. Examinations are normally held at the end of each term in October and April respectively.

Completed application forms should be accompanied by the following documents:

* A passport-sized photograph, preferably digital
* Academic transcripts and certificate of graduation (scanned/certified copy)

Please provide an official English translation if the certificates and academic transcripts are not in English. If you are a recent graduate and your official transcript is not yet available, please provide a certified copy of all the relevant examination results.

Fee Structure (in USD)



1. Total fees to complete CIFP Programme (excluding optional fees) – USD 2,780
2. Total fees to complete CIFP Programme (with optional fees) – USD 5,100

For further information, sent email to pebs.feui@gmail.com or see www.inceif.org


Wa'alaykumussalaam

Bapak/Ibu yth,

Terima kasih atas e-mail bapak/ibu. Sebelumnya, mungkin akan lebih baik untuk diketahui bahwa sistem perkuliahan di CIFP Online Learning Program ini adalah per modul, atau per mata kuliah. Terbagi menjadi 3 bagian, Part I terdiri dari 8 modul (8 mata kuliah). Jika keseluruhan modul ini sudah lulus, maka dipersilahkan untuk mengambil Part II yang terdiri dari 6 modul. Sementara, Part III adalah semester untuk mempraktikkan ilmu dan keahlian yang diperoleh pada Part I dan Part II, dalam bentuk internship (magang) pada Islamic Financial Institution yang memiliki kerjasama dengan INCEIF.

Namun, bagi para mahasiswa yang sedang bekerja, INCEIF memiliki kebijakan articleship exemption. Sehingga, program internship dapat dikerjakan tanpa meninggalkan tempat kerja untuk magang. Melainkan diganti dengan tugas-tugas terkait perusahaan tempat kerja mahasiswa tersebut. Hal ini

Sehingga, sistem pembayaran kuliah pun akan mengikuti modul-modul yang diambil pada semester yang bersangkutan.

1. Terkait biaya kuliah, total biaya yang diperlukan hingga selesai 3 Parts adalah USD 4,832. Total biaya ini sudah termasuk 1x tutorial dan 1x Pre-Examination Seminar (PES) per modul per semester. Namun, karena tutorial dan PES ini bersifat optional, sehingga tidak wajib untuk diambil oleh para mahasiswa, maka total biaya yang akan dibutuhkan akan lebih kecil lagi, yakni hanya sebesar $2,116. Biaya tersebut sudah termasuk 30% discount bagi mahasiswa yang mendaftar melalui PEBS FEUI, sebagai CIFP Regional Center in Jakarta. Untuk lebih jelasnya terkait hal ini, silahkan mengacu pada file CIFP Profile dan CIFP Details yang saya attach bersama dengan e-mail ini, atau link mengenai CIFP Fee Structure ini.
2. Program ini merupakan program sertifikasi profesi, dengan gelar CIFP. Namun, telah mendapat pengakuan setara dengan Master oleh Malaysian Qualification Agency.
3. Sebagaimana dalam poin pertama, perkuliahan akan diisi dengan tutorial dan PES, maka setidaknya sekali dalam tiap semester, akan ada pertemuan tatap muka langsung dengan dosen. Terkait hal ini, kami sudah mengadakan beberapa kali Pre-Examination Seminar dengan mendatangkan dosen dari INCEIF, untuk mengisi PES di kampus FEUI, Depok.
4. Last but not least, terkait sistem pembayaran. Hal ini dilakukan dengan menggunakan credit card, bagi peserta di luar Malaysia. Yakni dengan terlebih dahulu apply langsung secara online di situs INCEIF. Bapak/ibu akan menemukan di link tersebut, dokumen-dokumen terkait yang diperlukan untuk melakukan pendaftaran secara online. Terkait hal ini, bapak/ibu akan dikenakan processing fee sebesar $20. Dan selanjutnya akan memperoleh user name dan password untuk CIFP student account, we call it Learning Management System (LMS). Melalui account itu, bapak/ibu akan melakukan registrasi per modul dengan biaya seperti dalam file CIFP Profile. Sistem pembayarannya sama seperi saat registrasi awal, yakni dengan credit card.

Untuk sementara, FAQ di atas dulu yang saya coba jawab terkait program kami. Mohon maaf atas segala kekurangan.

Wassalaamu'alaykum

Pusat Ekonomi dan Bisnis Syariah
Fakultas Ekonomi Universitas Indonesia
Lt. Dasar Ged. Perpustakaan FEUI,
Kampus Baru UI, Depok
Telp. : (021) 727 2425 ext. 157
Fax : (021) 786 4057
E-mail : pebs.feui@yahoo.com
Website : http://www.pebs-feui.org


http://www.inceif.org/study/cifp/programme_structure/programme_structure.php

The CIFP Programme is aimed at producing high calibre professionals with the necessary technical skills and knowledge in Islamic Finance, specifically in the areas of Islamic banking and Takaful.

The programme combines industry specialists and renowned scholars to provide you with a highly qualified teaching faculty to ensure a holistic balance between academic learning and industrial practical experience.

Divided into three parts, each part offers comprehensive papers that will strategically prepare candidates to build knowledge, skills, competencies and experience as they enter the Islamic finance industry.

Candidates may apply to study at the INCEIF campus or take up this programme through distance learning.

These recommended readings will supplement your studies throughout your course at INCEIF.

Part 1: Building Knowledge

Gain the necessary knowledge in
Islamic finance.

Before being conferred as Associate Member, candidates will be validated through examinations, written case studies and project papers based on the following papers:

- IE 1001 Islamic Economics
The paper provides an understanding of Islamic economics by considering the implications of the application of Shariah law for the economic and financial systems, an overview of Islamic economy by highlighting the the different works of Muslim scholars in the field, compares the different sources of knowledge for economics, stresses the importance of Islamic worldview to Islamic economics, familiarizes students with the economic thought of Muslim thinkers, compares the Islamic economic system with the other systems, explains how consumption and production are carried in Islam, provides a clear explanation about the concept of money from Islamic point of view, examines the nature and scope of Islamic economics and finance and its relationship with conventional economics and finance, and highlights the development of historical Islamic economic institutions such as zakah, jizah, kharaj, takaful, sadaqah and waqf and to highlight their economic roles.

- IB1004 Islamic Financial institutions and Markets
This Paper examines the structure of Islamic financial markets, instruments, and institutions. Topics include the historical development of Islamic financial institutions and markets, the roles of central bank in the conduct of monetary policy within the dual banking system, the role of banks and other financial intermediaries and the trading practices for and valuation of financial instruments, including equity, debts, futures, etc.

- SH 1003 Shariah Rules In Financial Transactions
Besides highlighting the requirements of Shariah in commercial transactions, this paper will cover five categories of Shariah principles governing commercial transactions. Students shall be exposed to the application and mechanism of the most widely used Shariah principles such as mudarabah, murabahah, bai bithaman ajil / bai muajal, musharakah, salam, istisna, ijarah, bai al-inah, tawarruq, hiwalah, kafalah, wakalah, wadiah, ijarah and rahn.

- IB1005 Deposit & Financing Operations Of Islamic Banks
The paper provides the students with an understanding of the various financial instruments offered by Islamic banking companies, the risks associated with Islamic banking products, and the legal aspects of Islamic banking products.

- TK 1003 Wealth Planning And Management
The paper covers the concepts of wealth, its generation, enhancement and distribution from both conventional and Islamic perspectives as part of the processes of wealth planning. It will be followed by the details of wealth allocation processes; wealth generation and enhancement through investments in securities and real estate; in wealth protection through insurance and takaful; in planning for the future through estate, tax and retirement planning and in estate distribution through wills and law of inheritance. The legal framework and issues will also be brought up as useful tools for would be wealth planners and consultants.

- IB1006 Islamic Capital Market
This paper critically examines the nature and theory of Islamic capital markets and the structure of capital market instruments. Topics include the historical development of Islamic capital markets and its role in economic development, and Islamic capital mobilization via several Shariah compliant products in the equity and debt markets.

- SH 1002 Shariah Aspects Of Business And Finance
Shariah aspects of business and finance consist of three major parts which are: (a) Islamic Jurisprudence including sources of Shariah, Ahkam al-Shariah, Legal maxims and Maqasid al Shariah; (b) Shariah audit and compliance includes Hisbah, Shariah standards, Shariah issues and Shariah audit; and (c) theory of Islamic contract include general theory of Contract, Ahliyyah/capacity, Formation of contract, Terms and conditions, Performance of contract, and Breach and remedies.

- IE1002 Reporting of Islamic Financial Transactions
The paper starts of by introducing accounting and accountability concepts from the Qur’an and Sunnah and relates it to the need for Islamic accounting by pointing out the limitations of conventional financial accounting. It then contrasts financial statements of Islamic and conventional banks. A quick review of Islamic financial contracts and their use by Islamic banks follows as at this stage students would not have the knowledge of Islamic financial contracts in detail. The course then looks at the details of how financial transactions are accounted and reported by Islamic financial institutions including mudaraba, murabaha, ijara, salam, istisna, bba, zakat takaful and sukuk. A user view of accounting is emphasized as opposed to a preparer view to be in line with the objective of the paper. Finally, the paper ends with a review of practices and issues in shariah review and auditing in Islamic Financial Institutions.

Part 2: Building Skills

Equip yourself with the required skills.

Building skills in handling operational issues and Islamic financial transactions with the option to specialise in specific areas of Islamic banking and/or takaful. Subjects include:

- IB 2001 Structuring Financial Requirements
The paper aims to provide an understanding of customer's needs and to develop the ability to structure Islamic Financial solutions. It provides the students with an understanding of customers' needs and develop the ability to structure Islamic financial solutions accordingly. Students would be taught the detailed process of structuring financial solutions which can then be applied in any sector.

- IB 2003 Managing Islamic Financial Institutions
This paper covers all aspects of managing an Islamic financial institution. Students would be exposed to topics in organizational development, customer relationship management, strategic management, financial management, channel distribution management, and ethical issues in management in accordance with Shari'ah.

- IB 2002 Risk Management Of Islamic Financial Institutions
This paper deals with all aspects of risk to which Islamic financial institutions are exposed to, and focuses on identifying, measuring and mitigating risks within a banking paradigm. Other topics discussed will include Basle II and treasury product development and management. The paper thus provides students with an understanding of Islamic operations and risk management, assessment of market risk exposures, development and application of risk control and mitigation risk, ability to design appropriate reporting requirements, and for the student to be significantly conscious of the shariah decision and boundaries and ability to differentiate conventional and Islamic practices.

- TK 2002 Takaful And Actuarial Practices
The paper exposes students to the basic concept of takaful, Shariah principles applied in building various takaful models in operation, the different aspects of takaful operations such as product development, underwriting, claims management, surplus distribution, risk management and actuarial concepts and practices.

- SH 2002: Shariah Issues In Islamic Finance
This paper will cover three major areas; 1) Shariah issues in banking 2) Shariah issues in capital market 3) Shariah issues in wealth management. By completing this paper, the students would be able to fully understand some of the major Shariah issues faced by Islamic finance sector in implementing Shariah concepts and principles in real practices. It is hoped that by appreciating these issues, the students would be in a position to devise necessary steps/strategies to address the issues in appropriate manners. Additionally the knowledge acquired through this paper will enable the students to pay attention to the Shariah aspects mentioned in the product development process.

- IE 2001 Ethics And Governance
The aim of this paper is to guide candidates in understanding the concept, evolution and role of corporate governance in a market based economy, especially in the case of Islamic Financial Institutions. The objective is to appreciate the importance of self governance coupled with compliance (shariah and non shariah), best practices and strategic alignment to long term shareholder and investor value. With the knowledge and understanding of issues, it is expected that candidates will be able to grasp the governance implication of policies and decisions. The Chartered Finance professional will be able to provide ideas in terms of execution of governance framework at the operational level.

Part 3: Building Competency and Experience

Experience the Islamic Finance
industry yourself.

The final part involves an articleship programme in which various activities will be designed to provide candidates with practical experience in the Islamic financial services industry. These include mentor-mentee programmes at pre-approved participating Islamic financial institutions.
Candidates will have to go through a validation process such as solving problems, restructuring exercise, simulation and management games, product conversion exercise, Shariah and audit compliance, and interviews.
Successful completion of this module leads to the conferment of the Practising Member status to candidates.

Friday, May 7, 2010

Uji Kompetensi Manajemen Risiko (BSMR)

Uji Kompetensi Manajemen Risiko
http://www.bsmr.org/

Panduan Peserta Uji Kompetensi Manajemen Risiko
http://bsmr.org/BAGIAN%201%20-%20BUKU%20PANDUAN%20PESERTA%20UJIAN%20PROGRAM%20UKMR.pdf

Pendaftaran Uji Kompetensi Manajemen Risiko dapat dilakukan secara kolektif dari masing masing bank / instansi dan perorangan, berdasarkan metode first come first served.
PERSYARATAN PENDAFTARAN

Pendaftaran Perorangan untuk Uji Kompetensi Manajemen Risiko

Formulir Pendaftaran Uji Kompetensi Manajemen Risiko dapat diperoleh melalui website BSMR (www.bsmr.org), dengan ketentuan pendaftaran sebagai berikut



Persyaratan Pendaftaran Tingkat I

Bagi Calon Peserta Uji Kompetensi Manajemen Risiko yang mendaftar untuk pertama kali / yang belum memiliki Kartu Identitas BSMR (ID Card BSMR), pendaftaran dilakukan sebagai berikut:

1. Mengajukan Surat Permohonan Pendaftaran, yang menyatakan kesediaan untuk mengikuti Uji Kompetensi Manajemen Risiko
2. Menyertakan Formulir Pendaftaran yang telah diisi lengkap dan ditanda tangani oleh calon peserta Uji Kompetensi Manajemen Risiko beserta
1. Foto berwarna dan terbaru sebanyak 2 lembar dengan ukuran 3 X 4 cm.
2. Fotokopi kartu identitas berupa KTP / SIM bagi WNI dan Paspor / KITAS bagi WNA
3. Menyertakan Tanda Bukti Pembayaran dengan mencantumkan nama calon peserta Uji Kompetensi Manajemen Risiko pada kolom berita / keterangan pada formulir tersebut.


Bagi yang mengajukan pendaftaran mengulang atau yang sudah memiliki Kartu Identitas BSMR, pendaftaran dilakukan dengan mengajukan Surat Permohonan Pendaftaran, yang menyatakan kesediaan untuk mengikuti Uji Kompetensi Manajemen Risiko dengan mencantumkan:

1. Nama calon Peserta Uji Kompetensi Manajemen Risiko
2. Nomor Kartu Identitas Peserta Uji Kompetensi Manajemen Risiko
3. Pilihan tanggal Uji Kompetensi Manajemen Risiko
4. Pilihan kota Uji Kompetensi Manajemen Risiko
5. Pilihan bahasa Uji Kompetensi Manajemen Risiko



Persyaratan Pendaftaran Tingkat II, III, IV dan V

Bagi yang mengajukan pendaftaran mengulang atau yang sudah memiliki Kartu Identitas BSMR, pendaftaran dilakukan dengan mengajukan Surat Permohonan Pendaftaran, yang menyatakan kesediaan untuk mengikuti Uji Kompetensi Manajemen Risiko dengan mencantumkan:

1. Formulir Pendaftaran Uji Kompetensi Manajemen Risiko Tingkat II, III, IV dan V yang telah diisi lengkap dan ditanda tangani oleh calon peserta Uji Kompetensi Manajemen Risiko.
2. Surat keterangan masa kerja di industri keuangan yang dikeluarkan oleh SDM instansi tempat bekerja
3. Menyertakan Tanda Bukti Pembayaran dengan mencantumkan nama calon peserta Uji Kompetensi Manajemen Risiko pada kolom berita / keterangan pada formulir tersebut



Apabila dalam surat dan atau Formulir Pendaftaran tersebut tidak mencantumkan pilihan bahasa, maka akan kami anggap calon peserta telah memilih bahasa Indonesia sebagai bahasa Uji Kompetensi.



Apabila dalam surat dan atau Formulir Pendaftaran tersebut tidak mencantumkan pilihan kota Uji Kompetensi, maka akan kami anggap calon peserta telah memilih kota Jakarta sebagai kota berlangsungnya Uji Kompetensi. Guna mempermudah administrasi pendaftaran, peserta wajib mencantumkan data terbaru pada Surat Permohonan Pendaftaran berupa:

* Alamat korespondensi terkini
* Nomor telepon yang dapat dihubungi (rumah dan handphone).



Bagi calon peserta Uji Kompetensi Manajemen Risiko II, III, IV dan V wajib memiliki pengalaman kerja di industri keuangan sebagaimana yang telah dicantumkan pada Peraturan Bank Indonesia nomor 7/25/PBI/2005 pasal 7.


Biaya Uji Kompetensi
http://www.docstoc.com/docs/21149175/BUKU-PANDUAN-PESERTA-UJI-KOMPETENSI-MANAJEMEN-RISIKO/

TINGKAT I
Peserta UKMR Baru : Rp. 2.000.000,-
Peserta UKMR Yang Mengulang : Rp. 1.500.000,-
TINGKAT II
Peserta UKMR Baru : Rp. 3.000.000,-
Peserta UKMR Yang Mengulang : Rp. 2.000.000,-
TINGKAT III
Peserta UKMR Baru : Rp. 4.000.000,-
Peserta UKMR Yang Mengulang : Rp. 3.000.000,-
TINGKAT IV
Peserta UKMR Baru : Rp. 5.500.000,-
Peserta UKMR Yang Mengulang : Rp. 4.500.000,-
TINGKAT V
Peserta UKMR Baru : Rp. 6.500.000,-
Peserta UKMR Yang Mengulang : Rp. 5.500.000,-

Materi UKMR
http://www.bsmr.org/sosialisasi_BSMR.pdf

Materi Tingkat I

Part A : Banking Risk and Regulation
On completion of this part of the module, candidates will be expected to demonstrate an understanding of (on comprehension level) :
1) The nature of risk and regulation in banking
2) The evolution of risk management and regulation in banking
3) The development of risk-based supervision of banks

Part B : An Introduction to Market, Credit, and Operational Risk
On completion of this part of the module, candidates will be expected to demonstrate an understanding of (on comprehension level) :
4) The nature of market risk and treasury risk
5) The nature of credit risk
6) The nature of operational risk

Part C : Supervision, Disclosure, and Governance
On completion of this part of the module, candidates will be expected to demonstrate an understanding of (on comprehension level) :
7) An introduction to supervisory review and bank disclosure requirements
8) Corporate governance for banks
9) The Indonesian regulatory framework

Thursday, May 6, 2010

Jadwal Keberangkatan Trans Citra Indah (Shuttle) Feeder Busway

ROUTE TRANS CITRA INDAH
A Citra Indah - Citra Gran - Cibubur - Uki - Komdak - DPR/MPR - Slipi - Mall Ciputra (Waktu Pagi)
A Citra Indah - Citra Gran - Cibubur - Komdak - DPR/MPR - Slipi - Mall Ciputra (Waktu Siang dan Sore)
B Citra Indah - Citra Gran - Cibubur - Komdak - Ratu Plaza - Blok M
C Citra Indah - Citra Gran - Cibubur - Komdak - DPR/MPR - Slipi - Mall Ciputra
D Citra Indah - Citra Gran - Cibubur - Ratu Plaza - Komdak

Senin-Jumat
A) Citra Indah : 5,00 Citra Gran : 5,35 Blok M : - Ratu Plaza : - Citra Land : 6,45 Komdak : 7,00
B) Citra Indah : 5,15 Citra Gran : 5,50 Blok M : - Ratu Plaza : - Citra Land : 9,00 Komdak : 9,15
D) Citra Indah : 5,30 Citra Gran : 6,05 Blok M : - Ratu Plaza : 7,00 Citra Land : - Komdak : 7,15
C) Citra Indah : 5,45 Citra Gran : 6,20 Blok M : 8,15 Ratu Plaza : 8,25 Citra Land : - Komdak : 8,30
A) Citra Indah : 9,00 Citra Gran : 9,35 Blok M : - Ratu Plaza : - Citra Land : 12,00 Komdak : 12,15
C) Citra Indah : 10,30 Citra Gran : 11,05 Blok M : 13,00 Ratu Plaza : 13,10 Citra Land : - Komdak : 13,15
B) Citra Indah : 11,30 Citra Gran : 12,05 Blok M : - Ratu Plaza : - Citra Land : 14,00 Komdak : 14,15
A) Citra Indah : 14,00 Citra Gran : 14,35 Blok M : - Ratu Plaza : - Citra Land : 17,45 Komdak : 18,15
D) Citra Indah : 15,00 Citra Gran : 15,35 Blok M : 16,50 Ratu Plaza : 17,10 Citra Land : - Komdak : 17,25
C) Citra Indah : 15,30 Citra Gran : 16,05 Blok M : 17,30 Ratu Plaza : 17,45 Citra Land : - Komdak : 18,00
B) Citra Indah : 16,30 Citra Gran : 17,05 Blok M : - Ratu Plaza : - Citra Land : 19,00 Komdak : 19,15

Sabtu
A) Citra Indah : 5,30 Citra Gran : 6,05 Blok M : - Ratu Plaza : - Citra Land : 7,30 Komdak : 7,45
B) Citra Indah : 7,00 Citra Gran : 7,35 Blok M : - Ratu Plaza : - Citra Land : 9,15 Komdak : 9,30
C) Citra Indah : 8,00 Citra Gran : 8,35 Blok M : 9,30 Ratu Plaza : 9,45 Citra Land : - Komdak : 10,00
A) Citra Indah : 9,30 Citra Gran : 10,05 Blok M : - Ratu Plaza : - Citra Land : 12,00 Komdak : 12,15
C) Citra Indah : 11,20 Citra Gran : 11,55 Blok M : 13,05 Ratu Plaza : 13,15 Citra Land : - Komdak : 13,20
B) Citra Indah : 12,00 Citra Gran : 12,35 Blok M : - Ratu Plaza : - Citra Land : 14,30 Komdak : 14,45
A) Citra Indah : 14,00 Citra Gran : 14,35 Blok M : - Ratu Plaza : - Citra Land : 16,30 Komdak : 16,45
B) Citra Indah : 16,30 Citra Gran : 17,05 Blok M : - Ratu Plaza : - Citra Land : 19,00 Komdak : 19,15

Minggu / Hari Libur
A) Citra Indah : 8,00 Citra Gran : 8,35 Citra Land : 9,15 Komdak : 9,30
B) Citra Indah : 9,30 Citra Gran : 10,05 Citra Land : 12,00 Komdak : 12,15
A) Citra Indah : 12,00 Citra Gran : 12,35 Citra Land : 14,30 Komdak : 14,45
A) Citra Indah : 16,30 Citra Gran : 17,05 Citra Land : 19,00 Komdak : 19,15
B) Citra Indah : 14,00 Citra Gran : 14,35 Citra Land : 16,30 Komdak : 17,00

LOKASI PENJUALAN TIKET
Citra Indah - Citra Gran - Ratu Plaza - Blok M (Belakang PLN Pusat) - Komdak / Kantor Pajak

NO HP SOPIR

Bis A 1) Bpk Matari :085885539631
Bis B 1) Bpk Salim :081380324770
2) Bpk Mastur :081584065054
Bis C 1) Bpk Agus :021-33204321
Bis D 1) Bpk Alim :087830054743
2) Bpk Imam :081908374178
Kantor Pool Citra Indah :021-89934414

Certification for Islamic Financial Professions

- Certified Islamic Financial Analyst by SHAPE (TM)
- Certified Islamic Wealth Planner by IBFI Trisakti
- Uji Kompetensi Manajemen Risiko (BSMR)
- Chartered Islamic Finance Professional (CIFP) Online Program
- Registered Islamic Financial Associate (RIFA)