The New Diploma in Corporate Finance Qualification
This course has been re-launched by the CISI (Chartered Institute for Securities and Investments) and the ICAEW (Institute of Chartered Accountants for England and Wales). This was in direct response to industry consultation. If you are a candidate for the newly restyled Diploma in Corporate Finance qualification in London, you are eligible to sit the first formal examination assessment in December 2012.
Currently awaiting recognition from the FSA (Financial Services Authority), the Level 6 Corporate Finance Qualification course represents the highest qualification available from the ICAEW and CISI. This course is for those working in corporate finance jobs and seeking to develop their knowledge and skills base.
The new syllabus is highly transactions oriented and grounded in practicality. It includes study of the regulatory issues arising from corporate finance trading. The course offers you a useful tool to career advancement, not just for those in the accountancy sector but also to practitioners with a legal banking or consultancy background.
Structure and Syllabus – CFQ Diploma
The CFQ model in financial education comprises two units;
1. Paper 1: Corporate Finance Techniques and Theory, which has a recommendation of 200 study hours, and
2. Paper 2: Corporate Finance Strategy and Advice, which has a recommendation of 300 study hours.
The modules for Paper 1 are shown below with their Syllabus weightings:
• Financial Statement Analysis (20%)
• Valuation (20%)
• Debt and Equity (20%)
• Acquisitions and Disposals (20%)
• Regulation, Governance and Ethics (20%).
The modules for Paper 2 include;
• Corporate Strategy
• Mergers and Acquisitions, and
• Corporate Performance and Reconstruction
Supporting Content for Sections 1 & 2
The programme is completed with the presentation of a case study on Integrated Skills.
The assessment for the CFQ Corporate Finance courses are through a three hour open book examination, comprising short scenario style questions. You are awarded 50 marks for the completion of section A, in which you are required to answer a total of five out of seven questions with a value of 10 marks each. Section B is assessed by answering two out of three questions which have a valuation of 25 marks each.
You will have the opportunity to sit your CFQ finance training examination assessment in either June or December annually. Registration is to be made through CISI and the fees are from £300 for Paper 1 and £350 for Paper 2.
Corporate Finance Qualification - Valuation Module
During the teaching of this module, you will develop the skills and knowledge to undertake advanced valuation models and identify specific valuation problems related to the national and international corporate sectors.
Because 2012 will be the initial running of the CFQ study programme, there is no access to past examination papers or specimen questions from previous years. The syllabus notes give you an indication of the level of knowledge you will be expected to display to gain your qualification and the type of question they may face.
The assessment requirements are that you should have the ability to display the different methods and analysis for a range of business applications, highlighting their specific problems and limitations. For example:
• The cost of debt; showing the calculation and required yield.
• Showing consideration of the practices of currency and inflation matching.
• Demonstrating the weighted average cost of capital (WAAC).
• Showing the calculations and limitations of gearing and its impact on the valuation and WAAC.
If you who prefer to follow the Corporate Finance Qualification course through a scheduled programme, you could use the services offered by ATP (accredited training partner) to CISI and ICAEW, BPP Learning. Fees for their four day, classroom based course in Central London start from £1,200, with distance learning applications available for the study of Paper 1 for costs from £600.