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NATIONAL INSTITUTE OF SECURITIES MARKETS
(Established by the Securities and Exchange Board of India)
School for Securities Education
Certificate in Financial Engineering and Risk Management
CFERM-2010 (March - August)
(Six-month week-end programme for working executives)
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WhyshouldyouattendCFERM?
The CFERM programme addresses the needs of people seeking to further their careers in the
field of financial engineering and risk management. It opens up career options in the financial
sector in India and abroad. After successful completion of the programme you should be able to:
Design new financial products and financial solutions Manage the treasury more effectively Implement financial solutions for banks, corporates and entities in the financial sector Assess and evaluate the various financial engineering and risk management solutions
offered by the vendors
Address the risk management issues at strategic and operational levels for yourorganisation
WhyshouldorganisationsencourageemployeestogetCFERMcertificate?
In the modern world, organisations seek to minimise their cost of capital. Financial engineering
offers customized financial solutions towards this. Further, risk management in organisations has
become a core strategic function today. Therefore, it has become necessary that an organisation
has a team of financial engineering and risk management professionals to discharge, oversee and
guide this pivotal responsibility. To the participant, CFERM offers an in-depth understanding
from the point of view of sellers, buyers, analysts and regulators as opposed to the current
black-box approach.
The CFERM Certification will result in a win-win situation for the professionals engaged in
treasury and risk management functions and their employers in:
Banks PMS Mutual Funds Insurance Companies Pension Funds Private Equity Companies Hedge Funds Investment Banks Corporations (for managers who design, structure and implement fund-raising solutions) Stock Broking firms Firms that trade in Commodities, Currencies and other Instruments Credit Rating Agencies Securities Research firms IT & ITES, KPO firms engaged in Analytics, Quantitative Research and Business
Solutions
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WhatdoesCFERMoffer?
The levels of sophistication and complexity of the subject merit a classroom-based programme.
Through the CFERM programme, NISM aims to provide the financial markets with a cadre of
professionals well-versed in skills as well as knowledge of financial engineering and risk
management. CFERM programme offers: Over 250 contact hours of class room inputs during week-ends spread over 6 months A team of highly qualified and experienced faculty members delivering the modules Combination of theory and practice (9 modules of theory and 3 modules of practicals) A combination of mathematics, statistics, financial economics, computational finance,
financial modelling and risk management
Experienced industry professionals from all over India sharing their knowledge with theparticipants
Rigorous selection process that ensures a high quality peer interaction Continuous evaluation that motivates the participant to deliver the best Multiple pedagogy consisting of interactive classroom sessions, simulations, case
discussions, project work and seminars
Bringing the latest developments in the field into the classroom A peer group of students with whom one can interact and learn by sharing experiences
HowisCFERMunique?
CFERM has several unique features:
High level entry requirements Convenient class timings to suit the needs of working executives Rigorous and well designed course curriculum with emphasis on class participation A team of best-in-class faculty Library support from the best capital market library in India State-of-the-art computing facilities with latest software such as R, MATLAB and
financial databases such as Bloomberg and others for financial modelling and simulation
Reinforcement of concepts through case studies Tailor made for Indian scenario with relevant examples and case studies
Total Duration:6 months, spread over 250 hours
Batches: Two intakes in a year (September-February; March-August)
Location: National Institute of Securities Markets, Vashi, Navi Mumbai or any other location in
Mumbai as decided by NISM
Format: 9 contact hours during each weekend (Saturdays and Sundays)
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Design:Context,ContentandSequencing
The curriculum has three phases with 12 modules covering concepts, applications and practical
aspects of Financial Engineering.
Conceptual Phase of 14 weeks (6 modules that cover theory and applications in QuantitativeFinance, Financial Economics, Risk Management & Treasury, Financial Modelling and
Computational Finance)
Application Phase of 12 weeks (3 modules that cover advance aspects of FinancialEngineering and Financial Econometrics)
Practicals (Project, Case Study Workshops, Seminar) concurrently with the above two phasesContent: The Finer Details
Sr.
No.
Subject Title No. of Hours &
Evaluation Criteria*
1 Financial Engineering Frameworks 10 Hrs (30M)
2 Quantitative Finance I (Mathematics) 30 Hrs (60M + 40F)
3 Quantitative Finance II (Statistics) 30 Hrs (60M + 40F)
4 Financial Economics 30 Hrs (60M + 40F)
5 Risk Management & Treasury 30 Hrs (60M + 40F)
6 Financial Modelling and Computational Finance 30 Hrs (60M + 40F)
7 Financial Engineering Applications 30 Hrs (60M + 40F)8 Financial Econometrics 30 Hrs (60M + 40F)9 Case Studies: Failures and Successes 30 Hrs (60M + 40F)
10 Project Dissertation, based on real data 30 Hrs (60M + 40F)11 Seminar on Contemporary FE Issues 30 Hrs (60M + 40F)
* Distribution of Marks:M denotes Mid-term and includes class tests, surprise quizzes, practical exercises, assignments, etc. F denotes Final exam
EvaluationandAwardofCertificate
CFERM students will be evaluated based on the following:
Pre-class preparation Class participation Quizzes
Assignments / Practical exercises Mid-term and end-term examinations and/or any other procedure the Institute may prescribe
from time to time.
EligibilityCriteria
The following academic qualificationsandwork experience are required:
Academic Qualifications BE
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BSc (Mathematics, Statistics, Physics)
BA (Mathematics / Economics)
MBA (Finance)
CA / ICWA / CS
CFP
CFA (USA), FRM (GARP), CPA, CMA
Any other educational qualification which could be
considered equivalent to any of the above qualifications
Work Experience To be announced
Final selection will be based on work experience, academic performance and the performance in
written test and interview. In exceptional cases, NISM may consider relaxing the eligibility
criteria. The decision of Admissions Committee of CFERM will be final in this regard.
Admission
Process
The selection process consists of a written test and a personal interview. The written test would
assess the understanding and application of basic concepts broadly in the following areas:
1. Linear Algebra, Matrices, Calculus, Basic Statistics and Elementary Probability (+2level)
2. Analytical Reasoning3. General Knowledge on Financial Markets
The duration of the test would be 120 minutes. The written test will be conducted on (To be
announced) in Mumbai.
Candidates who qualify in the written test would be called for a personal interview in Mumbai /
Navi Mumbai. They will be intimated through email and/or Institutes website on (To be
announced). Personal interviews will be held from (To be announced).
All expenses related to writing the test and attending the personal interviews shall be borne by
the candidate. NISM will not bear or reimburse any expenditure in this regard.
NISM reserves the right to postpone or cancel the dates of written test and/or personal interview.
Candidates are advised to visit the Institutes website from time to time for any changes and
other information.
The first list of selected candidates will be displayed on the Institutes website on (To be
announced). Selected candidates would be required to pay a commitment fee of Rs.10,000/-
(non-refundable and adjustable against tuition fee) on or before (To be announced), failing which
the provisional admission would be cancelled. Further, the selected candidates would be required
to complete all the formalities and pay the balance of their first instalment fee (after adjusting the
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commitment fee) on or before (To be announced). Commitment fee will be forfeited if the
candidate does not take admission before the due date.
The second list of candidates will be announced on the Institutes website on (To be announced)
depending on the vacancies. They would be required to pay the commitment fee by (To be
announced) and the balance of first instalment fee should be paid and all formalities should becompleted on or before (To be announced). The provisional admission to those candidates who
do not complete the formalities by the above said due dates would be cancelled.
ProspectusandApplicationForm
The prospectus and application form can be downloaded from the Institutes website:
www.nism.ac.in. Candidates can also obtain the application form along with prospectus from the
Institutes office at Vashi (Mumbai). Application form duly filled in all respects, along with a
demand draft of Rs.1,000/- (Rupees One Thousand only) drawn in favour of National Institute
of Securities Markets payable at Mumbai, should be sent to the following address:
National Institute of Securities Markets,
UTI House, 5th
Floor, Plot No. 82,Sector 17, Vashi, Navi Mumbai 400 705
Tel: 022-27883001
Fax: 022-27896860
Email: [email protected]
Lastdateforreceivingdulyfilled-inapplications
To be announcedFeesandDeposits
To be announced
Faculty
The tentative faculty team for CFERM includes:
Dr. S. Sundararajan: MA, PhD and LLB from MS Baroda University and an MBA in Finance
from the University of Wisconsin, USA. He is a Professor and senior faculty member at the
Department of Management Studies, at Baroda University. He has authored a book and severalresearch papers in various journals and conferences. He is a visiting professor at SP Jain Institute
of Management, Mumbai and also the Dubai and Singapore campuses of the SP Jain Institute of
Management.
Dr. Kiran Kumar: MA (Economics) from Hyderabad Central University and PhD in Finance
from Indian Institute of Science, Bangalore. His research focuses on market microstructure,
derivatives, applied financial econometrics. He has received five best paper awards in national
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and international conferences and has ten research papers to his credit. He delivered lectures in
several research workshops including SAS Workshop for Researchers at Indian School of
Business; Structural VAR Models at RBI Staff College; Econometrics Workshop of Indian
Econometric Society. Formerly, Dr. Kumar was with Centre for Analytical Finance, Indian
School of Business as Senior Researcher; Researcher at ICICI Research Centre, Chennai. At
NISM, he is associated with School for Securities Information and Research and is involved in
building the Network for Securities Market Data.
Dr. M. Venkateswarlu: M.Com and PhD from Osmania University, Hyderabad. He is a senior
faculty member at the National Institute of Industrial Engineering (NITIE). He has been teaching
International Finance, Financial Derivatives and Financial Economics for the past several years.
He is the architect of the CRISIL Certified Analyst Programme (CCAP), an advanced week-end
executive programme. He has worked on developing a Volatility Index and has several research
papers to his credit.
Mr. B. Venkatesh: Chartered Financial Analyst from the CFA Institute, USA and FRM fromthe Global Association of Risk Professionals (GARP). Besides, he is also a Chartered
Accountant and Costs Accountant from India. He has been the financial markets editor of the
Hindu Business Line. He has authored a book and several international conference papers. He is
an expert on Derivatives Strategies and Structured Finance. He has taught at IIM Bangalore,
BIM Trichy and several other institutions.
Dr. Kavita Laghate: MSc (Statistics) and PhD. She is a faculty member at Jamnalal Bajaj
Institute of Management Studies, University of Mumbai. Her areas of specialization are
Statistics, Operation Research, Quantitative Models, Quantitative Finance and Research
Methods.
Mr. Suneel Sarswat: MSc in Applied Statistics and Informatics from the Department of
Mathematics at IIT Bombay. He has worked with Bank of America on Financial Analytics with akeen interest on Computational Finance. He is well versed in Visual Basic, C++, Matlab, R,
PERL and other programming languages useful in Financial Engineering.
Ms. Monita Joshi Khamkar: MBA (Finance) from NMIMS University and Fellow of theInsurance Institute of India (F.I.I.I.), specializing in Life Insurance. She has over 14 years
experience in LIC of India and other insurance companies, in underwriting, finance and related
functions. She teaches Financial Mathematics with applications in investment and actuarial
science.
In addition, the Institute would invite practising professionals to share their experience with the
participants depending on the practical input requirements.
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Round-table conference on Corporate Governance in India A Reality Check, a joint
initiative of NISM, CII and GCGF, held in Mumbai on April 16, 2009
Teachers workshop as part of NISMs initiative to promote financial literacy in schools,
held in New Delhi
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Dr. Robert Engle, winner of the 2003 Nobel Prize in Economics, delivering the keynote
address at NISMs Conference on Securities Markets, held in Mumbai during December
19-20, 2008
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Prof. Marti Subrahmanyam, Prof. Robert Engle, Prof. Pradeep Yadav, Mr. Pratip Kar,
Mr. Benjamin Chandler and Prof. S.Viswanathan in the Conference on Securities
Markets, an annual conference of NISM, held in Mumbai during December 19-20, 2008
Dr. Thomas Robinson of CFA Institute addressing the audience in the Seminar on
Examination Development, held in Mumbai on June 8, 2009.
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After Registration
Upon receipt of duly completed application form and application fee, NISM will allot the roll
number to each candidate. The admit card for the written test will be sent to the candidates. Thecandidates are advised to carry the admit card and a photo id for the written test.
Please RememberPhotographs are to be affixed in the application form and on the admit card.
Institute reserves the right to change or cancel the dates of written test and personal interview.
Candidates will be informed in advance by e-mail in case of such changes. Candidates are
advised to regularly visit the Institutes website for the updated information.
Application form and admit card duly filled in all respects with two passport size photographs
affixed and demand draft/pay order should reach the Institute on or before July 24, 2009.
Results of the written test as well as interview will be intimated to the successful candidates
through e-mail and the same will be displayed on the Institutes website. No separate
communication will be sent in this regard. Hence, candidates are advised to check their e-mailand also the Institutes website on a regular basis.
All correspondence to be made to the following address:
National Institute of Securities Markets,
UTI House, 5th
Floor, Plot No. 82,
Sector 17, Vashi, Navi Mumbai 400 705
Tel: 022-27883001
Fax: 022-27896860
Email: [email protected]
Website: www.nism.ac.in