آزمون های حرفه ای جهان ارائه: محمد سیرانی

1. آزمون های حرفه ای جهانارائه:محمد سیرانی (PhD, CPA) 8/17/2018 msayrani@gmail.com

2. چرا مدارک حرفه ای؟ • رشد نا متوازن • تراژدی پول ملی و مدرک ملی • فقدان ارتباط داینامیک دانشگاه با صنعت و نیازهای جامعه • رشد کمی و عدم توجه به رشد کیفی • عدم توسعه محیط کسب و کار • فقدان متون دانشگاهی به روز و مناسب • لزوم مواجهه دانشگاهها با مقتضیات بازار، صنعت و دنیای کسب و کار • لزوم مواجهه دانشگاهها با تحولات فراصنعتی و جامعه اطلاعاتی • بهره گیری از میلیون ها دلاری که صرف به روز رسانی متون حرفه ای دروس می شود • تجربه و تلاشی که به نتیجه نرسید(طرح ایجاد دوره های ارشد و دکتری کارآفرینی مالی)

3. نتیجه یک بررسی • از بین 43 فارغ التحصیل کارشناسی ارشد دانشکده های دانشگاه تهران که مهاجرت نمودند مشخص شد که: افرادی که مدارک حرفه ای داشتند: • هم کارمناسب و مرتبط یافتند. • هم سریعتر مشغول بکار شده اند. • وهم میزان دریافتی آنها تفاوت معنی داری با سایرین داشته است.

4. مدارک حرفه ای که درایران مورد توجه قرار گرفته عبارتند از: • FRM (Financial Risk Manager) • CFA (Chartered Financial Analyst) • ACCA (Association of Chartered Certified Accountants) • CIMA (Chartered Institute of Management Accountants) • CAIA (Chartered Alternative Investment Analyst) • CPA (Certified Public Accountant)

5. FRM (Financial Risk Manager) • چارچوب نظارتی پیشنهادی کمیته بازل، اصولی برای پایش و مدیریت ریسک مطرح نموده • بانک مرکزی ایران و الزام به ایجاد کمیته ریسک • تعداد اندک دارندگان این مدرک در ایران • مدرک FRM، به عنوان یک مدرک معتبر بین المللی برای تعیین تواناییهای حرفه ای مدیران ریسک مالی است. • بحران های مالی و چالش های پیش رو اهمیت این مدرک را بیشتر کرده • حیطه های مهم مدیریت ریسک را در بر می گیرد • شناسایی ریسکها و مدیریت آنها یکی از اهداف مهم سازمانهای بزرگ است

6. The top industries which employ FRM certified professionals are below enlisted • Investment Banks • Commercial Banks • Central Banks of Countries • Asset Management Companies • Insurance Companies • Credit Rating Companies • Government and Regulatory Agencies • Consulting Firms • Hedge Funds • Professional Service Firms

8. FRM • Financial risk management is the practice of economic value in a firm by using financial instruments to manage exposure to risk: operational risk, credit risk and market risk, foreign exchange risk, shape risk, volatility risk, liquidity risk, inflation risk, business risk, legal risk, reputational risk, sector risk etc. Similar to general risk management, financial risk management requires identifying its sources, measuring it, and plans to address them.[1] • Financial risk management can be qualitative and quantitative. As a specialization of risk management, financial risk management focuses on when and how to hedge using financial instruments to manage costly exposures to risk.[2] • In the banking sector worldwide, the Basel Accords are generally adopted by internationally active banks for tracking, reporting and exposing operational, credit and market risks.

9. FRM (Certified Financial Risk Manager Program) is an international professional certification offered by GARP (The Global Association of Risk Professionals). FRM certificates are to be found in more than 190 countries and territories worldwide. Successful candidates take an average of two years to earn their FRM Certification. FRMs are employed at major banks (Bank of America, Bank of China, ICBC...) and corporates (Goldman Sachs, KPMG, Deloitte, PIMCO, JP Morgan, BlackRock..) • The FRM curriculum is updated annually by risk professionals employed internationally at major banks, asset management firms, hedge funds, consulting firms, and regulators. The Exam curriculum: • The FRM Exam Part I covers the tools used to assess financial risk : Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, Valuation and Risk Models. • The FRM Exam Part II focuses on the application of the tools acquired in the FRM Exam Part I through a deeper exploration of: Market Risk Measurement and Management, Credit Risk Measurement and Management, Operational and Integrated Risk Management, Risk Management and Investment Management, Current Issues in Financial Markets.

11. Financial Risk Manager (FRM)FRM Exam Part IFoundations of Risk ManagementPart I Exam Weight | 20%• Basic risk types, measurement and management tools• Creating value with risk management• The role of risk management in corporate governance• Enterprise Risk Management (ERM)• Financial disasters and risk management failures• The Capital Asset Pricing Model (CAPM)• Risk-adjusted performance measurement• Multi-factor models• Information risk and data quality management• Ethics and the GARP Code of Conduct

12. Readings for Foundations of Risk Management1. Michel Crouhy, Dan Galai, and Robert Mark, The Essentials of Risk Management, 2nd Edition(New York: McGraw-Hill, 2014).• Chapter 1. Risk Management: A Helicopter View (Including Appendix 1.1. Typology of Risk Exposures)• Chapter 2. Corporate Risk Management: A Primer• Chapter 4. Corporate Governance and Risk Management2. James Lam, Enterprise Risk Management: From Incentives to Controls, 2nd Edition(Hoboken, NJ: John Wiley & Sons, 2014).• Chapter 4. What is ERM?3. René Stulz, “Governance, Risk Management and Risk-Taking in Banks,” Finance Working Paper 427/2014 (June 2014).4.Steve Allen, Financial Risk Management: A Practitioner’s Guide to Managing Market and Credit Risk,2nd Edition (New York: John Wiley & Sons, 2013).• Chapter 4. Financial Disasters5. John Hull, Risk Management and Financial Institutions, 4th Edition (Hoboken: John Wiley & Sons, 2015)• Chapter 6. The Credit Crisis of 20076.René Stulz, “Risk Management Failures: What are They and When Do They happen?” Fisher College of Business Working Paper Series, October 2008.7. Edwin J. Elton, Martin J. Gruber, Stephen J. Brown and William N. Goetzmann, Modern Portfolio Theory and Investment Analysis, 9th Edition (Hoboken, NJ: John Wiley & Sons, 2014).• Chapter 13. The Standard Capital Asset Pricing Model8. Noel Amenc and Veronique Le Sourd, Portfolio Theory and Performance Analysis(West Sussex, England: John Wiley & Sons, 2003).• Chapter 4. Applying the CAPM to Performance Measurement: Single-Index Performance Measurement Indicators (Section 4.2 only)9. ZviBodie, Alex Kane, and Alan J. Marcus, Investments, 10th Edition (New York: McGraw-Hill, 2013).• Chapter 10. Arbitrage Pricing Theory and Multifactor Models of Risk and Return10. Anthony Tarantino and Deborah Cernauskas, Risk Management in Finance: Six Sigma and Other Next Generation Techniques(Hoboken, NJ: John Wiley & Sons, 2009).• Chapter 3. Information Risk and Data Quality Management11. “Principles for Effective Data Aggregation and Risk Reporting,” (Basel Committee on Banking Supervi-sionPublication, January 2013).12. GARP Code of Conduct.*

13. Quantitative AnalysisPart I Exam Weight|20% •Discrete and continuous probability distributions •Estimating the parameters of distributions •Population and sample statistics •Bayesian analysis •Statistical inference and hypothesis testing •Correlations and copulas •Estimating correlation and volatility using EWMA and GARCH models •Volatility term structures •Linear regression with single and multiple regressors •Time series analysis •Simulation methods

14. Readings for Quantitative Analysis13. Michael Miller, Mathematics and Statistics for Financial Risk Management, 2nd Edition (Hoboken, NJ: John Wiley & Sons, 2013).• Chapter 2. Probabilities• Chapter 3. Basic Statistics• Chapter 4. Distributions• Chapter 6. Bayesian Analysis (Pages 113-124 only)• Chapter 7. Hypothesis Testing and Confidence Intervals14.John Hull, Risk Management and Financial Institutions, 4th Edition (Hoboken: John Wiley & Sons, 2015).• Chapter 11. Correlations and Copulas15. James Stock and Mark Watson, Introduction to Econometrics, Brief Edition (Boston: Pearson, 2008).• Chapter 4. Linear Regression with One Regressor• Chapter 5. Regression with a Single Regressor• Chapter 6. Linear Regression with Multiple Regressors• Chapter 7. Hypothesis Tests and Confidence Intervals in Multiple Regression 16. Francis X. Diebold, Elements of Forecasting, 4th Edition (Mason, Ohio: Cengage Learning, 2006).• Chapter 5. Modeling and Forecasting Trend (Section 5.4 only—Selecting Forecasting Models Using the Akaike and Schwarz Criteria)• Chapter 7. Characterizing Cycles• Chapter 8. Modeling Cycles: MA, AR, and ARMA Models17. John Hull, Options, Futures, and Other Derivatives, 9th Edition (New York: Pearson, 2014).• Chapter 23. Estimating Volatilities and Correlations for Risk Management18.Chris Brooks, Introductory Econometrics for Finance, 3rd Edition (Cambridge, UK: Cambridge University Press, 2014).• Chapter 13. Simulation Methods (Note: EViews and other programming references are not required).

15. Financial Markets and ProductsPart I Exam Weight|30% •Structure and mechanics of OTC and exchange markets • Structure, mechanics, and valuation of forwards, futures, swaps and options • Hedging with derivatives • Interest rates and measures of interest rate sensitivity • Foreign exchange risk • Corporate bonds • Mortgage-backed securities • Rating agencies

16. Readings for Financial Markets and Products 19. John Hull, Options, Futures, and Other Derivatives, 9th Edition (New York: Pearson, 2014). • Chapter 1. Introduction • Chapter 2. Mechanics of Futures Markets • Chapter 3. Hedging Strategies Using Futures • Chapter 4. Interest Rates • Chapter 5. Determination of Forward and Futures Prices • Chapter 6. Interest Rate Futures • Chapter 7. Swaps • Chapter 10. Mechanics of Options Markets • Chapter 11. Properties of Stock Options • Chapter 12. Trading Strategies Involving Options • Chapter 26. Exotic Options 20. Robert McDonald, Derivatives Markets, 3rd Edition (Boston: Pearson, 2012). • Chapter 6. Commodity Forwards and Futures 21. Anthony Saunders and Marcia Millon Cornett, Financial Institutions Management: A Risk Management Approach, 8th Edition (New York: McGraw-Hill, 2014). • Chapter 13. Foreign Exchange Risk 22. Jon Gregory, Central Counterparties: Mandatory Clearing and Bilateral Margin Requirements for OTC Derivatives (West Sussex, UK: John Wiley & Sons, 2014). • Chapter 1. Introduction • Chapter 2. Exchanges, OTC Derivatives, DPCs and SPVs • Chapter 3. Basic Principles of Central Clearing • Chapter 14 (section 14.4 only). Risks Caused by CCPs: Risks Faced by CCPs 23. Frank Fabozzi (editor), The Handbook of Fixed Income Securities, 8th Edition (New York: McGraw-Hill, 2012). • Chapter 12. Corporate Bonds, by Frank Fabozzi, Steven Mann and Adam Cohen 24.Bruce Tuckman, Angel Serrat, Fixed Income Securities: Tools for Today’s Markets, 3rd Edition (Hobo-ken:Wiley, 2011). • Chapter 20. Mortgages and Mortgage-Backed Securities 25. John B. Caouette, Edward I. Altman, Paul Narayanan, and Robert W.J. Nimmo,Managing Credit Risk: The Great Challenge for Global Financial Markets, 2nd Edition (New York: John Wiley & Sons, 2008). • Chapter 6. The Rating Agencies

17. Valuation and Risk Models Part I Exam Weight|30% • Value-at-Risk (VaR) • Expected shortfall (ES) • Stress testing and scenario analysis • Option valuation • Fixed income valuation • Hedging • Country and sovereign risk models and management • External and internal credit ratings • Expected and unexpected losses • Operational risk

18. Readings for Valuation and Risk Models26. 26. Linda Allen, Jacob Boudoukh and Anthony Saunders, Understanding Market, Credit, and Operational Risk: The Value at Risk Approach (New York: Wiley-Blackwell, 2004). • Chapter 2. Quantifying Volatility in VaR Models • Chapter 3. Putting VaR to Work 27. Kevin Dowd, Measuring Market Risk, 2nd Edition(West Sussex, England: John Wiley & Sons, 2005). • Chapter 2. Measures of Financial Risk 28. John Hull, Options, Futures, and Other Derivatives, 9th Edition(New York: Pearson, 2014). • Chapter 13. Binomial Trees • Chapter 15. The Black-Scholes-Merton Model • Chapter 19. Greek Letters 29. Bruce Tuckman,Fixed Income Securities, 3rd Edition(Hoboken, NJ: John Wiley & Sons, 2011). • Chapter 1. Prices, Discount Factors, and Arbitrage • Chapter 2. Spot, Forward and Par Rates • Chapter 3. Returns, Spreads and Yields • Chapter 4. One-Factor Risk Metrics and Hedges • Chapter 5. Multi-Factor Risk Metrics and Hedges 30. AswathDamodaran, “Country Risk: Determinants, Measures and Implications - The 2015 Edition” (July 14, 2015). (Pages 1-45 only). 31. Arnaud de Servigny and Olivier Renault, Measuring and Managing Credit Risk(New York:McGraw-Hill, 2004). • Chapter 2. External and Internal Ratings 32. Gerhard Schroeck,Risk Management and Value Creation in Financial Institutions(New York: John Wiley & Sons, 2002). • Chapter 5. Capital Structure in Banks (Pages 170-186 only) 33.John Hull, Risk Management and Financial Institutions, 4th Edition(Hoboken, NJ: John Wiley & Sons, 2015). • Chapter 23. Operational Risk 34.Philippe Jorion,Value-at-Risk: The New Benchmark for Managing Financial Risk, 3rd Edition(New York: McGraw-Hill, 2007). • Chapter 14. Stress Testing 35. “Principles for Sound Stress Testing Practices and Supervision” (Basel Committee on Banking Supervision Publication, 2009)

20. Market Risk Measurement and Management • Part II Exam Weight|25% • • VaR and other risk measures • • Parametric and non-parametric methods of estimation • • VaR mapping • • BacktestingVaR • • Expected shortfall (ES) and other coherent risk measures • • Extreme value theory (EVT) • • Modeling dependence: Correlations and copulas • • Term structure models of interest rates • • Discount rate selection • • Volatility: Smiles and term structures

21. Readings for Market Risk Measurement and Management 36. Kevin Dowd, Measuring Market Risk, 2nd Edition (West Sussex, England: John Wiley & Sons, 2005). • Chapter 3. Estimating Market Risk Measures: An Introduction and Overview • Chapter 4. Non-parametric Approaches • Chapter 7. Parametric Approaches (II): Extreme Value 37. Philippe Jorion, Value-at-Risk: The New Benchmark for Managing Financial Risk, 3rd Edition (New York: McGraw-Hill, 2007). • Chapter 6. BacktestingVaR • Chapter 11. VaR Mapping 38.“Messages from the Academic Literature on Risk Measurement for the Trading Book,” Basel Committee on Banking Supervision, Working Paper No. 19, Jan 2011. 39.Gunter Meissner, Correlation Risk Modeling and Management (New York: John Wiley & Sons, 2014). • Chapter 1. Some Correlation Basics: Properties, Motivation, Terminology • Chapter 2. Empirical Properties of Correlation: How Do Correlations Behave in the Real World? • Chapter 3. Statistical Correlation Models—Can We Apply Them to Finance? • Chapter 4. Financial Correlation Modeling—Bottom-Up Approaches (Sections 4.3.0 (intro), 4.3.1, and 4.3.2 only) 40. Bruce Tuckman and Angel Serrat,Fixed Income Securities, 3rd Edition Hoboken, NJ: John Wiley &Sons, 2011). • Chapter 6. Empirical Approaches to Risk Metrics and Hedges • Chapter 7. The Science of Term Structure Models • Chapter 8. The Evolution of Short Rates and the Shape of the Term Structure • Chapter 9. The Art of Term Structure Models: Drift • Chapter 10. The Art of Term Structure Models: Volatility and Distribution 41. John Hull,Options, Futures, and Other Derivatives, 9th Edition (New York:Pearson, 2014). • Chapter 9. OIS Discounting, Credit Issues, and Funding Costs • Chapter 20. Volatility Smiles

22. FRM Exam Part II Exam Weight|25%Topics and ReadingsCredit Risk Measurement and Management• Credit analysis• Default risk: Quantitative methodologies• Expected and unexpected loss• Credit VaR• Counterparty risk• Credit derivatives• Structured finance and securitization

23. Readings for Credit Risk Measurement and Management 42.Jonathan Golin and Philippe Delhaise, The Bank Credit Analysis Handbook, 2nd Edition (Hoboken, NJ: John Wiley & Sons, 2013). • Chapter 1. The Credit Decision • Chapter 2. The Credit Analyst 43.Arnaud de Servigny and Olivier Renault, Measuring and Managing Credit Risk(New York: McGraw-Hill, 2014). • Chapter 3. Default Risk: Quantitative Methodologies 44.René Stulz,RiskManagement & Derivatives(Florence, KY: Thomson South-Western, 2002). • Chapter 18. Credit Risks and Credit Derivatives 45.Allan Malz, Financial Risk Management: Models, History, and Institutions(Hoboken, NJ: John Wiley & Sons, 2011). • Chapter 6. Credit and Counterparty Risk • Chapter 7. Spread Risk and Default Intensity Models • Chapter 8. Portfolio Credit Risk (Sections 8.1, 8.2, 8.3 only) • Chapter 9. Structured Credit Risk 46.Jon Gregory, Counterparty Credit Risk and Credit Value Adjustment: A Continuing Challenge for Global Financial Markets, 2nd Edition(West Sussex, UK: John Wiley & Sons, 2012). • Chapter 3. Defining Counterparty Credit Risk • Chapter 4. Netting, Compression, Resets, and Termination Features • Chapter 5. Collateral • Chapter 7. Central Counterparties • Chapter 8. Credit Exposure • Chapter 10. Default Probability, Credit Spreads, and Credit Derivatives • Chapter 12. Credit Value Adjustment • Chapter 15. Wrong-way risk 47.Michel Crouhy, Dan Galai and Robert Mark,TheEssentials of Risk Management, 2nd Edition(New York: McGraw-Hill, 2014). • Chapter 9. Credit Scoring and Retail Credit Risk Management • Chapter 12. The Credit Transfer Markets—and Their Implications 48.Moorad Choudhry, Structured Credit Products: Credit Derivatives & Synthetic Sercuritization, 2nd Edition (New York: John Wiley & Sons, 2010). • Chapter 12. An Introduction to Securitization 49.Adam Ashcraft and TilSchuermann, “Understanding the Securitization of Subprime Mortgage Credit,” Federal Reserve Bank of New York Staff Reports, No. 318 (March 2008).

24. Operational and Integrated Risk ManagementPart II Exam Weight|25% • Principles for sound operational risk management • Enterprise Risk Management (ERM) • Risk appetite frameworks and IT infrastructure • Internal and external operational loss data • Modeling operational loss distributions • Model risk • Risk-adjusted return on capital (RAROC) • Economic capital frameworks and capital allocation • Liquidity risk: • Liquidity adjustments to VaR measures • Liquidity risk in financial and collateral markets • Repurchase agreements and refinancing • Failure mechanics of dealer banks • Stress testing banks • Regulation and the Basel Accords

25. Readings for Operational and Integrated Risk Management 50. “Principles for the Sound Management of Operational Risk,” (Basel Committee on Banking Supervision Publication, June 2011). 51.Brian Nocco and René Stulz, “Enterprise Risk Management: Theory and Practice,” Journal of Applied Corporate Finance 18, No. 4 (2006): 8–20. 52.“Observations on Developments in Risk Appetite Frameworks and IT Infrastructure,” Senior Supervi -sorsGroup, December 2010. 53. Marcelo G. Cruz, Gareth W. Peters, and Pavel V. Shevchenko,FundamentalAspects of Operational Risk and Insurance Analytics: A Handbook of Operational Risk(Hoboken, NJ: John Wiley & Sons, 2015) • Chapter 2: OpRisk Data and Governance 54. Philippa X. Girling, Operational Risk Management: A Complete Guide to a Successful Operational Risk Framework (Hoboken: John Wiley & Sons, 2013). • Chapter 8. External Loss Data • Chapter 12. Capital Modeling 55.“Operational Risk—Supervisory Guidelines for the Advanced Measurement Approaches,” (Basel Committee on Banking Supervision Publication, June 2011). Paragraph 1-42 (intro) and 160-261 (modeling) only. • Paragraphs 1-42. Introduction • Paragraphs 160-261. Modelling 56.Michel Crouhy, Dan Galai and Robert Mark, The Essentials of Risk Management, 2nd Edition (New York:McGraw-Hill, 2014). • Chapter 15. Model Risk • Chapter 17. Risk Capital Attribution and Risk-Adjusted Performance Measurement 57. “Range of Practices and Issues in Economic Capital Frameworks,” (Basel Committee on Banking Supervision Publication, March 2009). 58.“Capital Planning at Large Bank Holding Companies: Supervisory Expectations and Range of current Practice,” Board of Governors of the Federal Reserve System, August 2013. 59.Bruce Tuckman, Angel Serrat, Fixed Income Securities: Tools for Today’s Markets, 3rd Edition (New York: Wiley, 2011). • Chapter 12. Repurchase Agreements and Financing 60.Kevin Dowd,MeasuringMarket Risk, 2nd Edition (West Sussex, England: John Wiley & Sons, 2005). • Chapter 14. Estimating Liquidity Risks 61.Allan Malz,FinancialRisk Management: Models, History, and Institutions (Hoboken, NJ: John Wiley & Sons, 2011). • Chapter 11. Assessing the Quality of Risk Measures (Section 11.1) • Chapter 12. Liquidity and Leverage

26. Readings for Operational and Integrated Risk Management 62. Darrell Duffe, 2010. “The Failure Mechanics of Dealer Banks,” Journal of Economic Perspectives 24:1,51-72. 63.Til Schuermann. “Stress Testing Banks, prepared for the Committee on Capital Market Regulation,” Wharton Financial Institutions Center (April 2012). 64.John Hull, Risk Management and Financial Institutions, 4th Edition (Hoboken, NJ: John Wiley & Sons, 2015). • Chapter 15. Basel I, Basel II, and Solvency II • Chapter 16. Basel II.5, Basel III, and Other Post-Crisis Changes • Chapter 17. Fundamental Review of the Trading Book

27. Readings for Operational and Integrated Risk Management Optional Regulatory Readings for Reference Candidates are expected to understand the objective and general structure of important international regulatory frameworks and general application of the various approaches for calculating minimum capital requirements, as described in the readings above. Candidates interested in the complete regulatory framework can review the following: 65.“Basel II: International Convergence of Capital Measurement and Capital Standards: A Revised Frame -work - Comprehensive Version,” (Basel Committee on Banking Supervision Publication, June 2006).* 66.“Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems-Revised Version,” (Basel Committee on Banking Supervision Publication, June 2011).* 67.“Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools,” (Basel Committee on Banking Supervision Publication, January 2013).* 68.“Revisions to the Basel II Market Risk Framework—Updated as of 31 December 2010,” (Basel Commit -tee on Banking Supervision Publication, February 2011).* 69.“Basel III: the net stable funding ratio.” (Basel Committee on Banking Supervision Publication, October 2014).*

28. Risk Management and Investment Management • Part II Exam Weight|15% • Portfolio construction • Portfolio risk measures • Risk budgeting • Risk monitoring and performance measurement • Portfolio-based performance analysis • Hedge funds

29. Readings for Risk Management and Investment Management 70.Richard Grinold and Ronald Kahn, Active Portfolio Management: A Quantitative Approach for Producing Superior Returns and Controlling Risk, 2nd Edition(New York: McGraw-Hill, 2000). • Chapter 14. Portfolio Construction 71.Philippe Jorion,Value-at-Risk: The New Benchmark for Managing Financial Risk, 3rd Edition (New York: McGraw-Hill, 2000). • Chapter 7. Portfolio Risk: Analytical Methods • Chapter 17. VaR and Risk Budgeting in Investment Management 72.Robert Litterman and the Quantitative Resources Group, Modern Investment Management: An Equilibrium Approach(Hoboken, NJ: John Wiley & Sons, 2003). • Chapter 17. Risk Monitoring and Performance Measurement 73.Zvi Bodie, Alex Kane, and Alan J. Marcus,Investments, 10th Edition (New York: McGraw-Hill, 2013). • Chapter 24. Portfolio Performance Evaluation 74.Andrew Ang,AssetManagement: A Systematic Approach to Factor Investing (New York: Oxford University Press, 2014). • Chapter 13. Illiquid Assets (Excluding Section 13.5—Portfolio Choice with Illiquid Assets) 75.G. Constantinides, M. Harris and R. Stulz, eds.,Handbook of the Economics of Finance, Volume 2B (Oxford, UK: Elsevier, 2013). • Chapter 17. Hedge Funds, by William Fung and David Hsieh 76.Kevin R. Mirabile, Hedge Fund Investing: A Practical Approach to Understanding Investor Motivation, Manager Profits, and Fund Performance (Hoboken, NJ: Wiley Finance, 2013). • Chapter 11. Performing Due Diligence on Specific Managers and Funds

30. Current Issues in Financial Markets • Part II Exam Weight|10% • Risk measurement • Funding and liquidity during market shocks • Liquidity regulation and lender of last resort • Global financial markets liquidity • Benchmark rates • Risk in central counterparties • Regulatory stress testing • Cybersecurity

31. Readings for Current Issues in Financial Markets 77.Glasserman, Paul. (2012)Forging Best Practices in Risk Management (Note: Only Section 2: Firm-Level Issues in Risk Measurement). Office of Financial Research Working Paper #0002.* 78.Yorulmazer, Tanju. (2014). “Case Studies on Disruptions During the Crisis”. FRBNY Economic Policy Review.* 79.“Why do we need both liquidity regulations and a lender of last resort? A perspective from Federal Reserve lending during the 2007-09 U.S. financial crisis”. Federal Reserve Board. February 2015.* 80.Global financial markets liquidity study (Note: Sections 1, 2, and 4 only). PwC. August 2015.* 81.Duffie, Darrell and Stein, C. Jeremy. (2015). “Reforming LIBOR and Other Financial Market Benchmarks”.Journalof Economic Perspectives—Volume 29, Number 2. Spring 2015. pp 191–212.* 82.Froukelien Wendt. (2015). “Central Counterparties: Addressing their Too Important to Fail Nature”. IMF Working Paper.* 83.German Gutierrez Gallardo (NYU), TilSchuermann (Oliver Wyman), Michael Duane (Oliver Wyman). 2015. “Stress Testing Convergence”.* 84.“Cybersecurity 101: A Resource Guide for Bank Executives”. Conference of State Banking Supervisors. December 2014.*

32. CFA (Chartered Financial Analyst) • CFA Institute يك انجمن غيرانتفاعي با قدمت ۶۵ ساله در امریکا است که نزدیک به ۱۰۰ هزار عضو از ۱۳۱ کشور جهان را داراست. • شرط براي گرفتن مدرك CFA، قبولي در سه سطح آزمون است. • مدرک CFA به عنوان يك مدرك حرفه اي معتبر در زمينه مدیریت مالی و سرمایه گذاری و همطراز و حتی بالاتر از مقطع کارشناسی ارشد در این رشته شناخته می شود. • اين مدرك توسط اكونوميست به عنوان استاندارد طلايي مدارك حرفه اي در زمينه امور مالي و سرمایه گذاری شناخته شده است. • گرايش به سمت اين مدرك افزايش روزافزوني را شاهد بوده است بطوريكه در سال ۲۰۱۰ ميلادي نزدیک به ۱۶۰,۰۰۰ نفر از ۱۵۰ كشور براي شركت در اين آزمون ثبت نام كردند كه نشان از اقبال گسترده به اين مدرك است. • تا کنون نیز ۸۶,۸۰۰ نفر در دنیا موفق به دریافت این مدرک شده اند.

35. درصد قبولی در آزمون سی اف ا طی ده سال گذشته

37. CFA Level 1 syllabus

39. ACCA (Association of Chartered Certified Accountants) • انجمن حسابداران خبره انگلستانبا بیش از ۱۵۴۰۰۰ عضو و بیش از ۴۳۲۰۰۰ دانش‌جو از ۱۷۰ کشور جهان یکی از بزرگ‌ترین و تاثیرگذارترین انجمن‌های حرفه‌ای حسابداری جهان به شمار می‌آید. با این که خاستگاه اولیه این انجمن بریتانیا است؛ ولی، هم اکنون به عنوان یک انجمن‌ حرفه‌ای بین‌المللی حسابداری شناخته می‌شود. این انجمن از تاریخ راه‌اندازی فدراسیون بین‌المللی حسابداران (آیفک) (۷ اکتبر ۱۹۷۷) در آن عضویت دارد؛ و یکی از اعضای بنیان‌گذار فدراسیون حسابداران اروپایی FEE نیز است.

40. ACCA (Association of Chartered Certified Accountants)

41. Course • Accountant in Business • Management Accounting • Financial Accounting • Corporate and Business Law (UK) • Performance Management • Taxation • Financial Reporting • Audit and Assurance • Financial Management • Strategic Business Leader • Strategic Business Reporting • Advanced Financial Management • Advanced Performance Management • Advanced Taxation • Advanced Audit and Assurance • Taxation - Online • Performance Management - Online

42. CIMA(Chartered Institute of Management Accountants) • دوره CIMA Professional Qualification، یکی از معتبرترین دوره های حوزه مالی و حسابداری در دنیا میباشد. • در انتهای دوره، شما با عنوان Chartered Global Management Accountant یا به اختصار CGMA شناخته خواهید شد که این عنوان نشاندهنده ی مهارت های حرفه ای شما در مدیریت کسب و کار و اخلاق حرفه ای است. • به عنوان یک حسابدار موفق، افراد باید شناخت کافی از محیط کسب و کار، نحوه همکاری بین کارکنان و تصمیمات استراتژیک داشته باشند؛ این افراد همچنین باید بتوانند گزارشاتی در رابطه با تحلیل شرایط اقتصادی، بررسی عملکرد و تحلیل ریسک شرکت ها ارائه کنند؛ این توانایی ها در کنار دانش و مهارت های تکنیکی حسابداری، افراد را تبدیل به حسابدارانی خبره و حرفه ای خواهد کرد. • مسیر CIMA Professional Qualification بهترین ترکیب علم و مهارت را در اختیار دانشجویان قرار میدهد.

44. سرفصل دروس شامل ۴ سطح میباشد: CERTIFICATE LEVEL • BA1: Fundamentals of Business Economics • BA2: Fundamentals of Management Accounting • BA3: Fundamentals of Financial Accounting • BA4: Fundamentals of Ethics, Corporate Governance and Business Law • این سطح، برای دانشجویانی میباشد که اطلاعات اندکی در رابطه با حسابداری و محیط پیرامون آن دارند و آنها را برای ورود به سطوح بالاتر آماده میکند. • لازم به ذکر استBA1 تا BA4 بهره مند شده و از سطوح بعدی دوره را ادامه دهند. • همچنین ذکر این نکته حائز اهمیت است که شما در صورت برخورداری از مدرک فوق لیسانس حسابداری، این امکان را خواهید داشت که در ۱۱ درس ابتدایی از معافیت استفاده کنید و تنها ۵ امتحان تا CGMA فاصله داشته باشید.

45. بدنه ی اصلی دوره از ۱۲ آزمون در قالب ۹ درس و ۳ آزمون جامع مربوط به هر سطح Case Study تشکیل شده است که به صورت زیر ارائه می شوند: OPERATIONAL LEVEL • این سطح پیاده سازی استراتژی ها و گزارشگری مالی را با نگاهی کوتاه مدت پوشش میدهد. دانشجویان مهارت های زیر را آموزش می بینند: – آماده سازی صورت های مالی – ارائه ی اطلاعات مربوط به حسابداری مدیریت – استفاده از ابزارهای مناسب برای تصمیم گیری • در انتهای این سطح یک گواهی تحت عنوان CIMA Diploma in Management Accounting به دانشجویان تعلق میگیرد.

46. MANAGEMENT LEVEL • این سطح، دریافت اطلاعات استراتژیک و ارائه ی آن به مدیران رده پایین را در کنار روش های بررسی و کنترل عملکرد، با نگاهی میان-مدت پوشش میدهد. • دانشجویان مهارت های زیر را آموزش می بینند: – آماده سازی صورت های مالی تلفیقی – تصمیم گیری در رابطه با کالاها و فرایند قیمت گذاری – مدیریت پروژه ها و روابط شرکت در انتهای این سطح، یک گواهی تحت عنوان CIMA Advanced Diploma in Management Accounting به دانشجویان تعلق میگیرد.

47. STRATEGIC LEVEL • این سطح، بر روی تصمیم گیری های استراتژیک و بلندمدت تمرکز می کند. • دانشجویان مهارت های زیر را آموزش می بینند: – طراحی استراتژی های مالی – مدیریت روابط استراتژیک – تعیین و مدیریت ریسک • آموزش در انتهای این سطح به پایان میرسد و فارغ التحصیلان بعد از ارائه ی تجربه کاری مرتبط، با عنوان CGMA شناخته خواهند شد. • هر یک از این سطوح شامل ۳ درس اصلی در بخش های ENTERPRISE، PERFORMANCE وFINANCIAL وهمچنین یک آزمون جامع Case Study از تمامی مطالب سطح میباشد

48. CAIA(Chartered Alternative Investment Analyst) • Chartered Alternative Investment Analyst (CAIA) (pronounced "KAI-ah") is a professional designation offered by the CAIA Association to investment professionals who complete a course of study and pass two examinations. The "alternative investments" industry is characterized as dealing with asset classes and investments other than standard equity or fixed income products. Alternative investments can include hedge funds, private equity, real assets, commodities, and structured products. The CAIA curriculum is designed to provide finance professionals with a broad base of knowledge in alternative investments. • The Chartered Alternative Investment Analyst Association was founded in 2002 by the Alternative Investment Management Association (AIMA) and the Center for International Securities and Derivatives Markets (CISDM). The CAIA Association is an independent, not-for-profit, global organization committed to education and professionalism in the field of alternative investments. CAIA designees are required to maintain membership in the CAIA Association and adhere to professional and ethical standards. Currently, there are over 9,000 CAIA members.

49. Curriculum The CAIA program is divided into two levels. The Level I curriculum focuses on the fundamentals of alternative investment markets, while Level II concentrates on advanced topics in alternative investments. Both levels take a global perspective and incorporate issues of ethics and professional conduct. Candidates can take exams from anywhere in the World. Level I The CAIA Level I exam consists of 200 multiple-choice questions. The Level I curriculum covers eight topics, listed below. CAIA Level I candidates are assumed to have an elementary undergraduate understanding of the basic concepts of traditional finance and quantitative analysis. The Level I curriculum covers: • Professional Standards and Ethics • Introduction to Alternative Investments • Real Assets • Hedge Funds • Private Equity • Structured Products • Risk Management and Portfolio Management The CAIA Association recommends that candidates devote 200 or more hours of study to preparation for the Level I exam.

50. Level II The CAIA Level II exam consists of 100 multiple-choice questions, plus three sets of constructed-response (essay) questions. The Level II curriculum is broadly divided into two sections: alternative investments and Core and Integrated Topics. Candidates must apply the skills and knowledge from Level I to gain a deeper understanding of issues involved in each of the areas of alternative investments. The Core and Integrated Topics text is updated annually to reflect the latest industry and research developments. The Level II curriculum covers: • Professional Standards and Ethics • Asset Allocation and Institutional Investors • Private Equity • Real Assets • Commodities • Hedge Funds and Managed Futures • Structured Products The CAIA Association recommends that candidates devote 200 or more hours of study to preparation for the Level II exam.