Semester 1 (S1):  Foundation of Investments I
The first semester is tentatively filled with what we call the CORE.  This contains of many of the components commonly found in tier one investment banks’ analyst training programs offered in New York…but that is the extent of the similarity. 

Training during S1 includes:

• Bloomberg Pro
  
• Analyst Research
  
• Analyst Accounting
  
• Excel Speed Training (no mouse)
  
• Financial Modeling (Earnings Projection)

The goal of the first semester is to develop the foundational skill set that students will need to use everyday as part of his/her job as a Jr. Analyst in the program.  This means, at the end of the semester, given nothing more than the name of a company, students will be able to build a fully functioning earnings projection model and pitch book on par with those used by top-ranked Wall Street investment banks. 

Semester 2 (S2): Foundation of Investments II
The second semester provides a foundation for investing and details the reasoning for the methodologies in the S1 core. This semester curriculum provides an accelerated overview of undergraduate finance and economics curriculum, while also taking a progressive approach that ties in the theoretical concepts to real world application.

Training during S2 includes:

• Microeconomics
  
• Macroeconomics
  
• Corporate Finance
  
• Investments
  
• Financial Modeling (Earnings Projection) - Continued

The goal of the second semester is to reinforce the S1 core training modules, while providing Jr. Analysts a framework to understand the financial theories behind analyst research, analyst accounting and financial modeling. The S2 framework will serve as the building blocks for concepts in valuation and analysis of financial markets and institutions. By the end of the second semester Jr. Analysts will have analyzed numerous companies within their assigned industry coverage areas, and begin to show in-depth understanding of company, industry, and sector value drivers. This skill will allow students to identify, develop, and articulate intuitive relationships and rationale for the value drivers impacting their Earnings Per Share forecasting models as well as recognize and explain causal relationships between macro/microeconomic events, EPS, and stock price from a simplified P/E multiple extrapolation. Jr. Analysts will also be asked to “price in” the impact of certain events affecting companies in their respective coverage areas, to explore event impact on forward EPS estimates.


Semester 3 (S3): Valuation of Companies & Financial Instruments
The third semester provides Analysts with a foundation for valuation and leverages the cumulative experience and applied training provided during S1 and S2.

Training during S3 includes:

• Introduction to Valuation
  
• Comparable Company Analysis
  
• Comparable Transaction Analysis
  
• Discounted Cash Flow Analysis
  
• Leveraged Buyout (LBO) Analysis
  
• Summary Valuation Report - The “Football Field”
  
• Accretion / Dilution (Merger Consequences)
  
• Modeling of Analyst Coverage Area Companies
  
• Final Presentation Before Panel of Industry Experts
  

By the time the student enters S3 as an Analyst, he/she will have had a full year of practical financial analyst training. The program structure and in-depth familiarity of assigned analyst coverage areas should begin to accelerate the learning and application of new concepts, increase the retention of new ideas and methods, and amplify learning curve effects. S3 expands upon EPS modeling to a more thorough exploration of valuation using several of the most commonly used methods.


Semester 4 (S4): Financial Markets and Institutions
The fourth semester consists of an exhaustive exploration of the roles and functions of various financial markets and institutions in an applied setting.

Training during S4 includes:

• How financial markets and institutions function as well as their primary roles
  
• The intricacies of market mechanisms and the microstructure of markets
  
• Case studies involving how companies are able to influence their stock price
  
• An in-depth understanding of the trading process
  
• How the use of derivatives can affect a company’s valuation

The goal of the fourth semester is to build upon the foundational skills developed in the previous three semesters as well as increase the Analyst’s understanding of how markets function. At the end of the fourth semester the analyst should be able to increase the accuracy of their valuation models. In addition, the analyst will be able to look past the fundamental data to see how the market microstructure can potentially influence a stock’s value. Students will also be asked to “price in” the impact of certain events affecting companies in their respective coverage areas, to explore event impact on company valuation and stock price.


Semester 5 (S5): Quantitative Portfolio Construction & Asset Allocation I
The fifth semester introduces students to advanced quantitative methods used in the financial industry.  This semester is estimated to contain approximately 700 pages and will provide analysts with the ability to conduct and understand quantitative analysis.

Training during S5 includes:

• Correlation Analysis
  
• Linear Regression
  
• Multiple Linear Regression
  
• Mean – Variance Analysis
  
• Sharpe Optimization
  
• Linear Single – Factor Models

The goal of the fifth semester is to introduce the different quantitative methods used within the financial industry.  Analysts will learn how to perform their own quantitative analysis and understand, utilize and create quantitative research reports.  Though the semester teaches the underlying theories of each quantitative method, the emphasis of the semester is on the practical application of these methods in a finance setting.  Students will be taught and asked to develop ways in which they can use a quantitative framework to generate trade ideas.


Semester 6 (S6): Introduction to Alternative Investments I
The sixth semester is estimated to consist of approximately 600 pages when completed. It will provide Senior Analysts with an introduction to alternative investments and advanced investment strategies.

Training during S6 includes:

• Overview of the basic structure of the hedge fund industry to understand the regulatory and operational characteristics that enable the execution of advanced investment strategies
  
• Review of major hedge fund strategies and a critical analysis of each strategy’s merits and risks
  
• Exploration of hedge fund databases including understanding database composition, reporting and biases
  
• Statistical and financial data analysis of hedge fund performance and return data to determine risks, manager performance and market sensitivity
  
• Performance and factor attribution of actual funds and strategies

The goal of the sixth semester is to introduce students to alternative investment strategies by showing Senior Analysts how traditional investing has evolved into more sophisticated strategies and analyses. Senior Analysts will be expected to understand the investment philosophy, application and issues of major hedge fund strategies. Senior Analysts will also be expected to evaluate the execution of strategies, critique investment performance and compare strategies against a peer group.


Semester 7 (S7): Introduction to Alternative Investments II
The seventh semester is estimated to consist of approximately 500 pages when complete.  It will provide Portfolio Managers with enhanced awareness of global industry standards for Asset Managers, increased knowledge of conduct and procedures that can lead to financial fraud, advanced portfolio management, and analyses of various fund structures

Training during S7 includes:

• Mitigating risk in asset management operations through analysis of the Code of Conduct and Guidelines for Asset Managers from the Chartered Financial Analyst Institute, Chartered Alternative Investment Analyst Institute, and Alternative Investment Management Association
  
• Setting up a fund to become compliant with Global Investment Performance Standards
  
• Case study analyses on some of the largest cases of financial fraud in history
  
• Fundamentals of equity portfolio management, basic models,  and stock screening and ranking
  
• Optimal portfolio weights, rebalancing and transaction costs
  
• Leverage, market neutral portfolios, and back-testing

The goal of the seventh semester is to expand the student’s understanding of fund management.  Portfolio Managers need to make sure policies are set to limit misconduct while managing the portfolio.  This means, at the end of the semester, students will understand which sectors are coming into favor and which are losing momentum, thus, appropriately allocating capital to achieve optimal performance.  Research on correlation of fund strategies along with back-testing help achieve understanding of optimal fund strategies.

Semester 8 (S8): Quantitative Portfolio Construction & Asset Allocation II
Semester eight is estimated to have roughly 500 pages upon completion and will dive deeper into the responsibilities of a portfolio manager.

Training during S8 includes:

• Hedging via plain-vanilla instruments and exotics
  
• Top-down analysis and position sizing
  
• How to run and implement equity screens
  
• Hedge fund based accounting and structured products
  
• Inter-market analysis
  
• Sector rotation
  
• A deeper look at business cycles

The goal of the eighth semester is to be able to determine the allocation of an equity portfolio while utilizing different tools and products to quantify and hedge risk.  Students will also learn about past market relationships that have been either a leading, confirming, or lagging indicator.  As a Portfolio Manager, students will have to assess the current business environment and determine where to position the portfolio based upon top-down analysis.

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