From CFA Institute Home
26 September Update
The Delhi High Court has concluded hearing arguments in our writ petition against the AICTE order. The judge has reserved the case for a decision, but it is uncertain whether this will occur before 1 October.
As previously announced, if there is no decision from the Delhi High Court by 1 October, we will make a further announcement regarding the deadline for the December 2007 Level I exam. Please continue to check this site for updates.
December L1 junta, with 2 months to go for the exam, its about the right time to take a week off and revise all the material covered thus far. Plan to complete rest of the material by October end and devote complete November only for tests and revisions.The key to success at CFA exam is revision, revision and revision! People try to cover all the material but fail to retain it all by exam time. ALL THE BEST!
Cheers!
hi all
i hv been a passive member of this forum for quite sm time. i am B.E(mech) doing mba frm an above average college of mumbai. hv cleared cfa level 1 in june . juggling beetween cfa n mba. i have managed to screw up mine grades...... 62% aggre to be precise.......... mine class of finace has 6 ca n only 6 of us with cfa level one............ rest 35 of mine fin batch of 70 has above 70% marks.......... likes of ubs , morgan stanley, jp morgan, adventity do come to campus........... iwant to now will mine lower marks act as hindranceeeeeee to me getting short listed........ n what r offcampus opportunity for applying.......... i will d experts like rajatb to answer this query.......... bcoz a lot mba guys r loking to mba n cfa sideby side n in process screwing up grades............. thnx in anticipation..........................
yet another postponement..
CFA Institute in India
1 October Update
On 26 September, the Delhi High Court concluded hearing arguments in our writ petition against the AICTE order, but the judge has not issued a decision yet. We continue to postpone the final registration deadline for the December 2007 Level I exam in hopes of a positive resolution.
In the meantime, please continue to check this page for any updates.
Hi everyone ,
1.While calcuating cost of equity for indian entities , what do we use as expected return on market and wat is it currently.
2. Where can we find the beta coefficients for individual Indian stocks ,except from the paid up softwares..anything online.
3.While valuaing or finding the target price of the equity,when gowth rate is higher then required return(R-G), discounted valuation models cannot be used..so what it the another technique to value the stock.
4.Lastly, while calculating the WACC , the pre tax cost of debt is yield on maturity on long term debt ,right? and in which section of annual report of the company, do you find it.
Let me know
Thanks
Hi everyone ,
1.While calcuating cost of equity for indian entities , what do we use as expected return on market and wat is it currently.
2. Where can we find the beta coefficients for individual Indian stocks ,except from the paid up softwares..anything online.
3.While valuaing or finding the target price of the equity,when gowth rate is higher then required return(R-G), discounted valuation models cannot be used..so what it the another technique to value the stock.
4.Lastly, while calculating the WACC , the pre tax cost of debt is yield on maturity on long term debt ,right? and in which section of annual report of the company, do you find it.
Let me know
Thanks
Answer 1> While calculating cost of equity you can assume the market return to be the CAGR of the sensex for the past 5 years/10 years or whatever. There is no one way to go about it. Basically what return do you expect the markets to give is what you should take. I had once taken the market return to be the average of monthly returns over a 10 year period for S&P; CNX 500 and annualized it, that's what I normally use, the value I use is 18.12%. (here any method of calculation of market return can be used as long as the time-frame taken is considerable)
2> Don't know if it is available online or not, but the Business standard newspaper (Saturday) edition has the beta values of stocks. If you're doing an Equity research rep. for an academic purpose, then I suggest that you go to NSE India's website, download the closing prices of the NIFTY and the SCRIP for at least 2 years and calculate beta using the equation given in the text books covariance of Scrip with Nifty/variance of nifty
3> The growth rate of the firm cannot be assumed to be infinitely greater than the required return & there is always a terminal value of growth rate to be taken in DCF models. So, during the periods of super-normal growth you project the P&L;'s & get free cash flows and then discount these free cash flows @ the req'd rate of return to get the net value of equity
4> While calculating WACC, you're supposed to take the existing value of pre-tax cost of debt which is the 10 year govt bond yield available on RBI.gov.in
These answers are to the best of my info & correct me if I'm wrong.
Thanks,
Viv.
Double post! Sorry!
can any one please provide updates about the case in Delhi High Court......... TIA........
Answer 1> While calculating cost of equity you can assume the market return to be the CAGR of the sensex for the past 5 years/10 years or whatever. There is no one way to go about it. Basically what return do you expect the markets to give is what you should take. I had once taken the market return to be the average of monthly returns over a 10 year period for S&P; CNX 500 and annualized it, that's what I normally use, the value I use is 18.12%. (here any method of calculation of market return can be used as long as the time-frame taken is considerable)
2> Don't know if it is available online or not, but the Business standard newspaper (Saturday) edition has the beta values of stocks. If you're doing an Equity research rep. for an academic purpose, then I suggest that you go to NSE India's website, download the closing prices of the NIFTY and the SCRIP for at least 2 years and calculate beta using the equation given in the text books covariance of Scrip with Nifty/variance of nifty
3> The growth rate of the firm cannot be assumed to be infinitely greater than the required return & there is always a terminal value of growth rate to be taken in DCF models. So, during the periods of super-normal growth you project the P&L;'s & get free cash flows and then discount these free cash flows @ the req'd rate of return to get the net value of equity
4> While calculating WACC, you're supposed to take the existing value of pre-tax cost of debt which is the 10 year govt bond yield available on RBI.gov.in
These answers are to the best of my info & correct me if I'm wrong.
Thanks,
Viv.
10 yr got bond yield will give you the Risk Free Rate. How can it be used to find WACC.
In case of unlisted bonds, shouldnt it be the coupon rate adjusted for tax?
Hi,
I have 3.5yrs of work ex in IT. 2yrs with an Inv Bank.
I did my B.E in Computer science & Engg..
I heard about CFA exam. I want to make a career with a bulge bracket Inv Bank. I saw from the cfa website that it has 3 levels of exams.
If I complete Level 1, will I be able to get a job? If yes, wat kind of jobs &
how much would be the average salary?
If I take exam in June2008. By that time, in the IT industry itself, I can earn around 10 lakhs per annum salary. By taking this exam and getting a jb with an investment bank, I should be able to get a better paying job.
How would be the growth in career after taking Level 1 exam?
May be if I get a good job after clearing Level 1, I will take Level 2 exam also.
Let me tell you that I want to work with an Inv bank building portfolios. etc and I think clearing Level 3 exam would easily get such a job. Probably, I may clear Level 3 after marriage. The ROI by taking these exams should be very high.
Experts, please advise.
Thanks,
Hemanth
bad news for cfa aspirants..
CFA Institute in India
19 October Updates
Announcement Regarding the December 2007 CFA Exam
As previously announced, on 26 September the Delhi High Court concluded hearing arguments in our writ petition against the AICTE order prohibiting the operation of the CFA Program in India, and the judge has reserved the case for a decision.
If the Delhi High Court permits us to resume operation of the CFA Program, we will open registration for the December 2007 and the June 2008 CFA exams in India.
However, to allow us sufficient time for the planning and administration of the December 2007 exam, we will not be able to accept registrations for that exam after 31 October if the Delhi High Court has not issued a decision by that date.
Please continue to check this site for updates.
To CFA Candidates:
As you know, by order of the AICTE we are currently prohibited from offering the CFA Program in India, and we cannot guarantee that the December 2007 CFA exam will be held in India. We continue to offer a full refund of applicable CFA Program fees, as we previously informed you on 22 August.
On 26 September, the Delhi High Court concluded hearing arguments in our writ petition against the AICTE order, but has not issued a decision yet.
If a decision is not issued by 31 October, then on 1 November we will contact you and provide your options for the CFA Program.
Please continue to check this site for updates.
bad news for cfa aspirants..
CFA Institute in India
19 October Updates
Announcement Regarding the December 2007 CFA Exam
As previously announced, on 26 September the Delhi High Court concluded hearing arguments in our writ petition against the AICTE order prohibiting the operation of the CFA Program in India, and the judge has reserved the case for a decision.
If the Delhi High Court permits us to resume operation of the CFA Program, we will open registration for the December 2007 and the June 2008 CFA exams in India.
However, to allow us sufficient time for the planning and administration of the December 2007 exam, we will not be able to accept registrations for that exam after 31 October if the Delhi High Court has not issued a decision by that date.
Please continue to check this site for updates.
To CFA Candidates:
As you know, by order of the AICTE we are currently prohibited from offering the CFA Program in India, and we cannot guarantee that the December 2007 CFA exam will be held in India. We continue to offer a full refund of applicable CFA Program fees, as we previously informed you on 22 August.
On 26 September, the Delhi High Court concluded hearing arguments in our writ petition against the AICTE order, but has not issued a decision yet.
If a decision is not issued by 31 October, then on 1 November we will contact you and provide your options for the CFA Program.
Please continue to check this site for updates.
Never thought this is going to end this way. Still a week left before it's completely decided. Don't have any hope that a decision would be out before October 31. Thought of registering for Dec 2007 L1 once this is settled. Now looks like I have to completely change my plans. Let's see. But, this is real disaster man. :sad::sad::sad:
Regards,
Ravi kiran A.
My apologies at the outset for posting something that is not directly related to the CFA..But this is definitely indirectly related 
So..where does one go from here...What are the alternatives?
Can anyone tell me if they no other equivalent certifications in India..ICAI etc., ? (if there are!)
Also...anyone heard of the Actuarial studies certification exam?
Apologies again....but could not resist posting here...given whats happened to the CFA in India!!! :satisfie:
Cheers,
Seizonsha
Hi guys,
I had enrolled in ICFAI's MS Finance program 4-5 months back. However , I have to withdraw from it due to personal reasons. I have paid around Rs 60,000 on it. Can any one tell me if a refund is possible or not. Or can I transfer the course to some other person.
Has anyone faced a similar situation before?
Thanks in advance
Sumit
Hi,
i am considering the idea of pursuing a CFA course, and i`m looking for some inputs and opinions from ppl who are already CFAs or are currently pursuing CFA or have some knowledge of CFA. i want to pursue MBA in finance in fall (august) 2007 from US..and i wish to do some finance course in the meantime to get a hang of finance.
i`m an engineer and i have no workex or education in finance. so basically i`m looking for the following things from any course that i do:
1. Since i dont have a degree in finance or wokex in finance, i might face difficulty finding jobs in US after MBA. So i`m looking for a course should help me get good internships and jobs in the US during summers or after mba.
2. The course should have some international respect and recognition. while courses from IGDIR, ICFAI, NMIMS are quite good, they are unknown in US. i need an international course which companies in the US will recognize.
3. Lot of my classmates (from engineering) who`ve done MBA finance complain that finance is a completely different field and they find it hard to cope up with so many new concepts. So i`m looking for a course that would give me enough knowledge in advnace to cope up with the complex financial concepts during MBA.
4. In a US mba, most classmates generally have several years of related work ex. so the course should also make me strong enough to be compete with them academically and bring me at par with them in terms of financial knowledge.
after a little research, i have found that the course that best fits the above four requirements is CFA. What do u guys think? Does anyone have any opinions or suggestions in this regard? should i go ahead with CFA? or should i look for something else? is there any better option than CFA in my situation? is CFA managable for someone with a degree i engineering and work ex in IT? i have good knowledge of stock markets and have studied some NCFM modules. i understand derivatives and bonds, and a little bit of mutual funds and investment products. in this situation..can i manage a CFA or will it all be bouncers over my head?
i have heard that CFA is a pretty tough course and requires a lot of effort in terms of studies and preparation. i dont mind putting in any amount of effort or number of hours of study. i just wanna know how feasible it is for a person like me. thanks for any help!
Hi Pagals, its a pleasure for me to be here and to discuss my issues with so intellectual people.. well .. moving on to my story My name is Raghav. i am 20 years of age. i have completed my grads. this year only in b.com. Now, besides going for further studies, I decided to go for a job and rite now , I am working with Axis bank as a Business development Executive on the rolls of the bank. Although I am just two moths old in my job but still i have done good there and I think I would continue with it. Now I want to decide the further study course which I should be doing. I have two options to choose from. 1. That I shall start my correspondence MBA ( dual Course) degree as early as I can and should continue with my job. By the time I will get my MBA degree also and I will earn work experience also which will take me to manager levels in a couple of years and after completing my MBA .. i should go for CFA for further specialisation and for further oppertunities. the advantage of opting this option is .. that i am already doing a marketing job and I am doing good there and I think that I can make a good mark over there. and an MBA degree would add a lot of value to it. But personally, I dont feel it as a very good long term planning. It looks more like a compromise with the moving scenario rather than looking like exploring an oppertunity. and now. 2. I dont know why .. but i have a keen interest in finance. i have always liked this number game and stratagies realting to that. So I can go for a CFA also at this point of time with my job going side by side and after completing my CFA to go for a regular MBA in marketing from leading institutes like ISB, XLRI, IIFT... etc. but if I go for a CFA course rite now, then i might not get too much value right now as right now I am in a marketing job and furthermore, I dont know that after CFA ... will a regular and an expensive MBA would do good...?? so .. guys PLEASE........ PLEASEEE.... guide me up that what should i do.. any suggessions would be welcomed .. I have came here with lots of hopes .. So please .. help me in taking right step at this crucial stage of my career. thanks.
DEC'07 folks,
Anyone opting for change in center??
Are registrations also open now for the Dec 07 or the Jun 08 exam. (for Indians obviously)
News About the CFA Program
1 November Updates to Registered Candidates
Although the Delhi High Court concluded hearing arguments in our writ petition against the AICTE order, the court has not yet issued a decision. We cannot guarantee that the December 2007 exam will be held in India, and we continue to offer a full refund of applicable fees.
For candidates registered for the December 2007 exam only: We will now accept test center change requests enabling you to take the December 2007 exam outside of India. If you wish to request an alternate test center, please follow these instructions.
Note that in addition to our regular December 2007 test centers (PDF), you may also request a special test center established in:
If you do make alternate test center arrangements, we are offering you a partial exam refund of US $300 in consideration of the inconvenience and disruption caused by this situation. After we have confirmed that you have taken the exam in an alternate test center, we will process your refund by the end of December.
If you do not sit for the December exam, we will issue a full refund of applicable fees by January 2008.
Please submit your test center change request no later than 15 November 2007. Requests will be processed on a first-come, first-served basis due to capacity limitations. After your request is processed, you will receive a confirmation e-mail, and your ticket will be available online within two business days.
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it seems that only those who have already registered can take the test ,outside india that is ..... what about new registerations
1 November Updates to Registered Candidates
Although the Delhi High Court concluded hearing arguments in our writ petition against the AICTE order, the court has not yet issued a decision. We cannot guarantee that the December 2007 exam will be held in India, and we continue to offer a full refund of applicable fees.
For candidates registered for the December 2007 exam only: We will now accept test center change requests enabling you to take the December 2007 exam outside of India. If you wish to request an alternate test center, please follow these instructions.
Note that in addition to our regular December 2007 test centers (PDF), you may also request a special test center established in:
- Kathmandu, Nepal (KAT)
- Colombo, Sri Lanka (SRI)
If you do make alternate test center arrangements, we are offering you a partial exam refund of US $300 in consideration of the inconvenience and disruption caused by this situation. After we have confirmed that you have taken the exam in an alternate test center, we will process your refund by the end of December.
If you do not sit for the December exam, we will issue a full refund of applicable fees by January 2008.
Please submit your test center change request no later than 15 November 2007. Requests will be processed on a first-come, first-served basis due to capacity limitations. After your request is processed, you will receive a confirmation e-mail, and your ticket will be available online within two business days.
-------------------------------------
-------------------------------------
it seems that only those who have already registered can take the test ,outside india that is ..... what about new registerations
News About the CFA Program
1 November Updates to Registered Candidates
Although the Delhi High Court concluded hearing arguments in our writ petition against the AICTE order, the court has not yet issued a decision. We cannot guarantee that the December 2007 exam will be held in India, and we continue to offer a full refund of applicable fees.
For candidates registered for the December 2007 exam only: We will now accept test center change requests enabling you to take the December 2007 exam outside of India. If you wish to request an alternate test center, please follow these instructions.
Note that in addition to our regular December 2007 test centers (PDF), you may also request a special test center established in:If you do make alternate test center arrangements, we are offering you a partial exam refund of US $300 in consideration of the inconvenience and disruption caused by this situation. After we have confirmed that you have taken the exam in an alternate test center, we will process your refund by the end of December.
- Kathmandu, Nepal (KAT)
- Colombo, Sri Lanka (SRI)
If you do not sit for the December exam, we will issue a full refund of applicable fees by January 2008.
Please submit your test center change request no later than 15 November 2007. Requests will be processed on a first-come, first-served basis due to capacity limitations. After your request is processed, you will receive a confirmation e-mail, and your ticket will be available online within two business days.
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it seems that only those who have already registered can take the test ,outside india that is ..... what about new registerations
new registrations are closed as of now due to court order. this is what's mentioned in main registration page in CFA site:
"Due to ongoing legal proceedings concerning the CFA Program in India, CFA Institute is currently unable to accept exam registrations from candidates in India. Please visit our India page for more information."
Guys,
Quietly moaning abt not being allowed to take exams in India will be of no use. Its high time that we raise our voice so high that the indian regulators as well as the investment community listens and stops this gross injustice.
The Wall Street Journal has agreed to help in this cause and is writing a full article on this matter. They want to understand the hardships caused to the indian students in taking the exams at a location outside india. If you are planning to go abroad to take the exam then write to surfer at Kprofessionals: A Knowledge Professionals Community :: Professional Education :: Wall Street Journal Interview and he will put you in touch with the concerned person.
Hope our collective efforts bring some good results for all of us.
All the best
Shwets!