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Course List
Introduction to the Securities Industry
Introduction to the Securities Industry
Introduction to U.S. Securities Processing
Securities Lending and Borrowing : An Operations Perspective
Foundations of Investment Management and Buyside Operations
Dealing with Change in the Financial Markets
Collateral Management: An Operations Perspective
International Issues
International Securities Operations
International Portfolio Accounting
Foreign Currency: Markets, Clearance, Settlement & Accounting
Foreign Exchange: Lifecycle of a Trade
Corporate Actions
U.S. Domestic Corporate Actions
Global Corporate Actions
Capital Markets
Capital Markets Overview
Capital Market Economics - Investigating the Linkages Between the Real Economy and the Financial Markets
Portfolio Management
Portfolio Management
Securities Analysis
Managing Risk
Risk in a Global Market - Management and Operational Challenges Looking Forward
Financial Management
Financial Accounting and Financial Mathematics
Financial Statement Analysis
Fixed Income Securities
Bond Math: Mathematics of the Fixed Income Market
Structured Securities: MBS, ABS, CDOs
Introduction to Fixed Income Products
Accounting for Fixed Income Securities and Derivatives
Mortgage-Backed Securities
Collateralized Debt Obligations and Credit Default Swaps (CDOs and CDS)
Fixed Income Analytics
Interest Rate Swaps and Credit Default Swaps
Fixed Income Securities Trade Processing and Operations
Accounting, Regulatory & Management
Stock Brokerage Accounting & Securities Regulations
Introduction to Private Equity Markets
Trading After the Volcker Rule
Dodd-Frank for Non-US Derivatives Users
Complying with the MiFID II/MAR Rules
Introduction to Derivative Products
Derivatives: Markets, Operations, Accounting & Control
Derivative Products: Risk Management and Valuation
Option Valuation and Trading
Equity Derivatives: Futures and Swaps
Interest Rate Futures and Swaps
Introduction to Options: Products, Trading & Processing
Swaps Processing and Operations
Commodity Futures: Energy, Metals and Agricultural
Equity Options: Strategies, Accounting and Operations
Mutual Funds
Introduction to Mutual Funds
Mutual Fund Operations

Course Description
Securities Analysis
Available Dates:
November 13, 2018, New York
Course Code: 511
Duration: 1 day
Level: Basic
Fee: $795.00
Instructor: Douglas Carroll
CPE Credits: 6
Prerequisite: Seminar 530 or equivalent experience is recommended but not required.

This seminar provides a comprehensive overview of equity securities analysis. Various methods of analysis will be surveyed, but the program will primarily concentrate on fundamental securities analysis. The presentation will explore all the major elements of the securities analysis process (e.g. economic analysis, market analysis, industry analysis, etc.). Classroom discussion will focus on the tools and techniques employed by analysts and emphasize their application and interpretation. This will include an investigation of all major valuation methodologies: earnings multiples (p/e ratios); other valuation multiples - cash flow, sales, book value; discounted present value of earnings, dividends or free cash flow.

This seminar would be beneficial to anyone whose job necessitates a basic understanding of the equity securities analysis process and its major elements such as early career professionals in sales or trading. The program would be especially helpful for early to mid career professionals in areas supporting equity trading, sales or portfolio management such as portfolio administrators or assistants, or personnel from clearance and settlement, compliance, financial control or information technology.

Securities Analysis: Overview and Introduction

  •  Scope and limitations of analysis in securities valuation
  •  Methods of analysis
    • fundamental
    • technical
    • quantitative
  •  Top down versus bottom up fundamental analysis

Valuation of Financial Assets Using Fundamental Analysis

  •  Determinants of value - cash flows and risk
  •  Equity security valuation methodologies
  •  Financial Accounting and Securities Analysis
  •  Role of accounting statement information in investment decisions
  •  Income statements, balance sheets and cash flow statements
  •  Profits and cash flow; measurement and interpretation
  •  Analysis of profitability and return on investment

Economic Analysis

  •  The business cycle, financial markets and equity valuation
  •  Economic policy: monetary and fiscal

Industry Analysis

  •  Competitive analysis
  •  Industrial life cycle theory


  •  Earnings quality
  •  Earnings management or income smoothing
  •  Earnings forecasts or projections

Asset Pricing Model (CAPM)

  •  Risk - traditional measures versus modern finance theory
  •  Modern Portfolio theory and CAPM

Equities Valuation Models

  •  Valuation multiples - earnings (p/e), sales or cash flow
  •  Discounted cash flows - dividends, free cash flow or earnings
Please bring a calculator.