M-CERA® (The MyAbhyaas Certified Equity Research Analyst) program is designed to provide a detailed practical approach to equity research through a unique blend of modules on financial concepts and real world know-how. Our course is designed to encourage students to develop critical thinking abilities that will help them solve challenging problems in equity valuation and develop skills that will help prepare them for career as equity analyst.
After successful completion, an M-CERA® fellow would be well-versed on the following:
- Identifying key business drivers for an effective fundamental company analysis
- Preparing equity valuation model from scratch
- Prepare financial spreadsheet to conduct historical fundamental analysis
- Project income statements with assumptions based on business understanding
- Value a company based on – 1) DCF and 2) Relative and 3) any other sector specific method
- Identifying “under-valued” and “over-valued” stocks
- Preparing investment note with effective storyboarding and communication
- Improved skills on planning, researching and communicating ideas
All these will be evaluated through a “Capstone Project” where student will apply all the learning from M-CERA® program to come up with an investment note and valuation model on a selected company.
Who should attempt M-CERA® Program?
To benefit from this program a basic understanding of financial concepts is desired but not necessary. Following set of students will find it useful:
- Professionals working in brokerage houses, asset managers, captive centers of global investment banks and Knoledge Proess Outsourcing (KPOs) firms
- Professionals working with other financial institutions and consulting firms
- MBA (or Masters) in Finance
- Charted Accountants
- CFA and FRM Candidates
- Graduates / Post Graduates (Engineering, Science, Commerce, Economics)
- Investors who wants to learn about fundamental equity analysis
What should one expect during M-CERA® Program?
- Step-by-step equity research process guidelines
- Training on various analytical frameworks and theoretical concepts through illustrative examples
- Access to online study materials and presentation 24×7
- Access to a mentor
- Online tests and quizzes across modules
- Continuous feedback on performance and improvement areas
- Critical review of “Capstone Project” to help become better in corporate world
- Certification on successful completion
The program aims to prepare students for hard-core equity research assignments through training on fundamental company analysis, financial analysis, equity valuation and investment note writing. Student also learns what to track and how to modify their views on a particular stock following any significant event and/or changes in corporate earnings.
The M-CERA® Program is structured around the following building blocks:
1. Online Study Modules – Study Materials
Students pursuing M-CERA® have access to a total of 12 modules with each module divided into 2-5 study sessions. Each student is expected to spend around 1-4 hours on these study sessions at their own pace to understand theoretical concepts underlying equity research process. Students are expected to spend 80 hours on this.
2. Webinars – Virtual Classrooms
Students pursuing M-CERA® can participate in a series of 3 webinars conducted through the program using Video Conferencing to facilitate two-way information flow between the instructor and the participants. These webinars are aimed at reinforcing learning from online study materials with real work examples and arming students with practical know-how. Students are expected to spend 8 hours on this.
- Webinar 1: Fundamentals of Value Creation in Stock Market
- Webinar 2: Screening Investment Opportunities – The Fundamental Techniques
- Webinar 3: Understanding Business / Economic Cycles – Investment Strategy
3. Test Series – Continuous Evaluation
Each M-CERA® participant needs to appear for mini test series / chapter refreshers at the end of each module to review their learning. Students are also expected to submit work-in-progress financial models / investment notes to get critical feedback from mentors. Students are expected to spend 12 hours on this.
4. Capstone Project – Where Theory Meets Practical Application
Each M-CERA® participant needs to prepare the following on a selected company as part of the Program:
- A full-fledged model with estimation of intrinsic value of the subject equity based on DCF and market multiples-based valuation methodologies
- A summary investment note highlighting arguments facilitating the investment decision (BUY/SELL/HOLD), key business drivers and underlying macro/industry environment
While the assigned mentor will guide student through the process, the student will be critically evaluated on application of learned financial concepts and following the equity research process. The objective is to provide the participant with step-by-step real-world experience that a typical equity research analyst faces. Students are expected to spend 50-60 hours on this.
5. Certification – The Result of Hard Work
Each M-CERA® participant would be given a certificate on successful completion of the training. The performance on the “Capstone Project” and final test will be the deciding factor.
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