Corporate Finance Qualification

Corporate Finance qualification stages

A three stage professional level qualification leading to the “CF” designation.  It is an international programme, examined jointly by the Institute of Chartered Accountants in England and Wales (ICAEW) and the Canadian Institute of Chartered Accountants (CICA). 

The sole approved UK course provider for the CF qualification is BPP Professional Education. BPP courses are structured around a combination of lecturing and case studies, reflecting the practical nature of the exam.  In the Advanced Diploma, BPP’s tutorial team is supplemented by industry practitioners who help facilitate the case studies and group discussion.  Course material is provided by the ICAEW with supplementary supporting material from BPP.

Delegates should note that there is a work experience requirement to gain the “CF” designation, once the examination stages have been passed. Further information on each stage is available below:

• SII Certificate in Corporate Finance
• ICAEW Diploma in Corporate Finance
• ICAEW Advanced Diploma in Corporate Finance
  

SII Certificate in Corporate Finance

Summary

The first stage of the qualification is the Certificate in Corporate Finance.  This tests a candidate’s understanding of basic corporate finance concepts and the regulatory environment. It is suitable for those new to corporate finance.

Content

• UK Financial Services and Markets Act
• FSA's Conduct of Business Rules
• Equity capital markets
• The Takeover Code
• Basic accounting
• Basic quantitative techniques
• Introduction to corporate finance

Certificate in Corporate Finance Full

The Certificate in Corporate Finance is the first part of the Corporate Finance Qualification. This tests a candidate’s understanding of basic corporate finance concepts and the regulatory environment. The full certificate includes both the regulation and technical foundations units, the contents of which are shown below. These units can be taken as a full course or booked individually.

(First unit) Corporate Finance Regulation

We consider the regulatory environment in the UK and the Financial Services Authority (FSA). The role of the FSA is considered as well as the content of the FSA Handbook. The material also looks at the detail of The Financial Services and Markets Act 2000 (FSMA), defining regulated activities and specified investments, the authorisation process for firms and the approval process for individuals.  We also consider money laundering and insider dealing within financial crime, the City Code on Takeover and Mergers, the Companies Act and finally the equity capital markets, including the UKLA Listing rules.

(Second unit) Corporate Finance Technical Foundations

This unit requires a good knowledge of the mathematics behind risk assessment and valuation methods. We consider various quantitative methods, as well some detailed accounting analysis.  We also look at how a business can raise finance and the cost of capital associated with their capital structure. We then consider the four methods used to value a business. Finally, we look at the motivations behind acquisitions and disposals, and finish by discussing the various documentation used in corporate finance.

Study time

Approximately 100 hours

Assessment

Two one hour units: Corporate Finance Regulation and Corporate Finance Technical Foundations. Each unit is examined via 50 multiple choice questions.

Exemptions and credits

Holders of an FSSC appropriate examination (e.g. the ACA qualification) will be granted full credit against this stage and may proceed to the Diploma stage.

Course duration

3 days

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ICAEW Diploma in Corporate Finance

Summary

The second stage is the Diploma which assesses knowledge of interpretation of financial statements, valuation, changes in control, debt and equity and ethics/ governance.  Successful students will need to demonstrate technical competence in these areas as well as an ability to formulate arguments and deliver substantiated conclusions. Ideal for newly qualified accountants and graduates with at least six months practical experience of corporate finance. Must have successfully passed the Certificate stage or hold a relevant exemption. To attend the accelerated learning programme, candidates must have at least 18 months work experience in corporate finance or hold the ACA qualification.

Content

• Professional foundations of corporate finance
• Financial statement analysis and international financial reporting
• Changes in control
• Valuation
• Debt and equity

Study time

Approximately 200 hours over four months

Assessment

One four hour exam based around a case study that will encompass the main competency areas of the syllabus.

Exemptions and credits

For a limited time period, holders of the SII Diploma with passes in Corporate Finance, Investment Analysis and Interpretation of Financial Statements will be granted full credit against this stage and may proceed to the Advanced Diploma stage. The Diploma in Corporate Finance counts towards one of the three papers needed to pass the SII Diploma.

Course duration

• Phase one – Financial statements analysis (3 days)
• Phase two – Valuation (3 days)
• Phase three – Debt and equity and changes in control (3 days)
• Phase four – Exam preparation (3 days)
• For more experienced students an accelerated learning programme is also available.

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ICAEW Advanced Diploma in Corporate Finance

The ICAEW are hosting an open evening for delegates interested in finding out more about the Advanced Diploma in Corporate Finance. You can register online now via the ICAEW website - click here to find out more.

 

Summary

The final stage is the Advanced Diploma which covers higher level skills and includes an assessment of the student’s ability to make strategic recommendations and analyse more complex problems and cases studies. For corporate finance manager level, with one to three years experience of corporate finance. Delegates must have successfully passed the Diploma stage.

Content

• Changes in control and restructurings
• Mergers and acquisitions
• Debt and equity
• Strategic financial management and advice

Study time

Approximately 300 hours over four months. Most will be self study, but as group work is core to this stage, classroom tuition is essential.

Assessment

One four hour exam based around a case study that will encompass the main competency areas of the syllabus.

Exemptions and credits

None

Course duration

• Phase one – Changes in control and restructurings, mergers and acquisitions (3 days)
• Phase two (residential) – Debt and equity, strategic financial management and advice and mock examination (4 days)

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