Financial Analysis and Equity Research is a 3 month, fully online Executive Development Program by XLRI. This program is designed for aspiring and practicing equity analysts from both sell side and buy side.

1. PRESENTS

2. ICICIdirect Centre for Financial Learning (ICFL) is an initiative of ICICI Securities Ltd.
set up with an objective of simplifying financial knowledge and increasing financial
literacy amongst prospective or experienced investors & knowledge seekers. ICFL
training programmes are categorized under Investment Education Programmes and
Professional Certification & Development Programmes. The repository of domain
knowledge includes host of in-house developed seminars, workshops, certifications
and training programmes leading to reputed certifications. These programmes are in
the area of Stock Investing, Derivatives, Mutual Funds, Financial Planning, Wealth
Management, Corporate Finance, etc.
ICICIdirect Centre for Financial Learning has been conferred with the Award for
Innovation in Learning and Best Online Learning Solution at the World Education
Congress. It also won the Emerging Brand Award at CMO Asia in Singapore.
About Xavier School of Management Jamshedpur (XLRI)
Founded in 1949, XLRI, managed by Jesuit Fathers has always strove to be a
management school with a difference. Pursuit of academic excellence and fostering
whole-person integral growth - intellectual, emotional, spiritual and social persona of
students has been the hallmark of XLRI for over six decades.
About ICICIdirect Centre for Financial Learning (ICFL)

3. Dr Pitabas Mohanty
Dr Mohanty was a Senior Visiting Scholar at Stern School of Business, New York
University in 2009-10. He is a Fellow of the Indian Institute of Management
Bangalore. A Gold Medalist in MA (Applied Economics), he is also a Chartered
Financial Analyst and a cost accountant.
He has got more than fifteen years of teaching experience in Investments and
Corporate Finance. He has conducted numerous training programmes for companies
in India and abroad, including companies from Dubai, Qatar, and Kuwait in Company
Valuation and Financial Modeling. He is the co-author of books on ‘Investments’ and
‘Principles of Corporate Finance’ published by the McGraw Hill Education. He is
actively into research in corporate finance and investments with many publications in
books and refereed journals. He has consulted a few companies in valuation of
companies. He has won numerous research awards at various research conferences
Dr Ram Kumar kakani
B. Tech (Andhra Univ.), FPM (IIM Calcutta)
Ram has associated with XLRI Jamshedpur for the past 15+ years. Earlier he started
his career as a technocrat in the corporate manufacturing sector and then gradually
moved towards the academic sector with a focus towards honing aspects related to
Finance-Performance-Strategy trilogy at IIM Calcutta. In the last few years, Ram has
moved towards the leadership domain, practicing his leadership development skills
with a focus on Public Administrators, as Director of National Center for Leadership
Development and Competency Assessment (NCLDCA), an initiative by Government
of India. Ram is certified as a Leadership Coach, Facilitator and Trainer for entry-level
and mid-level IAS and other Civil Service officers by CCL (Center for Creative
Leadership) USA & GIZ Germany. Thus, his areas of interest include a gamut ranging
from Accounting Analysis to Corporate Valuation to Leadership Development.
About the Faculty

4. Equity analysis is a multi-faceted discipline requiring an understanding of financial analysis, industry analysis,
financial forecasting techniques, and valuation practices. The objective of this program is to equip participants with
an overall understanding of tools and techniques most widely used in equity research.
The integrated case study approach followed in this program is unique in that the participants are also provided an
opportunity to apply all tools and concepts covered during the program to a select company. This program will also
provide participants a foundation from which they may develop their own approaches to equity research and also
for a future study of the nuances of equity research for unique sectors such as banking, insurance, and so on. At
the end of this program, participants will have an understanding of concepts and tools required to prepare an
equity analysis report.
Programme Objectives
The pedagogy will comprise a combination of lectures by XLRI faculty and industry experts, and analysis of real life
case studies. Periodic assignments or quizzes may be used to strengthen the understanding of the topics. At the
end of the program, each participant will be required to prepare an equity research report for evaluation.
Pedagogy & Evaluation
Part 1: Financial Analysis for Equity Research
• What is Equity Research?
• Financial Statement Analysis
• Techniques for Comparative Analysis
• Using an Annual Report to Generate Qualitative Information about a Company
• Earnings & Cash Flow Management Practices
• Assessing Objectivity of Analyst Reports
• Preparing the Financial Analysis Section of an Equity Research Report – A Case Study
Part 2: Understanding the Industry and the Business
• Interface of Macroeconomic Policy Environment and Industry
• Industry Value Driver Analysis
• Identifying and Monitoring Critical Success Factors
• Preparing the Industry and & Company Analysis Section of an Equity Research Report – A Case Study
Part 3: Financial Statement Forecasting using Spreadsheets
• Financial Statement Forecasting Techniques
• Developing Financial Forecasting Models in MS-Excel
• Preparing the Financial Statement Forecast Section of an Equity Research Report – A Case Study
Part 4: Valuation Techniques
• Identifying Key Valuation Drivers
• Developing & Validating Growth Forecasts
• Traditional Multiples Based Valuation
• Cash Flow Based Valuation
• Accounting Based Valuation: EVA, Residual Income Approaches
• Preparing the Valuation Section of an Equity Research Report – A Case Study
Assignment for Submission: Preparation of Equity Research Report for a Listed Company of your choice
Programme Structure

5. The entire program would be delivered through the virtual classrooms. ICFL virtual classrooms would be enabled
with the technology whereby the program faculty will deliver the lectures from one or more studios and the
students enrolled in the program could attend it from different points, for eg: ICFL classrooms(owned and
Franchisees) and even from their locations through any device like desktop, laptop, tablet or mobile . However for
better learning experience a student would be advised to attend the program from the ICFL classrooms.
Program Delivery
Certification Criteria:
• ‘Completion Certificate’ on having a minimum attendance of 70% of the sessions and submission of the
evaluation assignments for the programme
• ‘Participation Certificate’ on having a minimum attendance of 50% of the sessions and submission of the
evaluation assignments for the programme
• No certificate shall be issued unless all evaluation assignments are submitted
• No certificate shall be issued to a candidate having less than 50% attendance of the sessions
Programme Start Date: June 03, 2018
Last date for submission of application: May 15, 2018
Programme Fees:
Total Course Fee: `36,000 + plus applicable tax
Payment Structure:
• Application fee - `18,000 + plus applicable tax on submission of application
• Installment 1 - `18,000 + plus applicable tax on or before September 7, 2017
Total Programme Duration: 32 hours spread over 10 to 14 weeks
Programme Schedule: Every Sunday from 10.00 am to 1.00 pm
Contact Us:
ICFL Branches
Award of Certificate
Programme Details
This program is designed for both practicing and aspiring equity analysts from both the buy side and the sell side.
Since the program is designed at an intermediate level, participant must have a prior understanding of financial
statements and beginners level financial analysis.
Who Should Attend?
• For Indian Participants - Graduates (10+2+3) or Diploma Holders (only 10+2+3) from a recognized university
(UGC/AICTE/DEC/AIU/State Government) in any discipline.
• For International Participants - Graduation or equivalent degree from any recognized University or Institution in
their respective country.
Eligibility Criteria

6. ec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai - 400020, India, Tel Noed officecececce of I-Sceeceece oof Iceece -SecSSe is-SS s at ICIurities Ltd.( I-SecuriecuSecICICI SSS nd0, IndiInd0, In00000020,0220,0,0000,,00000000- 4400000bai - Noo : 02: 8822 - 228 0288888 22460,888 22222222 -
nts herein above shall not be considered as an invitation or persuasion to trade or invest. These programmes do not guarantee any job or placements with ICe shae shallll noe sh ot bnotot be conbThe contents470. Th2288 2472447 uarantee ateetaranteetuararararot guarantee any jant guguuuararado nonooooo jobot guarantee any jooooooo oror plar ncaccec mecccccc nntnn ICnnnttst withnn CCICCCCI
organization. Participants should make independent judgment with regard suitability, profitability, and fitness of any program offered herein above. I-Sec articipan shouother oany otherGroup or anan y program offea oaprogragramm offmam of a y ppof any program offeredy program offerefff anynyy pp gram offerederes oo ihd hereihh veinnnn abovnn eeee c aee. II-Sec nndd
bilities for any loss or damage of any kind arising out of any actions taken in reliance thereon.This mail is not directed or intended for distribution to, or use bapt no liabilities focept no liaaffiliates accepep or intendintendeoror intinteentn eeerected or intended fondedeecteddd ororoor intintintendendene ede forndndendenot direre r distribor dr drr did stribdd n tobbubbutionbb ttoo se bo,o, oor us bbbbbbyy,
citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or uentity who is aentitany person or entt tion, publication, an, publication,stributiotiooo publicati n,n,tiotiooo availabilan,n, avaavailabbibilbibil r uiillilittyy or uus uldssese wou bbbbee
which would subject I-Sec and affiliates to any registration or licensing requirement within such jurisdicticontrary to law, regulation or wcontrary to law, re uldco ction..
Our Authorised Financial Learning Partner / Business Associate:
ICFL Branches:
Contact Us
Bengaluru - Jayanagar 5th
Block +91 9108683683
Delhi - Jhandewala Extension +91 8588816146
Mumbai - Andheri East +91 8451943442
Pune - F C College Road +91 8390904865
Hyderabad - Raj Bhavan Road +91 8427484084
Kolkata - Shakespeare Sarani Road +91 8697748207
ICFL Authorised Learning Centres:
Bengaluru - Kormangala +91 9742273109
Chennai - T Nagar +91 9742273109
Delhi - Pitampura +91 7838352716
Delhi - Kirti Nagar +91 7838352716
Hyderabad - Kukatpally +91 9742273109
Indore - Khajarana Road +91 9619359592
Kolkata - Kasba +91 9477884429
Mumbai - Kharghar +91 9619359592
Mumbai - Borivali +91 9619359592
Navi Mumbai - Turbhe +91 9619359592
Maharashtra - Sangli +91 9619359592
Maharashtra - Jalgaon +91 9619359592
ICFL Contact Details:
Email ID: learning@icicisecurities.com
Website: learning.icicidirect.com
XLRI Contact Details:
Email ID: emdp@xlri.ac.in
Website: http://sat.xlri.ac.in