IFC-Milken Institute Capital Markets Program - … Capital Markets, Financial Crises, and the Global Economy - Quantitative Thinking for Capital Market Decision Makers

IFC-Milken Institute Capital Markets Program INFORMATION SESSION

Today’s Presenters

From the Milken Institute CAROLE BIAU | Associate Director, Center for Financial Markets JIM WOODSOME | Senior Associate, Center for Financial Markets

From the International Finance Corporation DIVYA NAIR | Analyst, Global Initiatives and Strategy, IFC Treasury

From The George Washington University REID CLICK | Associate Professor and Director of the Center for International Business Education and Research

What we will discuss today

1. Program Overview

2. Program Structure

3. Living Arrangement and Cost of Attendance

4. Application Process and Requirements

Part 1: Program Overview INTRODUCTION

IFC | MILKEN INSTITUTE | THE GEORGE WASHINGTON UNIVERSITY

§  Member of the World Bank Group §  Largest global development institution

focused exclusively on the private-sector in emerging markets

§  Owned by 184 member countries §  Global presence in more than 100

countries and working with over 2,000 private-sector clients

§  AAA credit rating by Moody’s and Standard and Poor’s

§  60 years of experience providing loans, equity and treasury services to private-sector companies in emerging markets

ABOUT IFC IFC and Capital Markets §  Deep, liquid and vibrant capital markets are the

foundations of long-term economic development §  Creating access to finance for the private sector §  Channeling savings for investment in key sectors such

as infrastructure, housing, and green finance §  IFC is a global leader in capital-market

development §  As a pioneer issuer of local currency bonds in emerging

markets that pave the way for others—$2.7 billion in local currency bonds issued since 2007

§  Advising governments, regulators and private sector on capital-market reforms

§  Helping first-time issuers access capital markets §  Providing local currency finance through innovative

loans, swaps, and structured products—more than $15 billion in 64 currencies over the last 10 years


§  Nonprofit, nonpartisan think tank determined to increase global prosperity by advancing collaborative solutions that widen access to capital, create jobs and improve health

§  Advances initiatives through independent, data-driven research, action-oriented meetings and meaningful policy initiatives

§  Our centers explore the convergence of finance, business, health, philanthropy, and policy to advance practical solutions sound decision making

ABOUT MILKEN INSTITUTE MI and Capital Markets §  A wide network of public- and private-sector

collaborators will lead the work placement program §  Will draw on its network of experts to contribute

content development and to serve as guest lecturers to provide practical insights and perspectives

§  Over 20 years of experience in capital-market development

§  The MI Center for Financial Markets promotes financial market understanding. It works to: §  Expand access to capital in the U.S. and worldwide §  Strengthen and deepen financial markets across the

globe §  Develop innovative financial solutions to pressing

global challenges, from public health to housing and infrastructure investment


§  In the heart of Washington, DC §  At the core of U.S. government, policy and

law §  The largest institution of higher education

in the District of Columbia §  More than 26,000 students—from all 50

states, the District and 130 countries §  Ten schools and colleges and nearly 100

research centers and institutes §  Three campuses—Foggy Bottom and

Mount Vernon in Washington, DC, and the GW Virginia Science and Technology Campus in Ashburn, VA

ABOUT GWU GWU SCHOOL OF BUSINESS §  The mission of The George Washington University

School of Business is to have a lasting intellectual impact by: §  Offering quality education through innovative

programs which provide theoretical frameworks and real-world learning experiences

§  Engaging in rigorous scholarship that advances knowledge in the management of organizations in the global environment

§  Contributing as a local, national and global citizen §  The main objective of the school is to:

§  Provide graduate students with exceptional programs that prepare them to become business and community leaders

§  Design and offer innovative, forward-thinking and customized executive education programs that enhance participants’ careers

Purpose of the program §  To RAPIDLY INCREASE HUMAN CAPACITY in capital markets in

developing countries, in such critical roles as legislators, regulators, public-sector managers, and other policymakers, as well as market intermediaries and other private-sector actors

§  To BRIDGE THE GAP BETWEEN THEORY AND PRACTICE in emerging capital markets

§  To BUILD A DEEP NETWORK OF TRAINED CAPITAL-MARKET EXPERTS, equipped with the analytical tools and real-world experience to support capital-market development and economic growth in their home countries and across borders

Who the program is for Mid-career professionals from emerging market and developing countries who:

§  Have EXPERIENCE WORKING IN CAPITAL MARKETS, in either the public- or private-sector

§  Are PASSIONATE ABOUT LOCAL CAPITAL-MARKET DEVELOPMENT in emerging economies

§  Are COMMITTED TO CONTRIBUTING TO CAPITAL-MARKET DEVELOPMENT in their home countries upon completion of the program

Part 2: Program Structure


Program Structure - Overview

Bootcamp

§  Two weeks before classes, August 15-26, 2016 §  Introduction to the program, the sponsors, and the

faculty §  Review of academic fundamentals

- Statistics - Basic finance and accounting - Microeconomics - Macroeconomics

§  Miscellaneous/Orientation

Curriculum Overview §  Fall semester classes, August 29-December 12, 2016

plus final exam

§  Four 3-credit, semester-long courses for a total of 12 credit hours - Capital Markets, Instruments, and Institutions - Corporate Finance and Risk Management - Capital Markets, Financial Crises, and the Global Economy - Quantitative Thinking for Capital Market Decision Makers

§  Weekly co-curricular seminar (Milken Institute Speaker Series)

Capital Markets, Instruments, and Institutions

LEARNING OBJECTIVES Understand the relationship between the interest rate term-to-maturity, and default risks

Examine the role of the central bank in the financial markets

Explain the importance of commercial banks and government regulations on them

Analyze how financial institutions manage various risks

SAMPLE TOPICS Financial markets and institutions

Interest rate theories

Money markets

Bond markets, including structured products and derivatives markets

Role of credit rating agencies

Financial institutions and risk management

The role of government in financial markets

A textbook-based course on financial markets customized for professionals working in emerging and developing markets

Corporate Finance and Risk Management

LEARNING OBJECTIVES Equip students to evaluate financial transactions and make financial decisions

Deepen understanding of the interaction between capital markets and business enterprises

Evaluate access to finance from the perspective of SMEs

Assess financial risks and learn techniques to hedge them

SAMPLE TOPICS Financial strategy and planning

Cost of capital and capital structure

Financial institution management

Financing SMEs

Price risk, foreign exchange risk, credit risk, and interest rate risk

Instruments to manage risk

Financial ratio analysis

A textbook-based course on corporate financial decisions customized for professionals working in emerging and developing markets

Capital Markets, Financial Crises and the Global Economy LEARNING OBJECTIVES Build on macroeconomics to understand open-economy macroeconomics and linkages in financial markets across countries

Understand causes of financial crises through specific country cases

Evaluate options available to policymakers to address financial crises

Analyze measures being proposed to limit the frequency of financial crises and associated contagion

Examine global efforts to reduce prudential risks in banking and other financial markets

SAMPLE TOPICS Open-economy macroeconomics

Causes and consequences of financial crises

Currency crises

Banking crises

Predicting and preventing crises

Regulation and risk mitigation

Policy issues in financial management and financial regulation

A specialty course utilizing case studies and current articles

Quantitative Thinking for Capital Market Decision Makers

LEARNING OBJECTIVES Acquire the basic skills for data and decision models

Appreciate the scope and types of financial models

Know how to interpret outputs of financial models for actionable insights

Recognize and avoid pitfalls of unaided judgment and intuition in managerial decision making

Develop an ability to justify and communicate the rationale underlying a decision

SAMPLE TOPICS Extracting information from data

Evaluating risk using simulation

Optimization and portfolio analysis

Data applications in debt and equity analysis

Data applications in derivatives analysis

A hands-on course with a focus on empiricalprojects

Part 3: Living Arrangements & Costs of Attendance


GWU Campus


Foggy Bottom Campus is near: §  The White House §  The Department of State §  The Kennedy Center for Performing Arts §  Other cultural, government, and entertainment venues

Washington’s most popular attractions are just a walk or Metro ride away Housing location for the fall semester is two metro stops from campus

WASHINGTON, DC AREA ATTRACTIONS

Program Expenses & IFC-MI Fellowship PROGRAM COSTS (including tuition, housing and living expenses based on 2015 estimates)

§  $15,000 for IFC-Milken Institute Fellows (non-tuition expenses only; tuition costs covered by IFC & Milken Institute)

§  $37,000 for other participants (tuition and non-tuition expenses to be covered by participants and their employers, with employers covering at least $27,300 of the amount)

§  For all participants there will be a cost-sharing arrangement between the employer and the employee. The employing organization can choose to cover these expenses either in part or full to support the employee, in addition to paying their regular salaries

§  IFC and Milken Institute will cover tuition expenses for IFC-Milken Institute Fellows (20 high-caliber candidates predominantly drawn from sub-Saharan Africa, but also including a few candidates from other developing and emerging economies)

§  Further details on program costs available online: www.cmp.milkeninstitute.org/for-employers/

Part 4: Application Process & Requirements


APPLICATION CRITERIA

Am I eligible to apply for the

program?

§  Mid-career level participants with at least four years of relevant work experience in emerging economies

§  Relevant undergraduate degree in economics or finance with proficient quantitative skills. A graduate degree is also a plus

§  Ability to speak, read, and write fluently in English

§  Passionate about local capital-market development in emerging economies

§  Nomination from home governments/current employers recommended

VISIT: www.cmp.milkeninstitute.org/for-candidates/ VISIT: www.cmp.milkeninstitute.org/for-candidates/


APPLICATION ELEMENTS

I’m eligible. Great! What’s

next?

§  Required tests (TOEFL/IELTS)

§  2-3 letters of recommendation from current/previous employers and/or professors

§  Statement of Purpose

§  Analytical Essay

§  Academic Transcripts from all past universities attended

§  Resume/CV (including education and employment history)

§  Fill out online application form

VISIT: www.cmp.milkeninstitute.org/for-candidates/ VISIT: www.cmp.milkeninstitute.org/for-candidates/


APPLICATION ELEMENTS CONTINUED

TOEFL

§  Determine whether you have to take the TOEFL or other English language requirement tests §  Book a date to take the test at the closest location §  Take the test, and report scores online. Minimum score required: 100 on the internet-based test

Statement of Purpose

Recommendation Letters

§  Decide on 2-3 people, including current/previous employers and/or professors, to provide you with a reference letter

§  Meet with your reference providers and brief them about the program §  Provide us with the name, title, office address, email address, and telephone number of your

reference providers through ApplyYourself Please note: The recommendation providers will submit the reference letters directly to the IFC-MI-GWU Joint Admissions Panel

§  Indicate in the Statement of Purpose your motivation for undertaking the program and how it will contribute to your future goals

§  Highlight why you think this program is right for you §  The Statement of Purpose must be written in English, and the world limit is 500 words


APPLICATION ELEMENTS CONTINUED Analytical

Essay

§  Choose one of the three questions detailed at: www.cmp.milkeninstitute.org/for-candidates/ §  The analytical essay must be written in English, and the world limit is 800 words

Resume/CV

Academic Transcripts

§  Upload soft copies of your official transcripts from all academic institutions that you have attended, starting with your undergraduate degree

§  All documents must be in English. Documents in other languages must be translated into English, and attached along with the original documents when submitted through ApplyYourself

§  Prepare your resume/curriculum vitae in the standard format indicating all your relevant work experience and academic background

§  Please note that your resume/curriculum vitae must also be in English §  Submit resume/CV as a PDF file through ApplyYourself


ü  Required tests (TOEFL/IELTS) ü  Contact information for 2-3

letters of recommendation ü  Statement of Purpose ü  Analytical Essay ü  Academic Transcripts ü  Resume/CV (including education

and employment history)

APPLICATION CHECKLIST

I have prepared all my documents and am ready to go to

ApplyYourself to submit the materials online.

Applications will be submitted through GWU’s ApplyYourself platform www.graduate.admissions.gwu.edu. Utilize the tutorial available at www.cmp.milkeninstitute.org/for-candidates/


§  Review of all application materials §  Short-listed candidates interviewed by

Skype or over the phone §  First cohort of IFC-Milken Institute Fellows

and Scholars is selected §  Announcement of incoming cohort

Participant recruitment timeline and selection process

JOINT ADMISSIONS PANEL SELECTION PROCESS

Important Deadlines Submission of application materials online through ApplyYourself: March 15, 2016, 11:59:59pm EST

Notification of interviews for short-listed candidates: April 8, 2016

Final list of Scholars and Fellows released: April 22, 2016

Acceptance of offer and status confirmation: April 29, 2016

Visa processing for cohort May-July 2016

Thank you for joining us!