Financial Analysis and Valuation
Financial Analysis and Valuation
Overview
Creating value is the central task for any executive. To generate value, managers need to be able to assess the financial impact of their decisions, which in turn requires an understanding of financial analysis techniques and valuation methods. Similarly, investors, creditors, and other stakeholders use such skills in evaluating the implications of decisions made by managers. Financial Analysis and Valuation will help you evaluate the financial consequences of business decisions and how to value companies, businesses, and investments.
Please note that this program requires a basic understanding of the following:
- Financial statements, including the balance sheet, income statement, and cash flow statement
- How accrual accounting differs from cash accounting, including revenue and expense recognition and the basic principles of asset and liability recognition and measurement
- Time value of money and present value calculations
These concepts, above, are covered in the Columbia Business School Executive Education Finance and Accounting for the Nonfinancial Executive program.
Please contact our Learning Solutions Specialists at +1 212-854-3395 for a personal conversation to learn more.
In this video, Professor Doron Nissim explains how the program helps executives understand the financial consequences of business decisions in their organizations.
“By gaining a comprehensive understanding of financial analysis and valuation, investors, executives, analysts, and other professionals will be able to better assess the financial implications of investments and other business activities and make decisions that create greater value.”
The program's Faculty Director Doron Nissim
Professor of Accounting & Finance at Columbia Business SchoolImpact
Financial analysis and — especially — financial valuation are often rightfully described as a form of art, but there is also a lot of science behind them. The Financial Analysis and Valuation program emphasizes these aspects of science and provides a structured framework for implementing each part of the analysis. A sound framework allows you to incorporate the “soft” aspects of the analysis (i.e., the “art”) in a more informative way.
By completing this program, you will gain an understanding of financial statement analysis, corporate finance, and valuation methods. You will learn how to estimate the value of equity and debt securities and how to evaluate the financial consequences of various business decisions and activities, including:
- Investments: mergers and acquisitions (M&A), capital expenditures, investments in intellectual capital, leasing, and more
- Strategies: product differentiation, economies of scale, cost leadership, outsourcing, economies of scope, diversification, and more
- Working capital management: just in time inventory, credit terms, factoring receivables, operating credit, and more
- Financing: level and type of borrowings, share repurchases, dividend policy, and more
For each of the above activities, we will discuss the impact on the financial statements and on key financial ratios, as well as implications for performance and risk assessment, forecasting and valuation. For example, how are M&A activities reflected in the financial statements? How do they affect key ratios such as profit margin and earnings per share? How do they affect expected cash flows, risk, and value?
Specifically, you will be able to:
- Understand the information provided by the financial statements and other disclosures as well as its limitations
- Reformulate and adjust the financial statements to facilitate an informative analysis
- Analyze the reformulated financial statements to evaluate the firm’s profitability, earnings quality, and growth prospects
- Develop cash flow forecasts and pro forma financial statements
- Evaluate investment and business risks and estimate the cost of capital
- Value companies, businesses, and investment projects
- Assess the value of mergers, acquisitions, and strategic alliances
- Analyze the impact of different business activities on the financial statements, key ratios and underlying dimensions, and value
- Conduct scenario and sensitivity analyses
For a first look at the program content, we invite you to watch this recent webinar with the program's faculty director Doron Nissim:
Upon completion of this program, you will earn three credits towards a Certificate with select alumni and tuition benefits. Learn more.
Program Structure
This program is comprised of class lectures in which concepts will be developed and explained, with an emphasis on implementation. Participants will receive excel workbooks containing valuation models and various financial analysis tools and use them to solve real-world exercises. The class notes, excel workbooks and, most importantly, knowledge acquired in the program will provide participants with the tool kit needed for conducting financial analysis and valuation.
Schedule
Live Online: Five consecutive days with daily live sessions from 9 a.m. to 1 p.m. ET. View the live online schedule.
In-Person: Three consecutive full days of in-person sessions on the Manhattanville campus in NYC. View the in-person schedule. Includes breakfast, lunch, and all materials for the in-person program.
Dates, fees, and locations are subject to change.
During Financial Analysis and Valuation, participants will explore the following topics:
“Professor Nissim is absolutely brilliant. This course was hands-down one of the best classes I have ever taken in any capacity. I loved it so much that I might take it again.”
Robert Reeder
Director of Finance at GlassView, LLC“Professor Nissim was phenomenal. His enthusiasm and expertise really came through in his presentations. I have had exposure to "book"-defined finance theories and formula. This class drills down these financial concepts to create real-world background and experience. The course materials and tools alone are worth the price. Highly recommend the class!”
Craig Ford
Owner of SeaBreeze“Best-in-class program delivered by an exceptional resource in Professor Doron Nissim. Structured to equip participants to excel in subject areas. The best program I experienced!”
Henry Obih
Director at ARAL“This is unequivocally one of the best programs I have attended at Columbia or anywhere else in terms of intensity, insightfulness, and mere ideas it brings to mind.”
Pragya Pandit
Director at NCR Corporation“A complex subject made simple in two Excel sheets. Excellent program! Knowledgeable teacher.”
Dr. Gurinder Wadhwa
Dentist at Adirondack Oral & Maxillofacial Surgery“The essence of Financial Analysis and Valuation is that you'll walk away with a detailed understanding of the market relating to the balance sheet, income statement, and cash flow analysis for any proposed M&A or Initial Public Order (IPO) for raising equity.”
Omolara Akanji
Independent Director, Sterling Bank PLCParticipant Profile
Financial Analysis and Valuation is designed for upper- and senior-level executives, financial analysts, portfolio managers, and other professionals interested in deepening their knowledge of financial analysis and valuation. This is not an entry-level program. Participants should have a basic understanding of financial reporting and financial analysis, including financial statements, key accounting principles, and present value techniques.
This program is ideal for executives in financial roles, financial analysts, and portfolio managers. It is also ideal for executives in such departments as strategic planning, marketing, operations, product development, consulting, and sales who need a higher level of proficiency in understanding, evaluating, and making decisions based on the financial standing of their business unit, business, or organization.
Columbia Business School alumni and up to four of their colleagues are eligible for a 25 percent tuition benefit for this program. More on the Alumni Tuition Benefit.
Industry
Job Function
Faculty
Doron Nissim
Ernst & Young Professor of Accounting & Finance
Doron Nissim
Ernst & Young Professor of Accounting & Finance
Professor Nissim earned his PhD in Accounting at the University of California, Berkeley, and joined Columbia Business School in 1997. He was granted tenure in 2005, and full professorship in 2007. He served as the Chair of the Accounting Division during the years 2006-2009 and 2014-2016.
Professor Nissim’s research is primarily in the areas of earnings quality, fundamental analysis, equity valuation, financial institutions, and corporate finance. His studies have been published in such internationally acclaimed accounting and finance journals as the Journal of Finance, the Journal of Accounting Research, the Accounting Review, the Review of Accounting Studies, Contemporary Accounting Research, and Journal of Banking and Finance, as well as in practitioner-oriented journals such as the Financial Analysts Journal and The Journal of Financial Perspectives. Professor Nissim’s research is frequently cited in the popular press, including The Wall Street Journal, Time, The New York Times, Bloomberg, Chief Executive Magazine, The Economist, and the International Herald Tribune. Professor Nissim served as an editor of the Review of Accounting Studies from 2006 to 2013, and as the director of The Initiative on Banking and Insurance in the Program for Financial Studies at Columbia Business School from 2015 to 2017.
At Columbia Business School, Professor Nissim teaches MBA, EMBA, MS, and PhD courses in financial accounting, earnings quality, fundamental analyses, valuation, investment management, financial institutions, and research methods. He also serves as the director of three executive education programs — Financial Analysis and Valuation, Finance and Accounting for the Non-financial Executive, and Finance and Accounting for New York Presbyterian Hospital — and he teaches in several other open enrollment and custom executive education programs.
Professor Nissim consults extensively, both to buy- and sell-side firms as well as to other entities. His consulting focuses on equity valuation, fundamental analysis, earnings quality, investment management, and financial institutions.
Professor Nissim has received several honors and awards, including a prize from the Financial Executive Research Foundation for “the article from those published in the Accounting Review, which had the greatest import for users and preparers of financial reports;” Morgan Stanley Award for Contributions to the Development of ModelWare Core Strategies; two nominations for the Brattle Prize at the Journal of Finance (outstanding paper in corporate finance); and two teaching awards: Columbia Business School Dean’s Award for Teaching Excellence in a Core Course, and Columbia Business School Dean’s Award for Teaching Excellence.
FAQ
Certification
I’m interested in the Certificate in Business Excellence (CIBE), how do I get started?
At Columbia Business School Executive Education, you’ll be able to customize a unique learning experience by selecting programs that best interest you and are most suited for your needs. Any completed program, regardless of format (live online, in-person, or online), will count towards the Certificate in Business Excellence.
Which programs qualify for the CIBE?
Any completed executive education program, regardless of format (live-online, in-person, or online), will count towards the Certificate in Business Excellence. Partner programs will also count towards the certificate.
Which programs do not qualify for 25 percent tuition benefit?
- Advanced Management Program
- Executive Development Program
- Developing Black Leaders in Financial Services
- Strategic Wealth Manager
- Global Banking Program: Fintech, Digital, and Analytics
- Chief Financial Officer
- Chief Marketing Officer
- Venture Capital Private Equity
- Digital Business Leadership Program
- Executive Program in Management
What programs are considered partner programs?
Executive education programs developed and administered with our educational partners, bring the best of our combined knowledge, thought leadership, resources, and expertise. Kindly find a list of our partners here on our partnership page.
What are the costs of the certificate?
There’s no set cost associated with the certificate path since you’re able to customize your learning journey with in-person and online programs (price will vary depending on the program type and length).
Are there any tuition assistance or scholarships?
At Columbia Business School Executive Education, we offer non-degree and non-credit-based professional development programs to the global business community. As our programs are non-degree and non-credit, they do not qualify for financial aid.
How are CIBE credits determined?
Credits for a program are determined by the program duration and total learning hours.
Where do I find information on the credit value for a program?
You will find this information on each program page. Credits range from 0.5 credits – 26 credits per program.
How do I get enrolled in the CIBE?
Your certificate journey will start with your first program, and you have 4 years to complete your CIBE. You may register for any of our executive education programs on each program page. You may enroll using the “Enroll Now” button, and the application process should take 5-10 minutes.
How do I receive credits?
You are required to fully attend a program and complete all necessary coursework in order to receive CIBE credits. Credits are only awarded after you complete a program.
How do I check the status of my Certificate completion?
Kindly reach out to a Learning Solutions representative for any questions on the status of your CIBE credit count.
Do CIBE credits expire?
Credits are only valid for four years (Please note: While we are not able to offer in-person programming due to the COVID-19 pandemic, the duration to complete the programming has been extended to five years.). If you have not completed your CIBE within four years, we will only count non-expired credits towards your CIBE credit total.
Does the Certificate in Business Excellence expire?
Your Certificate in Business Excellence does not expire. Once you become a certificate recipient, you will join the greater alumni community at Columbia Business School.
I’ve reached 18 CIBE credits, what’s next?
Congratulations! You should receive a digital copy of your certificate at the end of your program. If you do not receive a copy from your program manager, kindly contact your Learning Solutions representative or your program manager for next steps.
Will I receive a physical certificate?
Yes, all certificate recipients will receive a physical plaque. If you completed your last CIBE credits through an online or live online program, you will receive a plaque in the mail. We will ask for you to provide us with your preferred mailing address and our vendor will ship the plaque directly to you. We kindly ask for your patience as the processing time takes a few weeks. Please contact your program manager for the status of your plaque. If you completed your last CIBE credits through an in-person program, you will receive a plaque at the end of the program.
How do I get access to my alumni benefits?
Once you complete your CIBE, we kindly ask for your patience as we process your alumni credentials. The processing time can take anywhere from 8 to 10 weeks long.
Can I refer colleagues to the Certificate in Business Excellence?
If you are a certificate holder, you may sponsor up to four colleagues each year for full-price in-person programs lasting up to seven days and all full-price online programs.
Can I add the Certificate in Business Excellence to LinkedIn?
Yes! We will provide you with instructions on how to add your certificate to your LinkedIn profile after you become a Certificate recipient.
Preferred Pricing and Tuition Benefits for Alumni
Are there preferred pricing options available for live online programs?
Yes, preferred pricing is available for groups of two or more. To inquire, email execed@gsb.columbia.edu.
As a Columbia Business School alumni am I eligible for tuition benefit?
Columbia Business School alumni and up to four of their colleagues are eligible for a 25 percent tuition benefit for this program. More on the Alumni Tuition Benefit.
Assignments
Will there be any homework or assignments?
For select programs, there will be some assignments to complete after the end of select program sessions. Assignments will typically consist of readings, self-reflections, and brief assessments. This approach is designed to help you practice your learnings.
How long will assignments take?
We do not expect that homework assignments will take up a large amount of time to complete.
Will there be any examinations or grades?
There will be no examinations or grades for our live online programs.
Access
When will I receive information on how to log in?
You will receive your login information immediately before the program start date. Kindly reach out to your Program Manager for further instructions on how to prepare and log in for the program.
What platform do you use to deliver live online programs?
We use the Zoom platform.
Recordings
Will sessions be recorded?
Most live online sessions (depending on the faculty and program) will be recorded and will be available for you upon request. In-person programs are not recorded.
How long will they be available for?
Recordings will be available for the duration of the program. Depending on the program, some recordings may have additional availability post-program.
How do I gain access to the recordings?
Your Program Manager will provide you with further instructions on how to gain access to recorded sessions.
Experience
How do participants network during the live online programs? Will I participate in group work?
Our live online programs are fully virtual and highly interactive. Most programs also feature small group work for a high-touch learning experience. The virtual program experience allows participants to feel comfortable and productive learning at home while preserving the interconnectivity of an in-person program.
What are the networking opportunities during the live online sessions?
Yes. Examples of this may include: virtual lunches, virtual receptions, use of the chat function, and virtual office hours for you to connect with participants and faculty. Please refer to the agenda of the specific live online program you are interested in for details.
Live Online Format
What are live online programs?
Now, more than ever, executives need the knowledge and insights to help them adapt to change and solve complex problems. As the business world has evolved, we have applied new best practices to continuously improve your learning experience. With our live online programs, we are taking select in-person programs and are translating them to a fully live and virtual format, delivering the same interactive sessions with faculty and real-time application of the knowledge you would experience in person.
What is the difference between live online and online programs?
Compare our two formats for distance learning here.
What does “live online” mean?
Live online programs are fully virtual, highly interactive programs taking place in real-time, often featuring small group work for a high-touch learning experience. Our Columbia Business School faculty stream to you live and virtually, no matter where you are located.
Are all live online programs the same in terms of format and length?
No. Please refer to the agenda of the specific live online program you are interested in. For any questions, please reach out to the Contact person listed on the program's web page.
Do I have to attend all live sessions?
Participants are expected to attend all sessions. However, we understand that participants may have scheduling conflicts. Kindly let us know in advance whenever possible and your Program Manager would be happy to discuss how we can help you get up to speed. We will also record most faculty sessions, which you can review upon request.
Will I need to attend the live sessions even if I’m based in a different time zone?
You are required to attend all live sessions even if you are based in a different time zone. (Kindly reach out to the Learning Solutions team to learn more about our asynchronous program offerings, which consist predominantly of pre-recorded videos that you can watch on your own time).
COVID-19 Safety Plans
Please review the latest COVID-19 related protocols at Columbia Business School.
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