Professional Development
Kaplan Financial offers a comprehensive range of short public courses that focus on practitioners at all levels in all areas of the financial industry, as well as a logical progression of development. Our courses address both core knowledge and practice but are also up to date and reflect the latest developments in a fast changing world.


Why Choose Kaplan Financial?

We have delivered a substantial number of courses to thousands of delegates from graduates and new hires to senior executives from multinationals, banks and financial institutions across Asia. Our success is based on the delivery of practical and contemporary courses focused on this region.

All of our in-house financial markets trainers have strong academic backgrounds plus practical work experience in the financial markets. Our faculty combines professional expertise in areas as diverse as Fund Management, Corporate Finance, Alternative Investments, Derivatives, Technical Analysis and Foreign Exchange. This hands-on experience gives them the ability to bring the learning to life and incorporate real-life and relevant scenarios within the classroom environment.
Prof Development
CPT Training Spring/Summer 2014
Module AInterpretation of Financial Statements                 Wed, 12 & 19  March, 2014
Module B – Debt and Equity Capital Markets                        Wed, 9 & 16 April, 2014
Module C Equity Valuation and Ratio Analysis              Tue & Thu, 10 & 12 June, 2014
Certificates of Attendance will be issued to individuals who have completed each module.

Why attend this course? 

-Fulfill your SFC licensee requirement for Regulated Activities*       
-Familiarize with the basic concepts, standards and practices of financial accounting
-Understand the global finance system, including the major individual and institutional players, and their roles and responsibilities
-Learn the features, characteristics, risks and returns associated with the equity and debt market
-Interpret different financial ratios
-Analyze different approaches and methodologies for equity valuation
-Gain key insights into practical application and integration of finance and accounting concepts to valuing companies from an investor’s perspective

Who should attend? 

This is an introductory series to equip professionals with an understanding of industry fundamentals, including

-Client services
-Human resources
-Public relations
-Sales & marketing

-Junior analysts

Course Instructor      Ronald Chan MBA, MAcc, CFA 

Ronald graduated from University of Waterloo, Canada, having read Mathematics. He went on to qualify as a chartered accountant with KPMG Canada, specializing in private equity audits, financial reporting, financial analysis, and corporate finance. After he left KPMG, Ronald spent two years as an equities controller at Goldman Sachs in Hong Kong, where he performed financial analysis for different business sectors and prepared valuation reviews for financial instruments. He also spent 4 years in Aviva
North America as Manager of Financial/Management Control. His responsibilities included management reporting, financial reporting, financial analysis, budgeting, market research, and advising on M&A and business risk. Previously he was manager of a leading accounting and consultancy firm in Hong Kong. He is responsible for conducting pre-IPO reviews for IPO sponsors, assessing listing applicants’ readiness and compliance to the Hong Kong Stock Exchange listing rules, as well as advising clients on financial, operational and regulatory issues.

Ronald received his Master of Accounting from the University of Waterloo in 2002, and an MBA (finance specialization) from the Schulich School of Business at York University in 2007. Ronald has been a CFA Charter holder since 2006.

Course Outline 

Module A   Interpretation of Financial Statements

-Introduction to accounting: objectives, users, limitations of financial reporting
-Financial statements types: the income statement, balance sheet, cash flow statement, statement of comprehensive income, statement of change in equity
-Financial statements accounts: major account, liability and equity accounts
-Financial statements format: account format, report format, liquidity format, classifications
-Financial reporting standards: IFRS, US GAAP, PRC GAAP
-Revenue recognition
-Expense recognition
-Non-operating items
-Case study
-Accounting changes – types and appropriate treatments
-Earnings per share – use and computation methodologies
-Comprehensive income
-Balance sheet classification: current vs long-lived assets, current vs long-term debts
-Tangibles and intangibles: definitions, different accounting treatments, basic understanding of goodwill
-Liabilities and equity: their differences, priority of claims
-Presentation and structure of cash flow statement
-Cash flow classification issues: operating, investing, and financing cash flows
-Direct and indirect method
-Case Study
Module B Debt and Equity Capital Markets

-The role, functions, and characteristics of a financial system
-Classification of assets
-Classification of markets
-Major players
-The roles of financial intermediaries and how they help the major market players
-Market structures
-Characteristics of equity and shareholders
-Types of equity
-Foreign equity 
-Bond features
-Types of bonds
-Additional embedded features of bonds, including call/put features, refund/prepayment options
-Understanding issuance of government bonds and corporate bonds
-Types of corporate bonds
-Priority of claims
-Different types of corporate debt securities, their features and structures
-Interest rate risk
-Reinvestment risk
-Credit risk
-Measuring credit quality and fundamentals of credit analysis

Module C  Equity Valuation and Ratio Analysis

-Ratio interpretation
-Common-size financial statements
-Activity ratios
-Liquidity ratios
-Solvency ratios
-Profitability ratios
-Valuation ratios
-The DuPont system
-Sustainable growth rate
-Limitations of financial ratios
-Price-earnings (P/E) ratio
-Other price-related ratios
-Enterprise value multiples
-How to estimate the value of a company using price multiples
-Estimate fair values of assets and liabilities
-Use of liquidation value
-Advantages and disadvantages of the different approaches-Case study
-Case Study

To register, please download the enrollment from

For enquiries, please contact Ms Carina Yuen at 2116- 3425 (direct line) or Ms Janet Sin at 2116 3424 (direct line) or email hkfmkt@kaplan.com.

* SFC licensees must undertake a minimum of 5 hours per calendar year for each SFC regulated activity. Corporations are held primarily responsible for ensuring the fulfillment of the requirement. Coverage of subjects relevant to the individuals’ functions and which may help to enhance their functional performance would meet the CPT purpose. The Academic and Accreditation Advisory Committee (AAAC) of the SFC does not endorse any training courses whether provided internally or externally. It is up to the Corporations to decide whether the training meets the CPT purpose and proper records should be kept for inspection upon request.

# The modules B &C are in the process of getting accreditation from The Law Society of Hong Kong for CPD points. Please check the application result with Kaplan before registration if this is a concern.

CPT Training Spring/Summer 2014

Module DTreasury Accounting                                                        Wed, 23 April, 2014
Module ECorporate Bond as a Tool for Treasurers                     Tue, 13 May, 2014
Module F Corporate Bond as an Asset Class for Investors        Tue, May 27, 2014
7-10pm  (3 hours per module)
Kaplan E-Tech Centre Campus (Causeway Bay MTR Exit A)
Certificates of Attendance will be issued to individuals who have completed each module.

Why attend this course? 

- Fulfill your SFC licensee requirement for Regulated Activities           
- Keep up to date on current industry practices and recent case studies: 
           1. Real life case studies using Mainland and Hong Kong listed companies
2. Knowledge to master the understanding of the corporate bond market (yield   
               curve, duration, government bond benchmark, credit rating, capital structure, 
               financial covenants, etc.) and its role in the financial market
3. How to incorporate corporate bond program in treasury management strategy
4. How to benefit from investing in corporate bond as an asset class
           5. How corporate bond issuance and investment are affected by recent financial 
               regulation (Basel III, Dodd-Frank Act) and change in market condition (e.g. 
               tapering of Quantitative Easing and China interest rates reform)

 Who should attend? 

Anyone who is interested to understand the salient point of the development of the corporate bond market, post-2008 crisis, how a bond programme is done by treasurers and why corporate should remain an asset class for investors, including:

-SFC licensed Representatives
-SFC licensed Responsible Officers
-Investment Managers
-Asset Managers
-Fund Managers

Course Instructor      
Peter Wong, CFA, FCT, FCP
Peter has over 20 years of experience as treasurer and region finance director of Fortune 100 companies. He has held senior finance positions in various financial institutions and multinational corporations, serving as the Regional Director and Treasurer of AIA in Asia Pacific, and Director of Finance and Administration of the American President Lines. Since 2006 he has been invited by the Hong Kong Monetary Authority as the executive board member of the Treasury Markets Association. In the same year, in his role as the Convenor of the Hong Kong Association of Corporate Treasurers, he founded the International Association of CFOs and Corporate Treasurers (China), with the mission to promote international treasury best practices in China. Peter was also invited to serve in an advisory role by the PRC Government State Administration of Foreign Exchange, the China Association of CFOs of the PRC Ministry of Finance and the Hong Kong Trade Development Council. In 2013 he convened a Corporate Bond Forum roundtable represented by HKMA, the Bank for International Settlements and corporate treasurers from Swire Pacific, Swire Properties, Jardine Matheson, CITIC Pacific, the Airport Authority and the MTR.
Peter frequently lectures at various organizations. His areas of coaching cover treasury investment and accounting, IPO, M&A, corporate finance and business ethics

Course Outline
Module D Treasury Accounting
-Treasury accounting and risk management – the use of derivatives for hedging foreign exchange and interest rate exposure
-Accounting for foreign exchange hedging: forward, futures, currency swap and currency option contracts
-Accounting for interest rates hedging: interest rate swap (fixed to floating and floating to fixed)
-The rationale and procedure to perform hedge accounting: testing for hedge effectiveness, documentation and market data
 -Case studies of listed companies in the application of treasury accounting including fair value hedge and cash flow hedge
- Implementation of treasury management system to accommodate treasury accounting requirement
-Implication of recent change in accounting rules in particular from IAS 39 to IFRS 9
-Disclosure issues: How to interpret financial statement to determine the impact of market risk (FX and interest rate volatility) to net income and balance sheet using case studies

Module E Corporate Bond as a Tool for Treasurer

The role and importance of corporate bond in a corporate treasury management strategy (financing flexibility, capital structure, growth/M&A strategy)
- Planning a bond issuance programme (e.g. target rating and financial risk profile, issue size, maturity, currency, timing, seasoned versus unseasoned issuer, investor base, distribution, use of fund
-Variations of bond types – straight bond and hybrids (e.g. MTN, convertible bond, perpetual)
- How to successfully combine the use of derivatives (e.g. currency swap, interest rate swap) with a bond issuance program, including the decision on the choice of currencies (USD, RMB,HKD)
-Application of corporate bond in different industries
-Experience of corporate bond issuance of MNC, Hong Kong and Mainland Chinese companies
-Future development and outlook of corporate bond market, such as:
1.   Basel III: investment grade corporate bond accepted as High Quality Liquid Assets; capital charge on OTC derivatives
Dodd-Frank Act: restriction on bank proprietary trading activities
3.   Market condition changes: The US Fed decision on quantitative easing and interest rate cycle

Module F Corporate Bond as an Asset Class for Investors

Track record of investment performance of corporate bond before and after the Global Financial Crisis
Timing of investing in corporate bond in current market environment – what are the risks and returns
-The risks (market risk, credit risk, liquidity risk) and return of corporate bonds
1.    Market risk – the use of swap spread and credit default swap
2.    Credit risk – how to perform credit rating analysis
3.    Case studies: corporate bond rating methodology used by international credit rating agency
4.    Liquidity risk
5.    Case studies: global bond fund versus emerging market economies (EME)
-Structuring and rebalancing portfolio using corporate bond in asset allocation strategy
-Types of investors and how investor behavior determines market volatility and liquidity
- Case study: AIA (one of the largest corporate bond investors in Asia)
-Investment policy, investment committee and risk management implementation
-The implication of the changes in investment accounting standards (from IAS 39 to IFRS 9 for latest adoption in 2015)
-Investing in onshore RMB bond exposure through RQFII
1.    Latest CSRC and SAFE policies
2.    Case studies: Investment performance of RQFII bond fund managers
3.    Case studies: Asset allocation strategy of RQFII bond fund
-Investing in offshore RMB bond exposure through Dim Sum bonds
1.    Investment outlook of Dim Sum bonds in 2014
2.    How to apply Relative Value Analysis in Dim Sum bond investment
3.    Case studies: investment grade versus high yield

* SFC licensees must undertake a minimum of 5 hours per calendar year for each SFC regulated activity. Corporations are held primarily responsible for ensuring the fulfillment of the requirement. Coverage of subjects relevant to the individuals’ functions and which may help to enhance their functional performance would meet the CPT purpose. The Academic and Accreditation Advisory Committee (AAAC) of the SFC does not endorse any training courses whether provided internally or externally. It is up to the Corporations to decide whether the training meets the CPT purpose and proper records should be kept for inspection upon request.

 Short Courses

Short Courses on selected topics are offered from time to time throughout the year.  New courses are added regularly, so please check this page regularly for updates.

Financial Statement for Non-Financial Professionals    Date TBC
Corporate Finance  
Valuation and Investment Analysis
Equity Analysis
Introduction to Capital Budgeting
Corporate Valuation
Kaplan Research and Analysis Program
Date TBC
Date TBC
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Customer Relationship Management  
Introduction to Wealth Management
Understanding Economic Cycles and Performance of Various Asset Classes
Communicate House Views to Clients
Dealing with Significant Market Events
Date TBC
Date TBC
Date TBC
Date TBC
Introduction to Derivatives
Introduction to Credit Derivatives
Introduction to Equity Derivatives
Equity Swaps
Interest Rate Swaps/Derivatives
Derivatives for Relationship Managers
Hedging, Trading and Pricing Options
Date TBC
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Date TBC
Financial Modeling  
Financial Modeling with Excel
Intermediate Financial Modeling
Valuation Modeling
Date TBC
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Financial Analysis/Financial Reporting  
Introduction to Financial Statements
Financial Statement Analysis
Financial Shenanigans
Using Financial Ratio to Access Financial Strength of Listed Companies
Date TBC
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Date TBC
Fixed Income  
Debt Investment
Introduction to Bonds and Fixed Income
Fixed Income Analysis
Date TBC
Date TBC
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General Finance  
Valuing Financial Assets – Stock, Bonds and Derivatives
Introduction to the Financial Markets and Banking
Introduction to Financial Maths
Basic knowledge of economics
Date TBC
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Date TBC
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Introduction to Insurance
Date TBC
Investment Banking  
Introduction to Capital Markets
Introduction to Equity
Introduction to Hedge Funds and Alternative Investments
Overview of the Investment Banking Business
Forecasting Stock Prices: Cash Flow Models and Price Multiples
Date TBC
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Date TBC
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Portfolio Management  
Portfolio Theory and Product Returns
Date TBC
Risk Management  
Mechanics and Applications of Long/Short Hedge Funds
Implementation of Value-at-Risk in Financial Institutions
Date TBC
Date TBC
Regulatory and Compliance  
Overview of Legal and Regulatory Framework for Securities and Futures Industry
Insider Dealing and an Overview of the Securities and Futures Ordinance
Know Your Client and Detection of Money Laundering
Date TBC
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Date TBC
Introduction to FX
Date TBC
Industry Specific Financial Training  
Real Estate
Transportation and Logistics
Date TBC
Date TBC
Date TBC
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 In-House Training

Kaplan Financial can provide any of our public courses on an in-house basis or tailor training solutions to meet your precise training objectives. Please check out our Corporate Training page for more information.
 No Future Dates For Your Desired Public Courses?
Your desired topic is not listed above?
Kaplan Financial can schedule courses for small groups at mutually suitable times. Please complete the online enquiry form on the right to enable us to assess the level of interest for that topic. We will then place your name on our waiting list and will contact you as soon as we have received sufficient interest to run the course. A minimum of 6 participants is required to run a course. Scheduled courses may then be open to the public.

Kyle is the Director of Kaplan’s Financial Markets Division. He teaches and develops products for bespoke Financial Markets training programs. He has more than 10 years of working experience in the banking and securities industry. He was in management and sales roles at major global financial institutions like Merrill Lynch, HSBC, RBC Group and Citigroup in Canada, Singapore and Hong Kong. He has advised clients on a large range of investment products including equities, fixed income, trust units, pooled funds, derivatives and structured products. At International Planning Group Ltd. he provided estate planning to
private bank clients throughout South East Asia. Before joining Kaplan he was the VP, Complex Hybrid Products at DBS Bank.

Currently Kyle is also a Partner and Risk Manager at Avant Capital Management, which specializes in medium and small cap equities in the Greater China region. The firm aims to become early movers in under-researched and under-owned names.

Kyle was appointed a visiting professor at Ningbo University (PRC) in 2003. Kyle has been teaching master level courses in finance, investment and portfolio management at Royal Roads University in Canada and HKU SPACE. He received his BS degree from the University of Wisconsin and his MS and Ph.D. degrees from Cornell University.

Kyle is a certified Financial Risk Manager and has been a CFA Charter holder since 2004. He is also member of the Hong Kong Society of Financial Analysts and member of the Professional Risk Managers’ International Association.


Thomas has been training and teaching in the financial industry for over 8 years. He is praised for his ability to combine his academic knowledge, finance and accounting experience and time-tested examination techniques to provide students with the knowledge and ability to explore their potential to the fullest in both work and testing environment.

Thomas has spent over ten years in a US-based investment bank and a Big Four accounting firm. His work ranged from auditing and recruiting to syndication, project finance, and acquisition financing in Canada, US, Singapore, and Hong Kong. Thomas has also managed a technology company and overseen an investment trust prior to obtaining his doctorial degree.

Beside teaching CFA, Thomas is also a Kaplan trainer for CAIA, ACCA and HKICPA courses. He is currently a visiting Associate Professor in two universities in China, a finance and accounting lecturer in two local universities in Hong Kong. Thomas also conducts in-house training courses on financial markets, derivatives and structured products for a Swiss-based and a UK/ HK based global investment bank. Thomas is also an External Examiner for the Hong Kong Examinations and Assessment Authority.

Thomas received his Doctoral degree from the Hong Kong Polytechic University, an MBA from the University of Chicago, a Master of Professional Accounting from the University of Southern Queensland, and he is completing a Master of Financial Engineering in the National University of Singapore/ UC Berkeley program. Apart from his academic credentials, Thomas received his CFA charter in 1997. He has earned the PRM, FRM, and CAIA designations, a Certificate in Financial Forensics from the AICPA, and Certificates of Financial Engineering from NUS/ UC Berkeley. Thomas is also a Chartered Accountant (CA, Canada), CPA (US) and a CPA Australia member.

Ms. Esther Thng
MSocSci (Applied Econ)

Esther is a CFA charterholder and a member of Singapore Society of Financial Analysts. She graduated with honours and holds a Bachelor of Accountancy from the National University of Singapore. She also holds a Masters of Social Sciences (Applied Economics) from the National University of Singapore and was awarded the Lim Chong Yah gold medal for her excellent academic performance by the same University. She has extensive experience working in the financial sector in the areas of research, investment valuation, financial analysis and forecasting. Esther has been a full-time lecturer with Kaplan Financial since 2000. Esther is well-liked by her students and is known for her ability to translate difficult and complex concepts into easy to understand terms. She also lectures on Kaplan Financial’s corporate finance courses to both local and overseas clients. Her corporate clients include statutory bodies and well-known financial institutions.

“Kaplan has significant technical expertise and the distinct advantage of being able to see issues from a global industry perspective. The trainers deliver presentations in an entertaining and dynamic way that clearly appeals to our students.”
Financial Knowledge Manager, Barclays Bank PLC

Can attending a Kaplan Financial Professional Development course
fulfill my CPT (Continuous Professional Training) requirements?

Although Kaplan Financial cannot warrant that the attendance of this course would automatically be recognized by the Securities & Futures Commission (SFC), it is highly likely that Kaplan Financial courses can fulfill CPT requirements as they maintain and enhance delegates’ technical knowledge and professional expertise.

Please check directly with your employer as the corporate licensee of your SFC registration, who is responsible for determining whether a training course satisfies CPT requirements.

You will be required to keep all documentary evidence supporting your CPT activities for a minimum of 3 years.  We will issue a certificate of attendance to you upon payment of our prescribed fee confirming that you have indeed attended the course and will state the duration of the course.  We will only issue a certificate of attendance if you have signed in AND signed out before you leave the course.

For further details on fulfillment of CPT requirements, please refer to the Guidelines on Continuous Professional Training of the SFC.

For further details on minimum CPT hours required, please see SFC's licensing related FAQ Topic 3.


All information provided above is provided for information purposes only. Although every reasonable effort is made to present current and accurate information, Kaplan Financial does not assume any responsibility whatsoever for its accuracy and any future changes set forth by the SFC. In the event of discrepancy, the official information and decision from the SFC shall prevail.

© 2012 Kaplan Financial. Professional Development.


  General Enquiry
TEL: 2526 3686    FAX: 2501 0589
EMAIL: hkfmkt@kaplan.com

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