The Finance Professionals' Post

Nathan Ronen for NYSSA CFA Prep

 “Excellent, valuable, amazing, unique, extremely helpful”—words that are not easily spoken when referencing the CFA exam. That is, unless you experience CFA exam prep Nathan Ronen–style.

The popular instructor and CFA charterholder will return to the New York Society of Security Analysts in January 2012 as CFA® Lead Instructor to teach CFA exam prep courses for Levels II and III of the June 2012 exam. Ronen’s track record is impressive. He has been teaching CFA Levels I, II and III for over 16 years and has helped over 20,000 candidates pass the CFA exams. Part of his success is attributed to his background. He understands the pressure that candidates face, having earned a CFA charter while working in finance. “I don’t believe in merely reciting the CFA curriculum back to students. That’s not teaching the material. Candidates who have had me for Level I or Level II know that my ability to hone in on essential points and take the most difficult concepts and break them down to a simpler form is what helps them pass on exam day,” says Ronen regarding his teaching style.

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Of course, Ronen’s strong knowledge of the financial markets, from years of working in the financial sector, is another valuable resource in his teaching style. He served as a supervisory analyst training government regulators, an accounting analyst, and a corporate finance analyst. His professional experience encompasses well-known organizations such as New York Life, NASD, and Salomon Brothers.

In addition to teaching CFA exam preparatory courses for NYSSA, he has taught for the Washington Society of Security Analysts and the Study Seminar for Financial Analysts (SSFA). Ronen has also taught in-house CFA seminars at Goldman Sachs, Merrill Lynch, Citigroup, and many other major financial institutions.

Click here for more information on NYSSA CFA Exam Prep Courses.

NYSSA Volunteer Receives Outstanding Asian American in Business Award

Lijie Zhu, vice chair of NYSSA’s Career Development Committee, was recognized as one of fifty Outstanding Asian Americans in Business in 2011 by the Asian American Business Development Center at a June 16 gala.

The award honors individuals with outstanding leadership, vision and accomplishments who have built a successful business or distinguished themselves in their community. NYSSA President and CEO Amy Geffen, PhD, said, “The Society is very proud of Lijie’s accomplishments and is honored to have her as a dedicated volunteer.” In 2010, Zhu was named a NYSSA Volunteer of the Year for her work on the Career Development Committee, especially its popular Friday Career Coffee series.

NYSSA Announces 2011 Award Winners

NYSSA volunteers are the living embodiment of Benjamin Graham’s goal of enriching and advancing the investment profession. This year we are introducing three new awards to mirror NYSSA’s growth: the Young Analyst Award to honor a new generation of analysts, the Furthering Research Award to promote excellence in research and education, and the Distinguished Service Award for those who have paved the way.

The awards will be presented at the Era of Excellence Reception fundraiser on June 7, 2011, at 230 Fifth, Manhattan's largest outdoor rooftop garden.

LIFETIME ACHIEVEMENT

Irving Kahn has worked on Wall Street as a stock broker, security analyst, portfolio manager and investment advisor since 1929. After leaving the City College of New York, he served as the second teaching assistant to Benjamin Graham at Columbia University’s Graduate School of Business. Over the years, he did research for and provided assistance to Mr. Graham for his lectures, articles and books, including for Security Analysis, Storage and Stability, and World Commodities and World Currencies. Mr. Kahn was a founding member of the New York Society of Security Analysts in 1937 and the Financial Analyst Journal in 1945.

Call for Nominations for Annual NYSSA Awards

NYSSA is calling for nominations for its Volunteer of the Year Award and introducing three new awards—one for distinguished service, another for outstanding research, and an award for early career professionals.

Marc Chandler on the Currency Outlook

Marc Chandler, global head of currency strategy at Brown Brothers Harriman, shared a surprising perspective on the US dollar when he spoke with Dow Jones Newswire at NYSSA. Chandler was at NYSSA for the annual Market Forecast. To hear the full webcast of that event and others, visit the NYSSA On-Demand site. 

NYSSA Seeks Candidates for Board of Directors

On behalf of NYSSA’s Board of Directors, I am inviting members to submit names of potential candidates to serve on the Board of NYSSA. During the coming months the Board will be searching for people with the experience, wisdom, and diligence to serve on your board as it continues to invigorate and solidify its governance foundations. You can help by suggesting the names of individuals who are qualified and prepared to serve. Candidates do not need to be members of NYSSA, nor do they have to be directly involved in the investment decision making process (our by-laws allow for a number of non-member Directors). The ability of the Director to understand the needs of our Society’s present and future is as important as the candidate’s employment background.

NYSSA Announces June 2011 CFA Scholarship Winners

NYSSA is pleased to announce the winners of the June 2011 CFA Exam Scholarship Program. Recipients were selected based on experience and/or interest in the investment profession, ethical standards, and commitment to NYSSA and CFA Institute. All scholarship winners receive a free weekly review course from NYSSA and a credit allowance for additional learning materials from Schweser. In addition, CFA Institute will refund the CFA examination and registration fees (less a $225 exam registration administrative fee). NYSSA offers up to five scholarships in both the fall and spring to New York area CFA candidates of all levels. 

Call for Submissions to NYSSA's E-Journal

NYSSA is delighted to announce the launching of a new online refereed journal to continue the tradition of the Investment Professional. Our first issue will launch September 2011.

We are particularly interested in articles on financial regulation and risk management and will accept articles on other topics as well. 

Victor Sperandeo to Teach His Proprietary Trading Techniques

Legendary trader and market wizard Victor Sperandeo, aka Trader Vic, will be at NYSSA on February 4th to teach a Master Class with NYSSA commodity instructor Michael Martin. Many of you know Martin's blog MartinKronicle.com, where he's interviewed several other market wizards such as Jim Rogers, Tony Saliba, Linda Raschke, and Sperandeo.

Interview with Amy Geffen, NYSSA's New President and CEO

On September 9, 2010, NYSSA announced the appointment of its new president and CEO, Amy Geffen, PhD. During her tenure at the American Society of Mechanical Engineers, Dr. Geffen expanded the global reach of the organization and spearheaded the delivery of online learning. Before beginning her new role on October 4, Geffen sat down to answer a few questions. 

You’ve been with the American Society of Mechanical Engineers for almost 10 years, which is a long tenure these days. (The average tenure for an American worker is 4.1 years.) What did you enjoy most about working for ASME?

Although ten years may seem a long time to be at one organization, in my ten years at ASME I held three different positions. The first was as Director of the Continuing Education Institute for four years. My greatest accomplishment there was to launch online courses that grew from zero to 100 in four years.

James Bullard Discusses the Future of the Fed on Squawk Box

St. Louis Fed President James Bullard apppeared on CNBC's Squawk Box, speaking from the Kansas City Economic Symposium in Jackson Hole, Wyoming. He discussed the outlook for the US economy and potential Fed strategies.

Bullard will speak live at NYSSA on November 8, 2010, for the High Profile Speaker Series: Monetary Policy and Inflation Outcomes in the United States.

NYSSA Announces December 2010 CFA Scholarship Winners

NYSSA is pleased to announce the winners of the December 2010 CFA Exam Scholarship Program. Recipients were selected based on experience and/or interest in the investment profession, ethical standards, and commitment to NYSSA and CFA Institute. All scholarship winners receive a free weekly review course from NYSSA and a credit allowance for additional learning materials from Schweser. In addition, CFA Institute will refund the CFA examination and registration fees (less a $225 exam registration administrative fee). NYSSA offers up to five scholarships in both the fall and spring to New York area CFA candidates of all levels. 

Committee Spotlight: Career Development Committee

The Career Development Committee (CDC) has been one of NYSSA’s most active committees over the last several years. The CDC focuses on helping NYSSA members actively manage their careers and achieve professional growth. The committee's programs are targeted toward helping members: (i) develop themselves professionally, (ii) understand and explore career opportunities in the evolving financial services industry, and (iii) advance their careers by marketing themselves more effectively to current and prospective employers.

Byron Wien: Man of Many Years

Byron Wien is having an especially good year. Not only has the long-time strategy guru received a Lifetime Achievement Award from the New York Society of Security Analysts, Inc., he has also enjoyed a higher-than-normal batting average on his signature Ten Surprises.

Moreover, at age 75, he is fulfilling his three most important goals: he is alive, he is healthy, and he has friends. Boy, does he have friends. Called by some the Perle Mesta of Wall Street, Wien continues to collect people all over the world—people who give him ideas and feed him information, helping Wien develop the kind of insights that have long nourished his popular year-end forecasts.

Letter to NYSSA Members: May 6, 2010

Dear Members:

During the recent past, those of us in the financial services industry have faced unprecedented challenges and likewise for the New York Society of Security Analysts (NYSSA). The Society has seen a decline in membership and enrollment in fee-based education. We are fortunate to have a strong balance sheet with the ability to use some of our cash reserves to help us weather the storm. This, combined with operational cost reductions will ensure our ability to consistently refine and improve our membership program offerings.

New Member Benefit: Invitation to Institutional Investor Journals

NYSSA has partnered with Institutional Investor Journals to offer its members a special 25% savings on subscriptions to any of its nine journals. Institutional Investor Journals offer in-depth, original, and practical research in investment management and finance. Written and edited by world-renowned practitioners and academics, the journals are extensively read and highly regarded in the industry.

An Update on Changes to Financial Statements

Michael Moran, of Goldman Sachs’s Global Markets Institute, kicked off January’s “Changes to 2009 Financial Statements” (an event sponsored by NYSSA’s Improved Corporate Reporting Committee), and he could not have given us a more timely presentation on accounting for transfers of financial assets if he had read an advance copy of the Valukas Report on Lehman Brothers. 

A Call for Volunteers

The New York Society of Security Analysts (NYSSA) will be working with the Sanford I. Weill Institute in order help locate volunteers to teach high school students basic information about finance and business. The Sanford I. Weill Institute, sponsored largely by Citi Foundation, is embedded into the normal school day at the High School of Economics & Finance and runs on Wednesdays from 1:24 p.m. to 2:24 p.m., starting April 28th through June 9th. 

Committee Spotlight: Derivatives Committee

The Derivatives Committee provides a forum for investment professionals to learn more about the use and intricacies of derivatives. It offers content to both specialists in the derivatives markets and those professionals who are not currently involved but who wish to learn more. The Derivatives Committee seeks to educate and keep its membership informed on all aspects of derivatives and derivatives markets. As the use and importance of derivatives is increasing, the Committee is committed to educating and making derivatives markets more accessible to those with little or no direct experience.

New Member Benefit: Invitation to SumZero

NYSSA has partnered with SumZero, an invitation-only online networking site designed to link buy-side analysts. SumZero currently consists of more than 2,300 analysts/PMs and membership is by invitation-only. Almost every well-known hedge fund, private equity fund, and mutual fund is represented in the user base. 

Consulting Opportunities for NYSSA Members

Members of the NYSSA have the opportunity to join the GLG CouncilsSM, the world’s leading expert network, and to participate in paid consultations with Gerson Lehrman Group® (GLG) clients. This no-cost opportunity provides NYSSA members with the ability to earn consulting fees, work with savvy industry professionals, network with industry leaders, and consult at their own convenience. GLG Council MembersSM set their own consulting rates and are free to accept or decline any projects.

Why SEMI?: A Former SEMI Participant Discusses the Experience

Like most finance and investments undergraduate students in Baruch College’s Zicklin School of Business, I was preparing to land a job at one of the major financial firms. But virtually no one anticipated the global financial meltdown that began in the summer of 2007 and led to the demise of many of the world’s largest financial firms. This made an already competitive job market more competitive.

Federal Grant Money Available for CFA® and Professional Development Courses

If you are registered as an unemployed NYSSA member and were employed by one of the 31 companies below, you may qualify to have your tuition for a NYSSA professional development and/or CFA preparatory course paid by the National Emergency Grant (NEG) through the New York State Department of Labor. 

Best Practices in Hedge Fund Management

With so much uncertainty and a great deal at stake regarding the future of hedge funds and what constitutes “best practices” in management, NYSSA’s Alternative Investments and Institutional Asset Management Committees recently held an event to address such issues, bringing together representatives from every corner of the industry.

Committee Spotlight: Institutional Asset Management Committee

The Institutional Asset Management Committee provides a forum for discussion on current issues of interest to investment professionals engaged in or contributing to asset management. Our rapidly changing investment climate offers an abundance of topical issues worthy of C-level, portfolio manager, and analyst attention as both specialists and management in the asset management field, in addition to those professionals who are not currently involved but who wish to be.

Islamic Finance: A Student's Review of the New NYSSA Course

Michael McMillen’s recent course on Islamic Finance was more than just an introduction to this niche market of structured finance—it was a colorful exploration of Islamic history and culture, which included a memorable overview of the anatomy of camels. Despite the lack of industry news coverage in the U.S. as compared to Europe and Asia Pacific, I was amazed to learn that there have been hundreds of Islamic financings done in the U.S. In fact, as McMillen pointed out, the U.S. is the easiest place in the world to structure such transactions and while it is still a niche market, demand for these products continues to grow.

NYSSA Welcomes FTSE to Leadership Circle

NYSSA is proud to welcome FTSE into the Leadership Circle as a Silver Sponsor. 

FTSE is a world leader in the creation and management of indexes. With offices in Milan, Beijing, London, Frankfurt, Hong Kong, Madrid, New York, Paris, San Francisco, Sydney, Shanghai and Tokyo, FTSE works with investors in 77 countries globally. It calculates and manages a comprehensive range of equity, fixed income, real estate and investment strategy indices, on both a standard and custom basis. The company has collaborative arrangements with a number of stock exchanges, trade bodies and asset class specialists around the world.

Letter from the President

As we begin NYSSA’s 2010 fiscal year, the staff and volunteers who bring all of our programs and events to life are continuing their work to provide you with the high caliber offerings you have come to expect from NYSSA. In fiscal year 2009, NYSSA hosted nearly 280 programs and events, 127 of which were member-only or free to members. Of these, an increasing number (41 in total) were career development programs designed to address the growing interest in this topic.

SEMI Program Celebrates with Reception Dinner

On Thursday, July 30, the SEMI Program held its year-ending reception dinner at the Westin New York at Times Square. Students, mentors, and past participants all took part in the festivities celebrating the end of another successful SEMI season.

At the event, NYSSA Student Committee Chair Virginia Donner announced the winning team of the SteepleChase Competition and thanked all students and mentors for coming.

NYSSA Annual Dinner

Over 250 members of the financial community attended NYSSA’s Annual Dinner on June 17, 2009 at The Westin New York at Times Square to hear featured speaker Leon Cooperman, CFA. The event also honored NYSSA’s Volunteers of the Year, SEMI student scholarship recipients, Investment Research Challenge winners and departing board members.

NYSSA Board Member Speaks with Beijing CFA Charterholders

Barry Sine, CFA, CMT, a member of NYSSA's Board of Directors, recently spoke to CFA charterholders in Beijing, and came away with some interesting insights into what is one of the most dynamic and fastest-growing capital markets in the world.

Fordham University Wins NYSSA Investment Research Challenge

A team of students from Fordham University edged out the competition from Rutgers Business School, Cornell University, and Stony Brook University to take top honors at the 8th Annual Investment Research Challenge. The students from Fordham—Thomas Messineo, Alex Ng, Jonathan Ball, and Ravi Misra—will now move on to the 4th Annual Global Investment Research Challenge in Hong Kong, where they will once again present their analysis of the subject company, Bitstream (NASDAQ: BITS). Messineo, the team captain, and Ball took some time out of their preparations to answer a few questions.

SEMI Participants Awarded Heloise S. Ham Scholarship

NYSSA awarded the Heloise S. Ham Scholarship to three deserving participants from the SEMI program: Patrick Dluzniewski, Baruch College; Sameed Musvee, Columbia University; and Joseph Tinti, Fordham University.

NYSSA Seeks Candidates for Board of Directors

On behalf of NYSSA’s Board of Directors, I am inviting members to submit names of potential candidates to serve on the Board of NYSSA. During the coming months the Board will be searching for people with the experience, wisdom, and diligence to serve on your board as it continues to invigorate and solidify its governance foundations. You can help by suggesting the names of individuals who are qualified and prepared to serve. Candidates do not need to be members of NYSSA, nor do they have to be directly involved in the investment decision making process (our by-laws allow for a number of non-member Directors). The ability of the Director to understand the needs of our Society’s present and future is as important as the candidate’s employment background. All candidates will be considered for this year’s nominations and will also comprise an active database for consideration next year and in the future. We would also welcome any personal comments that would aid the Committee in considering the recommended candidates. I greatly appreciate your time in giving this some thought and ask you to send your recommendations to nominating_committee@nyssa.org on or before February 28, 2010. 

Sincerely, 

Nanci D. Morris, CFA President, NYSSA