The Executive Program for Prospective CFOs
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This program can be taken as an elective in the Chicago Booth Advanced Management Program. For more information about the Advanced Management Program, please visit: www.ampweb.chicagoexec.net or contact Susan Popa at 312.464.8732 or susan.popa@chicagobooth.edu.
  • "This was a great program offering solid balance of theory and application. The focus on strategy throughout the program was excellent to focus on the 'how' you apply the learning in real life."
    - John Murphy, Sr. VP, Chief Accounting Officer & Controller, DIRECTV
  • "Excellent course! Great instructors who communicated their messages clearly and with purpose. I would highly recommend this course."
    - Robert Rusch, Director – Finance and Accounting, American Transmission Co.
  • "I think the program is a success and fills a gap in the market. The international experience in the room enhanced the content and learning experience."
    – David Gillespie, General Manager, Planning, Investment, and Funding, Jemena Ltd.
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THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS
450 N. Cityfront Plaza Drive Chicago, IL 60611-4316
http://www.chicagoexec.net
Contact Us Online

Mark Lewis
Senior Associate Director of Executive Education
Phone: (312) 464-8732
Fax: (312) 464-8731
E-Mail: Mark.Lewis@ChicagoBooth.edu
The Executive Program for Prospective CFOs
Program Background
The job of financial leaders has evolved to mean much more than strictly crunching numbers. Finance officers today have to be actively engaged in the roles of strategic leader, effective communicator, moral conscience, and risk manager. These varied responsibilities make a CFO’s job more complex than ever. With this in mind, Chicago Booth has assembled an interdisciplinary team of faculty from the fields of economics, finance, accounting, strategy, and leadership to create The Executive Program for Prospective CFOs. Leading the effort is Professor Randall Kroszner, Norman R. Bobins Professor of Economics and former Governor of the Federal Reserve System.

Drawing upon Chicago Booth’s global expertise in finance and strong focus on economic research, The Executive Program for Prospective CFOs will help senior finance executives sharpen their analytical skills, effectively manage relationships with internal and external constituencies, and drive strategic direction to lead enterprise transformation and growth, applying cutting-edge research to the most pressing problems facing finance executives today. This program also will include keynotes from distinguished practitioners who will describe how they have managed strategic challenges in their organizations.

"My goal as faculty director is to make this the premier program for senior finance executives who want to sharpen analytics, build strategic leadership and communication skills, manage the changing regulatory environment, and broaden their experience to benefit their companies and individual careers. I hope to attract a select group of executives who will become the next generation of leaders in finance and who will continue to benefit from this high-caliber network long after the program is over."

- Randall Kroszner, Faculty Director
During this seminar, you will learn to:
  • Identify critical attributes needed to create a high-performance environment that will drive innovation and financial results.
  • Learn practical strategies to communicate effectively in good times, and in times of crisis, with customers, suppliers, credit rating agencies, investors, and the media.
  • Effectively articulate the corporate message internally and externally; improve communications with the board and audit committee and the investment community.
  • Learn the popular performance measurement tool – Economic Value Added (EVA®) – and its uses in capital budgeting, compensation, and supply chain management.
  • Analyze powerful patterns in strategic thinking and apply a strategy framework to identify a logical path for growth.
  • Develop a strategic plan for M&A execution and implementation.
  • Evaluate portfolios of projects and businesses to inform strategic decision-making and operational management.
  • Understand what drives differences in the cost of capital around the world and the impact on capital budgeting and the valuation of international investments, as well as examine the implications of international financial reporting standards.
  • Analyze the sources of financial fragility and the regulatory responses that are fundamentally reshaping financial markets and undertake strategic risk management in this changing environment.
Who Should Attend
This program is designed for senior finance executives–including CFOs, deputy CFOs, treasurers, senior VPs, and finance directors–whose goal is to become strategic financial leaders and CFOs. Applicants should have significant experience in upper-level management or finance. This program will be valuable to executives from all industries and companies of all sizes from around the globe.
The Executive Program for Prospective CFOs Program Outline
High Performance Leadership
This session will discuss the role of a leader in creating a high performance environment in an organization or workgroup. Participants will learn which attributes are most critical to creating such an environment that will drive innovation and financial results. Interactive exercises will be used so participants come away with strategies and processes to implement in their own organization.

Straight Talk in Tough Times
How do you communicate in good times, in a crisis, during unpleasant times such as downsizing? Do your actions and words match? During this session, you will get a taste of practical strategies and tools to communicate effectively.

Learn how to be proactive, rather than reactive, in getting your messages across when the unexpected happens. Whether you are seeking to thrive in good times or simply to survive through rough waters, this session will help you get your messages across to employees, customers, suppliers, investors, the media, and others.





What It Takes to Be a Successful CFO

Lunch Fireside Chat with Mark Loughridge, Tuesday, May 20, 12:00 - 1:30 p.m.

The modern CFO aims to run a top-performing finance operation and take a lead role in setting strategy and explaining that strategy to external stakeholders. Mark Loughridge, ’82, who in 2012 was named to the No. 1 spot in the Wall Street Journal’s first-ever ranking of CFOs, did just that.

In a discussion with Professor Randy Kroszner, Mark will talk about his journey at IBM and what it takes to be a successful CFO.

Valuation and Financial Reporting in the Global Marketplace
Capital budgeting, valuation for global investments, and strategic implications of international financial reporting:
  • IFRS – The trend toward International Financial Reporting Standards (IFRS) significantly affects financial reporting and financial decision-making. Moreover, the SEC is expected to decide soon whether to adopt IFRS or to allow US corporations to file financial statements prepared under IFRS. We will discuss the strategic implications of this global trend and the pending SEC decision.
  • global investments – These investment opportunities are becoming increasingly common, however evaluating them poses unique challenges for capital budgeting. We will discuss the valuation process.
  • globalizing the cost of capital – What drives differences in the cost of capital around the world? How should you assess global risks? How should you compute the cost of capital for global investments?

Strategy Formulation and Implementation
  • Why bother with strategy? What can strategy do? What happens if we don’t have a strategy? How can we think about reaching our goals?
  • Developing two simple tools: a set of four generic questions that apply to all businesses, and a set of six powerful patterns that can be used to think about the way strategies are developed
  • Applying this strategy framework to identify a logical path for growth

Strategic Capital Allocation and Portfolio Management
  • The role of the CFO in strategic investment decisions
  • Evaluating and improving capital allocation processes within the organization
  • Building effective financial models to support strategic decision-making
  • Incorporating scenario-based tools into financial modeling and decision-making
  • The relation between portfolios of projects and financial portfolios
  • Managing investment projects as portfolios

Strategic Communications Management
Effective corporate communications, including:
  • Crafting and delivering the corporate message
  • Managing your investor base
  • Effectively managing quarterly earnings releases
  • Do's and don'ts of corporate conference calls and earnings guidance
  • Maintaining a sound credit rating
  • Legal aspects of corporate disclosure policy

Strategic Risk Management and Financial Fragility
  • Analyze the sources of financial fragility and the regulatory responses fundamentally reshaping financial markets and assess the impacts on firms' access to capital and the cost of capital
  • Assess implications the Federal Reserve's and other central banks' extraordinarily accommodative policies for volatility, "currency wars," asset price bubbles, credit flows, inflation, and prospect for economic growth
  • Learn the components of effective risk management and explore how risk management can complement rather than compete with central business objectives
  • Draw lessons from recent and historical crises to better prepare for and manage through future crises

Performance Measurement
  • Introduction to the popular performance measurement tool – EVA® ("Economic Value Added")
  • The various uses of EVA®: capital budgeting, compensation, and supply chain management
Financing Strategy
  • Setting and adjusting priorities, managing cash flow, and targeting a sustainable growth rate
  • Choosing an optimal capital structure
  • The upside and downside of Special Purpose Vehicles and Securitization
Acquisition Strategies and Merger Implementation
  • The M&A process: strategy and valuation
    • Quantifying the strategic benefits of a deal
    • Making the case for the transaction
    • Structuring the deal

  • The M&A process: execution
    • Preferred stock and special distributions
    • Director responsibilities in a takeover situation – the role of takeover defenses in maximizing target shareholder value
    • Learning when to say no
The Executive Program for Prospective CFOs Program Faculty
Randall S. Kroszner
Randall S. Kroszner served as a Governor of the Federal Reserve System from March 2006 until January 2009. During his time as a member of the Federal Reserve Board, he chaired the committee on Supervision and Regulation of Banking Institutions and the committee on Consumer and Community Affairs. In these capacities, he took a leading role in developing responses to the financial crisis and in undertaking new initiatives to improve consumer protection and disclosure, including rules related to home mortgages and credit cards, and was director of NeighborWorks America.
Complete biography
Robert H. Gertner
Robert H. GertnerRobert Gertner is Deputy Dean for Part-Time MBA Programs, and Joel F. Gemunder Professor of Strategy and Finance at The University of Chicago Booth School of Business. He has been on the faculty since 1986. Professor Gertner is also a Faculty Director of Chicago Booth’s Social Enterprise Initiative. His research focuses on issues in strategic decision-making, corporate finance, organization structure, theory of the firm, and social enterprises. He has published papers in numerous scholarly journals including the Quarterly Journal of Economics, Review of Economic Studies, and the Yale Law Journal. He is co-author, with colleagues Douglas Baird and Randy Picker, of Game Theory and the Law.
Complete biography
Susan Lucia Annunzio
Susan Lucia AnnunzioSusan Lucia Annunzio is President and Chief Executive Officer of The Center for High Performance (CfHP). She is a strategic advisor to CEOs of leading global companies on strategy attainment and business transformation. Susan partners with senior executives to increase their ability to simplify complex strategic decisions through enhanced collaboration and creativity. She is a globally recognized speaker and thought leader on shaping and maintaining high-performance business environments. She has a strong track record helping leaders maximize returns on strategic, financial and human-capital investments.
Complete biography
Christian Leuz
Christian LeuzChristian Leuz is the Joseph Sondheimer Professor of International Economics, Finance and Accounting at the University of Chicago's Booth School of Business. He is also a Co-Director of the Initiative on Global Markets, a Research Associate at the National Bureau of Economic Research and at the European Corporate Governance Institute and a Fellow at Wharton's Financial Institution Center, Goethe Universität Frankfurt's Center for Financial Studies, and the CESifo Research Network. His research examines the role of corporate disclosures, accounting transparency and disclosure regulation in capital markets, corporate governance and corporate financing. His work has been published among others in the Journal of Accounting Research, Journal of Accounting & Economics, Journal of Financial Economics, and the Review of Financial Studies. He has received several awards and honors, including an Humboldt Research Award, the 2011 Wildman Medal Award, the 2010 Notable Contribution to the Accounting Literature Award as well as a JFE All Star Paper Award. Professor Leuz is an editor for the Journal of Accounting Research and has served on many editorial boards, including the Journal of Accounting & Economics, The Accounting Review, the Journal of Business, Finance and Accounting, and the Review of Accounting Studies.
Complete biography
Kevin F. Rock
Kevin F. RockKevin Rock joined the faculty of the University of Chicago Booth School of Business in 2004. Prior to his appointment, he taught courses in corporate finance and mergers and acquisitions at MIT’s Sloan School of Management where he was named Teacher of the Year in 2003, 2000, and 1996.
Complete biography
Jim Schrager
Jim SchragerJim Schrager teaches new venture strategy and international strategy courses to MBA students at the University of Chicago Booth School of Business, where he is often ranked as one of the top instructors. He was awarded the Emory Williams Teaching Award in 1996, 2001 and 2007, named as one of the top teachers in Entrepreneurship in the United States by BusinessWeek magazine in 1996. He was selected to give the Convocation address at Chicago in 1999, and again in 2007, and chosen by BusinessWeek as one of the two top professors at Chicago in 2000. While at Notre Dame University in 1994 he was named MBA Teacher of the Year.
Complete biography
Douglas J. Skinner
Douglas J. SkinnerDouglas Skinner is a leading expert in corporate disclosure practices, corporate financial reporting, and corporate finance, with a focus on payout policy. His research addresses topics such as (1) the causes and capital market effects of managers' corporate disclosure choices (especially forward-looking information such as earnings forecasts, earnings pre-announcements, and guidance, corporate conference calls, etc.); (2) how the legal and regulatory environment affects managers’ corporate disclosure practices; (3) managers' incentives to use their discretion in the financial accounting and reporting process to manage reported earnings ("earnings management"); (4) how stock prices respond to earning releases, especially for high growth companies ("earnings torpedoes"); and (5) the determinants of firms' payout policies, including whether and how much firms should pay out, the form of payout (dividends versus stock repurchases), etc.
Complete biography

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May 18-22 2015$9,900.00

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