Securitization and Structured Finance: Legitimate Business Management Tools Barbara T. Kavanagh Principal, CP Risk Management LLC

The events and controversy surrounding the bankruptcy of Enron have led many to believe that securitization and structured finance serve no other purpose than deceit and deception. In reality, these are modern business tools that, when properly deployed, allow corporate treasurers to transfer risk, access alternative funding sources and capital markets, and maximally leverage a corporation’s own expertise despite an inevitably limited capital base. More Setting the Standard for Passing Professional Certification Exams Robert R. Johnson, Jan R. Squires, and Dennis Whitney Sr Vice President, AIMR Vice President, AIMR Director of Examinations, ICMA Professional certification programs are valuable for employers, employees, and prospective employees (students), and the recent proliferation of finance certification programs is testament to that perceived value in the finance discipline. Yet the validity of such certifications depends largely on how the administering organizations define and assess minimum competence. This paper discusses standard setting for professional certification examinations, focusing on three of the most visible finance certifications-the CFA®, CFM, and CMA Programs. More