IBF Course Catalog (2010)

2010

Course Catalog Certified Fund Specialist® – CFS® Certified Annuity Specialist® – CAS® Board Certified in Estate Planning™ – BCE™ Certified Income Specialist™ – CIS™ Certified Tax Specialist™ – CTS™ Master of Science in Financial Services

A Message from the President Having the right skills and depth of knowledge is vital in today’s marketplace. The Institute of Business & Finance (IBF) provides cutting-edge information that will prepare you for today and tomorrow. Our staff is continually monitoring advances in the financial services industry and updating our programs to reflect the most modern methods used in today's workplace.

You will learn much more than the latest statistics and studies. You will also receive a solid grounding in your chosen discipline through our estate planning, mutual funds, retirement income, taxes and annuity programs. Classes are updated quarterly with thought-provoking industry insights.

The success of our students proves IBF course materials work. All of our certification programs, from mutual fund to estate planning, are designed for busy people who know what they want but do not have the time to attend classes. Here are a few of benefits of becoming an IBF student:

 Convenience - Materials and learning aids are sent to your home or office. There is no

commute to classes and no need to rearrange your schedule. Study annuities, estate planning, income taxation, mutual funds or retirement income planning when you choose and still have time for business and family.

 Reliability - You will benefit from training with one of the country's leaders in financial

education. When you enroll with IBF, you can be certain of receiving high-quality education that can help obtain your desired career as a specialist.

 Support - Even though you learn at home, you are never alone. You can be assured of getting all the help you need from IBF instructors, student counselors and the rest of our dedicated staff. When you have a question, help is just a toll-free phone call or e-mail away.

 Low Tuition - You can advance your education with IBF at a reasonable price. Reading materials, a student guide, sample test questions and final examinations are included in your low tuition price.

There has never been a better time to start working toward fulfilling your goals. When you are ready to enroll, simply follow the steps provided in this catalog.

All of us at IBF look forward to helping you get the career training and advancement you need to get ahead in life. Enroll today and take the next step toward a brighter tomorrow. Answers to questions you may have about IBF can be found on our website, www.icfs.com. If you need further information, call us at (800) 848-2029.

Sincerely,

Dr. Gordon K. Williamson Chief Academic Officer, IBF

Table of Contents Welcome to IBF

1

Curriculum

4

Tuition

5

Academic Integrity

6

Academic Policies

7

Exams

7

Graduation Requirements

10

Student Services

11

Graduate Benefits

12

Continuing Education

13

IBF Reference Guide

14

Designation Programs CFS® - Certified Fund Specialist® CAS® - Certified Annuity Specialist® BCE™ - Board Certified in Estate Planning™ CIS™ - Certified Income Specialist™ CTS™ - Certified Tax Specialist™

15 16 18 20 22 24

Master of Science in Financial Services

26

IBF Personnel

30

Contact Information

31

“An investment in knowledge always pays the best interest.”

Benjamin Franklin

IBF Professional Designations You can take your practice to the next level of education and sales. Whether you specialize in annuities, estate planning, income taxes, mutual funds or current income, IBF can help you earn designations that will enhance your credibility and professionalism. We have been the leader in educating the financial services industry since 1988.

All of our certification programs were developed by seasoned practitioners with strong academic backgrounds.

Each of our five designations emphasizes the practical but also includes the theoretical. Materials are updated quarterly to reflect new trends affecting the industry today.

FOUNDATION

CFS® - The oldest mutual fund designation in the country; over 10,000 have gone through this program that covers closed-end funds, ETFs, open-end funds, REITs, structured products (guarantees) and UITs. CAS® - Both the public and the financial press misunderstand annuities; yet they are more popular than any investment vehicle except mutual funds. This is the oldest annuity designation in the nation.

SPECIALIZATION

CTS™ - Understanding personal income taxes does not have to be complex or intimidating.

Clients and prospects both view anyone with tax knowledge as impressive. Increase returns and better portfolio construction without taking on extra risk.

CIS™ - Eventually, every client becomes income oriented. Well over 75% of investors who have a broker will change advisors as they become serious about making the transition from work to retirement—retain your client base.

BCE™ - Transition planning is simple if you understand the basics. Knowledge of intermediate-to-advanced topics translates into using more products and greater diversification of services.

ADVANCED SKILLS

The seven additional course requirements necessary for obtaining the MSFS degree.

GRADUATE DEGREE

Foundation

CFS Mutual Funds

®

CAS

®

Annuities

Specialization

CIS BCE CTS ™

Income Planning

™

Estate Planning

™

Tax Planning

Advanced Skills  Financial Planning  Investments  Portfolio Management  Real Estate  Retirement Plans  Insurance  The Financial Plan

Graduate Degree

MSFS

MSFS - The only graduate degree designed by financial advisors for advisors, brokers and planners. Five certification programs (CFS®, CAS®, CTS™, CIS™ and BCE™) represent the core courses of the program. The student must also complete seven additional courses. This may be the only practical investment-oriented master’s degree.

Welcome Welocme to the Institute of Business & Finance MISSION STATEMENT

IBF’s mission is to enhance the professionalism of financial advisors through education and certification programs in a manner that fosters integrity, commitment to improvement and excellent service.

Objectives In pursuit of our mission, IBF strives to:         

Provide education that has a foundation in theory enhanced by knowledge that is practical.

Deliver education that is current and relevant to financial services professionals.

Increase knowledge above and beyond that required for licensure.

Offer education that is convenient and accessible for working professionals.

Provide high-quality programs, instructional materials and student services.

Enable students to meet continuing professional education requirements.

Promote ethical behavior and responsibility.

Support continuing professional development.

Award designations that distinguish an individual’s qualifications and commitment to professional standards.

Since 1988, the Institute of Business & Finance has enhanced the ongoing educational experiences of working professionals. We look forward to continuing to provide quality education and facilitating completion of financial service designations for generations to come.

HISTORY

In 1988, the Institute of Business & Finance (IBF) launched its first certification program, Certified Fund Specialist® (CFS®). IBF was founded by a small group of registered representatives and financial planners. These practitioners were disenchanted with materials, politics and direction of other schools offering designations to the financial services community, so they decided to provide a better mutual fund education.

Today, more than 13,000 members of the financial services industry, including several dozen Fortune 500 companies, have taken one or more IBF programs. The flagship designation, CFS®, is the fourth oldest designation in the financial services industry and the oldest mutual fund designation in the country. IBF also offers the Certified Annuity Specialist® (CAS®) designation, the only fixed-rate and variable annuity designation.

Today, IBF personnel are dedicated to continually making the content of our financial training better, serving the needs of several thousand students and graduates, as well as increasing awareness of IBF designations to brokers, insurance agents, accountants, financial planners, investment advisors, bankers and the general public. In addition to the CFS® and CAS® designations, we also offer Board Certified in Estate Planning™ (BCE™), Certified Income Specialist™ (CIS™) and the Certified Tax Specialist™ (CTS™) designations. BCE™ professionals leave our program with a solid understanding of planning techniques and asset repositioning. Finance professionals who obtain the Certified Income Specialist™ designation learn about fixed and variable-rate investment vehicles, retirement portfolios and other subject matter important to the practitioner. CTS™ graduates obtain easy-to-use methods of lowering a client’s tax liability.

When you earn one or more IBF designations, you will gain both theoretical and practical knowledge that can be conveyed to your clients, boosting your credibility and professionalism. As a student, you have the flexibility to study whenever you like. The expert faculty and staff at IBF are ready to help you earn your certification today.

1

NOTICE OF NON-DISCRIMINATION POLICY

IBF does not discriminate on the basis of race, color, sex, sexual orientation, religion, religious beliefs, ethnicity, national origin, marital status, pregnancy, age, disability, veteran status or any other classification that precludes a person from consideration as an individual, in solicitation and admission of students, in administration of its educational policies, procedures and activities, nor in its employment practices.

DESIGNATION ADMISSIONS

Before becoming an IBF designee, all students must have at least 2,000 hours work experience in the financial services industry or a bachelor's degree from an accredited college or university. Students may take IBF courses and examinations prior to completing a bachelor's degree or 2,000 hours of work experience, but a designation will not be granted until the required minimum number of hours has been fulfilled or a bachelor's degree granted.

Once a student has passed all three examinations and has successfully completed the written case study, he or she will then be required to provide a job title, dates of employment, name of employer(s), a description of work-related responsibilities and duties, hours per week devoted to financial services and educational background including attendance dates and degree(s) granted. IBF may verify employment records, qualifications and disciplinary history through FINRA's Central Registration Depository (CRD) or by contacting a college or university registrar's office.

Whereas,

It is the object of this organization to recognize properly qualified financial advisors with a professional designation.

And Whereas,

The petitioner has fulfilled all the requirements of education, examination, experience, licensing, character and commitment to continued professional education needed to qualify for such recognition.

Therefore,

The Trustees of The Institute of Business and Finance by virtue of the authority vested in them and on the recommendation of the faculty have conferred the professional designation of

Certified Fund Specialist John Hamilton

In Witness Whereof, I have set my hand and caused the seal of the Institute of Business and Finance to be affixed this day.

2

NON-DESIGNATION SEEKING STUDENTS

Institute of Business & Finance (IBF) welcomes individuals who are not seeking a designation from the Institute but wish to continue their education. Non-designation seeking students are individuals who may be taking coursework for personal enrichment or job enhancement.

Non-designation seeking students must formally apply and are subject to all policies that apply to designee students, as outlined herein. These students must show proof of a high school diploma or equivalent. Transcripts (prior college and/or military training) are not required to enroll in a non-designation seeking status. There are no additional fees and tuition is the same regardless of student status. A non-designation seeking student who later decides to pursue a designation will be required to supply transcripts or proof of work experience. An IBF representative will assist students desiring to make this change.

MSFS ADMISSIONS

Master’s degree candidates may enroll in a course or the complete MSFS degree program. MSFS students must have a bachelor’s degree in any field from an accredited college or university, with a minimum GPA of 2.5, supported by official transcripts. No GMAT or GRE score is required.

A $395 application fee must be submitted with the MSFS application ($300 will be refunded if admission is denied).

All applicants must submit official transcripts from each college or university attended within 90 days of application submission.

Admission process is as follows: 1. Request program information and an enrollment agreement.

2. Complete enrollment agreement and submit required enrollment fee; the agreement outlines student and Institute obligations.

3. Submit proof of bachelor’s degree in any field from an accredited college or university.

4. Once IBF has received and reviewed application materials, applicant will receive prompt notification of acceptance or rejection.

5. Students are admitted to the complete MSFS program, but enrollments are processed one course at a time. The first enrollment agreement outlines entire degree program requirements.

6. If previous accredited institution coursework was completed, official transcripts may be evaluated for transfer credit. Once all official transcripts have been received and reviewed, an evaluation form will be sent to the student showing all transfer credits awarded. A student may earn up to 12 semester hours of graduate level credit from other accredited institutions. Transfer credits must be less than 10 years old with a grade of B or higher. Content equivalency is required for any course transferred.

7. Students will be sent the first required course and subsequent courses, based on their transfer credit evaluation and current curricular requirements.

3

ADVANCED STANDING

Advanced standing may, on approval by faculty, be granted to those applicants who have completed comparable work with a “C� grade or higher, from accredited institutions, as evidenced by an official college transcript or evidence of College-Level Examination Program (CLEP) certification. Only official transcripts will be accepted. Transcripts should be submitted as soon as students enroll. Any course already shipped to a student will not qualify for evaluation.

In addition, IBF considers guidelines of the College Credit Recommendation Service (CREDIT) of the American Council on Education (ACE). ACE provides guidelines for nontraditional education experiences, such as military service.

All applicants accepted with advanced standing must complete a minimum of 66.6% of the total credit hours with IBF to be eligible for the MSFS degree.

FOR TRANSFER CREDIT

Submit official transcripts of courses completed at other schools. A $60 Transcript Evaluation Fee is charged for this service. If courses are accepted in transfer, monetary adjustments will be made.

IF ENGLISH IS NOT YOUR NATIVE LANGUAGE

All applicants whose native language is not English, or who have not earned a degree or diploma from an accredited institution where English is the principle language of instruction, must receive a TOEFL score of 500 on the paper-based test (TOEFL) 61 on the IBT or its equivalent. For more information, please refer to www.toefl.org.

Curriculum FINANCIAL SERVICES EDUCATION PHILOSOPHY

The Institute of Business & Finance (IBF) has been offering certification programs for over 20 years, making IBF one of the oldest providers of financial certification marks in the nation. Over 13,000 students have enrolled in one or more IBF programs. Most enrollments have been generated by word of mouth.

IBF was founded by practitioners, for practitioners; our programs stress practical applications, the most current industry standards, plus methods for building your business. Since the financial services industry is one of the ultimate beneficiaries of our educational offerings, we consult regularly with industry leaders and practitioners in a continuing assessment of workplace needs. The outcome is improved productivity and greater knowledge for both the individual and the organization.

Our responsiveness to the constantly changing requirements of the industry helps us maintain our reputation as the leader in financial services higher education. Employers and employees both commend us for the relevance of our course content and the enhanced workplace productivity it engenders.

You can take your practice to the next level of education, sales and compliance. Whether you specialize in annuities, estate planning, income taxes, mutual funds or current income, IBF can help you earn designations that will increase your credibility and professionalism. We have been the leader in educating the financial services industry since 1988.

All IBF certification programs were developed by seasoned practitioners with strong academic backgrounds. Each of our five designations emphasizes the practical but also includes the theoretical.

4

Tuition and Fees Tuition for each program is shown on the enrollment agreement. The agreement lists tuition and any fees for each designation program or MSFS course.

Tuition and fees are fixed at the time of enrollment. They are subject to change with notification to students upon re-enrollment. Designation courses (MS500’s) include: all exam fees, $35 shipping and handling fee, books and study materials. All MSFS courses (MS600’s) do not include books; textbooks must be purchased separately and average about $100. Exam fees and study materials are covered in the tuition fee for all courses and designations.

MSFS Designation Programs Course # Units Tuition Tuition Certified Fund Specialist® MS500 3 $1,165 $965 Certified Annuity Specialist® MS510 3 $1,165 $965 Board Certified in Estate Planning™ MS520 3 $1,165 $965 Certified Tax Specialist™ MS530 3 $1,165 $965 Certified Income Specialist™ MS540 3 $1,165 $965 MSFS Courses Financial Planning Investments Real Estate Portfolio Management Insurance Retirement Plans & Employee Benefits

MS600 MS610 MS620 MS630 MS640 MS650

3 3 3 3 3 3

$795 $795 $795 $795 $795 $795

$665 $665 $665 $665 $665 $665

MSFS Capstone Requirement The Financial Plan

MS700

3

$895

$735

MSFS Application Fee

$395

Total Cost

$11,885

$95 Non-Refundable Processing Fee $65 Practice Exams $75 Re-Exam Fee

$9,945

$40 Three-Month Course Extension $30 Transcript Evaluation Fee $10 Additional Transcript

FINANCIAL AID

IBF offers interest-free monthly payment plans. The school does not participate in federal financial aid.

CANCELLATION POLICY —

BUYER’S RIGHT TO CANCEL – Students have the right to cancel their Enrollment Agreement. Cancellation shall occur when student submits a written and signed Notice of Cancellation to Institute of Business & Finance, 470 Nautilus St., Suite 312, La Jolla, CA 92037 or via fax to (866) 418-2495.

The written Notice of Cancellation, if delivered by mail, is effective when deposited in the mail properly addressed with postage prepaid. Enrollment is non-transferable.

IBF shall refund all fees paid if cancellation occurs within five days after enrolling.

YOU HAVE A RIGHT TO WITHDRAW AND OBTAIN A REFUND – Fees paid, less shipping and non-refundable processing, are refundable within 12 months of enrollment according to the schedule below. If the student cancels or withdraws within five days of enrollment, IBF shall issue a refund within five days after IBF receives notice of withdrawal. Otherwise, IBF shall issue a refund within 30 days after IBF receives notice of withdrawal.

Example: A student enrolls on the 8th of the month paying $1,165 (which includes the $200 non-refundable processing fee and $35 shipping fee). On the 15th of the following month, after taking one exam, the student submits a written Notice of Cancellation. The student will receive a refund of $465 ($1,165 - $200 -$35 = $930 * ½ = $465).

Exams Taken

None

Exam 1

Exams 2 or 3

Refund

100%

50%

0%

5

Academic Integrity The IBF Student Code of Conduct protects the rights of students, faculty and staff. This code ensures student and faculty/staff interactions are characterized by mutual respect and civility. IBF students are required to abide by all standards and policies established by the school.

Students shall: 1. Treat fellow students, faculty and staff with courtesy and respect and behave in a manner that reflects the school’s integrity.

2. Comply with directions of IBF officials acting in the performance of their duties.

3. Accept responsibility for the consequences of their actions.

4. Abide by all published policies including, but not limited to, those that appear in IBF catalogs, student handbooks, study materials and enrollment agreements.

5. Never misrepresent IBF or its staff in any online social communities.

6. Observe all rules on submitting work and taking examinations and never turn in work that is not their own or present another person’s ideas as their own.

7. Never ask for, receive or give unauthorized help on graded assignments or exams.

The Student Code of Conduct, as well as the preceding guidelines, apply to all IBF students. An IBF official may, at his/her discretion, take disciplinary action up to and including student dismissal from IBF for failure to comply with any aspect of the Student Code of Conduct.

CHEATING Cheating is any inappropriate collaborative activity in which work submitted is not that of the enrolled student.

This would include submission of someone else’s work and answers obtained through inappropriate means or from another student.

If cheating is suspected, the student will be notified and required to respond in writing to the charges made. The response will go before the Academic Standards Committee for an enrollment decision. Disciplinary action may include enrollment termination.

Inappropriate behavior on the part of a student or proctor in the final exam process will result in an invalid exam, which must be repeated as a make-up test.

PLAGIARISM Plagiarism is another form of unethical behavior. Plagiarism is dishonestly using another person’s ideas or finished work as your own without giving source credit. It includes copying or paraphrasing something and using it as if you had done the work yourself. Students who submit plagiarized work will be disciplined. Possible measures may include expulsion. The best way to avoid plagiarism is to do your own work.

ONLINE BEHAVIOR IBF expects students to behave properly and use good judgment when communicating online with the school.

Illegal or improper use of IBF’s portal environment is not permitted and may result in disciplinary action.

DISCIPLINARY ACTION Any inappropriate behavior can result in several forms of disciplinary action, including awarding a non-passing grade on an exam or termination. Faculty members will report inappropriate student behavior by students; this will be forwarded to the Academic Standards Committee for action and final decision.

6

Academic Policies IBF uses a number-letter system of grading, with number grades being assigned to examinations and letter grades for completed designations and courses.

DESIGNATIONS

The letter grade for each designation program is determined by counting the average of the three exam grades as three-quarters of the course grade and the case study grade as one-quarter.

MSFS COURSES

The letter grade for each MSFS course is found by averaging the two exam grades. The letter grade for the capstone course is determined by the grade received on the submitted financial plan.

Students who fail a course must repeat the course. Students who earn a “D” or “F” may repeat the subject in order to improve their grade. If applicable, a student will be notified of the cost to repeat. When a student completes a replacement course, credit is granted only for the second course, if passed.

Exams Students should take exams online at IBF’s website. Special instructions are available for any required case study or financial plan.

Exam Grade

Letter Equivalent

Points

Rating

90 - 100%

A

4

Excellent

80 - 89%

B

3

Above Average

70 - 79%

C

2

Average

60 - 69%

D

1

Below Average

Below 59%

F

0

Failing

Students may also receive an incomplete (“I”) for a course. This means all requirements have not been met. A passing grade (“P”) is awarded for certain courses and/or projects. A “P” is required to complete a semester, but does not carry a grade or point equivalency.

PROCTORED EXAMINATIONS

Multiple-choice exams are taken using IBF’s Exams on Demand. You can access this online service by logging onto www.icfs.com/members and entering your username (your e-mail address) and password. IBF sends a password via e-mail upon enrollment. If you do not have a username and password, contact IBF by e-mail or telephone.

Students are eligible to sit for one or more of the examinations 10 days after course enrollment. Each exam consists of 50 multiple-choice questions.

7

EXAM RESULTS

Whether online or printed, evaluations will indicate which answers were incorrect and provide a reference page number. If there are any problems or questions with exam evaluation, student should contact IBF immediately.

Students are given three chances to pass each exam. If the score on the first attempt is below passing, review readings and use the exam evaluation to help find answers. The enrollment fee covers one attempt to pass each exam. A passing score is 70%; scores are based solely on the number of correct answers. If you fail an exam, there is a $75 re-examination fee. There is a five-day waiting period to retake an exam.

Make-up exams are graded on a pass/fail basis; the highest possible make-up grade is 70%. Retests must be taken on all failed exams. Each program may contain one or more assignments or projects that must be successfully completed in order to meet graduation requirements. Some may be graded on a pass/fail basis.

To be eligible to continue as an MSFS degree candidate, students must complete the proctored examination according to required procedures and must earn a passing grade (“C” or higher) on all courses.

The proctored exam process is closely monitored. All procedures must be strictly adhered to; instances of inappropriate action on the student’s or proctor’s part can result in an invalid exam. If an exam is considered invalid, the student will be required to take an alternate exam. The highest grade awarded on that exam would be 70%.

The proctor must: 1. have a valid, working e-mail address 2. not be related to the examinee 3. be at least 21 years of age

ACADEMIC PROBATION/CANCELLATION

Students who continually score below the passing average may be placed on academic probation for a period of time during which exam grades will be closely monitored. Continued academic failure may result in the student’s record being submitted to the Academic Review Board; board members will consider the student’s academic progress and, with Chief Academic Officer approval, determine if cancellation is necessary. If cancelled, student will be notified by mail and appropriate financial cancellation terms applied.

STANDARDS OF PROGRESS

Students are expected to successfully complete each semester before enrolling in the subsequent semester.

Students must complete each semester with the required Quality Point Average (QPA) as noted under Application for Subsequent Semester section. Students must repeat any failed subject. Students may improve their QPA by repeating a “D” or “F” grade. If a subject is repeated, only the second grade is counted in the QPA calculation. The first grade does, however, remain on the transcript. Students are given one year to complete each semester. Students may progress more quickly, but are contractually required to complete a semester within one year.

For a fee, students may request an extension, but a designation program must be completed in two years; the entire MSFS degree program must be completed within five years. Students who do not complete the program or degree within required time limit, must be re-enrolled and evaluated against the current program for transfer credit. Students who do not demonstrate satisfactory progress may be academically cancelled from the program or denied admission.

8

STUDENT GRIEVANCE POLICY

Students who have a complaint should contact their course counselor regarding academic issues or servicing issues. The course counselor or student services supervisor will provide a verbal or written response depending on the student’s preferred choice of communication. If the student believes the complaint has not been properly handled, student should use the following procedure to register a grievance: 1. Contact student services supervisor either by phone or in writing within 30 days of receiving a response to the original complaint. The supervisor will respond within two weeks of complaint receipt.

2. If student feels the issue is still unresolved, he/she has 30 days to express continued concerns to the Chief Academic Officer. A response will be sent within two weeks.

3. If the student still believes the grievance is unresolved, he/she may complete the school’s grievance form within 30 days from receiving the response from the Chief Academic Officer. The form can be e-mailed, faxed or mailed and is available by contacting student services.

4. All grievance forms will be returned to the Chief Academic Officer, who will turn them over to the Board of Directors. The Dispute Resolution Committee will meet and render a decision within two weeks of grievance form receipt. The Board’s decision is final and will be sent to the student.

5. All grievance forms and final decision notifications will be filed in the Chief Academic Officer’s office.

6. If the complaint cannot be resolved after exhausting the above grievance procedure, student may file a complaint with the California State Bureau for Private Postsecondary Education. Student must contact the State Bureau for further details; their contact information is: 1625 N Market Blvd, Suite N112, Sacramento, CA 95834 web: www.bppve.ca.gov e-mail: bppve@dca.ca.gov phone: (800) 952-5210

GRADE APPEAL

Students who wish to dispute a grade or answer to a question should contact their course counselor. Only a course counselor has authority to change a grade. If student is not satisfied with the results, he/she should follow the Student Grievance procedure described above.

9

Graduation Requirements To be awarded an IBF designation, a candidate must: 1.

2.

3.

4.

5.

6.

Complete all assignments Pass three exams Pass case study requirement Sign IBF Code of Ethics and IBF Standards of Practice Complete course within two years of enrollment Meet all financial obligations

To be awarded the Master of Science in Financial Services (MSFS) degree, a candidate must: 1.

2.

3.

4.

5.

Complete 36 semester units Pass all courses Complete a minimum of 2/3 of total credits through IBF Complete all required courses within five years of enrollment Meet all financial obligations

EXTENSIONS

Students are given 12 months to complete each course. Students may request four paid three-month extensions per course as long as the entire course is completed within two years for a designation or MSFS course or five years for the MSFS degree. Students who do not complete the program within the required time limit would need to re-enroll in the then current program. Previous work would be evaluated against the current curriculum to determine which courses could be transferred into the new enrollment.

GRADUATION HONORS

Students who achieve a minimum 3.4 or higher cumulative grade point average will receive their degrees with the following honors designation: 3.4 – Cum Laude 3.6 – Magna Cum Laude 3.8 – Summa Cum Laude

10

Student Services Students receive the following information to begin their IBF studies: • Student Handbook – Information on the IBF experience (also available online).

• Course Syllabus – Lists required books, assignments and exams (also available online).

CONTACTING THE SCHOOL

Students who have questions or problems with any course are encouraged to visit the website at www.icfs.com/portal/login.php. The IBF website features information on IBF and details on all programs, as well as links to other educational resources. From the website, students can view their records, take exams and e-mail IBF personnel. Visit the site at www.icfs.com.

Students can call (800) 848-2029; IBF personnel are on duty to answer questions from 7 a.m. to 4 p.m., Pacific Time (10 a.m. to 7 p.m., Eastern Time), Monday through Friday. After that time, and on weekends or holidays, students may leave a message; calls will be returned the next business day. Callers must have their student number available.

IBF 470 Nautilus Street, Suite 312 La Jolla, CA 92037

FAMILY EDUCATIONAL RIGHTS AND PRIVACY ACT (FERPA)

IBF respects the student’s right to privacy. To that end, the school maintains a privacy policy that complies with the Family Educational Rights and Privacy Act (FERPA). No information regarding an individual student record is released to anyone other than the student until a signed release form from that student has been received. Signed release forms are transferred to a laser optical scanner for permanent storage and reference. Release forms can be obtained from a student service representative.

ACCOMMODATING STUDENTS WITH DISABILITIES

IBF believes in opportunity for everyone. The school strives to meet the needs of all students by providing instructional support and student services that will enable them to reach their maximum potential. Students who need special accommodations should write a letter to the Chief Academic Officer indicating the nature of the special needs. The student must also provide documented evidence of the disability.

The school does not discriminate on the basis of race, color, gender, religion, national origin, age or physical disability. The school will offer a reasonable accommodation for any qualified student with known disabilities provided the accommodation does not pose an undue hardship on the school or does not force the school to fundamentally alter the educational course, compromise its academic standards or place the disabled individual in a better than equal position with nondisabled students.

CHANGE OF ADDRESS

The easiest way to change your address is to log on to www.icfs.com/portal/login.php.

Click “My Account” (then select “Edit Contact Info”).

TRANSCRIPTS

Along with a degree, the student will receive a copy of their Official Transcript. Additional copies are available for $10 each. Contact Student Services to submit requests. Permanent records of student transcripts are maintained for 50 years after graduation. (Students must be current in their payments to receive this service.) On the Web, you can use the “Support — Open a Case” feature to submit your request. Be sure to include the name and address of the employer or school you want the transcript sent to; you can also make your fee payment on line.

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TRANSFER OF CREDITS

Students planning to continue their education with another school after earning an IBF degree or designation should check with that school regarding credit transfer policies. Credits earned at IBF may transfer to some, but not all, learning institutions. Many MSFS degree courses have been reviewed by the ACE College Credit Recommendation Service and are listed in the National Guide to Educational Credit for Training Programs. Colleges use recommendations made by ACE to determine credit transfer values.

SCHOOL CALENDAR

The Institute of Business & Finance is open every weekday during the year with the exception of the following holidays: New Years Day, Memorial Day, Independence Day, Labor Day, Thanksgiving (Thursday and Friday) and Christmas Day.

Graduate Benefits IBF REFERENCE GUIDE

All active IBF designees receive a free annual IBF Reference Guide. The Guide contains over 300+ pages of updated charts, graphs, tables and commentary on domestic and foreign securities markets, mutual funds, variable annuities, income taxes, retirement planning and Social Security. Practitioners use the IBF Reference Guide to educate and advise clients.

QUARTERLY UPDATES

In keeping with our goal to provide education that is current, relevant and practical, IBF curriculum developers conduct ongoing research to improve course content. IBF spots trends, reviews new products and examines other relevant information used by the practitioner. Based on this research, IBF publishes Quarterly Updates that are provided to all active students and graduates. The free quarterly updates are intended to keep the practitioner current with new studies, performance figures and opinions by recognized practitioners, the securities industry, federal agencies and other well-respected sources. The readings include summary compilations of a wide range of investment topics from various financial sources and publications. Research that goes into the quarterly updates is used to continuously enhance course materials.

MEMBER REGISTRY AND DESIGNEE PROFILES

Investors interested in contacting an IBF designee in their area frequently search our online membership directory without having to log in or use a password. Prospective clients can search by name, city or zip code. They can also search by designation or company name. Search results include links to designee profiles. As a graduate and designee, you are able to update your profile to reflect your qualifications. Additionally, clients are able to view course descriptions, the IBF Code of Ethics and Standards of Practice, so they further understand your expertise and commitment. Like Quarterly Updates, the Member Registry and Designee Profiles are free.

12

Continuing Education Courses offered by the Institute of Business & Finance are approved for continuing education (CE) credit to meet your professional development requirements. Approvals are subject to change and the student is responsible for confirming the credits approved for a given state or organization. Upon request by the student, IBF Student Services will submit course completion information for CE credit. Students requesting CE credit are responsible for paying any reporting fees charged by states or other reporting organizations.

State AL AR

CFS® 38 20

CAS® 29 20

BCE™ P 20

CIS™ P 20

AZ CA CO

32 32 15

60 60 60

30 30 P

21 21 P

CT

21

35

30

54

FL GA IA

23 30 12

14 24 35

P 30 18

P 30 18

ID IL

24 15

24 15

P 15

P 15

IN MA

32 49

40 29

30 25

21 17

MD ME MI

16 60 30

16 48 30

16 60 30

16 60 21

MN MO NC

30 16 32

30 16 48

P P P

P P P

NE

21

21

21

21

NH NJ NM

25 24 20

25 24 P

25 24 P

P 21 P

NY OH

15 20

15 20

15 20

P P

OK

16

16

P

P

PA SC

42 15

35 15

48 15

21 10

TN TX UT

24 P P

24 15 12

24 P 12

24 P 12

VA WA WI WV

24 15 21 24

24 25 24 12

30 20 24 12

21 24 24 12

CFS® 45

CAS® 45

BCE™ 45

CIS™ 45

CPA

60

60

60

60

PACE

45

45

45

45

NAPFA

60

60

60

60

Provider CFP

Note: a “P” indicates that the program is pending approval.

13

IBF Reference Guide A frustration by all investment and insurance advisors is finding a single reference source that can be used on a daily basis. Such a publication has not existed in the past, at any price. With the introduction of the IBF Reference Guide, all this has changed.

The IBF Reference Guide is a resource used by practitioners on a daily basis and it is free to all new IBF students. All BCE™, CAS®, CFS®, CIS™ and CTS™ designees in good standing are sent an updated copy of this reference source each year. The current edition has over 280 pages of charts, graphs and tables, divided into eight sections: • • • • • • • •

Securities (returns by asset class, including foreign, REITs and more) Mutual Fund Charts (34 different categories) Variable Annuity Charts (28 asset classes) Annuities vs. Mutual Funds (comparing returns, expenses, etc.)

Personal Income Taxes (tax schedules, tables and rules) Retirement Planning (contributions, distributions, etc.)

Time Value Tables (present and future value tables) Directory of Mutual Fund, Annuity and ETF Companies

The IBF Reference Guide takes up very little desk space and provides an easy solution for generic examples that can be used with your clients. There is no other source that provides this type of unbiased and useful information in such a practical form.

Members can purchase additional copies for $85 each. Non-IBF members can purchase copies for $135 each.

14

IBF Designations IBF has structured its courses, exams and case studies to highlight what the practitioner faces daily. Whether you have been in the industry for a short period of time or are a seasoned professional, you will reap immediate rewards in return for your commitment of time and study. Because the teaching materials are designed to be used in your daily practice, each program is regularly updated. The five designation programs described below are also required courses for the MSFS graduate degree program.

Course Structure

Examinations

Case Study

• Each certification program consists of six modules • Each program takes 135+ hours, depending on student background • Materials include numerous sample exam questions

• Each of the three exams is based on two modules • Each exam consists of 50 multiple-choice questions • More than one exam can be taken at a time

• Based on a hypothetical client with specific objectives • Solution should address all concerns and objectives • Student’s response should be 3-5 pages

Earning a Designation

• Successfully complete all three exams and a written case study • Meet experience or education requirements • Sign the IBF Code of Ethics

To earn an IBF designation, candidates must have at least 2,000 hours of work experience in the financial services industry or a bachelor's degree from an accredited college or university. Candidates may take IBF courses and examinations prior to completing a bachelor's degree or 2,000 hours of work experience, but a designation will not be granted until the required minimum number of hours has been fulfilled or a bachelor's degree has been granted.

Once the candidate has passed all three examinations and has successfully completed the written case study, he or she will then be required to provide a job title, dates of employment, name of employer(s), a description of work-related responsibilities and duties, hours per week devoted to financial services and educational background including attendance dates and degree(s) granted. IBF may verify employment records, qualifications and disciplinary history through FINRA's Central Registration Depository (CRD) or by contacting a college or university registrar's office.

ADDITIONAL INFORMATION

IBF programs are not alternatives to state or federal licensing requirements. IBF is not a public institution. IBF has not filed, nor has had filed against it, a petition in bankruptcy. IBF is a distance-education institution and therefore, no visa services are provided. IBF does not provide English as a Second Language (ESL) instruction. IBF does not offer placement services.

15

CFS

®

Certified Fund Specialist

®

CERTIFIED FUND SPECIALIST® (CFS®) DESIGNATION PROGRAM – MS 500 The Certified Fund Specialist® (CFS®) program is an intermediate-to-advanced course on mutual funds, ETFs, REITs, closed-end funds and similar investment vehicles. The program addresses the foundation of a modern practice with knowledge that can be used to provide intelligent solutions as you build long-term client relationships.

Whether advising a new investor or providing sophisticated wealth management, a CFS® is empowered by practical education to prepare and present optimal solutions that address each client’s concerns and goals. The curriculum includes advanced topics in fund analysis and selection, asset allocation and portfolio construction. It details sophisticated investment strategies that account for risk, taxes, estate planning and more. The materials, designed by seasoned practitioners with strong academic backgrounds, cover the practical as well as the theoretical. This education will improve your skills and provide a catalyst for a growing practice.

The program leads to the Certified Fund Specialist® (CFS®) designation, the oldest and most respected mutual fund designation.

Prospective clients evaluate advisors for their experience, education, credibility and professionalism; the CFS® designation distinguishes your qualifications, setting you apart from your peers.

COURSE LEARNING OBJECTIVES Students of this course will gain mutual fund and related knowledge plus an understanding of the uses of different investment vehicles in their financial advising practice.

16



Asset class descriptions, historical returns and risk



Mutual fund costs



Fund management and selection



Time value analysis and market indicators



REITs, ETFs, CEFs, UITs and structured notes



Risk measurements and minimization



Fund and personal tax issues



Modern portfolio theory

SUBJECT HIGHLIGHTS

Subject highlights below are a partial list of topics covered.

CORE • • • • • • • •

Mutual fund features and benefits Structure and regulation of investment companies Expenses, share classes and load vs. no-load Performance metrics for risk and returns Asset classes and fund categories Indexing vs. active management Mutual funds vs. CEFs, EANs, ETFs, ETNs and UITs Basics of portfolio construction

ADVANCED

SPECIALTY

• • • • • • • • • • • • • •

• • • • • • • • • • • • • •

Assessing risk tolerance Time value of money Risk factors, related statistics and shortcomings Fund analysis and selection Investment policy statements Core-satellite strategies Monte Carlo simulation Correlation coefficients and first-auto correlations Modern portfolio theory (MPT) Post-MPT and its ramifications Portfolio rebalancing strategies Income taxes and planning Retirement income and withdrawal strategies Foreign markets and currency hedging

Balancing client goals and concerns Fund management Market indicators and indexes Home prices vs. stock indicators Closed-end funds and UITs Sector fund options and suitability Commodity, utility and other specialized funds REITs and real estate funds High-yield vs. junk bonds Emerging markets vs. frontier funds Long-short (130/30) and hedge funds Target retirement funds Ratio shortcomings Optimal and suboptimal portfolios

17

CAS

®

Certified Annuity Specialist

CERTIFIED ANNUITY SPECIALIST® (CAS®) DESIGNATION PROGRAM – MS 510 The Certified Annuity Specialist® (CAS®) program is an intermediate-to-advanced course on fixed-rate, variable and equity-indexed annuities. Although a number of misperceptions and half-truths surround these products, annuities are a viable investment vehicle, especially for retirement planning, evidenced by the hundreds of billions of dollars invested in annuities each year. This program teaches valuable knowledge and skills essential to a successful career.

The CAS® curriculum details complexities of annuities with strategies for when and how to use annuities for their risk management, retirement, tax and estate planning benefits. Annuity analysis and selection, asset allocation and portfolio planning are also covered, thereby providing the student with a well-rounded education. Course content is written by experienced advisors who are able to transform subject matter into something meaningful and practical.

After completing this program, you will view this investment vehicle in a new light and have the knowledge to enhance your practice.

The program leads to the Certified Annuity Specialist® (CAS®) designation, the oldest and most recognized annuity designation in the industry. The confusion surrounding this investment vehicle means potential investors will demand an advisor who has both integrity and knowledge —a specialist. The CAS® designation distinguishes your experience, education, credibility and professional qualifications, emphasizing your ability to provide recommendations and valuable advice to clients.

COURSE LEARNING OBJECTIVES Students will gain annuity knowledge and an understanding of using this investment vehicle in their financial advising practice.

18



Fixed-rate, variable and equity-indexed annuity features and benefits



Annuitization and other methods of generating income



Characteristics of variable annuities and their subaccount categories



Contract structure and tax treatment



Living benefits and strategies



Portfolio composition, risk and optimal asset allocation

®

SUBJECT HIGHLIGHTS

Subject highlights below are a partial list of topics covered.

CORE • • • • • • •

Annuity basics, features and benefits Suitability, illustrations and marketing Performance metrics for risk and return Subaccount asset classes and categories Tax treatment of distributions and gifts Liquidity, penalties and premium taxes Asset allocation basics

ADVANCED

SPECIALTY

• • • • • • • • • • • • •

• • • • • • • • • • • • • •

Assessing risk tolerance Contract structure and ramifications Suitability: annuities vs. mutual funds Annuity guarantees and insurance features Risk measurements and allocations Management criteria and selection Using annuities for retirement income Variable annuity investment options Spousal election and joint ownership Asset/liability matching Fixed-rate vs. variable annuitization Equity-indexed annuities Floors, spreads and participation rates

Balancing client goals and concerns Structured settlements Alternatives to annuitization Death prior to and after annuitization date Mechanics of EIA investing Stepped-rate and market value annuities Certificate and bonus rate contracts Two-tiered fixed-rate annuities How living benefits work Modern portfolio theory (MPT) Value vs. growth Fiduciary concerns Behavioral finance Annuity niche markets

19

BCE

™

Board Certified in Estate Planning™

BOARD CERTIFIED IN ESTATE PLANNING™ (BCE™) DESIGNATION PROGRAM – MS 520 The Board Certified in Estate Planning™ (BCE™) program provides knowledge that will advance your practice with tools to attract and retain wealthy clients. Estate planning offers the advisor a way to structure and market a financial services practice to clients looking for an integrated approach that will solve multiple concerns. The BCE™ curriculum transforms legalese into steps and procedures that can be immediately implemented.

The ins and outs of trusts are a central part of the program, but lesser-known estate planning devices and strategies are also examined and clarified. Ownership, tax planning and control issues are addressed for investments, insurance and other assets. The course goes beyond plan creation, covering funding, management and circumstances such as what needs to be done after a death or divorce.

The program leads to the Board Certified in Estate Planning™ (BCE™) designation, the premiere estate planning designation in the financial services industry. BCE™ certification distinguishes your experience, education, credibility and professional qualifications, highlighting advanced knowledge that complements your insurance and investment advice.

COURSE LEARNING OBJECTIVES Students will gain estate planning knowledge and an understanding of applying planning principles in their financial advising practice.

20



Property transfers during life and at death



Taxation and risks of transfers



Trusts and wills—requirements, responsibilities and uses



Drafting an estate plan



Post-mortem planning

SUBJECT HIGHLIGHTS

Subject highlights below are a partial list of topics covered.

CORE • • • • • • •

Wills and probate Living trust features and benefits Executors and trustees Estate and gift taxation Retirement benefits Life and health insurance Social security

ADVANCED

SPECIALTY

• • • • • • • • • • • • •

• • • • • • • • • • • • •

Reducing taxes with trusts Protecting assets from probate Disinheritance and divorce Disclaimers and incapacity What to do if there is no will or trust Advising survivors after a death Final income tax return Bypass trusts and QTIPs Overview of ongoing trusts Revocable and irrevocable trusts Special property ownership rules State exemptions from probate Generation-skipping trusts

Joint tenancies and transferring property Pay-on-death accounts Irrevocable life insurance trusts Caring for children and their property Controlling assets and distribution Making claims Combining trusts Powers of attorney Charitable lead and remainder trusts Special procedures for small estates Wrapping up a living or AB trust Body and organ donations Planning for funerals and services

21

CIS

™

Certified Income Specialist

™

CERTIFIED INCOME SPECIALIST™ (CIS™) DESIGNATION PROGRAM – MS 540 The Certified Income Specialist™ (CIS™) program is an intermediate-to-advanced course on sources of income for the retiree. As clients age, priorities change from accumulation to current income. One of the biggest fears of an aging population is outliving one’s assets. An even more immediate concern is health care. Being able to differentiate between policies and programs that represent wise planning and those likely to be disappointing can be the core of an effective and appealing advisory practice.

CIS™ materials, written by advisors for advisors, emphasize conservative to moderate-risk investment vehicles, going beyond fixed-rate instruments and professionally-managed products. Students learn advanced approaches to meeting a client’s financial goals within their risk tolerance. The course also covers traditional and non-traditional strategies in wealth preservation, health insurance, tax and estate planning.

This program leads to the Certified Income Specialist™ (CIS™) designation. The CIS™ is able to address each client’s concerns and provide real world answers that are time tested. The CIS™ designation distinguishes your experience, education, credibility and professionalism while emphasizing your unique qualifications.

COURSE LEARNING OBJECTIVES Students will gain knowledge related to retirement income and an understanding of using specific investment vehicles and strategies in their financial advising practice.

22



Understand how several dozen investment vehicles work



Become familiar with risk measurements and solutions



Insured portfolio solutions



Tax aspects for planning strategies and asset classes



Income solutions for retirees

SUBJECT HIGHLIGHTS

Subject highlights below are a partial list of topics covered.

CORE • • • • • • •

Investment concepts and principles Overview of retirement planning Bond building blocks Cash reserves and equivalents Government vs. mortgage-backed issues Convertible securities Stock market fundamentals

ADVANCED

SPECIALTY

• • • • • • • • • • • • •

• • • • • • • • • • •

Assessing risk tolerance Bond risk and default rates Investment policy statements Risk minimization strategies Life cycle investing Rollover and withdrawal strategies Filing status and tax computations Deductions, exemptions and credits Medicare: qualification and coverage Helping children and grandchildren Fiduciary standards and concerns Riding the yield curve Tax diversification

Corporate vs. municipal debt Balancing client goals and concerns Barbells and ladders Foreign vs. emerging market debt Social security Standard Medigap plans Income withdrawal programs Utilities, bonds and preferreds Real estate and REITs Stretch IRAs Annuitization revival and legitimacy

23

CTS

™

Certified Tax Specialist

™

CERTIFIED TAX SPECIALIST™ (CTS™) DESIGNATION PROGRAM – MS 530 The Certified Tax Specialist™ (CTS™) program is a comprehensive course on individual income taxes. Income taxes affect every investment and most financial planning decisions. Many successful practices are built around tax advice.

This program enables advisors to enhance the value and thoroughness of their service.

The CTS™ textbook is easy to follow and covers all aspects of individual and joint returns with numerous examples.

Materials are written so they are of value to the novice as well as the advanced practitioner.

The course covers planning strategies such as how to use a prospect’s tax return to personalize the advisory process, taking it to a higher level of sophistication. By applying fundamental and advanced tax knowledge, advisors can increase a client’s rate of return without extra risk.

The program leads to the Certified Tax Specialist™ (CTS™) designation. The CTS™ designation distinguishes your experience, education, credibility and professional qualifications, highlighting real-world knowledge valued by clients.

COURSE LEARNING OBJECTIVES Students will gain personal income tax knowledge and an understanding of tax issues in their financial advising practice.

24



Understand and apply the tax formula



Calculate exemptions, deductions, credits and capital gains



Be familiar with what constitutes gross income and exclusions



Knowledge of withholding, estimated payments and payroll taxes



Complete an individual income tax return

SUBJECT HIGHLIGHTS

Subject highlights below are a partial list of topics covered.

CORE • • • • • •

Basic tax liability computations Filing status and deductions Capital gains and losses Interest and dividend income IRAs and qualified plans Annuities and life insurance

ADVANCED

SPECIALTY

• • • • • • • • • • • •

• • • • • • • • • • • •

Installment sales Like-kind exchanges Alternative minimum tax Employee fringe benefits Travel and entertainment allowances Home offices FICA and self-employment taxes Child care and dependency rules Energy credits Section 1231 gains and losses Limitations on deductions and exemptions IRS audit process

Tax strategies and planning Health insurance Social security benefits Passive losses and rental income Business expensing The nanny tax Luxury automobiles Sale of a personal residence Rollover options and concerns Interest and penalty taxes Taxpayer bill of rights Statute of limitations

25

Master of Science in Financial Services Degree After having thoroughly reviewed several dozen MBA and MSFS programs throughout the country, the Institute of Business & Finance (IBF) developed its own graduate-degree curriculum and devised practical investment advisor training. While other Master’s programs provide a great deal of theory, often that theory has little relevance or applicability to an advisor's actual practice. Graduate-degree business courses may include real-world case studies, but their fact patterns have little to do with estate, financial or tax planning outside of academia.

Like each designation offered by IBF, the MSFS program focuses on the practical. Students gain knowledge that can be used in their daily practice. The core of the MSFS curriculum is the five IBF certification programs.

The IBF MSFS was the first—and remains the only—graduate program to be designed by practitioners for practitioners.

IBF believes it offers the best training in the financial services industry. A small number of designations offered by other institutions are also held in high regard by IBF. However, the reality is few people know the meaning of any certification mark or what it takes to obtain a legitimate designation. However, everyone recognizes a Master’s degree, as well as the time commitment and effort involved in a graduate-level program. Obtaining an MSFS degree means you are in a class above other designations or undergraduate degrees. IBF has been the leader in educating the financial services industry since 1988.

MSFS Curriculum Core Designation Programs (3 semester units each) Complete all five designation programs: • • • • •

MS500 - Certified Fund Specialist® (CFS®) MS510 - Certified Annuity Specialist® (CAS®) MS520 - Board Certified in Estate Planning™ (BCE™) MS530 - Certified Tax Specialist™ (CTS™) MS540 - Certified Income Specialist™ (CIS™)

MSFS Courses (3 semester units each) Complete all six of the following courses: • • • • • •

MS600 - Financial Planning MS610 - Investments MS620 - Real Estate MS630 - Portfolio Management MS640 - Insurance MS650 - Retirement Plans and Employee Benefits

Capstone Course (3 semester units)

Students must complete the capstone course: •

MS700 - The Financial Plan

Before an MSFS degree is granted, the candidate must complete 36 semester hours (see above).

26

MSFS Courses Number and Title

Prerequisites

• • • • • •

MS500 through MS540 MS600 MS600 MS600 MS600 MS600

MS600 - Financial Planning MS610 - Investments MS620 - Real Estate MS630 - Portfolio Management MS640 - Insurance MS650 - Retirement Plans and Employee Benefits

MSFS Course Descriptions MS600 - Financial Planning | Overview (3 credits)

This financial planning course has depth, breadth and technical sophistication necessary to prepare the planning professional for meeting challenges of the 21st century. The textbook is widely used by universities across the country. For new practitioners, the course serves as a comprehensive and effective source that fills in areas of technical weakness; it provides a practical guide for those instances when the planner’s experience comes up short. For experienced planners, the text is an invaluable educational reference when facing issues infrequently encountered, a handy technical reference.

Prerequisites: MS500, MS510, MS520, MS530 and MS540

MS610 - Investments | Overview (3 credits)

The last few decades have brought rapid, profound and ongoing changes to investments and the financial services industry. This course examines those changes in the evolving investment environment. Content emphasize practical applications of investment theory and concentrates on the intuition and insights useful to practitioners. This course shows students the link between theory and practice. Materials are consistent with those of the CFA Institute (Chartered Financial Analyst) and considered core investment knowledge for the practitioner. Content covers major issues that concern all investors.

Prerequisite: MS600

27

MS620 - Real Estate | Overview (3 credits)

The course begins with important legal concepts related to ownership rights and real estate notes and mortgages; time value of money is also considered. The student is then introduced to real estate financing, including fixed rate, adjustable rate, hybrid, subprime and home equity-based loans. Family housing as an investment is then considered—the demand for housing, whether a residence should be rented or owned, tax considerations, expected appreciation and investing in distressed properties.

The next section of the course covers investment analysis and financing of income property. It includes a lengthy discussion of leases, rent determination, expense recoveries and other options and features unique to the four major property types. There is in-depth coverage of methods used to estimate the value of commercial properties, financing alternatives, risk analysis and disposition.

Construction and land development projects are then considered. This type of asset poses greater risk since a development process is included. Risks and expected returns are looked at from the perspective of lenders and investors. Topics include construction and development loan structure, how a developer receives advances and methods of loan repayment.

The last part of the course covers joint venture structures used by developers and investors.

Mortgage-backed securities, including collateralized debt obligations (CDOs), are detailed. Domestic and foreign REITs are examined, along with real estate derivatives as collateral. The use of real estate in a portfolio of traditional stocks and bonds is explored along with an introduction to how asset managers view real estate relative to other domestic and foreign asset classes.

Prerequisite: MS600

MS630 - Portfolio Management | Overview (3 credits)

The course is on portfolio management and investment analysis. The purpose of the course is to help the advisor better manage client portfolios by becoming familiar with asset alternatives and methods of portfolio analysis. The course is divided into six parts: asset allocation choices, developments in investment theory, financial statements and security valuation, stock and bond analysis, derivatives and management evaluation.

Prerequisite: MS600

28

MS640 - Insurance | Overview (3 credits)

The course is a detailed view of the fundamentals of risk, theory, current practices and insurance products.

Emphasis is on what a financial professional must know about insurance in order to effectively serve clients, including product sales, analysis and evaluation of different types of insurance products and specific policies.

All topics covered in the CFP and CLU insurance programs are covered in the materials.

The beginning parts of the course cover risk, the insurance business, basic legal insurance principles, contract analysis, Social Security, Medicare and other government programs. These foundation topics are followed by an extensive discussion of life insurance, annuities, medical expense insurance, homeowner policies, auto insurance plus other property and liability insurance coverage. Both personal and business needs of clients are addressed.

Prerequisite: MS600

MS650 - Retirement Plans and Employee Benefits | Overview (3 credits)

The course is on individual and employer-sponsored retirement plans. The text presents materials with a large number of practical examples. Topics are presented from the perspective of a financial planner. Materials were designed to meet educational requirements for a retirement course in a CFP Board-Registered Program.

The course begins with an overview of retirement funding and traits common to qualified retirement plans.

Materials cover specific types of plans: pension, profit sharing, stock bonus, employee stock ownership, 403(b), 457 and SIMPLEs. The course includes separate sections on distributions, installation, administration and termination. SEPs, traditional and Roth IRAs are also covered. Social Security retirement benefits are included as well as deferred compensation, nonqualified plans plus employee fringe and group benefits.

Prerequisite: MS600

MS700 - The Financial Plan | Overview (3 credits)

This is the capstone course for the MSFS program and is comprised of two books. The first book covers three broad themes. First, there is an in-depth and multidisciplinary explanation of the financial planning process.

Second, discussion of the planning process is surrounded with a description of concepts central to the advisor’s practice (ethics, legal and regulatory), planner-client communication and decision-making processes. Third, there is an explanation of model financial plan components plus process documentation and client and advisor guidance.

The second book combines the practicalities of the real world with the academic approach used by graduate school financial planning courses. The emphasis is on the case study approach: offering student and advisor approaches to financial plan development, presentation and monitoring.

Prerequisites: MS600, MS610, MS620, MS630, MS640 and MS650

29

FACULTY

Gordon Williamson - Instructor BA, U. C. Santa Barbara; MBA, San Diego State University; JD, Cal Western Law School

ADMINISTRATION

Cory Bowman - Executive Director BA, San Jose State University

OFFICERS

Gordon Williamson - Chairman of the Board Inger Davies - Board Member MA, PhD, University of Chicago Russell Ingledew - Treasurer CPA, MS

BOARD OF ADVISORS

Mr. Raymond Ambrosino MSFS, CFP®, CSA® President, Garden State Securities, Inc. Mr. Adam Bold CFS® Founder and CEO, The Mutual Fund Store® Chief Investment Officer, The Mutual Fund Research Center™ Mr. Richard Chrzanowski MSFS, CFS®, BCE™, RFC, CAS® Regional Director, Money Concepts Capital Corp.

Mr. Alan Cormier MSFS, MS, BS, CFS®, CAS®, BCE™, CIS™, CPRS Education Consultant., ING Financial Advisers, LLC Mr. Steve Gerbino MBA, MSFS, CFS®, CTS™, BCE™ Gerbino Financial Group Genworth Financial Securities Corporation

Mr. Hadley Joseph MSFS Smith Barney, Inc. Citigroup Global Markets, Inc. Mr. Robert Kuehl MSFS, BA, CFP®, CIS™, CFS®, CAS®, BCE™, CTS™ Vice President, H.C. Denison Co., Inc. Mr. Robert Simpson JD, MBA, CFS®, CLU®, ChFC®, RHU, REBC Attorney, Simpson Law Mr. Randy Watson CLU, BCE™ President, Secure Financial, Inc.

Mr. Anthony Glaza MSFS, MA, BS, CFS®, CAS®, BCE™, CIS™ President, Glaza Tax Advisory Group, Inc.

Mr. Thomas Welsh MSFS, CFS®, BCE™, CTS™, CIS™ Branch Manager, Raymond James Financial Services, Inc.

Mr. Willard E. Gombert CLU®, CFS®, MBA, MSFS, ChFC® President, ING Financial Partners, Inc.

Mr. Tim Wilkinson CFS®, CMFC VP Sales Learning & Development, ING Funds Distributor, LLC

Mr. Nicholas Ignatowski CFP®, CFS®, CRPS Managing Member, Ameritas Investment Corp.

Mr. David Witz AIF Managing Director, Fiduciary Risk Assessment

30

Contact Information Address and Phone 470 Nautilus Street, Suite 312 La Jolla, CA 92037 Toll Free (800) 848-2029 Direct (858) 866-1700 Fax (858) 418-2495 www.icfs.com

Office Hours

The Institute of Business & Finance is open for business Monday through Friday from 7:00 A.M. PST to 4:00 P.M. PST.

Holiday Schedule

IBF is closed for the following holidays: New Year’s (January 1st and 2nd), Memorial Day, Independence Day (when recognized), Labor Day, Thanksgiving (Thursday and Friday), Christmas Eve, Christmas Day, the day after Christmas Day and New Year’s Eve (December 31st).

This catalog is valid from January 2010 through December 2010. Rules, policies and procedures are subject to change.

IBF reserves the right to adopt, amend or repeal rules and policies that apply to students. This catalog does not constitute a contract or enrollment agreement, nor does it constitute a statement of the conditions of a contract between the student and this institution.

CFS®, CAS®, BCE™, CIS™, CTS™, Certified Fund Specialist®, Certified Annuity Specialist®, Board Certified in Estate Planning™, Certified Income Specialist™ and Certified Tax Specialist™ are trademarks or registered trademarks of the Institute of Business & Finance. © 2010 Institute of Business & Finance. All rights reserved.

31

CTS MSFS

2010 IBF Course Catalog 470 Nautilus Street, Suite 312 La Jolla, CA 92037 Toll Free (800) 848-2029 Direct (858) 866-1700 Fax (866) 418-2495 www.icfs.com