Private banking

src: www.bank-northwest.com

Private banking is banking, investment and other financial services provided by banks to high-net-worth individuals (HNWIs) with high levels of income or sizable assets. The term "private" refers to customer service rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers. It does not refer to a private bank, which is a non-incorporated banking institution.

Private banking forms a more exclusive (for the especially affluent) subset of wealth management. At least until recently, it largely consisted of banking services (deposit taking and payments), discretionary asset management, brokerage, limited tax advisory services and some basic concierge-type services, offered by a single designated relationship manager.

Video Private banking

Overview

Private banking is the way banking originated. The first banks in Venice were focused on managing personal finance for wealthy families. Private banks became known as 'private' to stand out from the retail banking and savings banks aimed at the new middle class. Traditionally, private banks were linked to families for several generations. They often advised and performed all financial & banking services for families. Historically, private banking has developed in Europe (see the List of private banks). Some banks in Europe are known for managing assets of some royal families. The assets of the Princely Family of Liechtenstein are managed by LGT Group (founded in 1920 and originally known as The Liechtenstein Global Trust). The assets of the Dutch royal family are managed by MeesPierson (founded in 1720). The assets of the British Royal Family are managed by Coutts (founded in 1692).

Historically, private banking has been viewed as a very exclusive niche that only caters to HNWIs with liquidity over $2 million, though it is now possible to open private banking accounts with as little as $250,000 for private investors. An institution's private banking division provides services such as wealth management, savings, inheritance, and tax planning for their clients. For private banking services clients pay either based on the number of transactions, the annual portfolio performance or a "flat-fee", usually calculated as a yearly percentage of the total investment amount.

"Private" also alludes to bank secrecy and minimizing taxes through careful allocation of assets, or by hiding assets from the taxing authorities. Swiss and certain offshore banks have been criticized for such cooperation with individuals practicing tax evasion. Although tax fraud is a criminal offense in Switzerland, tax evasion is only a civil offence, not requiring banks to notify taxing authorities.

In Switzerland, there are many banks providing private banking services. Since the Congress of Vienna in 1815, Switzerland has remained neutral until now, including the time of two World Wars. After World War I, the former nobles of Austro-Hungarian Empire moved their assets to Switzerland for fear of confiscation by new governments. During World War II, many wealthy people, including Jewish families and institutions, moved their assets into Switzerland to protect them from Nazi Germany. However, this transfer of wealth into Switzerland had mixed and controversial results, as beneficiaries had difficulties retrieving their assets after the war. After World War II, in east Europe, assets were again moved into Switzerland for fear of confiscation by communistic governments. Today, Switzerland remains the largest offshore center, with about 27 percent ($2.0 trillion) of global offshore wealth in 2009, according to Boston Consulting Group. (Offshore wealth is defined as assets booked in a country where the investor has no legal residence or tax domicile)

In England, private banks were established in the 17th century, in parallel with the development of agriculture, managing the assets of the royal family, nobility and the landed gentry.

The United States has one of the largest private banking systems in the world, in part due to the 3.1 million HNWIs accounting for 28.6% of the global HNWIs population in 2010, according to the co-research of Capgemini and Merrill Lynch. Some American banks that specialize in private banking date back to the 19th century, such as U.S. Trust (founded in 1853) and Northern Trust (founded in 1889).

Recent developments in private banking

The internationalization of the economy, technological developments such as the Internet and mobile phones ensure that banks have to innovate their value proposition and look for new markets. For example, the growth of HNWIs is low in traditional private banking markets like Europe, compared to Asia where the number of millionaires has grown to 3.6 million. Technological developments have made sure that online banks can offer banking services without an extensive network of offices. The regulation of rewards and the regaining of confidence after the banking crisis requires a new level of transparency and different methods of charging for services.

Banks also provide a sampling of the private banking services at a lower price point than traditional private banking. These are called premium banking or priority banking services. They are meant for mass-affluent customers. The accounts do not generate as much revenue as traditional private banking, but given the number of customers, they amount to a sizeable revenue to the bank. The products offered to premium banking customers are the same as that for private banking customers with the exception that they do not include hedge funds, or facilities to manage one's own business accounts. In short, it is wealth management at a much smaller scale.

Maps Private banking

Private banking rankings

Results from Euromoney's annual private banking and wealth management ranking in 2016, which consider, amongst other factors, assets under management (AUM), net income and net new assets. The rankings report on $14.4 trillion in AUM.

"Best private banking services overall 2016". This table displays results of one category of the private banking ranking.

UBS took the top spot in Euromoney's 2016 survey for "Best private banking services overall 2016."

Scale

In terms of AUM, the world's 25 largest private banks (or private banking divisions/subsidiaries of large bank holding companies), as of end-2016, are:

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Value proposition

Most private banks define their value proposition along one or two dimensions, and meet the basic needs across others. Some of the dimensions of value proposition of a private bank are parent brand, one-bank approach, unbiased advice, strong research and advisory team and unified platform. Many banks leverage the "parent brand" to gain a client's trust and confidence. These banks have a strong presence across the globe and present private bank offerings as a part of the parent group. "One Bank approach" is where private banks offer an integrated proposition to meet clients personal and business needs. Since private banking concerns understanding a client's need and risk appetite, and tailoring the solution accordingly, few banks define their value proposition along this dimension. Most modern private banks follow an open product platform, and hence claim their advice is unbiased. They believe there is no incentive to push proprietary products, and the client gets the best of what they offer. A few banks claim to have a "strong advisory team" that reflects in the products they offer the client. A couple of banks also define their value proposition on their unified platform, their ability to comply with all regulations, yet serve the client without restrictions.

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Product platform

Open architecture product platform is where a private bank distributes all the third party products and is not restricted to selling only its proprietary products. Closed architecture product platform is where the bank sells only its proprietary products and does not entertain any third party product. These days the needs of the clients are so diverse that it is practically impossible for a bank to cater to those needs by its proprietary products alone. Clients today demand the best of breed products and most banks have to follow an open architecture product platform where they distribute products of other banks to their clients in return for commission. Products offered to private banking clients include equities, fixed-income securities, structured products, foreign exchange, commodities, deposits and real-estate investments.

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Fee structure

Different banks charge their clients in different ways. There are banks that follow the transactional model where the client is not charged any advisory fee at all. The banks thrive totally on the commissions they get by distributing third party products. There are other private banks that follow a hybrid model. In this model, the bank charges a fixed fee for certain products and advisory fee for the rest. Some of the other banks are totally advisory driven and charge the clients a percentage of AUM (e.g. 0.75% of entire AUM). A few banks offer both a transactional model and an advisory model. The clients choose what suits them. A recent industry trend is towards the advisory fee model, because margins on commissions may go down in the future.

src: www.bank-northwest.com

Lead generation

Lead generation is a vital part in the private banking business. Various banks go about in different ways to acquire new clients. While some banks rely heavily on their wholesale banking referrals there are a few other that have strong tie ups with their Retail and Corporate banking divisions. Most banks do have a revenue sharing mechanism in place within divisions. It is either a onetime charge to the division or an annuity that the division gets for a client referral. Many banks believe that the primary source of leads must be client referrals. A client would refer his/her friends when he/she is satisfied with the service provided by the private bank. Generating a good number of leads through client referrals shows the good health of the private bank.

src: www.ledyardbank.com

See also

• Public bank
• Family office
• Multi-family office

src: www.bank-northwest.com

References

src: www.worldfinance.com

External links

• About Swiss Financial Centre by Swissworld.org
• Businessweek: In the Battle of the Big Brokers, Merrill Is Winning

Source of the article : Wikipedia

Accounts receivable

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Accounts receivable is a legally enforceable claim for payment held by a business for goods supplied and/or services rendered that customers/clients have ordered but not paid for. These are generally in the form of invoices raised by a business and delivered to the customer for payment within an agreed time frame. Accounts receivable is shown in a balance sheet as an asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that the customer has ordered. These may be distinguished from notes receivable, which are debts created through formal legal instruments called promissory notes.

Video Accounts receivable

Overview

Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms or payment terms.

The accounts receivable department uses the sales ledger, because a sales ledger normally records:

• The sales a business has made.
• The amount of money received for goods or services.
• The amount of money owed at the end of each month varies (debtors).

The accounts receivable team is in charge of receiving funds on behalf of a company and applying it towards their current pending balances.

Collections and cashiering teams are part of the accounts receivable department. While the collections department seeks the debtor, the cashiering team applies the monies received.

Maps Accounts receivable

Payment terms

An example of a common payment term is Net 30 days, which means that payment is due at the end of 30 days from the date of invoice. The debtor is free to pay before the due date; businesses can offer a discount for early payment. Other common payment terms include Net 45, Net 60 and 30 days end of month. The creditor may be able to charge late fees or interest if the amount is not paid by the due date.

Booking a receivable is accomplished by a simple accounting transaction; however, the process of maintaining and collecting payments on the accounts receivable subsidiary account balances can be a full-time proposition. Depending on the industry in practice, accounts receivable payments can be received up to 10 - 15 days after the due date has been reached. These types of payment practices are sometimes developed by industry standards, corporate policy, or because of the financial condition of the client.

Since not all customer debts will be collected, businesses typically estimate the amount of and then record an allowance for doubtful accounts which appears on the balance sheet as a contra account that offsets total accounts receivable. When accounts receivable are not paid, some companies turn them over to third party collection agencies or collection attorneys who will attempt to recover the debt via negotiating payment plans, settlement offers or pursuing other legal action.

Outstanding advances are part of accounts receivable if a company gets an order from its customers with payment terms agreed upon in advance. Since billing is done to claim the advances several times, this area of collectible is not reflected in accounts receivables. Ideally, since advance payment occurs within a mutually agreed-upon term, it is the responsibility of the accounts department to periodically take out the statement showing advance collectible and should be provided to sales & marketing for collection of advances. The payment of accounts receivable can be protected either by a letter of credit or by Trade Credit Insurance.

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Accounts Receivable Age Analysis

An Accountants Receivable Age Analysis, also known as the Debtors Book is divided in categories for current, 30 days, 60 days, 90 days or longer. The analysis or report is commonly known as an Aged Trial Balance. Customers are typically listed in alphabetic order or by the amount outstanding, or according to the company chart of accounts. Zero balances are not usually shown.

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Bookkeeping

On a company's balance sheet, accounts receivable are the money owed to that company by entities outside of the company. Account receivables are classified as current assets assuming that they are due within one calendar year or fiscal year. To record a journal entry for a sale on account, one must debit a receivable and credit a revenue account. When the customer pays off their accounts, one debits cash and credits the receivable in the journal entry. The ending balance on the trial balance sheet for accounts receivable is usually a debit.

Business organizations which have become too large to perform such tasks by hand (or small ones that could but prefer not to do them by hand) will generally use accounting software on a computer to perform this task.

Companies have two methods available to them for measuring the net value of accounts receivable, which is generally computed by subtracting the balance of an allowance account from the accounts receivable account.

The first method is the allowance method, which establishes a contra-asset account, allowance for doubtful accounts, or bad debt provision, that has the effect of reducing the balance for accounts receivable. The amount of the bad debt provision can be computed in two ways, either (1) by reviewing each individual debt and deciding whether it is doubtful (a specific provision); or (2) by providing for a fixed percentage (e.g. 2%) of total debtors (a general provision). The change in the bad debt provision from year to year is posted to the bad debt expense account in the income statement.

The second method is the direct write-off method. It is simpler than the allowance method in that it allows for one simple entry to reduce accounts receivable to its net realizable value. The entry would consist of debiting a bad debt expense account and crediting the respective accounts receivable in the sales ledger.

The two methods are not mutually exclusive, and some businesses will have a provision for doubtful debts, writing off specific debts that they know to be bad (for example, if the debtor has gone into liquidation.)

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Special uses

Companies can use their accounts receivable as collateral when obtaining a loan (asset-based lending). They may also sell them through factoring or on an exchange. Pools or portfolios of accounts receivable can be sold in capital markets through securitization.

For tax reporting purposes, a general provision for bad debts is not an allowable deduction from profit - a business can only get relief for specific debtors that have gone bad. However, for financial reporting purposes, companies may choose to have a general provision against bad debts consistent with their past experience of customer payments, in order to avoid over-stating debtors in the balance sheet.

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Related accounting topics

Associated accounting issues include recognizing accounts receivable, valuing accounts receivable, and disposing of accounts receivable.

In the UK, most companies have a credit control department.

Other types of accounting transactions include accounts payable, payroll, and trial balance.

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See also

• Electronic billing
• Debtors
• Factoring (finance)
• Accounts payable
• Balance sheet

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Notes and references

Source of the article : Wikipedia

Walsh College of Accountancy and Business

src: www.walshcollege.edu

Walsh College of Accountancy and Business Administration, founded in 1922, is a non-profit business school based in Troy, Michigan, offering a broad range of business and related technology degree programs and granting certificates and degrees at the bachelor and master levels with satellite locations in Novi, Clinton Township, and Port Huron, as well as online. Walsh College offers programs in fields of accounting, taxation, finance, information technology and assurance, management and leadership, and marketing.

Video Walsh College of Accountancy and Business

Degree programs

Undergraduate Degrees

• Bachelor of Accountancy (BAC)
• Bachelor of Business Administration (BBA)
  • Finance
  • General Business
  • Management
  • Marketing
• Bachelor of Science in Business Information Technology (BSIT)

Graduate Degrees

• Master of Science in Accountancy (MAC)
• Master of Science in Finance (MSF)
• Master of Business Administration (MBA)
• MBA and Master of Science in Finance (Dual MBA/MSF)
• MBA and Master of Science in Marketing (Dual MBA/MSMKT)
• MBA and Master of Science in Management (Dual MBA/MSM)
• MBA and Master of Science in Information Technology Leadership (Dual MBA/MSITL)
• Master of Science in Information Technology (MSIT)
• Master of Science in Information Technology Leadership (MSITL)
• Master of Science in Management (MSM)
• Master of Science in Marketing (MSMKT)
• Master of Science in Taxation (MST)

Maps Walsh College of Accountancy and Business

Students and alumni

Eighty-seven percent of undergraduates transfer from a community college. Walsh College requires a minimum of 60 semester credit hours (30 of which must be in liberal arts) from all entering undergraduate students. More than 4,400 students enrolled during the 2011-2012 academic year. Walsh College has 27,000 alumni worldwide. More than 85 percent live and work in Michigan.

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Careers and recruiting

During the 2015-16 academic year, over 1,000 companies recruited at Walsh College, including the Big Four accounting firms. Students and alumni could access more than 2,900 job opportunities posted through the Career Services Office.

src: www.walshcollege.edu

Faculty

The majority of the faculty members come from the real world of business; 80% are actively employed in the business community. If all of the Faculty business experience was added up the Faculty has 3,000 years of business experience in more than 70 different business, technology, and educational certifications or designations

• Michael Levens, Ph.D., associate professor, was named to the Fulbright Specialist Roster in 2010, for a five-year term.

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Scholarships

Over $400,000 in scholarship funds are available.

src: www.walshcollege.edu

Community

Walsh College assists the community in ongoing volunteer efforts: Blackwell Institute in Detroit, Capuchin Soup Kitchen, Focus: HOPE, Gleaners, U.S. Marines, and Vets Returning Home, Inc.

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Awards

• In 2017, Walsh College announced that its inspired renovation and addition to its original campus building on Livernois Road has earned a LEED Silver Certification.
• In 2017, Walsh College was honored by the American School & University 2017 Educational Interiors Showcase in the Collegiate Citation and Administrative Areas/Office categories.
• In June 2010, the U.S. Green Building Council certified the Troy campus Jeffery W. Barry Center to the LEED Gold Level. The building is named for the late Jeffery W. Barry, the third president of Walsh College (1970-1991).
• Walsh College has captured several advertising industry awards for its "Live. Breathe. Business." campaign.
• In 2012, TaxTalent ranked Walsh College's Master of Science in Taxation program in the top 15% of U.S. master of science in taxation programs.
• Walsh College is a National Center of Academic Excellence in Information Assurance Education, named by the National Security Agency and the Department of Homeland Security.
• Walsh College is named a Crain's Detroit Business "Cool Place to Work" for each year the award was given.
• The Military Times magazine recognized Walsh College as one of 64 select national institutions ranked as a "Best for Vets Business College," which provide high levels of service for active-duty and veteran military men and women.
• Walsh College has been named a 2015 Military Friendly School for the sixth consecutive year by Victory Media, publisher of G.I. Jobs magazine and other media channels.
• In 2014, Walsh COllege was recognized as a platinum winner of the Marcom Awards. It is an international competition that receive nearly 6,000 entries each year and one of the largest creative competitions of its kind. Marcom rewards the best entrants in terms of concept, writing, and design of print, visual, audio, and web materials and programs.

src: www.walshcollege.edu

Campus locations

The college has two main campuses in Troy and Novi and offers classes at two other university center locations, as well as online. Classes are also offered in Clinton Township, Macomb County, Michigan at the University Center at Macomb Community College, and in Port Huron at the University Center at St. Clair County Community College.

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Academic profile

Walsh College is Southeast Michigan's only full-service, upper-division all-business college and one of Michigan's largest graduate schools of business.

The Higher Learning Commission of the North Central Association of Colleges and Schools accredits Walsh College. Specific degree programs are accredited by the Accreditation Council for Business Schools and Programs (ACBSP).

src: www.walshcollege.edu

History

The College began with the founding of the Walsh Institute of Accountancy and the introduction of the Pace Accounting Method, at the time an innovative way of teaching accounting. Mervyn B. Walsh, a certified public accountant, purchased a Pace & Pace franchise to offer the Pace Accounting Method exclusively in Detroit. He founded the Walsh Institute of Accountancy on July 7, 1922, and on September 18 of that year, 23 students were enrolled in the first courses at the Institute.

When Mervyn Walsh retired in 1965, the State of Michigan had adopted a new bachelor's degree requirement for candidates to sit for the Uniform Certified Public Accountant (CPA) Examination. At this time, Michigan's community college system was developing and a pivotal decision was made to build upon, rather than compete with, the community colleges by becoming an upper-division college.

On December 31, 1968, Walsh Institute became an upper-division college offering a business education to juniors and seniors who had finished two years of college. The new Walsh College of Accountancy and Business Administration forged partnerships with Oakland and Macomb community colleges and in 1970 broke ground for a 10,000-square-foot building in Troy, Michigan, near both colleges. Community college partnerships continued to flourish over the next two decades, and business leaders were invited to teach and develop curriculum.

The College offered its first bachelor's degrees, a Bachelor of Accountancy and Bachelor of Business Administration, in 1970. The first graduate degree, the Master of Science in Taxation, was offered in 1974. The following year, the North Central Association of Colleges and Schools (NCA) accredited Walsh College. Over the next several years, Walsh introduced Master of Science degrees in Professional Accountancy (1980), Finance (1986), and Management (1989). During the 1990s, the College continued to enlarge its facilities, offer classes at other locations in metropolitan Detroit, and introduce new degrees and online technology. The Master of Science in Information Management and Communication (MSIMC) degree was introduced in 1996.

In 1998 the Novi campus was opened and the Master of Business Administration (MBA) degree was introduced. The first online courses were offered in 1998.

In 2001, the NCA granted Walsh College approval to offer full online degree programs and provided the College with a full ten-year extension on its accreditation. The first fully online degree, the Master of Science in Information Assurance, was offered in 2005. Walsh information assurance curriculum maps to industry standards as well as National Security Agency and the Department of Homeland Security specifications. Since 2003, these agencies have renewed the College's designation as a U.S. Center of Academic Excellence for Information Assurance Education.

In 2006, the NCA gave the College approval to offer its first doctoral degree, the Doctor of Management (DM) in Executive Leadership. In the fall of 2007, the first student cohort entered the program.

The College also received national recognition in April 2010 for a major grant to promote entrepreneurship among students and alumni. The Blackstone Charitable Foundation of New York announced that it had selected Walsh College and Detroit's Wayne State University to share a $2 million grant to initiate Blackstone LaunchPad.

src: www.crainsdetroit.com

Accreditation

Higher Learning Commission of the North Central Association of Colleges and Schools

The Higher Learning Commission, A Commission of the North Central Association of Colleges and Schools, renewed Walsh College's accreditation through 2020.

Accreditation by the Accreditation Council for Business Schools and Programs (ACBSP)

Walsh College received ACBSP accreditation in June 2010. ACBSP acknowledges the importance of scholarly research and believes that such activities facilitate improved teaching.

src: www.walshcollege.edu

Student life

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References

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External links

• Official Website
• Walsh College - About us

Source of the article : Wikipedia

Master of Finance

src: financial.math.ncsu.edu

A Master's degree in Finance is a postgraduate program preparing graduates for careers in Finance. The degree is often titled Master of Finance or Master in Finance (abbreviated M.Fin., MiF), or Master of Science in Finance (abbreviated MSF in North America and MSc in Finance in the UK and Europe). In the U.S. and Canada the program may be positioned as a professional degree. Particularly in Australia, the degree may be offered as a Master of Applied Finance (abbreviated MAppFin). In some cases, the degree is offered as a Master of Management in Finance (abbreviated MMF in North America).

Video Master of Finance

Structure

MSF and M.Fin / MSc programs differ as to intended career preparation and hence degree focus -- with the former centered on financial management and investment management, and the latter on more technical roles (although, see below for further discussion as to this distinction). Both degree types, though, emphasize quantitative topics, and may also offer some non-quantitative elective coursework, such as corporate governance, business ethics and business strategy. Programs generally require one to two years of study, and are often offered as a non-thesis degree.

The MSF program, typically, prepares graduates for careers in financial management, investment banking and investment management. The core curriculum is thus focused on Managerial finance, corporate finance and investment analysis. These topics are generally preceded by more fundamental coursework in economics, (managerial) accounting, and quantitative methods (usually time value of money and business statistics). In many programs, these fundamental topics are a prerequisite for admission or assumed as known, and if part of the curriculum, students with appropriate background may be exempt from these. The program usually concludes with coursework in advanced topics -- where several areas are integrated or applied -- such as portfolio management, financial modeling, mergers and acquisitions and real options; managerial economics and various quantitative finance topics may also be offered as advanced courses.

The M.Fin / MSc prepares graduates for more technical roles, and thus "focuses on the theory and practice of finance" with a "strong emphasis on financial economics in addition to financial engineering and computational methods." The MSF core topics are (often) also covered, although in (substantially) less detail. Elective work allows for specific applications in quantitative finance and computational finance, but also in corporate finance, private equity and the like; several of the MSF advanced topics -- such as real options and managerial economics -- will thus also be offered, here differing as to a more technical orientation. As regards coverage of quantitative finance as compared to more specialized degrees, see below.

Note that the MSF-M.Fin distinction is not absolute: some MSF programs, although general in coverage, are "quantitatively rigorous" or offer a "quantitative track" (and may be STEM-designated ); while others are specifically technically oriented, or, in some cases, even offer a finance and mathematics dual degree. Also, although the "MSc in Finance" generally corresponds to the M.Fin, many schools offer a range of MSc programs where finance may be combined with accountancy and/or management, and these then correspond to the MSF; note also that many MSc programs are further specialized, with the degree as a whole focused on, for example, Behavioral finance, Islamic finance or Wealth management. MMF programs may, similarly, offer either broad- or specialized finance coverage.

The MAppFin spans the MSF-M.Fin spectrum in terms of available specializations and corresponding coursework; it differs in that it is "for and by practitioners" and therefore "blends... finance theory with industry practice", as appropriate to the specialization. Similar to the MSc, programs are sometimes specifically focused on Financial Planning or Banking, for example, as opposed to more general coverage of finance. Some universities offer both the MAppFin and the MFin, with the latter requiring additional semester-time and coursework (and exclusively offering doctoral access). These programs may also differ as to entrance requirements.

Programs require a bachelor's degree prior to admission, but many do not require that the undergraduate major be in finance, economics, or even general business. The usual requirement is a sufficient level of numeracy, often including exposure to probability / statistics and calculus. The M.Fin and MSc will often require more advanced topics such as multivariate calculus, linear algebra and differential equations; these may also require a greater background in Finance or Economics than the MSF. Some programs may require work experience (sometimes at the managerial level), particularly if the candidate lacks a relevant undergraduate degree.

Maps Master of Finance

Comparison with other qualifications

Although there is some overlap with an M.B.A., the finance Master's provides a broader and deeper exposure to finance, but more limited exposure to general management topics. Thus, the program focuses on finance and financial markets, while an M.B.A., by contrast, is more diverse, covering general aspects of business not dealt with in the finance program, such as human resource management and operations management. Note that an M.B.A. without a specialization in finance will not have covered many of the topics dealt with in the MSF (breadth), and, often even where there is specialization, those areas that are covered may be in less depth (certainly as regards the M.Fin). M.B.A. candidates will sometimes "dual major" with an M.B.A./MSF -- certain universities also offer this combination as a joint degree -- or later pursue an M.Fin degree to gain specialized finance knowledge; some universities offer an advanced certificate in finance appended to the MBA, allowing students to complete coursework beyond the standard finance specialization. The MSM or M.Com finance (or financial management) closely correspond to the MSF. Note though, that these degrees typically place more emphasis on theory and (sometimes) less on practice.

As above, some MSF and all M.Fin programs overlap with degrees in financial engineering, computational finance and mathematical finance: see Master of Quantitative Finance (MQF). Note, however, that the treatment of any common topics -- usually financial modeling, derivatives and risk management -- will differ as to level of detail and approach. The MSF deals with these topics conceptually, as opposed to technically, and the overlap is therefore slight: although practical, these topics are too technical for a generalist finance degree, and the exposure will be limited to the generalist level. The M.Fin / MSc, on the other hand, cover these topics in a substantially mathematical fashion, and the treatment is often identical. The distinction here though, is that these place relatively more emphasis on financial theory than the MQF, and also allow for electives outside of quantitative finance; at the same time, the range of quantitative electives is often smaller. Entrance requirements to the MQF are significantly more mathematical than for the MSF, while for the M.Fin / MSc the requirements may be identical.

A Master of Financial Economics focuses on theoretical finance, and on developing models and theory. The overlap with the M.Fin / MSc, then, as with the MQF, is often substantial. As regards the MSF, on the other hand, although the two programs do differ in the weight assigned to theory, there is some overlap: firstly, some MSF curricula do include a formal study of Financial Economics; secondly, even where the theory is not studied formally, MSF programs do cover the assumptions underpinning the models studied (at least in overview); thirdly, many financial economics programs include coverage of individual financial instruments, corporate finance and portfolio management, although this treatment is usually less practical. (As regards managerial economics, similar comments apply. The course is taught to strengthen the theoretical underpin of the degree; however, since the emphasis is application, it is not developed.)

The Chartered Financial Analyst (CFA) designation is sometimes compared to a Master's in Finance. In fact, several universities have embedded a significant percentage of the CFA Program "Candidate Body of Knowledge" into their degree programs; and the degree title may reflect this: "Master in Financial Analysis" or similar. (Likewise, several programs have curricula aligned with the FRM / PRM, or the CAIA ) In general though, the CFA program is focused on Portfolio management and Investment analysis, and provides more depth in these areas than the standard Finance Master's, whereas for other areas of finance the CFA coverage is in less depth. A further distinction is that many M.Fin (and MSF) topics entail practical training in advanced techniques such as financial modeling -- while training of this sort cannot be included in the CFA program. Similar comments apply to other finance certifications such as the Certified International Investment Analyst (CIIA); the so-called "Indian C.F.A." is, in fact, a master's degree.

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See also

• Outline of finance
• Master of Financial Economics
• Master of Quantitative Finance
• Master of Economics
• Category:Professional certification in finance

src: business.fiu.edu

References

src: robinson.gsu.edu

External links (Rankings)

• FT Ranking of post-experience Masters in Finance programmes
• FT Ranking of pre-experience Masters in Finance programmes
• MSF Programs at U.S. Universities

Source of the article : Wikipedia

Merchant services

src: www.wisesmallbusiness.com

Merchant services is a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to merchant processing services that enables a business to accept a transaction payment through a secure (encrypted) channel using the customer's credit card or debit card or NFC/RFID enabled device. More generally, the term may include:

• Credit and debit cards payment processing
• Check guarantee and check conversion services
• Automated Clearing House check drafting and payment services
• Gift card and loyalty programs
• Payment gateway
• Merchant cash advances
• Online transaction processing
• Point of sale (POS) systems
• Electronic benefits transfer programs, such as ration stamps (called food stamps in the U.S.).

Merchant service providers typically require the merchant to have a merchant account with the provider, either directly or through a referral partner, such as banks or B2B service companies. All banks in the United Kingdom, except for Barclays/Barclaycard, offer merchant services by referring customers to a merchant service provider.

In the case of mPOS systems, mobile pin entry devices (PED) are typically connect to a mobile phone through Bluetooth and then use the phone's WiFi or mobile data to connect with the banks. This system does not require a merchant account although the companies that offer this type of service will still have a relationship with an acquirer. The cost of payments made through mPOS are significantly more so it is more suitable for businesses that do not put through many card transactions. There is usually also a charge for buying the device from the mPOS system provider.

Video Merchant services

See also

• Comparison of payment systems

Maps Merchant services

References

Source of the article : Wikipedia

Bank of Ayudhya

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Bank of Ayudhya Public Company Limited, branded and commonly referred to as Krungsri (sometimes stylized as krungsri), is the fifth largest bank in Thailand in terms of assets, loans, and deposits. Through its branches and service outlets in Thailand and abroad, the company provides banking, consumer finance, investment, asset management, and other financial products and services to small and medium enterprises, large corporations and individual customers.

Video Bank of Ayudhya

History

The Bank of Ayudhya was established on 27 January 1945 in Phra Nakhon Si Ayutthaya Province, the old capital of Thailand. The bank opened its doors on 1 April 1945 with registered capital of one million baht.

In 1970, the bank's head office was relocated to Ploenchit Road, coinciding with the bank's celebration of the royal appointment (garuda) emblem, granted by the king to the bank on 15 May 1970. The bank was listed on the Stock Exchange of Thailand on 26 September 1977, trading symbol, "BAY".

On 3 January 2007, Krungsri and GE Capital became strategic partners. GE Capital and Ratanarak Group were major shareholders with a 33 percent and a 25 percent stake in BAY, respectively.

In September 2012, GE announced the sale of 7.6 percent of its stake in Krungsri via a number of block trades, reducing their ownership to 25.33 percent.

On 18 December 2013, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), the wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG), Japan's largest banking group, replaced GE Capital as the major shareholder of Krungsri.

Maps Bank of Ayudhya

Name and brand

After having undergone many changes in the late 2000s, including the acquisition of GE Money Thailand, and in order to reach its goal of becoming one of the top three banks in Thailand, Bank of Ayudhya felt the need to visually unify its subsidiaries, Also, the company was perceived as an "old lady bank". Therefore, in 2014, Bank of Ayudhya rebranded to "Krungsri" (shortened from ?????????????, "capital city/revered city Ayutthaya"), a name the bank was already colloquially known as.

In news articles, the formal and colloquial names are used interchangeably, while for the bank's own marketing (such as logos, URL, storefronts, ATMs, bank cards and promotional material) "Krungsri" is used.

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Distribution network

• Domestic branches: 695 (658 banking branches and 37 auto-business branches)
• Overseas branches: 3 (Hong Kong, Vientiane, Savannakhet)
• Exchange booths: 95
• ATMs: 6,250
• Krungsri business centers: 83
• Krungsri Exclusive Banking Zones : 29
• Krungsri First-Choice branches and dealers: 112 and 16,689 respectively
• Krungsri Auto Dealers: >7,000
• Micro finance branches: 382

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Major developments and acquisitions

• On 3 January 2007, Bank of Ayudhya (Krungsri) and GE Money, a global consumer financial services firm, became strategic partners.
• On 14 February 2008, Krungsri completed its acquisition of GE Capital Auto Lease Public Company, Ltd. (GECAL). On the transfer date, GECAL recorded 78.01 billion baht in assets and 75.28 billion baht in outstanding loans, resulting in a 17 percent increase in the bank's portfolio on that date. GECAL was later renamed Ayudhya Capital Auto Lease Company Limited (AYCAL).
• On 8 April 2009, Krungsri completed the acquisition of AIG Retail Bank PCL (AIGRB) and AIG Card (Thailand) Company Limited (AIGCC). The value of the transaction was 1.6 billion baht. Krungsri's acquisition of both entities resulted in an increase of 32.8 billion baht in the bank's assets, 21.9 billion baht in loans, 18.6 billion baht in deposits, and approximately 222,000 credit cards.
• On 9 September 2009, Krungsri completed the acquisition of CFG Services Co., Ltd. (CFGS), a subsidiary of American International Group. CFGS, better known as "Srisawad Money on Wheels", is one of Thailand's leading providers of micro-finance with a strong presence in the title loan market.
• On 5 November 2009 Krungsri completed the acquisition of GE Capital's consumer finance businesses in Thailand. The acquisition of GEMT accelerated the growth of Krungsri's consumer banking portfolio by increasing its retail lending portfolio from 36 percent to 42 percent of Krungsri's total loans. With the addition of GEMT's current portfolio, Krungsri is the largest card issuer in Thailand with over three million cards in circulation, serving over eight million customers.
• In March 2012, Krungsri completed the acquisition of HSBC Thailand's retail banking businesses, including credit cards, personal loans, mortgages, and deposits with an estimated consideration of 3.6 billion baht. As a result of the transaction, Krugnsri Group's assets grew by roughly 17.5 billion baht or 1.8 percent, increasing retail loans from 45 to 46 percent of total loans.
• On 5 January 2015, the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) Bangkok Branch was successfully integrated into Krungsri, in accordance with the One Presence Policy of the Bank of Thailand. Krungsri issued 1,281,618,026 ordinary shares to BTMU for the transfer of the business of BTMU Bangkok Branch.

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Subsidiaries, associates and joint ventures

Bank of Ayudhya's investments in subsidiaries, associates and joint ventures net as of 31 December 2016 and 2015.

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Major shareholders

As of 9 September 2016

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References

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External links

• Bank of Thailand website
• Emporis Skyscrapers; Bank of Ayudhya headquarters

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See also

List of banks in Thailand

Source of the article : Wikipedia

50,000 Fall Fans Can't Be Wrong

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50,000 Fall Fans Can't Be Wrong (subtitled 39 Golden Greats) is a greatest hits album by English post-punk band The Fall, released in 2004 by record label Sanctuary.

Video 50,000 Fall Fans Can't Be Wrong

Content

50,000 is the group's first career-spanning compilation album, with a selection of songs from the 1978 EP Bingo-Master's Break-Out! up to the 2003 album The Real New Fall LP (Formerly Country on the Click). The selection of songs includes both singles and album highlights. Daryl Eslea compiled the album and wrote the sleevenotes.

The cover and title of the album is a parody of Elvis Presley's 50,000,000 Elvis Fans Can't Be Wrong (1959).

Maps 50,000 Fall Fans Can't Be Wrong

Track listing

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References

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See also

• List of compilation albums by The Fall

Source of the article : Wikipedia