Financial English Course Unit One
Buying and Selling in the Market
Зах зээлээс хувьцаа худалдан авах, худалдах
Aims
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Reading: To learn about cash or margin; application example
Listening: Define Public and Corporate financial markets
Exercise: Asking and talking about long and short position
Speaking: To discuss types of orders
Problem solution: Valuing Common Stocks
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Translating: Cash or Margin Account
A cash account requires full payment, while a margin account allows the investor to borrow a percentage of the purchase price from the brokerage firm. The percentage of the total cost the investor must pay is called the margin and is set by the Federal Reserve Board. The margin percentage is used to control speculation.
Margin accounts are used mostly by traders and speculators or by investors who think their long-run return will be greater than the cost of borrowing. Most brokerage houses require a $2000 minimum in an account before lending money, although many brokerage houses have higher limits. Here is how a margin account works. Assume you purchased 100 shares of General Motors at $60 per share on margin and that margin is 50 percent:
Purchase: 100 shares at $60 per share
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$6,000
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Borrow: Cost x (1-margin percentage)
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-3,000
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Margin: Equity contributed(cash or securities)
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$3,000
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You can borrow $3,000 or the total cost times (1-margin percentage). The cost of borrowing is generally 1 to 2 percent above the prime rate, depending on the size of the account. Rather than putting up $3,000 in cash, a customer could put $3,000 of other approved financial assets into the account to satisfy the margin.
Minimum requirements for equity in a margin account are called minimum maintenance standards (usually 25 percent). Your equity would now be at minimum maintenance standards where the equity of $1,000 equals 25 percent of the current market value of $4,000. Normally, you must maintain a $2,000 minimum in your account, so you would have been called for more equity when the stock was at $50 even though the minimum maintenance requirement had not yet been reached.
Vocabulary notes
1. cash account – бэлэн мөнгөний данс
2. margin account – барьцааны данс
3. full payment - төлбөрийг бүрэн хийх
4. brokerage firm – брокерийн компани
5. the margin – барьцаа (the minimum amount of collateral—in either cash or securities)
6. Federal Reserve Board – Холбооны Нөөцийн Газар(банк)
7. Speculation – эрсдэлтэй ажилбар (a risky deal which may produce a short term profit – богино хугацаанд ашиг олох эрсдэлтэй хэлцэл )
8. Speculators – дамлагч, аз туршигч
9. cost of borrowing – зээлжих өртөг, зээлийн өртөг
10. long-run return – урт хугацааны өгөөж
11. brokerage houses – брокерийн компани
12. approved financial assets – санхүүгийн нөөц актив
13. limit – хязгаар, хязгаар тогтоох
14. times - үржүүлэх
15. put up - өсгөх (to increase something, to make something higher)
16. prime rate – хамгийн тааламжтай хүү, хамгийн бага хүү
17. financial assets – санхүүгийн актив
18. to leverage – хөшүүрэг хэрэглэх
19. minimum maintenance standards –заавал байвал зохих хамгийн бага жишиг
20. current market value – зах зээлийн өнөөгийн үнэ цэнэ
Vocabulary notes
Brokerage firm or brokerage houses – аль аль нъ нэгэн ижил буюу брокерийн компани гэж орчуулна
Stocks – American English tends to use the word stock,
Shares- while British English uses the word share
though British English uses stock in compounds such as stock market, stock exchange, stockbroker, stock option, etc.
Equity – equities – common stocks
Prime rate(US) or base rate(UK)
Limits - to share price movements which are regulated by some stock exchanges
Answers
1. Explain the difference between a cash account and a margin account.
2. What is meant by the concept of minimum maintenance standards (or requirements) for margin?
Grammar
Notes
Underline is Subject, Bold is Verb and Italic is object, and strikethrough is others
1. A cash account requires full payment, while a margin account allows the investor to borrow a percentage of the purchase price from the brokerage firm.
(A cash account requires full payment,)2 ((while a margin account allows the investor) to borrow a percentage of the purchase price from the brokerage firm.)1
Дээрх нийлмэл өгүүлбэрийг эхний буюу 1-р өгүүлбэрээс эхлэн орчуулна.
While – байхад, бол гэсэн утгаар хоёр өгүүлбэрийг хооронд нь холбож байна.
alow to borrow – allow гэх мэт зарим үйл үгийн араас үйл үг орохдоо хэмээх тодорхойгүй төлөв авдаг.
Барьцааны данс нь хөрөнгө оруулагчидад брокерийн компаниас худалдан авсан үнийн хувиар зээлж авах боломжтой байдаг бол(байхад) бэлэн мөнгөний данс нь төлбөрийг бүтнээр хийхийг шаарддаг.
2. The percentage of the total cost the investor must pay is called the margin and is set by the Federal Reserve Board.
((The percentage of the total cost the investor must pay is called the margin)1 and is set by the Federal Reserve Board)2.
Дээрх өгүүлбэрт The percentage of the total cost гэсэн тусагдахуун нь үйлийн эзний урд орсон байх ба is called гэсэн үйл үгээс улбаалан эхний өгүүлбэрийн урд орсон байна. Хоёрдахь өгүүлбэрт Холбооны нөөцийн банкаар тогтоогддог буюу Монгол сэтгэлгээгээр Холбооны Нөөцийн Банкаас тогтоодог.
Хөрөнгө оруулагчаас төлбөл зохих нийт зардлын хувийг барьцаа гэх ба түүнийг Холбооны Нөөцийн Банкнаас тогтоодог.
3. The margin percentage is used to control speculation.
(The margin percentage is used)2 (to control speculation)1.
Аз туршин, дамлах ажилбарыг хянах зорилгоор барьцааны хувийг ашигладаг.
4. Margin accounts are used mostly by traders and speculators or by investors who think their long-run return will be greater than the cost of borrowing.
(Margin accounts are used mostly by traders and speculators or by investors)2 (who think their long-run return will be greater than the cost of borrowing)1.
who - traders and speculators or by investors – ийг зааж байгаа бөгөөд өгүүлбэрт 2 давтахгүйн тулд энэхүү холбоосыг хэрэглэх бөгөөд арын буюу 1-р өгүүлбэрээс эхлэн орчуулахдаа урт хугацааны өгөөж нь зээлийн өртөгөөс нь их байна гэдэгт итгэсэн хөрөнгө оруулагчид буюу арилжаалагчид болон аз туршин дамлагчидаас хэмээн орчуулна.
Урт хугацааны өгөөж нь зээлийн өртөгөөсөө их байна гэдэгт итгэсэн хөрөнгө оруулагчид буюу арилжаалагчид болон аз туршин дамлагчидаас барьцаат дансыг дийлэнхдээ ашигладаг.
5. Most brokerage houses require a $2000 minimum in an account before lending money, although many brokerage houses have higher limits. Here is how a margin account works.
(Most brokerage houses require a $2000 minimum in an account)2 (before lending money)1, (although many brokerage houses have higher limits)3.
Although – ч, болов ч, хэдийгээр болов ч
Мөнгө зээлэхээс өмнө брокерийн пүүсүүд нь дансандаа хамгийн багадаа дийлэнхдээ 2000 ам доллар шаардах болов ч брокерийн ихэнхи пүүсүүд нь өндөр хэмжээний босго тогтоож өгдөг.
6. Here is how a margin account works. Assume you purchased 100 shares of General Motors at $60 per share on margin and that margin is 50 percent.
(Here is)2 (how a margin account works)1. Барьцаат данс хэрхэн хэрэгждэг болохыг жишээгээр авч үзье.
(Assume you purchased 100 shares of General Motors at $60 per share on margin)1 and (that margin is 50 percent)2.
Assume – төсөөлье, гэж үзье
Дээрх өгүүлбэрт and холбоос нь ба гэж 2 өгүүлбэрийг хооронд нь холбож байна.
Та Женерал Моторсийн 100 хувьцааг нэг бүрийг нь 60 ам доллараар худалдан авсан ба барьцаа нь 50% гэж үзье.
7. You can borrow $3,000 or the total cost times (1-margin percentage).
You can borrow $3,000 or the total cost times (1-margin percentage).
times - үржүүлэх
Та 3,000 ам доллар зээлж авах ба нийт өртөгөөр (1-маржиний хувийг үржүүлсэн)-тэй тэнцүү.
8. The cost of borrowing is generally 1 to 2 percent above the prime rate, depending on the size of the account.
The cost of borrowing is generally 1 to 2 percent above the prime rate, depending on the size of the account.
аbove – аас4 дээш
depending on - хамаараад, шалтгаалаад
Дансны хэмжээнээс нь шалтгаалаад зээлийн өртөг нь хамгийн тааламжтай хүүгээс 1-2% өндөр байдаг.
9. Rather than putting up $3,000 in cash, a customer could put $3,000 of other approved financial assets into the account to satisfy the margin.
(Rather than putting up $3,000 in cash)1, (a customer could put $3,000 of other approved financial assets into the account (to satisfy the margin)2)3.
Rather than –
put up – өсгөх, нэмэгдүүлэх, хөрөнгө оруулах
approved – нөөц
account to satisfy – хангах данс
3000 ам долларын бэлэн мөнгөөр өсгөхөөс илүүтэй, барьцааг хэрэгжүүлэх дансанд 3000 ам долларын санхүүгийн активыг харилцагчийн зүгээс хөрөнгө оруулна (нэмэгдүүлнэ).
10. Minimum requirements for equity in a margin account are called minimum maintenance standards (usually 25 percent).
Minimum requirements for equity in a margin account are called minimum maintenance standards (usually 25 percent).
Барьцаат дансанд байгаа хувьцааны хамгийн бага шалгуурыг байвал зохих хамгийн бага жишиг гэдэг.
11. Your equity would now be at minimum maintenance standards where the equity of $1,000 equals 25 percent of the current market value of $4,000.
(Your equity would now be at minimum maintenance standards)2 where (the equity of $1,000 equals 25 percent of the current market value of $4,000)1.
where – minimum maintenance standards–ийг зааж байгаа бөгөөд 4000 ам долларын зах зээлийн өнөөгийн үнэ цэнийнх нь 25% -тай тэнцүү байх хамгийн бага жишиг гэх байдлаар хоёр өгүүлбэрийг холбож байна.
1000 ам долларын үнэтэй хувьцаа нь 4000 ам долларын зах зээлийн өнөөгийн үнэ цэнийнх нь 25% -тай тэнцүү байх хамгийн бага жишигээр таны хувьцаа байх болно.
12. Normally, you must maintain a $2,000 minimum in your account, so you would have been called for more equity when the stock was at $50 even though the minimum maintenance requirement had not yet been reached.
(Normally, you must maintain a $2,000 minimum in your account)1, (so you would have been called for more equity)4 (when the stock was at $50)3 (even though the minimum maintenance requirement had not yet been reached)2.
so – учираас, иймээс
even though – хэдийгээр, болов ч
Хэдийгээр, байвал зохих хамгийн бага шалгуурыг хараахан хангаагүй болов ч хувьцаа нь 50 ам долларт байхад та хувьцааг илүү хэмжээгээр худалдаж авах шаардлага гарах учираас ерөнхийдөө, хамгийн багадаа 2000 ам долларыг дансандаа байлгах шаардлагатай болно.
Listening
Tape script 1
Financial markets are markets in which assets usually securities are traded. Financial markets like any markets are simple way brining buyers and sellers together.
Financial markets exits in vast global network of individual and financial institutions that may be lenders, borrowers, or owners of public companies world wide. Most people think stock market when hear term but there are thousands of financial markets may be divided into two groups. Governments that needed for seeing money like highways, education and welfare borrow and public financial markets. Corporations on other hand raise funds in corporate financial markets.
Corporate financial markets traded securities such stocks and corporate bonds. There are two options for any company to raise capital. One is to buy and sell equity or ownership interest in company. And second is by borrowing money either through cooperating like bond or else bank.
When company uses financial markets to raise new fund. Primary markets where securities are sold. Secondary markets where follow-up trading occurs. Financial markets are not found single building there are borderless where financial exchangers usually are building. The financial exchange is where transactions are settled or cleared.
Markets generally either exchange like whether or federally regulated and or primary where people buy and sell stocks or dividends where the affect is try to discover prices or something.
Sometimes markets are global in over counter only exists in cyber space or virtual space and sometimes in conquer such as Chicago Board of Trade or sometimes have electronics markets which will do well.
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Problem solution
SBM industries has produced a barrel per week for the past 20 years but cannot grow because of certain legal hazards. It earns $25 per share per year and pays it all out to stockholders. The stockholders have alternative, equivalent risk ventures (a commercial deal which involves a risk) yielding 20 percent per year on average. How much is one share of SBM worth? Assume the company can keep going indefinitely.
SBM industries нь сүүлийн 20 жилийн хугацаанд долоо хоног дутамд 1 баррель нефть үйлдвэрлэж байсан болов ч эрх зүйн гажуудлаас шалтгаалаад өсөлттэй байгаагүй. Жил бүр нэг хувьцаанаас 25 ам доллар олж хувьцаа эзэмшигчиддээ тараадаг байжээ. Жилд дунджаар 20%-ын орлогтой эрсдэл бүхий шинэ төслийг хувьцаа эзэмшигчиддээ тарааж өгөх санал гаргаад байна. SBM industries-ийн нэг хувьцаа ямар үнэтэй байх вэ? Энд үйл ажиллагаа явуулах хугацаа тодорхойгүй гэж төсөөлнө.
DIV- dividend буюу ноогдол ашиг
r – өгөөжийн хүлээгдэж буй хэмжээ
P0 - хувьцааны үнэ
Speaking-Homework
Read below topic and discuss about Long and Short position
Once you have opened the account of your choice, you are ready to buy or sell. When investors establish a position in a security, they are said to have a long position if they purchase the security for their account. It is assumed the reason they purchased the security was to profit on an increase in price over time and/ or to receive dividend income.
Sometimes investors anticipate that the price of a security may drop in value. If they are long in the stock, some may sell out their position. Those who have no position at all may wish to take a short position to profit from the expected decline. When you short a security, you are borrowing the security from the broker and selling it with the obligation to replace the security in the future.
A margin requirement is associated with short selling, and it is currently equal 50 percent of the securities sold short. Thus, if you were to sell 100 shares of Sercu short at $70 per share, you would be required to put up $3,000 in margin (50 percent of $7,000). In a short sale, the margin is considered to be good faith money and obviously is not a down payment toward the purchase.
The margin protects the brokerage house in case you start losing money in your account.
You would lose money on a short sales position if the stock you sold short starts going up. Assume Sercu goes from $70 to $80. Since you initially sold 100 shares short at $70 per share, you have suffered a $1,000 paper loss. Your initial margin or equity position has been reduced from $3,500 to 2,500:
Initial margin (equity)
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$3,500
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Loss
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-1,000
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Current margin(equity)
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$2,500
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Discussion
1. What is the difference between long and short position?
2. What is the purpose of shorting security?
3. What is the relationship between margin requirement and short selling?
4. Why did initial margin been reduced?
Self solution: Valuing Common Stocks
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Expected Return - The percentage yield that an investor forecasts from a specific investment over a set period of time. Sometimes called the holding period return (HPR).
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The formula can be broken into two parts.
Dividend Yield + Capital Appreciation
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Dividend Discount Model - Computation of today’s stock price which states that share value equals the present value of all expected future dividends.
H - Time horizon for your investment.
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Example
Current forecasts are for XYZ Company to pay dividends of $3, $3.24, and $3.50 over the next three years, respectively. At the end of three years you anticipate selling your stock at a market price of $94.48. What is the price of the stock given a 12% expected return?
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Assignment: Long and short position
When an investor places an order to establish a position, he or she has many different kinds of orders from which to choose. When the order is placed with the broker on a NYSE-listed stock, it is sent electronically to the exchange where it is executed by the company’s floor broker in an auction market.
Most orders placed will be straightforward market orders to buy or sell. The market order will be carried by the floor broker to the correct trading post and will usually trade close to the last price or within 0.10 of point. For example, if you want to sell 100 shares of AT&T at market, you probably have no trouble finding a ready buyer since AT&T may be trading a few million shares per day.
Two basic special orders are the limit order and the stop order. A limit order limits the price at which you are willing to buy or sell and ensures you will pay no more than the limit price on a buy or receive no less than the limit price on a sell. Assume you are trying to buy a thinly traded stock that fluctuates in value and you are afraid that with a market order you might risk paying more than you want. So you would place a limit order to buy 100 shares of MedQuist Inc., as an example, at 16.50 or a better price.
Many traders are certain they want their order to be executed if a certain price is reached. A limit order does not guarantee execution if orders are time stamped ahead of you on the specialist’s book. In case where you want a guaranteed fill of the order, stop order is placed. A stop order is a two part mechanism. It is placed at a specific price like a limit order, but when the price is reached, the stop turns into a market order that will be executed at close to the stop price but not necessarily at the exact price specified. Assume, H.J.Heinz Corporation stock has been trading between $25 and $40 per share over the last six months, reaching both these prices three times. A trader may follow several strategies. One strategy would be to buy at $25 and sell at $40 using stop buy and a stop sell order. Some traders may put in a stop buy at $41 thinking that if the stock breaks through its peak trading range it will go on to new highs, and finally some may put in a stop sell at $24 to either eliminate a long position or establish a short position with the assumption the stock has broken its support and will trend lower. When used to eliminate a long position, stop order is often called a stop-loss order.
Exercise: match them in correct order
Online broker
Full service brokers
Discount brokers
…., who willingly provided research and stock analysis to clients, tax information and help in establishing goals and objectives.
…... who provided bare bones service and generally charged 25 to 75 percent of the commissions
charged by full service brokerage
Now, an investor can merely access an …………’s website to open an account, review the
operating procedures and commission schedule, and initiate a trade.
Financial English Course-Санхүүгийн англи хэлний хөтөлбөр-2011
Нацагдоржийн нэрэмжит Улаанбаатар хотын номын сан
Америк Соёл Мэдээллийн Төв
Санхүүгийн Англи хэлний сургалт
АНУ-ын элчин сайдын яам болон Нацагдоржийн нэрэмжит Улаанбаатар хотын номын сангын
хамтарсан гэрээний дагуу үйл ажиллагаа явуулдаг Америк Соёл Мэдээллийн Төв нь Санхүүгийн
англи хэлний сургалтыг зохион байгуулах гэж байна. Тус төв нь оюутан сурагч, судлаачид болон
олон нийтэд АНУ-ын талаар дэлгэрэнгүй мэдээлэл олж авахад дэмжлэг үзүүлэхийн сацуу
Монгол ба АНУ-ын хооронд харилцан ойлголцлыг түгээн дэлгэрүүлэхэд зорилго нь оршдог.
Англи хэлний боловсролыг дээшлүүлэхэд тус төвийн ихээхэн хүчин чармайлт гаргаж ажилладаг.
Үүний нэгээхэн хэлбэр нь энэхүү санхүүгийн англи хэлний сургалт бөгөөд энэ жил бүрэн
хэлбэрээр анх удаа заах бөгөөд өмнөх 2 жил нь санхүүгийн эх бичвэрийн орчуулга нэртэйгээр
зааж байсан.
Хичээлийг гурав дахь жилдээ Д.Төмөрбат санаачилан заана. Сургалтын онцлог нь
Үгсийн сан, дүрэм, сонсох, яриа болон орчуулах эрдмийг АНУ-ын санхүү, эдийн засгийн шилдэг
сурах бичиг, сэтгүүл, цахим хуудас болон мэдээллийн сувгаас суралцах
Сонсох, ярих, бичих болон унших чадварыг санхүүгийн бодит жишээнээс мэдэх
Англи хэл дээр санхүүгийн бодлого бодох
Монгол-англи хэлний хооронд харилцан орчуулга хийх дадалд суралцах
Монголын хөрөнгө оруулалтын орчин
Эрсдэлийн удирдлага
Санхүүгийн ёс зүй
Аж ахуйн нэгжийн засаглал ба хөрөнгө оруулагчийн эрх ашгийг хамгаалах нь
Тогтмол өгөөжтэй болон хөшүүрэгтэй үнэт цаас
Үнэт цаасны үүсмэл хэрэгслүүд
Багцын удирдлага
Биет активуудад оруулах хөрөнгө оруулалт
Аж ахуйн нэгжийн худалдан авалт ба нэгтгэл
Банкны эрсдлийн менежмент
Институцийн хөрөнгө оруулагчид
Арбитраж ба Хөрөнгө босгох ажилбар
Олон улсын санхүүгийн болон гадаад валютын зах зээл
Эргэлтийн хөрөнгийн удирдлага
Технологийн хөрөнгө оруулалт буюу venture capital
Татварын түвшин бага зах зээлд хөрөнгө оруулах буюу Offshore investment
Долоо хоног бүрийн Мягмар, Лхагва болон Пүрэв гаригуудад 18-20 цагийн хооронд хичээллэнэ.
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also the subject theme itself by studying an US academic textbook and excellent journal
Improve your listening, speaking and writing skills in finance with real case studies
Experience financial problem solutions in English
Mongolian into English translation and vice-versa
Сургалтын сэдвийн хүрээ нь
Сургалтын түвшин
А буюу англи хэлийг анхан болон түүнээс дээш түвшинд судалсан суралцагчидад тохиромжтой
бөгөөд долоо хоногын Мягмар болон Пүрэв гаригуудад 18-20 цагын хооронд хичээлэх бөгөөд
үргэлжлэх хугацаа нийт 48 цаг.
Түргэвчилсэн буюу англи хэлийг дунд эсвэл түүнээс дээш түвшинд судалсан суралцагчидад
тохиромжтой бөгөөд долоо хоногын Лхагва гаригт 18-20 цагын хооронд хичээлэх бөгөөд
үргэлжлэх хугацаа нийт 30 цаг.
Хэдийгээр сургалтыг хоёр түвшинд ангилж байгаа болов ч судлах сэдэв болоод хамрах агуулга
нь ижил болно.
Сургалтын үргэлжлэх хугацаа
2011 оны 2-р сарын 23 - 5-р сарын 12 хүртэл
Жич: Сар бүрийн сүүлчийн долоо хоногын мягмар гаригт Улаанбаатар хотын номын сангын
дотоод ажилтай тул завсарласан хичээлийг Мягмар ба Пүрэв гариг бүрт 30 минут нэмж орох
байдлаар нөхөх болно.
Сургалтанд хэрхэн бүртгүүлэх вэ:
Суралцах хүсэлтэй хүмүүс Америк Соёл Мэдээллийн Төвийн байранд өөрийн биеэр ирж дараах
цагын хооронд бүртгүүлнэ. Даваа гариг: 10-19 цагийн хооронд
Мягмар-Пүрэв гаригт 9-21 цагийн хооронд
Баасан-Бямба гаригт 10-20 цагийн хооронд
Хаяг:
Нацагдоржийн нэрэмжит Улаанбаатар хотын номын сан
Америк Соёл Мэдээллийн Төв
Утас 976-11-70115703
Цахим хуудас: pl.ub.gov.mn
Цахим хаяг: ac_mongolia@yahoo.com
Илүү тодруулах зүйл байвал дараах цахим хаягаар хандана уу: tumurbatdalkhsuren@ymail.com
Featuring
Course theme
The following list is an illustration of some of the topic areas featured in course of Financial English:
Mongolian investment climate
Risk management
Ethics and Finance
Corporate Governance and investor protection
Valuing stocks
Fixed-income and Leveraged Securities
Derivatives
Portfolio management
Investment in real assets
Mergers and Acquisitions
Banking risk management
Arbitrage and Raising Capital
Institutional investor
International financial and Foreign Exchange market
Working capital management
Venture capital
Offshore investment
Course level
A format is designed for applicants who have elementary or pre-intermediate level of English. The
course meets during the Tuesday and Thursday over 48 hours and three semesters covering 3 months.
Accelerated is designed to serve the needs of intermediate and upper intermediate level students and
meet during the every Wednesday and over total 30 hours and covering 3 months.
The theme is identical to the Accelerated and A level program.
Initiator and Instructor: TUMURBAT, Dalkhsuren
Duration
23 February – 12 May, 2011
Every Monday, Tuesday and Wednesday at 6.00 pm-8:00 pm
How to Apply:
Applicants should come to register to our office following hours.
Mon: 10:00 am - 8:00 pm
Tues - Thurs: 9:00 am - 9:00 pm
Fri- Sat: 10:00 am - 7:00 pm
Address:
American Cultural & Information Center
Natsagdorj Ulaanbaatar Central Library/Seoul street – 7, Ulaanbaatar 28
Phone/Fax: 976-11-70115703
Phone/Fax:976-11-343021Website: pl.ub.gov.mn
E-mail: ac_mongolia@yahoo.com
if an additional information send us an e-mail: tumurbatdalkhsuren@ymail.com
Маркетинг, менежмент, нягтлан бодох бүртгэл, санхүү, статистик, экономиксийн англи нэр
томъёог орчуулах хэрэгцээ гарвал дараах толь бичгийг ашиглах боломжтой.
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