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Since its foundation, the Global Investor Relations Network (GIRN) has recognised a strong demand for global standards in IR education. GIRN recognises that the requirements of its member associations as well as those of the national IR association members in regard to IR education varies widely in terms of
- course content (ranging from basic IR knowledge to complete teaching of all IR relevant skills
- course format (from webinars, online teaching, self study, workshop style to face-to-face lectures)
- course duration (from ½ day seminars to 6 months courses)
- course target group (from people outside IR, people planning to start a career in IR to IRO’s with multiple years of experience)
- course costs (from free seminars to in excess of US$ 10,000 per course)
In order to facilitate all these different requirements no one single recommended course structure can exist.
After thorough discussions, GIRN has produced a proposed core curriculum which it feels, should form part of every good IR education programme around the world. The basic content is grouped under five Modules. Modules A, B, C and E have been structured to be generic to any national programme, whilst Module D would need to incorporate national regulatory requirements.
It is intended and recommended, that GIRN member associations as well as other IR education providers follow this core curriculum, either in part (when offering short seminars) or in whole (when offering comprehensive courses). GIRN has decided not to recommend or certify particular courses. Neither will GIRN certify participants of any IR course.
If you have any comments and/or questions on this curriculum please send them to
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Module A
Basics of Investor Relations
Aims and requirements of IR
Aims and objectives of IR / Who does IR / The place of IR in the organization / The scope of IR / IR resources / Board expectations of the role of IR / IR best practice / Measuring the value of IR / Key responsibilities of the IR Officer (IRO) / The IRO’s skill set / Managing market expectations
Communication with target groups
Who to communicate with / Audience identification and targeting / What to say – developing messages / The tools and techniques of IR / Disclosure obligations / Quiet period / Earnings announcements / Providing earnings guidance / IR during a crisis / Managing your investor base / Targeting new investors
The day to day business of IR
The IR programme and typical annual cycle / Managing the day to day relationships with shareholders and analysts / Conducting roadshows
Module B
Capital markets and financial instruments
Capital markets
How the financial markets work / How do stock markets work / Global market trends / Different types of financing / Different types of investment / Exchanges, bourses and alternative trading venues
Players on financial markets
Market participants and uses / Types of corporate actions / Types of equity investors / Debt investors / Understanding the investment process / Role of market surveillance
Financial instruments
Stock ownership / Short selling / Derivatives / Fixed income / Mezzanine instruments
Module C
Accounting and valuation
Basic accounting principles
Time value of money / Valuation models and measures / Portfolio theory and risk & return / Beta / Accounts / Use of accounting data in valuations of companies
Valuation models
Key drivers in corporate valuation / Key financial ratios / Understanding financial statements / Return measures – ROCE, ROA, ROE / Investment ratios – P/E ratios, price to book, dividend yield / Forces that drive price action in capital markets / Why do some companies trade at a premium: a buy-side perspective / The benefits of transparent communication: a sell-side perspective
Module D
Regulation
Legislative and regulatory environment
Types of company / Limited companies / Formation of a limited company / The constitution of a company / Share capital / Directors / Auditors
Financial market regulation
Statutory reporting & financial reporting calendar / Requirements of the listing rules / Identification of shareholdings / Key principles of regulation / Directives and reports / Market abuse / Insider dealing / Dealing with rumors / Insider lists / Periodic financial reporting / Annual financial report
National / Regional requirements
Corporate Governance / National particularities / Summary of European regulation / Summary of US regulation including Reg Fair Disclosure
Module E
Communication
Communications skills
Effective writing / How to write a media release / Dealing with the media / Presentation skills / Constructing a presentation / Conference call and webcast scripting / Interview techniques
Communication mediums
One-on-ones / Website / Social Media (Twitter, Facebook, Blogs and Co.) / Analyst presentations / Financial reports
Last Update: 19th March 2010
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