URAIAN MENGENAI UJIAN
Bab ini berisikan daftar bahan lengkap dari bidang-bidang pelajaran yang dipersyaratkan bagi mereka yang mempersiapkan diri untuk mengikuti Ujian Kecakapan Wakil Perantara Pedagang Efek.
Contoh soal dan jawaban serta pedoman belajar berupa topik bahasan dan daftar buku referensi yang disarankan untuk dipelajari para peserta ujian, bidang-bidang utama yang akan diuji dan bobot relatif dari masing-masing bidang tersebut tercantum di bawah ini sesuai dengan ujian sesungguhnya.
Ujian akan terdiri dari 100 (seratus) pertanyaan dengan beberapa pilihan jawaban dan disediakan waktu 2 (dua) jam untuk menyelesaikannya. Peserta harus membawa tanda masuk ke tempat ujian, dimana para peserta akan diminta untuk menunjukkan Kartu Tanda Penduduk (KTP) / Passport atau identitas diri lainnya yang masih berlaku.
Bahan cetakan dalam bentuk apapun tidak diizinkan dibawa masuk ke ruang ujian. Panitia akan menyediakan kertas buram dan kalkulator. Mohon agar peserta juga membawa 2 (dua) buah pensil jenis 2B ke tempat ujian.
Ujian ini akan meliputi lima bidang pembahasan utama sebagaimana tercantum di bawah ini dengan perkiraan persentase yang akan diuji untuk setiap bidang :
Undang-undang Pasar Modal
(Undang-undang RI No. 8 tahun 1995 tentang
Pasar Modal beserta seluruh peraturan pelaksanaannya) 20 %
20 % Kode Etik
Analisa Keuangan/Keuangan Perusahaan 23 %
Operasi dan Perdagangan Perantara Efek 17 %
Pengetahuan Tentang Efek 20 %
----------------------------------------------------------------------------------------------------------------------------- ------------
J u m l a h ……………………………………………………………………………… 100 %
==============================================================================
Hasil ujian akan diumumkan oleh Panitia Standar Profesi Pasar Modal kepada seluruh peserta ujian.
CONTOH SOAL DAN JAWABAN
Pertanyaan-pertanyaan berikut di bawah ini disajikan hanya sebagai contoh dan tidak dapat dipastikan bahwa pertanyaan tersebut akan muncul pada ujian kecakapan, karena sekedar untuk menunjukkan beberapa cara bagaimana pertanyaan-pertanyaan akan diajukan.
Segala upaya telah dilakukan agar hanya terdapat satu jawaban yang benar untuk setiap pertanyaan.
Jika menurut Anda tidak terdapat satupun jawaban yang sepenuhnya benar, pilihlah jawaban yang menurut Anda paling dekat dengan yang benar.
12

1. Saham dengan harga jual Rp. 3.700,- dan memberikan dividen tahunan sebesar Rp. 260,- memiliki hasil berjalan kurang-lebih : a. 5% b. 6% c. 7% d. 8%
2. Pencadangan untuk pembayaran suatu dividen tunai (kas) mempengaruhi yang mana dari yang berikut ini ?
I. Aktiva lancar
II. Aktiva tetap
III. Hutang lancar
IV. Ekuitas a. I saja b. II dan IV saja c. III dan IV saja d. I, II, III dan IV
3. Sebuah obligasi Rp. 1.000.000,- dengan tingkat bunga 15% menghasilkan bunga triwulan sebesar : a. Rp. 3.750,- b. Rp. 15.000,- c. Rp. 37.500,- d. Rp. 150.000,-
4. Instrumen Pasar-uang pada umumnya dianggap memiliki jangka waktu maksimum : a. Enam bulan b. Satu tahun c. Lima tahun d. Dua belas tahun
Jawaban dan penjelasan atas contoh-contoh pertanyaan :
1. c. Hasil tahunan berjalan didapat dengan membagi pembayaran tahunan dari suatu efek dengan harga pasarnya.
260/3700 = 7,0%
2. c. Pencadangan (declaration) untuk suatu pembayaran dividen tunai akan mempengaruhi hutang lancar (yang naik) serta ekuitas (yang turun). Pembayaran dividen yang kemudian dilakukan akan mengurangi kas, aktiva lancar dan total aktiva serta hutang lancar.
3. c. Bunga tahunan akan berjumlah sebesar Rp. 150.000,- (0,15 x 1.000.000) sehingga pembayaran triwulan akan menjadi ¼ dari jumlah tersebut yaitu sebesar Rp. 37.500,-.
4. b. Right (hak) berjangka waktu selama satu bulan. Waran dapat berumur 10 tahun atau lebih.
Obligasi dalam negeri memiliki jangka waktu dari 3 tahun atau lebih. Obligasi luar negeri memiliki jangka waktu 30 tahun atau lebih. Pasar “uang” meliputi pinjaman berjangka relatif pendek atau surat berharga dengan jangka waktu maksimum satu tahun.
13

PEDOMAN BELAJAR
Peraturan Pasar Modal (20%).
Peserta hendaknya memahami seluruh :
 UU RI No.8 Tahun 1995 Tentang Pasar Modal
 PP RI No.45 Tahun 1995, Tanggal 30 Desember 1995
 Keputusan-keputusan Ketua Bapepam, dengan penekanan khusus pada :
 Pengertian umum
 Bapepam
 Bursa efek
 Lembaga Kliring dan Penjaminan (LKP), serta Lembaga Penyimpanan dan Penyelessaian
(LPP).
 Reksadana
 Perusahaan Efek
 Wakil Perusahaan Efek
 Bank Umum sebagai Custodian
 Biro Administrasi Efek
 Profesi Penunjang Pasar Modal
 Tata cara Pemberian atau Penolakan izin Persetujuan dan Pendaftaran
 Manipulasi Pasar & Perdagangan Orang Dalam
 Sanksi Administrasi
Kode Etik (20%)
Transaksi Efek dan Perilaku WPPE yang Dilarang dengan penekanan khusus pada :
 Pemalsuan dan Penipuan
 Manipulasi Pasar
 Keterangan Yang Tidak Benar atau Menyesatkan
 Perdagangan Oleh Orang Dalam (Insider Trading)
 Pembatasan Transaksi dan Kegiatan Suatu Reksa Dana
 Prioritas Transaksi
 Transaksi Efek yang Dilarang
 Perilaku WPPE yang Dilarang
 Prinsip-prinsip Good Governance
Analisa Keuangan / Keuangan Perusahaan (23%)
1. Analisa Rasio Keuangan
- Rasio Lancar
- Modal Kerja
- Rasio Kapitalisasi
- Nilai Buku
- Marjin Laba
- Rasio Biaya
14

- Arus Kas
- Laba bersih per saham
- Rasio pembayaran (pay-out ratio)
- Hasil berjalan (saham & Obligasi)
- Rasio harga/laba bersih
- Akumulasi bunga atas Obligasi
- Pengukuran kenaikan (penurunan) dalam nilai portofolio
2. Dasar-dasar Akuntansi
 Depresiasi / Deplasi
Metode
Perhitungan
 Penilaian :
Harga pasar
Comwill
Fifo/Lifo
3. Dasar-dasar Penganggaran Modal (Capital Budgeting) dan Estimasi Arus Kas
Analisa Arus Kas Didiskonto (discounted cash flows)
4. Manajemen Modal
Analisa resiko dan penganggaran modal optimal
Teori dan kebijaksanaan struktur permodalan
Kebijaksanaan Deviden
Kebijaksanaan dan pendanaan modal kerja
Restrukturisasi Perusahaan
5. Sumber-sumber Dana untuk Kegiatan Bisnis
Saham biasa dan preferen serta proses pendanaan bank
Hutang Jangka Panjang
Kas dan surat berharga yang dapat diperjual belikan
Piutang dan Persediaan
Operasi dan Perdagangan Efek (17%)
Para peserta ujian harus memahami sepenuhnya isi dari Peraturan-peraturan Bursa Efek Indonesia tentang Perdagangan dan Peraturan Lembaga Kliring dan Penjaminan (LKP - PT Kliring Penjaminan
Efek Indonesia & Lembaga Penyelesaian dan Penyimpanan (LPP - PT Kustodian Sentral Efek
Indonesia) tentang Penyelesaian Transaksi, dan Peraturan Perpajakan Sehubungan dengan transaksi efek di Bursa Efek.
Perhatian khusus hendaknya diberikan kepada yang berikut :
Perdagangan reguler dan bukan reguler
Jenis-jenis pesanan perdagangan
Kewajiban anggota Bursa Efek
Penegasan / Konfirmasi perdagangan
Pemeliharaan catatan dan pembukuan
Penyimpanan dokumen
Penyelesaian transaksi
Penyerahan terlambat/tertunda
Pengertian "Good Delivery"
Biaya komisi & transaksi
Rekening efek
15

Trading limit
Penjaminan transaksi bursa
Dana Jaminan
Pinjam meminjam efek
Pajak Penghasilan atas transaksi efek di Bursa Efek
Pengetahuan Tentang Efek (20%)
 Pasar Perdana dan sekunder
 Jenis-jenis resiko
 Arbitrase (konsep dasar saja)
 Catatan harga (permintaan / penawaran)
 Derivatif (konsep dasar saja)
 Pembelian dengan marjin (konsep saja) risiko dan keuntungan
 Pengukuran pasar - rata-rata dan indeks
 Analisa teknis - konsep dasar dukungan (permintaan) dan penolakan (penawaran)
 Kurva hasil - normal dan terbalik
 Jenis saham & karakteristiknya
 Saham-saham
Saham biasa dan Saham Preferen
Karakteristik saham biasa dan preferen
Menilai portofolio saham
Risiko dan hasil dari investasi pada saham biasa
 Jenis-jenis Obligasi dan Karakteristiknya
 Obligasi
Jenis-jenisnya
Karakteristiknya
*Perhitungan Obligasi
Tingkat bunga kupon
Hasil nominal
Hasil Investasi (yield) - hasil berjalan dan hasil jatuh tempo
Konversi - harga dan rasio
 Pengaruh perubahan dalam tingkat bunga secara umum atas harga obligasi pada pasar sekunder
 Acuan Tingkat-tingkat bunga
 Jenis-jenis reksadana
 Pengelolaan Reksadana (konsep dasar saja)
Perhitungan NAB
Penyelesaian Transaksi
Administrasi Reksadana
16

DESCRIPTION OF THE EXAMINATION
This chapter contains a complete subject listing of the areas of study required for those preparing for the
Broker-Dealer Representatives Competency Examination
Sample of questions and answers, study guide including subject matter and list of some referenced books are recommended to be studied by the candidates, the major areas that will be tested are listed, together with the relative weighting of these areas on the actual examination.
The examination will consist of 100 (one hundred) multiple choice questions. The time allocated to complete the examination is 2 (two) hours. Applicants must bring their admission ticket to the examination site where they will be asked to present their valid Passport / Identity Cards.
No printed materials of any kind may be taken into the examination room. The Committee will provide you with paper for scrap work and a calculator. Please also bring 2 (two) pencils (type 2B) to the exam site.
This examination will test five major subject areas. These areas are listed below with the approximate percentage of the examination that will be devoted:
Capital Market Law
(Indonesian Capital Market Law No. 8 of 1995 and the subsequent related regulations)
Code of Ethics
Financial Analysis/Corporate Finance
Brokerage Operations and Trading
20 %
20 %
23 %
17 %
Securities Product Knowledge 20 %
----------------------------------------------------------------------------------------------------------------------------- -------------
T o t a l ………………………………………………………………………………… 100 %
==============================================================================
Result of the examination will be announced by The Committee For Capital Market Professional
Standards to all those who have completed the examination.
SAMPLE OF QUESTIONS AND ANSWERS
These question are offered as samples only. They will not necessarily appear on the competency examination but are used to demonstrate several different ways in which questions will be presented.
Every effort has been made to have only one correct answer to each question. If you do not think any of the answers is precisely correct, choose the answer you consider the closest to correct.
17

1. A stock selling for Rp. 3,700 and paying an annual dividend of Rp. 260 has a current yield of approximately : a. 5 % b. 6 % c. 7 % d. 8 %
2. Declaration of a cash dividend affects which of the following ?
4.
I. Current assets
II. Fixed assets
III. Current liabilities
IV. Shareholders’ equity a. I only b. II and IV only c. III and IV only d. I, II, III and IV
3. A Rp. 1,000,000 bond with a 15 % interest rate pays quartely interest in the amount of : a. Rp. 3,750 b. Rp. 15,000 c. Rp. 37,500 a. Rp. 150,000
Money-market instruments are generally considered to have a maximum maturity of : a. Six months b. One year c. Five years d. Twelve years
Answers and explanations to sample questions :
1. c Current yield is derived by dividing a security’s annual dividend payment by its current market price. 260/3700 = 7.0 %
2. c The declaration for a dividend payment affects current liabilities (which are increased) and stockholders’ equity (which is reduced). The later payment of the dividend will reduce cash, current assets and total assets, and current liabilities.
3. c The annual interest would be Rp. 150,000 (.15 x 1,000,000), but the question asked for the quarterly payment which is ¼ of that amount i.e. Rp. 37,500.
4. b Rights have a life of approximately one month. Warrants may last 10 years or more.
Domestic bonds have maturates of 3 years upwards. Foreign bonds have maturates of 30 years or more. The “money” market is comprised of relatively short-term debt or debt-like instruments having maximum maturates of one year.
18

STUDY GUIDE
Indonesian Capital Market Law No.8 of 1995 (20%)
Candidates applicant must be familiar with the entire Government of Republic of Indonesia:
 Law No.8 of the year 1995 on Capital Market
 Regulation No.45 of the year 1995, dated December 30, 1995
 The Chairman of Bapepam's decrees, with particular emphasis on :
 Stock Exchange
 Clearing and Deposit Agencies
 Investment Funds
 Securities Companies
 Individuals involved in the Securities Company
 Bank as custodian
 Shares Registry
 Capital Market Supporting Institutions
 Procedures for issuing and retrieving license and registrations
 Penalties
Code Of Ethics (20%)
Prohibited Securities Transactions and Broker-Dealer act
 Fraud and Deceit
 Market Manipulation
 False or Misleading Manipulative Statements
 Insider Trading
 Prohibited Operations and Transactions of Invesment Funds
 Transaction Priority
 Prohibited Securities Transaction
 Prohibited act of Broker-Dealer
 Good Governance's principles
Financial Analysis / Corporate Finance (23%)
1. Financial Ratio Analysis
Current ratio
Working Capital
Capitalization ratio
Book Value
Profit Margin
Expense Ratio
Cash Flows
Earnings per share
Payout ratio
Current yield (stock and bonds)
Price/earnings ratio (PER)
Accured interest on bonds (general concept only)
Measuring increase (decrease) in portfolio value
19

2. Accounting Principles
 Depreciation / Depletion
Method
Calculation
 Valuation :
Market price
Comwill
FIFO/LIFO
3. The Basic of Capital Budgeting and Cash Flows Estimates
Discounted Cash Flows Analysis
4. Capital Management
Risk analysis and the optimal capital budget
Capital structure theory and policy
Dividend policy
Working capital policy and financing
Corporate restructuring
5. Sources of Money for Business Activities
Common and preferred stock and investment banking process
Long term debt
Cash and marketable securities
Accounts receivable and inventor
Brokerage Operation and Trading (17%)
Exam participants should fully understand the contents of the Rules of the Indonesian Stock Exchange on trading and Rules of the Clearing & Guarantee Institution (PT Kliring Penjaminan Efek Indonesia) and The Settlement and Custody Institution (PT Kustodian Sentral Efek Indonesia) on Settlement
Transaction and Tax Regulation on securities trading at the Stock Exchange.
Particular attention should be paid to following:
Round lots and odd lots
Orders Type
Stock Exchange member responsibilities
Trade Confirmations
Maintenance of Record
Document retention
Trade Settlement
Delayed deliveries
The meaning of "Good Deliveries"
Commissions and transaction fees
Securities Accounts
Trading limit
Securities lending and Borrowing
Guarantee Fund
Guaranteed Exchange Transaction
Taxation of securities trading at the Stock Exchange
20

Securities Product Knowledge (20%)
 Primary vs secondary markets
 Type of Risks
 Arbitrage (general concept only)
 Quotations (bid/asked)
 Derivatives (basic concept)
 Margin trading (concept only) risks and rewards
 Measuring markets - average and indexes
 Yield curves - normal and inverted
 Technical analysis - support (demand) and resistance (suplly)
 Stocks & its charecteristic
Common vs preferred stocks
Valuing Stocks portfolios
Risk and reward of investing in common stocks
 Bonds and its characteristic
Equity debt securities
Coupon rates
Yield
Nominal yield (coupon yield)
Current yield for both premium and discount prices
Yield to maturity (basic understanding)
 Effect of Changes in general interest rates on secondary market bond prices
 Interest rates reference
 Type of Reksa Dana
 Management of Reksa Dana (basic concept)
Net asset value calculation
Settlement of Transaction
Administration of Reksa Dana
21

BUKU-BUKU REFERENSI YANG BERIKUT DIANJURKAN UNTUK DIBACA BAGI PARA PESERTA
UJIAN KECAKAPAN WAKIL PERANTARA-PEDAGANG EFEK:
The Following recommended reading list for Broker-Dealer Representative candidates:
1. UNDANG-UNDANG R.I. NO. 8 TAHUN 1995 TENTANG PASAR MODAL DAN SELURUH
PERATURAN PELAKSANAANNYA ( Indonesian Capital Market Law No.8/1995 an subsequent related regulations issued by Bapepam)
2. PERATURAN: BURSA EFEK INDONESIA, Kliring Penjaminan Efek Indonesia (KPEI),
Kustodian Sentral Efek Indonesia (KSEI) dan Peraturan Perpajakan sehubungan dengan transaksi efek di Bursa Efek ( Regulations issued by Indonesian Stock Exchange, Rules of the
Clearing and Guarantee Institution (KPEI) , The Settlement and Custody Institution (KSEI) and
Tax Regulations related on Securities Trading at the Stock Exchange ).
3. KODE ETIK ASOSIASI WAKIL PERANTARA-PEDAGANG EFEK INDONESIA
( Code of Ethic of Indonesian Securities Dealer Association )
Penerbit / Publisher : Asosiasi Wakil Perantara-Pedagang Efek Indonesia)
4. ACCOUNTING - edisi terbaru ( latest edition )
By: Warren, Reeve and Fees
Penerbit/ Publisher : South Western Publishing Co.
Topics:
- Introduction to Accounting and Business
- Analyzing Transactions
- The Matching Concept and Adjusting Process
- Completing the Accounting Cycle
- Receivables
- Inventories
- Fixed Assets and Intangibles Assets
- Current Liabilities
- Corporations : Organization, Capital Stock Transactions and Devidends
- Corporations : Stockholders' Equity and Investment in Stocks
- Bond Payable and Investments in Bonds
- Statement of Cash Flows
- Financial Statement Analysis
5. INVESTMENT - edisi terbaru ( latest edition )
By: Zvi Bodie, Alex Kane, Alan J. Marcus
Penerbit/ Publisher : McGraw - Hill Int. Ed.
Topics:
- The Investment Environtment
- Markets and Instruments
- How Securities Are Traded
- Mutual Funds and Other Investment Companies
- Risk and Risk Aversion
- Capital Allocation Between the Risk Asset and The Risk Free Asset
- Market Efficiency
- Bond Prices and Yields
- Managing Bond Portfolios
- Equity Valuations Models
- Financial Statement Analysis
22

6. THE HANDBOOK OF FIXED INCOME SECURITIES – sixth edition, 2000
By: Frank J. Fabozzi, Editor
Penerbit/ Publisher : McGraw - Hill
Topics:
- Overview of the Types and Features of Fixed Income Securities
- A Review of the Time Value of Money
- Bond Pricing and Return Measures
- Measuring Interest Rate Risk
- The Structure of Interest Rates
- Bond Management: Past, Current and Future
7. AN INTRODUCTION TO TECHNICAL ANALYSIS, The REUTERS Financial Training Series
Penerbit/ Publisher : John Wiley & Son, 1999 atau edisi terbaru (or latest edition).
Topics:
- Introductions
- Chart Types
- Classical Chart Analysis
- Indicators
- Waves, Number and Cycles
8. AN INTRODUCTION TO DERIVATIVES : The REUTERS Financial Training Series
Penerbit/ Publisher : John Wiley & Son, 1999 atau edisi terbaru (or latest edition).
Topics:
- Introduction
- Forward and Futures Contracts
- Options Contracts
- Swap Transactions
- Managing Risk and Trading
9. SECURITY ANALYSIS - edisi kelima atau terbaru ( 5 th or latest edition )
By: Sidney Cottle, Roger F. Murray and Frank E. Blok
Penerbit/ Publisher : McGraw - Hill
Topics:
- Financial Analysis and Approach
- Analysis of Financial Statements
- Analysis of Fixed Income Securities
- Valuation of Common Stocks
10. INVESTMENT MANAGEMENT - 1998 atau edisi terbaru (or latest edition)
By: Peter L. Bernstein & Aswath Damodaran
Penerbit/ Publisher : John Wiley & Sons.
Topics:
- The Investment Setting
- Risk and Utility : Basic
- Model of Risk
- Alternate Measures of Risk
- Global Management and Asset Allocation
- Active Asset Allocation
- The Asset Selection Decision
- Portfolio Execution
11. GERBANG PINTAR PASAR MODAL
Penulis : Abi Hurairah Moechdie, SE, MM & Haryajid Ramelan, SE, MM
Penerbit/ Publisher : PT. Capital Bridge Advisory , 2012
23

URAIAN MENGENAI UJIAN
Bab ini berisikan daftar bahan lengkap dari bidang-bidang pelajaran yang dipersyaratkan bagi mereka yang mempersiapkan diri untuk mengikuti Ujian Kecakapan Wakil Penjamin Emisi Efek.
Contoh soal dan jawaban serta pedoman belajar berupa topik bahasan dan daftar buku referensi yang disarankan untuk dipelajari para peserta ujian, bidang-bidang utama yang akan diuji dan bobot relatif dari masing-masing bidang tersebut tercantum di bawah ini sesuai dengan ujian sesungguhnya.
Ujian akan terdiri dari 100 (seratus) pertanyaan dengan beberapa pilihan jawaban dan disediakan waktu 2 (dua) jam untuk menyelesaikannya. Peserta harus membawa tanda masuk ke tempat ujian dan para peserta akan diminta untuk menunjukkan Kartu Tanda Penduduk (KTP)/Passport atau identitas diri lainnya yang masih berlaku.
Bahan cetakan dalam bentuk apapun tidak diizinkan dibawa masuk ke ruang ujian. Panitia akan menyediakan kertas buram dan kalkulator. Para peserta diwajibkan membawa 2 (dua) buah pensil jenis 2B ke tempat ujian.
Ujian ini akan meliputi tujuh bidang pembahasan utama sebagaimana tercantum di bawah ini dengan perkiraan persentase yang akan diuji untuk setiap bidang:
Penjaminan Emisi 30 %
Manajemen Keuangan
Penilaian Aktiva & Akuntansi Keuangan
Aspek Hukum
Etika
15 %
15 %
10 %
10 %
Manajemen Portofolio
Perdagangan Efek
10 %
10 %
------------------------------------------------------------------------------------------------------------------------ -----------------
J u m l a h ……………………………………………………………………… 100 %
==============================================================================
Hasil ujian akan diumumkan oleh Panitia Standar Profesi Pasar Modal kepada seluruh peserta ujian.
CONTOH SOAL DAN JAWABAN
Pertanyaan-pertanyaan berikut di bawah ini disajikan hanya sebagai contoh dan tidak dapat dipastikan bahwa pertanyaan tersebut akan muncul pada ujian kecakapan, karena sekedar untuk menunjukkan beberapa cara bagaimana pertanyaan-pertanyaan akan diajukan.
Segala upaya telah dilakukan agar hanya terdapat satu jawaban yang benar untuk setiap pertanyaan.
Jika menurut Anda tidak terdapat satupun jawaban yang sepenuhnya benar, pilihlah jawaban yang menurut Anda paling dekat dengan yang benar.
1. Izin wakil penjamin emisi dapat dibatalkan apabila ia tidak dipekerjakan oleh perusahaan efek selama lebih dari : a. 3 bulan b. 6 bulan c. 12 bulan d. 24 bulan
24

2. Seorang penjamin emisi yang tidak memiliki izin sebagai penasehat investasi dapat melakukan kegiatan pemberian nasehat investasi dalam dua keadaan dari yang berikut di bawah ini :
I. Apabila bisnis demikian semata-mata dilakukan dalam kegiatan usaha efek mereka
II. Apabila kompensasi atas jasa sedemikian tidak lebih dari 20% dari pendapatan mereka secara keseluruhan
III. Apabila hanya obligasi atau saham yang direkomendasikan untuk dibeli
IV. Apabila untuk jasa pemberian nasihat investasi tersebut tidak diperoleh kompensasi khusus a. I dan II b. I dan IV c. II dan III d. III dan IV
3. Suatu perusahaan dengan laba bersih per saham sebesar Rp. 575,- dan diperdagangkan di pasar terbuka dengan harga Rp. 8.650,- memiliki rasio harga-laba bersih sebesar : a. 6,6 b. 15,0 c. 49,7 d. (tidak dapat dihitung berdasarkan informasi yang diberikan)
4. Bapepam memberikan persetujuan atas efek-efek : a. Hanya 45 hari atau lebih setelah pernyataan pendaftaran diajukan b. Yang memiliki rasio harga-laba bersih minimal 50% kurang dari rata-rata PER dari saham yang diperdagangkan di Bursa Efek c. Hanya setelah efek-efek tersebut tercatat lebih dari satu tahun d. Tidak dalam keadaan apapun
5. Literatur penjualan dapat berisikan proyeksi yang :
I. jelas-jelas dapat dipertanggungjawabkan
II. mencakup hanya proyeksi untuk jangka lebih dari 5 tahun
III. dinyatakan sebagai proyeksi
IV. mengandung janji-janji akan diperolehnya laba bersih dan dividen secara spesifik a. I dan III saja b. II dan III saja c. II dan IV saja d. I dan IV saja
Jawaban dan penjelasan atas contoh-contoh pertanyaan :
1. d 24 bulan (Keputusan Ketua Badan Pengawas Pasar Modal No. Kep-25/PM/1996)
2. b Jawaban I dan IV (Keputusan Ketua Badan Pengawas Pasar Modal No. Kep-25/PM/1996)
3. b rasio harga-laba bersih diperoleh dengan menghitung harga sekarang dibagi laba bersih per saham, yaitu 8.650 : 575 = 15
4. d Dalam keadaan apapun Bapepam tidak menyatakan persetujuannya atas pernyataan pendaftaran (Pasal 78 Undang-undang No. 8 Tahun 1995 tentang Pasar Modal)
5. a Jawaban I dan III
25

PEDOMAN BELAJAR
Penjaminan Emisi (30%) & Aspek Hukum(10%)
Harap dipelajari seluruh peraturan di bidang Pasar Modal antara lain : Undang-undang No.8 Tahun
1995 tentang Pasar Modal, Peraturan Pemerintah, Keputusan Menteri Keuangan R.I. dan Keputusan
Ketua Badan Pengawas Pasar Modal (Bapepam) beserta seluruh penjelasannya.
Hanya bagian-bagian tertentu dari peraturan-peraturan itu yang akan diuji. Bagian-bagian yang dipilih terutama yang relevan dengan penjaminan emisi antara lain, termasuk dalam “bahan pembahasan” berikut ini.

Bahan Pembahasan antara lain:
 Badan Pengawas Pasar Modal (Bapepam)
 Bursa Efek dan Kelembagaan Pasar Modal lainnya
 Perusahaan Efek dan Wakil Perusahaan Efek
 Perizinan Perusahaan Efek dan Wakil Perusahaan Efek
 Pedoman Perilaku Perusahaan Efek/Penjamin Emisi Efek
 Lembaga dan profesi Penunjang Pasar Modal
 Kewajiban Lembaga dan Profesi Penunjang Pasar Modal
 Emiten dan Perusahaan Publik
 Pernyataan Pendaftaran
 Tatacara Penyampaian Pernyataan Pendaftaran
 Prospektus dan Pengumuman/Keterbukaan
 Informasi Berkala Emiten dan Perusahaan Publik
 Tanggung jawab atas informasi yang tidak benar atau menyesatkan
 Penawaran Umum dan Penawaran Umum Terbatas
 Penawaran Umum Reksadana
 Hak Memesan Efek Terlebih Dahulu
 Benturan Kepentingan
 Penawaran Tender
 Penggabungan, Peleburan dan Akuisisi
 Pelaporan dan Keterbukaan Informasi
 Hal-hal penting lainnya yang berhubungan dengan kegiatan Perusahaan Efek/Penjamin Emisi
Efek

Peraturan-peraturan berikut dari berbagai Keputusan tersebut di atas juga penting untuk diketahui :
 Syarat-syarat perolehan izin perorangan bagi masing-masing wakil Penjamin Emisi, Wakil
Perantara-Pedagang atau Wakil Manajer Investasi
 Tatacara Pendaftaran dalam rangka Penawaran Umum
 Prosedur penangguhan Penawaran Umum
 Pedoman mengenai bentuk dan isi dari suatu Prospektus Penawaran Umum
 Pedoman mengenai bentuk dan isi Prospektus Ringkas
 Pedoman mengenai bentuk dan isi Pernyataan Pendaftaran Dalam rangka Penawaran Umum dan dalam rangka penerbitan Hak Memesan Efek Terlebih Dahulu
 Keterbukaan informasi yang harus diumumkan dengan segera kepada Publik
 Iklan, Brosur Penjualan dan Media Komunikasi Massa lainnya
26


Seluruh Proses penjaminan Emisi
 Kontak pertama dengan calon Emiten hingga berakhirnya Penawaran Umum serta diperdagangkannya efek dalam pasar sekunder.

Perjanjian Penjaminan Emisi Efek
 Perjanjian antara Penjamin Emisi Efek dan Emiten
 Perjanjian antara para Penjamin Emisi Efek dan Agen Penjual
Manajemen Keuangan (15%)

Struktur Permodalan
 Permodalan konservatif vs dengan utang (leveraged)
 Rasio-rasio modal sebagai penentu untuk memilih alternatif-alternatif keuangan
 Biaya Modal

Karakteristik dari instrumen investasi
 Saham biasa
 Saham preferen
 Penarikan kembali (callability) dan konvertibilitas
 Keuntungan/kerugian dari konvertibilitas bagi emiten maupun pemodal

Menentukan harga yang wajar untuk efek baru
 Rasio harga-laba bersih (PER)
 Hasil Investasi
 Rasio-rasio permodalan
 Catatan pertumbuhan
 Kemampuan Manajemen
 Kedudukan dalam pasar
 Pertumbuhan dan perkembangan
 Pemahaman Manajemen

Obligasi
 Jenis obligasi
 Penentuan harga dengan agio atau diskonto
 Tingkat bunga tetap vs tingkat bunga mengambang
 Obligasi konversi
 Perjanjian Perwaliamanatan atau/dan persyaratan obligasi
Penilaian Aktiva & Akuntansi Keuangan (15%)
 Prinsip-prinsip Akuntansi umum (GAAP/PAI)
 Laporan Keuangan (Neraca, Rugi-Laba)
 Pengukuran likuiditas suatu perusahaan
 Perputaran persediaan (inventory turnover)
 Modal Kerja
 Pertumbuhan dalam nilai buku dan hasil kelipatan biaya tetap (times fixed charges earned)
 Laba bersih persaham
 Pertumbuhan
 Evaluasi Saham Biasa :
Laba
Deviden
Nilai Buku
Arus Kas
27

 Efek berpendapatan tetap
 Efek bersifat ekuitas yang dapat ditukarkan:
Obligasi Konversi
Sertifikat Bukti Right (SBR)
Warran
Etika Dalam Bisnis Penjaminan Emisi (10%)

Pedoman Perilaku Perusahaan Efek/Penjamin Emisi Efek

Pertimbangan Etika Khusus selama proses penjaminan emisi efek dan pasca pasar:
 Kepatuhan terhadap semua peraturan dan ketentuan dari BAPEPAM dan organisasi-organisasi yang mengatur diri sendiri
Pengetahuan atas peraturan dan ketentuan penting
Tanggungjawab untuk memelihara pengetahuan tentang perubahan (revisi) atas peraturan dan ketentuan
 Larangan untuk berpartisipasi atau membantu dalam pelanggaran etika atau hukum
 Larangan untuk menggunakan informasi penting yang non-publik atau bukan untuk umum
 Tanggung jawab dari Pengawas
Memastikan bahwa bawahannya mendapat pelatihan yang memadai dan memiliki pengetahuan tentang peraturan-peraturan yang berlaku
Pengawasan yang memadai atas bawahannya untuk memastikan kepatuhan terhadap standar-standar yang berlaku.
Manajemen Portofolio (10%)

Teori Portofolio Modern
 Perencanaan
 Konstruksi
 Evaluasi dan revisi
 Hasil investasi historis efek

Analisis Industri
 Industri dasar dan bertumbuh
 Efek defensif
 Efek bertumbuh

Tingkat Bunga
 Kurva hasil
 Dampak normal maupun terbalik atas efek berpendapatan tetap
 Harga apabila tingkat bunga berubah
 Hasil nominal
 Hasil berjalan
 Hasil hingga jatuh tempo

Perekonomian
 Risiko mata uang asing
 Perubahan dalam undang-undang pajak
 Kenaikan dan penurunan dalam perekonomian
 Persaingan luar negeri
 Perubahan tingkat bunga dalam maupun luar negeri
28


Memperkecil risiko melalui
 Diversifikasi
 Lindung nilai (Hedging)
 Kegiatan luar negeri
Perdagangan Efek (10%)

Harap dipelajari pula peraturan-peraturan Pasar Modal yang berkaitan dengan perdagangan efek termasuk Keputusan Direksi PT. Bursa Efek Indonesia, Lembaga Kliring dan Penjaminan (LKP –
PT Kliring Penjaminan Efek Indonesia) dan Lembaga Penyimpanan dan Penyelesaian (LPP – PT
Kustodian Sentral Efek Indonesia).
29

DESCRIPTION OF THE EXAMINATION
This chapter contains a complete subject listing of the areas of study required for those preparing for the Underwriter Representatives Competency Examination.
Sample of questions and answers, study guide including subject matters and list of some referenced books are recommended to be studied by the candidates, the major areas that will be tested are listed, together with the relative weighting of these areas on the actual examination.
The examination will consist of 100 (one hundred) multiple choice questions. The time allocated to complete the examination is 2 (two) hours. Applicants must bring their admission ticket to the examination site where they will be asked to present their valid Passport/Identity Cards.
No printed materials of any kind may be taken into the examination room. The Committee will provide you with paper for scrap work and a calculator. Please also bring 2 (two) pencils (type 2B) to the exam site.
This examination will test six major subject areas. These areas are listed below with the approximate percentage of the examination that will be devoted:
Underwriting
Financial Management
30 %
15 %
Assets Appraisal & Financial Accounting
Legal Aspects
Ethics
Portfolio Management
Securities Trading
15 %
10 %
10 %
10 %
10 %
--------------------------------------------------------------------------------------- --------------------------------------------------
T o t a l …………………………………………………………………………100 %
==============================================================================
Result of the exam will be announced by the Committee for Capital Market Professional Standards to those who have completed the examination
SAMPLE OF QUESTIONS AND ANSWERS
These questions are offered as samples only. They will not necessarily appear on the competency examination but are used to demonstrate several different ways in which questions will be presented.
Every effort has been made to have only one correct answer to each question. If you do not think any of the answers is precisely correct, choose the answer you consider the closest to correct.
1. An underwriter represe ntative’s license may be cancelled if he/she is not employed by a securities company for more than : a. 3 months b. 6 months c. 12 months d. 24 months
30

2. An underwriter representative who is not licensed as an investment advisor may engage in investment advisory activities under which two of the followings :
I. When such business is solely related to their securities business
II. When compensation for such services represents not more than 20% of their total business income
III. When only bonds or stocks are recommended for purchase
IV. When no special compensation is received for the investment advisory service a. I and II b. I and IV c. II and III d. III and IV
3. A company earning Rp. 575 per share and trading in the open market at Rp. 8,650 has a priceearnings ratio (PER) of : a. 6.6 b. 15.0 c. 49.7 d. (Cannot be determined from information given)
4. Bapepam approves securities : a. Only 45 days or more after the registration statement has been submitted b. Having price-earnings ratios more than 50% less than the average PER of stocks traded on the Stock Exchange c. Only after they have been listed for more than one year d. Under no circumstances
5. Sales literature may contain forecast which :
I. Are clearly warranted
II. Concern only projections for less than 5 years
III. Are labelled as forecasts
IV. Contain promises of specific earnings and dividends a. I and III only b. II and III only c. II and IV only d. I and IV only
Answers and references for sample questions
1. d 24 months (Decree of the Chairman of Bapepam No. Kep-25/PM/1996)
2. b Answer No. I and IV (Decree of the Chairman of Bapepam N0. Kep-25/PM/1996)
3. b The PER is derived by dividing the current price by earnings per share, i.e : 8,650:575 = 15
4. d Under no circumstances (Article 78 – Law No. 8 of 1995 on Capital Market)
5. a Answer No. I and III
31

STUDY GUIDE
Underwriting (30%) & Legal Aspect (10%)
Please study all rules and regulations on Capital Market i.e : Law No. 8 of 1995 on Capital Market,
Government regulations, Minister of Finance Decrees and The Chairman of Capital Market Supervisory
Board (Bapepam) Decrees with all of its elucidations. Only selected portion of those regulations will be tested on this examination. Those selected portions, particularly relevant to underwriters, are listed in the “subject matter” section as follows.

Subject Matter
 Capital Market Supervisory Board (Bapepam)
 Stock Exchange and other Capital Market Institutions
 Securities Company and Securities Company Representative
 Licensing of Securities Companies and Securities Company Representative
 Conduct of Securities Companies Acting as Underwriters
 Capital Market Supporting Institutions and Professionals
 Obligations of Capital Market Supporting Institutions and Professionals
 Issuers and Public Companies
 Registration Statements
 Registration Statements Submission Procedure
 The Prospectus and Announcement/Disclosure
 Periodic Disclosures by Issuers and Public Companies
 Responsibility on incorrect and misleading information
 Public offering and limited Public Offering
 Public Offering of Investment funds
 Preemptive Rights/Rights Issue
 Conflict of interest
 Tender Offer
 Mergers, Consolidations and Acquisitions
 Reporting and Disclosure of Information
 Other important matter particularly relevant to the activities of securities
Companies/Underwriters

The following rules as stipulated in the Decree, are also important to be known, among others :
 Individual licensing requirements for Underwriter representative, Broker-Dealer representative or Investment Manager Representative
 Registration procedure of a Public Offering
 Procedure for postponement of a Public Offering
 Guidelines concerning the form and content of a Prospectus for Public Offering
 Guidelines concerning the form and content of an Abridged Prospectus
 Guidelines on the form and content of a Registration Statement for Public Offering and Rights
Issue
 Disclosure of information that must immediately be made Public
 Advertising, Sales Literature and other Mass Media Communications
32


The Entire Underwriting Process
 Initial contact with the prospective issuer through the completion of the offering and establishment of a secondary market

Underwriting Agreements
 Agreement between Underwriter and Issuer
 Agreement between Underwriters and Selling agents
Financial Management (15%)

Capital Structure
 Conservative vs leveraged capitalizations
 Capitalization ratios as a determinant in selecting financial alternatives
 Cost of Capital

Characteristics of Investment instruments
 Ordinary shares
 Preferred shares
 Callability and convertibility
 Advantages/disadvantages of convertibility with respect to issuer and investor

Establishing a Fair Price for New Issues
 Price - earnings ratios
 Yield
 Capitalization ratios
 Growth record
 Management ability
 Market position
 Growth and development
 Management depth

Bonds
 Type of bonds
 Premium and discount pricing
 Fixed rate vs floating rate
 Convertible bonds
 Trust agreements and bond indentures
Assets Appraisal & Financial Accounting (15%)
 Generally Accepted Accounting Principle (GAAP)
 Financial Statement (Balance sheet, Profit & loss)
 Measurement of a company's liquidity
 Inventory turnover
 Working capital
 Growth in book value and times fixed charges earned
 Earnings per share
 Growth
 Evaluating Common Stocks:
Earnings
Devidend
Book value
Cash flows
33

 Fixed income securities
 Convertible Securities
Convertible bonds
Rights
Warrants
Ethics in Underwriting Business (10%)

Conduct of Securities Companies Acting as Underwriters.

Specialized ethical considerations during the underwriting process and aftermarket:
 Compliance with all rules and regulations of BAPEPAM and self regulatory organizations
Knowledge of essential rules and regulations
Obligation to maintain familiarity with rule and regulation revisions

Prohibitions againts taking part in or assisting in ethical or legal violations

Prohibitons againts the use material non-public information

Responsibility of Supervisors
 Assure that subordinates are properly trained and have knowledge of appropriate regulations
 Reasonable supervision over subordinates to assure compliance with standards
Portfolio Management (10%)

Modern Portfolio Theory
 Planning
 Construction
 Evaluation and Revision
 Historic returns

Industry Analysis
 Basic industry and growths industry
 Defensive issues
 Growth issues

Interest Rates
 The yield curve
 Normal and inverted effects on fixed-income securities
 Prices when interest rates change
 Nominal yield
 Current yield
 Yield to maturity

Economics
 Foreign-currency risk
 Changes in the tax law
 Economics upswings and downswings
 Foreign competition
 Interest-rate changes, domestic and foreign

Minimizing risk through
 Diversification
 Hedging
 Offshore activities
34

Securities Trading (10%)

Please study also all rules and regulations on Capital Market related to Securities Trading, including the Decrees of the Board of Directors of the Indonesian Stock Exchange, Rules of the Clearing &
Guarantee Institution (KPEI) and the Settlement and Custody Institution (KSEI) on Settlement
Transaction.
35

BUKU-BUKU REFERENSI YANG BERIKUT DIANJURKAN UNTUK DIBACA BAGI PARA PESERTA
UJIAN KECAKAPAN WAKIL PENJAMIN EMISI EFEK:
The following recommended reading list for Underwriter Representative candidates:
1. UNDANG-UNDANG NO. 8 TAHUN 1995 Tentang Pasar Modal dan semua Peraturan-
Peraturan Pasar Modal lainnya dalam bentuk PERATURAN PEMERINTAH, KEPUTUSAN
MENTERI KEUANGAN REPUBLIK INDONESIA, KEPUTUSAN BADAN PENGAWAS PASAR
MODAL (BAPEPAM) BESERTA SELURUH PENJELASANNYA ( Indonesian Capital Market
Law No.8/1995 and subsequent related regulations issued by the Minister of Finance of
Republic of Indonesia as well as Chairman of BAPEPAM )
2. PERATURAN: Bursa Efek Indonesia, Kliring Penjaminan Efek Indonesia (KPEI), Kustodian
Sentral Efek Indonesia (KSEI) dan Peraturan Perpajakan sehubungan dengan Transaksi Efek di Pasar Modal ( Regulations issued by Indonesian Stock Exchange, Rules of the Clearing &
Guarantee Institution (KPEI), The Settlement and Custody Institution (KSEI) and Tax
Regulations related to securties trading at the capital market).
3. KODE ETIK ASOSIASI WAKIL PENJAMIN EMISI EFEK INDONESIA
( Code of Ethics of The Association of Indonesian Underwriter Representatives )
Penerbit/ Publisher : Asosiasi Wakil Penjamin Emisi Efek Indonesia
4. COMPLETE GUIDE TO MAKING A PUBLIC STOCK OFFERING - Second Edition
By: Elmer C. Winter - Penerbit/ Publisher : Prentice Hall, Inc. Englewood Cliff, NJ
Topics:
Advantages & Disadvantages of Public Stock Offering
Advantages of Private Placement vs Public Stock Offering
Methods of Underwriting
How to Determine the Offering Price of the Common Stock
The Registration Statement
How to Prepare the Prospectus
Disclosure Guidelines
5. THE ENTREPRENEUR'S GUIDE LINE SERIES INITIAL PUBLIC OFFERING
By: David P. Sutton & M. William Benedetto
Penerbit / Publisher : Probus Publishing Company - Chicago, 1990
Topics:
Preparing to Go Public Early Planning
Valuing, Pricing and Timing the Offering
The Offering
The Aftermarket and Stock Trading
Ongoing Responsibilities
6. FUNDAMENTALS OF FINANCIAL MANAGEMENT - Eleventh Edition, 2001
By: James C. Van Horne - Penerbit / Publisher :Prentice Hall International Edition
Topics:
The Valuation of Long-Term Securities
Funds Analysis, Cash-Flow Analysis and Financial Planning
Cash and Marketable Securities Management
Required Returns and the Cost of Capital
Operating and Financial Leverage
Capital Structure Determination
Dividend Policy
Intermediate and Long-Term Financing
Mergers and Other Forms of Corporate Restructuring
36

7. PRINCIPLES OF CORPORATE FINANCE - Sixth Edition, 2000
By: Richard A Brealey/ Stewart C. Myers - Penerbit / Publisher : McGraw-Hill
Topics:
Present Value and The Opportunity Cost of Capital
The Value of Common Stocks
Making Investment Decisions with the Net Present Value Rule
Risk and Return
An Overview of Corporate Financing
How much should A Firm Borrow?
Financing and Valuation
Spotting and Valuing Options
Warrants and Convertibles
Valuing Debt
The Many Different Kinds of Debt
8. INVESTMENTS – ANALYSIS & MANAGEMENT - International Edition, 1986
By: Jack Clark Francis - Penerbit / Publisher : McGraw-Hill
Topics:
Securities
Securities Market
Introduction to Valuation and Risk-Return Theory
Bond Valuation
Common Stock Valuation
Fundamental Common Stock Analysis
Security Price Movements
Preferred Stock
Diversification and Portfolio Analysis
Portfolio Performance Evaluation
9. CAPITAL INVESTMENT AND FINANCIAL DECISION
By: Haim Levy – Marshall Sarnat - Penerbit/ Publisher : Prentice Hall (PHI) International
Topics:
Net Present Value Versus Internal Rate of Return
Using Cash Flows to Evaluate Investments
Corporate Income Taxes and Capital Budgeting
Foundations of Risk Analysis
Decreasing Risk by Diversification: The Portfolio Approach
The Capital Asset Pricing Model
Financial Leverage
Bankruptcy Risk and The Choice of Financial Structure
Measuring the Cost of Capital
10. CORPORATE FINANCIAL ANALYSIS
By: Diana R. Harrington/Brent D. Wilson
Penerbit / Publisher : Dow Jones - Irwin - 1983
Topics:
The Cost of Capital
Valuation: Acquisitions and Divestitures
37

URAIAN MENGENAI UJIAN
Bab ini berisikan daftar bahan lengkap dari bidang-bidang pelajaran yang dipersyaratkan bagi mereka yang mempersiapkan diri untuk mengikuti Ujian Kecakapan Wakil Manajer Investasi.
Contoh soal dan jawaban serta pedoman belajar berupa topik bahasan dan daftar buku referensi yang disarankan untuk dipelajari para peserta ujian, bidang-bidang utama yang akan diuji dan bobot relatif dari masing-masing bidang tersebut, tercantum di bawah ini sesuai dengan ujian sesungguhnya.
Ujian akan terdiri dari 100 (seratus) pertanyaan dengan beberapa pilihan jawaban dan disediakan waktu 2 (dua) jam untuk menyelesaikannya. Peserta harus membawa tanda masuk ke tempat ujian, dimana para peserta akan diminta untuk menunjukkan Kartu Tanda Penduduk (KTP)/Passport atau identitias diri lainnya yang masih berlaku.
Bahan cetakan dalam bentuk apapun tidak diizinkan dibawa masuk ke ruang ujian. Panitia akan menyediakan kertas buram dan kalkulator. Mohon agar peserta juga membawa 2 (dua) buah pensil jenis 2B ke tempat ujian.
Ujian ini akan meliputi tujuh bidang pembahasan utama sebagaimana tercantum di bawah ini dengan perkiraan persentase yang akan diuji untuk setiap bidang:
Hukum & Etika Wakil Manajer Investasi 20 %
Perekonomian
Analisis Kuantitatif
Analisa Laporan Keuangan Perusahaan
Analisis Ekuitas
10 %
10 %
15 %
15 %
Analisis Pendapatan Tetap
Manajemen Portfolio
15 %
15 %
-------------------------------------------------------------------------------------------------- ---------------------------------------
J u m l a h ……………………………………………………………………………… 100 %
==============================================================================
Hasil Ujian akan diumumkan oleh Panitia Standar Profesi Pasar Modal kepada seluruh peserta ujian.
CONTOH SOAL DAN JAWABAN
Pertanyaan-pertanyaan berikut di bawah ini disajikan hanya sebagai contoh dan tidak dapat dipastikan bahwa pertanyaan tersebut akan muncul pada ujian kecakapan, karena sekedar untuk menunjukkan beberapa cara bagaimana pertanyaan-pertanyaan akan diajukan.
Segala upaya telah dilakukan agar hanya terdapat satu jawaban yang benar untuk setiap pertanyaan.
Jika menurut Anda tidak terdapat satupun jawaban yang sepenuhnya benar, pilihlah jawaban yang menurut Anda paling dekat dengan yang benar.
1. Bagaimana pengaruh kenaikan tajam pada tingkat bunga terhadap harga-harga obligasi berjangka panjang ? a. harga obligasi akan turun sedikit b. harga obligasi akan turun dengan tajam c. harga obligasi akan naik sedikit d. harga obligasi naik dengan tajam
38

2. Suatu saham preferen konversi, dengan nilai nominal 100, dapat ditukar dengan 40.
Jika saham biasa dari perusahaan yang sama sedang diperdagangkan dengan harga 50, berapakah paritas konversi dari saham preferen konversi tersebut : a. 1,25 b. 125 c. 2.000 d. (tidak dapat ditentukan tanpa mengetahui nilai nominal dari saham biasa perusahaan tersebut)
3. Laba dari obligasi yang dimiliki hingga jatuh tempo akan sama dengan laba nominalnya (kupon bunga) apabila : a. tingkat bunga naik dengan tajam b. tingkat bunga turun dengan tajam c. obligasi itu adalah obligasi konversi d. obligasi tersebut diperdagangkan pada nilai nominalnya (tidak ada agio maupun diskonto)
4. Seorang Wakil Manajer Investasi boleh menjamin suatu hasil investasi tertentu kepada nasabahnya hanya apabila : a. merekomendasikan efek yang senior seperti saham preferen dan/atau obligasi b. nasabahnya sudah berpengalaman dalam pasar efek c. ia akan membayar setiap kerugian perdagangan atas rekening tersebut
5. d. tidak boleh dalam keadaan apapun
Risiko pasar dapat diperkecil dengan membeli : a. hanya saham dengan PER (price earnings ratio) yang rendah pada industri yang sama b. hanya saham dengan PER yang tinggi pada industri yang sama c. saham-saham dari industri yang berbeda d. saham dari satu perusahaan yang permodalannya baik.
Jawaban atas contoh pertanyaan-pertanyaan
1. b Harga obligasi berhubungan terbalik dengan tingkat bunga. Bila tingkat bunga naik, harga dari obligasi yang beredar turun. Obligasi berjangka panjang terpengaruhi lebih besar daripada obligasi berjangka pendek.
2. b Rasio konversi adalah 2,5 yang diperoleh dengan jalan membagi nilai nominal saham yang dapat ditukar tersebut dengan harga konversi 40. 100/40= 2,5 Paritas untuk saham preferen akan menjadi
2,5 x harga saham biasa atau 125 ( 2,5 x 50 = 125)
3. d Satu-satunya saat dimana laba nominal suatu obligasi (kupon bunga), laba berjalan dan laba hingga jatuh tempo mempunyai nilai yang identik, ialah apabila obligasi tersebut diperdagangkan pada 100 (nilai nominal)
4. d Hasil tertentu tidak pernah dapat dijamin
5. c Hal ini memberikan dampak diversifikasi
39

PEDOMAN BELAJAR
I. Hukum dan Etika Wakil Manajer Investasi (20 %)
A. Hukum dan Peraturan Efek di Indonesia
1. Undang-undang Pasar Modal a. Definisi Reksadana (sesuai Undang-undang Pasar Modal) b. Bentuk Hukum Reksadana (Pasal 18 ayat 1 Undang-undang Pasar Modal) c. Jenis Reksadana di Indonesia d. Kelebihan investasi melalui Reksadana e. Jelaskan tentang diversifikasi dalam Reksadana f. Apa arti kontrak investasi kolektif (jelaskan) g. Mekanisme subscription dan redemption h. Apakah Reksadana dapat menerima dan atau memberikan pinjaman secara langsung i. Apakah Reksadana dapat membeli saham atau unit penyertaan Reksadana laiinya. j. Dimana kekayaan Reksadana disimpan.
2. Manajer Investasi & Bank Kustodian a. Definisi Manajer Investasi sesuai Undang-undang Pasar Modal b. Tugas dan kewajiban Manajer Investasi c. Peraturan V.A.3 (Perizinan Perusahaan Efek melakukan kegiatan sebagai Manajer
Investasi) d. Peraturan V.D.11 (Pedoman Pelaksanaan Fungsi-fungsi Manajer Investasi) e. Peraturan V.G.1 (Perilaku yang dilarang bagi Manajer Investasi) f. Peraturan V.G.3 (Pedoman Pencatatan dalam rangka Pengambilan Keputusan oleh
Manajer Investasi). g. Peraturan V.G.5 (Fungsi Manajer Investasi berkaitan dengan EBA – Efek Beragun
Asset) h. Fungsi & Kewajiban Bank Kustodian berkaitan dengan Reksadana) i. Pengetahuan tentang Agen Penjual Reksadana j. Pelaporan Wakil Manajer Investasi.
3. Pengelolaan Reksadana a. Peraturan IV.B.1 (Pedoman Pengelolaan Reksadana berbentuk Kontrak Investasi
Kolektif) b. Peraturan IV.B.3 (Reksadana Kontrak Invetasi Kolektif yang unit penyertaannya diperdagangkan di Bursa) c. Peraturan IV.C.5 (Reksadana Kontrak Investasi Kolektif Penyertaan Terbatas) d. Peraturan IV.C.2 (Nilai pasar wajar dari efek dalam portfolio Reksadana) e. Peraturan IV.C.3. [Pedoman Pengumuman Harian NAB (Nilai Aktivasi Bersih)
Reksadana Terbuka] f. Peraturan IV.C.4 (Pedoman Pengelolaan Reksadana terproteksi, Reksadana dengan jaminan dan Reksadana Indeks g. Peraturan IV.D.2 (Profil Pemodal Reksadana) h. Peraturan V.G.6 (Pedoman Pengelolaan Portfolio Efek untuk Nasabah Individual) i. Peraturan V.D.10 (Prinsip mengenal nasabah oleh penyedia jasa keuangan di Pasar
Modal) j. Pengetahuan : EBA - Efek Beragun Asset, DIRE - Dana Investasi Real Estate dan
Reksadana Syariah
40

B. Pertimbangan-Pertimbangan Etika
1. Kepatuhan terhadap semua peraturan dan ketentuan dari BAPEPAM dan Organisasi-
Organisasi yang mengatur diri sendiri a. Pengetahuan atas peraturan dan ketentuan penting b. Tanggung jawab untuk memelihara pengetahuan tentang perubahan (revisi) atas peraturan dan ketentuan
2. Larangan untuk berpartisipasi atau membantu dalam pelanggaran etika atau hukum
3. Larangan untuk menggunakan informasi penting yang non-publik atau bukan untuk umum
4. Tanggung-jawab dari Pengawas (Supervisor) a. Memastikan bahwa bawahannya mendapat pelatihan yang memadai dan memiliki pengetahuan tentang peraturan-peraturan yang berlaku b. Pengawasan yang memadai atas bawahannya untuk memastikan kepatuhan terhadap standar-standar yang berlaku.
5. Laporan Penelitian dan Rekomendasi Investasi a. Penelitian dan kecermatan dalam membuat rekomendasi investasi b. Dasar yang masuk akal dan memadai untuk rekomendasi yang diberikan c. Menghindari kesalahan materi dalam memberi gambaran (material representation) d. Pemeliharaan catatan yang sepantasnya untuk mendukung pertanyaan tentang kinerja.
6. Rekomendasi dan Tindakan untuk Portfolio a. Kebutuhan dan keadaan nasabah b. Karakteristik dari investasi yang direkomendasikan c. Karakteristik dari portfolio secara keseluruhan
7. Larangan atas Plagiarisme (Penjiplakan)
8. Berurusan secara adil dengan pelanggan dan nasabah
9. Pengungkapan atas konflik / benturan kepentingan a. Kepemilikan atas efek yang direkomendasikan b. Kepentingan keuangan atas segi-segi rekomendasi yang diberikan
10. Kompensasi a. Pengungkapan atas pengaturan kompensasi tambahan b. Pengungkapan atas biaya acuan (referral fees)
11. Hubungan dengan Pihak lain a. Terpeliharanya kerahasiaan b. Menjaga Independensi c. Tugas fidusiar / dipercayakan
12. Tingkah laku professional yang salah
41

II. Perekonomian (10 %)
A. Sistem Dasar Analisa Perekonomian
1. Klasik
2. Keynes
3. Moneter
4. ‘Sisi Penawaran (supply)’
B. Pertimbangan Ekonomi Makro
1. Model Permintaan / Penawaran
2. Inflasi
3. Defiasi
4. Pengangguran
5. Resesi
6. Depresi
C. Pertimbangan Ekonomi Mikro
1. Pengaruh tingkat bunga atas perekonomian
2. Nilai tukar
3. Barang modal lawan barang konsumsi
4. Perdagangan Internasional
5. Teori Paritas Daya Beli
6. Gross Domestic Product
7. Arus Modal
III. Analisa Kuantitatif (10 %)
A. Alat-alat dasar Analisa Kuantitatif
B. Statistik Dasar
1. Standar Deviasi
2. Rata-rata aritmatika /geometrika
C. Teori Probabilitas (Konsep saja)
D. Analisa Korelasi dan Regresi Linier
IV. Analisa Laporan Keuangan Perusahaan (15 %)
A. Prinsip-Prinsip Akuntansi Umum (GAAP / PAI)
Definisi
B. Analisa Neraca
1. Aktiva Lancar
2. Aktiva Tidak Lancar
3. Aktiva Tidak Berwujud (Intangible)
4. Hutang Lancar
5. Hutang Jangka Panjang
6. Ekuitas
42

C. Analisa Laporan Laba Rugi
1. Marjin Keuntungan
2. DOL (Degree of Operating Leverage), DFL (Degree of Financial Leverage) & DCL (Degree
Of Combined Leverage)
3. Analisa Dupont
4. Laba bersih per saham (Earnings Per Share)
5. Economic Income vs Accounting Income
D. Analisa Arus Kas
1. Sumber dan Penggunaan Dana
2. Dividen & Pemindahan laba ke saldo laba kumulatif
E. Analisa Saldo Laba
Transaksi terkait dengan saldo laba
- Stock split
- Stock dividen
- Stock repurchase / treasury stock
V. Analisa Ekuitas (15 %)
A. Saham Biasa
Karakterstik dasar
B. Analisa Industri
1. Industri Dasar
2. Industri yang bertumbuh
C. Valuasi Saham
1. DDM (Devidend Discount Model)
2. Cash Flow Model
3. Market Model (PER, MBV, PBV, CAPM)
- PER (Price to Earning Ratio)
- MBV (Market to Book Value)
- PBV (Price to Book Value)
- CAPM (Capital Asset Pricing Model)
D. Evaluasi Saham Biasa
1. Laba a. Pertumbuhan b. Rasio pembayaran deviden (D/E)
2. Hasil Dividen a. Pengaruh dari kenaikan pembayaran dividen b. Pengaruh dari penurunan pembayaran deviden c. Rasio pembayaran deviden (D/E)
E. Efek yang dapat ditukarkan
1. Obligasi Konversi dan saham preferen
2. MHMETD
3. Waran
43

F. Analisa Teknis
1. Peta / Grafik (chart)
2. Pola a. Pola Khas Bullish b. Pola Khas Bearish
3. Pengukuran volume dan likuiditas
G. Teori Pasar Efisien
1. Versi lemah, semi-kuat dan kuat
2. Teori ‘Random Walk”
VI. Analisa Pendapatan Tetap (15 %)
A. Jenis-Jenis Efek Pendapatan Tetap
1. Efek Pemerintah
2. Efek SUKUK
3. Obligasi Perusahaan
4. Efek Beragun Aktiva
5. Obligasi Internasional
B. Pertimbangan Kredit
1. Perusahaan Pemeringkat
2. Obligasi Bermutu
3. Obligasi ‘Hasil Tinggi”
C. Valuasi Obligasi & Hasil Investasi / Hasil Kupon (Coupon Yield)
1. Bunga Tetap (fixed)
2. Dampak karena ditarik kembali secara dini atas hasil sampai jatuh tempo
3. Hasil sampai nol atau ditarik kembali
D. Jangka Waktu (durasi) & imunisasi
E. Kecembungan (convexity)
F. Strategi Pendapatan Tetap
G. Kurva Pendapatan Strategis
44

VII. Manajemen Portofolio (15 %)
A. Teori Portofolio Modern
1. Hasil Investasi Historis a. Saham-saham b. Obligasi c. Tunai / Kas d. Aktiva lain-lain
2. Diversifikasi (Risk & return portfolio)
B. Manajemen Risiko Portofolio
1. Koefisien Beta
2. Portfolio Markowitz
3. Single Index Model
4. Capital Asset Pricing Model Theory (CAPM)
5. Arbitrage Pricing Theory
C. Pengukuran Kinerja Manajer Investasi
1. Pengertian abnormal return
2. Kemampuan Manajer Investasi memperoleh abnormal return a. Stock picking ability b. Market timing ability
3. Rasio Sharpe
4. Rasio Treynor
5. Jensen Alpha
D. Alokasi Asset
1. Aplikasi alokasi dana pada berbagai macam asset
2. Seleksi Sekuritas
45

DESCRIPTION OF THE EXAM
This chapter contains a list of subject of the areas of study required for those preparing for the
Investment Manager Representatives Competency Examination.
Sample of questions and answers, study guide including subject matter and list of some referenced books are recommended to be studied by the candidates, the major areas that will be tested are listed, together with the relative weighting of these areas on the actual examination.
The examination will consist of 100 (one hundred) multiple choice questions. The time allocated to complete the examination is 2 (two) hours. Applicants must bring their admission ticket to the examination site where they will be asked to present their valid Passport/Identity Cards.
No printed materials of any kind may be taken into the examination room. The Committee will provide you with paper for scrap work and a calculator. Please also bring 2 (two) pencils (type 2B) to the exam site.
This examination will test seven major subject areas. These areas are listed below with the approximate percentage of the examination that will be devoted:
Laws & Ethics of Investment Manager
Economics
20 %
10 %
Quantitative Analysis
Company Financial Statements Analysis
Equity Analysis
Fixed Income Analysis
Portfolio Management
10 %
15 %
15 %
15 %
15 %
------------------------------------------------------------------------------------------------------------------------- -----------------
T o t a l ………………………………………………………………………… 100 %
==============================================================================
The exam result will be announced by the Committee for Capital Market Professional Standards to all those who have completed the examination.
SAMPLE QUESTIONS AND ANSWERS
These questions are offered as samples only. They will not necessarily appear on the competency examination but are used to demonstrate several different ways in which questions will be presented.
Every effort has been made to have only one correct answer to each question. If you do not think any of the answers is precisely correct, choose the answer you consider the closest to correct.
1. A sharp increase in interest rates will have which effect on the prices of long-term bonds ? a. bond prices will decrease slightly b. bond prices will decrease sharply c. bond prices will increase slightly d. bond prices will increase sharply
46

2. A convertible preferred stock, par value 100, is convertible at 40. If the underlying common stock is trading at 50, what is parity for the convertible preferred ? a. 1.25 b. 125 c. 2,000 d. (cannot be determined without knowing the par value of the underlying common stock)
3. A bond’s yield to maturity and its nominal yield (coupon rate) will be equal when : a. interest rates are rising sharply b. interest rates are falling sharply c. the bond is convertible d. the bond is trading at its par value (no premium or discount)
4. An investment Manager may guarantee a client a specific result only when : a. Recommending senior securities such as preferred stocks/and/or bonds b. The client has had previous experience in the securities/markets c. He/she will pay for any trading losses in the account d. Under no circumstances
5. Market risk can be minimized by purchasing : a. only low PER (price earnings ratio) stocks in the same industry b. only high PER stocks in the same industry c. stocks in different industries d. the stock of a single well-capitalized company
Answers and References for Sample Questions
1. b The prices of bonds and interest rates vary inversely. When interest rates increase, the price of outstanding bonds go down. The longer-term bonds are much more affected than the shorter-term bonds.
2. b The conversion ratio is 2.5 which is derived from dividing the convertible stock’s par value by the conversion price of 40.
100/40 = 2.5 Parity for the stock preferred will be 2.5 x the price of the common stock or
125.(2.5 x 50 = 125).
3. d The only time a bond’s nominal yield (interest rate), current yield and yield to maturity are equal is when the bond is trading at 100 (face value)
4. d No specific results can ever be quaranteed
5. c This provides diversification.
47

STUDY GUIDE
I. Laws & Ethics of Investment Manager (20 %)
A. Laws and Securities Regulations in Indonesia
1. Capital Market Regulations a. Definition of Mutual Fund (in accordance with Capital Market Law) b. Legal structure of Mutual Fund (Article 18 verse 1 Capital Market Law) c. Type of Mutual Funds in Indonesia d. Advantages of investing in Mutual Fund e. Explain about diversification in Mutual Fund f. What is Collective Investment Contract g. Mechanism of subscription and redemption h. Can Mutual Fund receive and or extend loan ? i. Can Mutual Fund buy units of other Mutual Funds ? j. Where should Mutual Fund assets be custodied ?
2. Investment Manager & Custodian Bank a. Definition of Investment Manager in accordance with Capital Market Law b. Duty and obligation of Investment Managers c. Regulation V.A.3 (Licensing Securities Companies as Investment Manager) d. Regulation V.D.11 (Implementation Guide for Required Functions in an Investment
Manager) e. Regulation V.G.1 (Prohibitions against Misconduct of Investment Manager) f. Regulation V.G.3 (Guide in Recording Investment Decision Making for Investment
Manager) g. Regulation V.G.5 (Functions of Investment Manager related to Asset-Backed-
Securities) h. Functions and duties of Custodian Bank related to Mutual Fund i. Knowledge and regulation on APERD (Selling Agents) j. Regulatory reporting of Investment Manager
3. Mutual Fund Management a. Regulation IV.B.1 (Guide in Management of Mutual Fund in the form of Collective
Investment Contract) b. Regulation IV.B.3 (Guide in Management of Mutual Fund which Units are Traded in the Stock Exchange) c. Regulation IV.C.5 (Mutual Fund with Limited Offering) d. Regulation IV.C.2 (Fair Market Value of Valuation of Mutual Fund Assets) e. Regulation IV.C.3 (Guide in Publishing Daily) f. Regulation IV.C.4 (Regulatory Guide for Protected Mutual Fund, Guaranteed Mutual
Fund and Indexed Mutual Fund) g. Regulation IV.D.2 (Mutual Fund Investor Profiling) h. Regulation V.G.6 (Guide in Portfolio Management for Segregated / Discretionary
Accounts) i. Regulation V.D.10 (KYC for Financial Institutions) j. Others : Knowledges on Asset-Backed Securities, Real Estate Investment Trust and
Syariah Mutual Fund)
48

B. Code of Ethics
1.
Compliance with all rules and regulations of BAPEPAM and Self Regulatory Organizations a. Knowledge of essential rules and regulations
b. Obligation to maintain knowledge of any updated rule and regulation
2. Prohibitions against taking part in or assisting in ethical or legal violations
3. Prohibitions against the use material non-public information
4. Responsibilities of Supervisor a. Assure that subordinates are properly trained and have knowledge of appropriate regulations b. Reasonable supervision over subordinates to assure compliance with applicable standards
5. Research Reports and Investment Recommendation a. Due diligence and thoroughness in making investment recommendations b. Reasonable and adequate basis for recommendations c. Avoiding error in material representation d. Maintenance of appropriate records to support claims for performance
6. Portfolio Recommendation and Actions a. Client needs and circumstances b. Characteristics of investment recommended c. Characteristics of total portfolio
7. Prohibition against Plagiarism
8. Fair dealings with Customers and Clients a. Fairness/Honesty in giving recommendation or revision on previous investment advice b. Transactions priority
9. Disclosure of Conflict on Interest a. Ownership of securities recommended b. Financial interest in any aspect of recommendation
10. Compensation a. Disclosure of additional compensation arrangements b. Disclosure of referral fees
11. Relationship with Others a. Preservation of confidentiality b. Maintenance of independency c. Fiduciary duties
12. Professional misconduct
49

II. Economics (10 %)
A. Basic System of Economic Analysis
1. Classical
2. Keynesian
3. Monetarist
4. ‘Supply side’
B. Macroeconomics Considerations
1. Supply / Demand Model
2. Inflation
3. Defilation
4. Unemployment
5. Recession
6. Depression
C. Microeconomics Considerations
1. Effects of interest rates on economy
2. Exchange rates
3. Capital goods vs consumer goods
4. International trade
5. ‘Purchasing Power Parity’ theory
6. Gross Domestic Product
7. Cash Flow
III. Quantitative Analysis (10%)
A. Basic Quantitative Analytical Tools
B. Basic Statistics
1. Standard Deviation
2. Arithmetic / Geometric means
C. Probability Theory (only concept)
D. Correlation Analysis and Linier Regression
IV. Company Financial Statements Analysis (15 %)
A. Generally Accepted Accounting Principle (GAAP / Indonesian Accounting Association)
- Definition
B. Balance Sheets Analysis
1. Current Assets
2. Non Current (fixed) Assets
3. Intangible Assets
4. Current Liabilities
5. Long Term Liabilities
6. Stockholders’ Equity
50

C. Income Statements Analysis
1. Profit Margins
2. DOL (Degree of Operating Leverage), DFL (Degree of Financial Leverage) & DCL (Degree
Of Combined Leverage)
3. Dupont Analysis
4. Earnings per Share (EPS)
5. Economic Income vs Accounting Income
D. Cash Flow Analysis
1. Source and Usage of Fund
2. Dividend and Retained Earnings
E. Retained Earnings Analysis
Transactions related to Retained Earnings
Stock split
Stock dividend
Stock repurchase / treasury stock
V. Equity Analysis (15 %)
A. Common Stocks (Ordinary Shares)
Basic Characteristics
B. Industry Analysis
1. Basic Industries
2. Growth Industries
C. Valuating Stocks
1. DDM (Devidend Discount Model)
2. Cash Flow Model
3. Market Models (PER, MBV, PBV, CAPM)
- PER (Price to Earning Ratio)
- MBV (Market to Book Value)
- PBV (Price to Book Value)
- CAPM (Capital Asset Pricing Model)
D. Evaluating Common Stocks
1. Yields a. Growth b. P/E Ratio
2. Dividend Yields a. Effects of raising dividend payment b. Effects of lowering dividend payment c. Dividend payout ratio
E. Convertible Securities
1. Convertible Bonds and Preferred Stocks
2. Right Issues
3. Warrants
51

F. Technical Analysis
1. Charts
2. Patterns a. Typical Bullish Patterns b. Typical Bearish Patterns
3. Volume and Liquidity Measures
G. Efficient Market Theory
1. Weak, semi-strong, strong forms
2. The ‘Random Walk’ Theory
VI. Fixed Income Analysis (15 %)
A. Types of Fixed Income Securities
1. Government Stocks
2. ‘Sukuk’ Securities
3. Corporate Bonds
4. Asset Backed Securities
5. International Bonds
B. Credit Considerations
1. Rating Agencies
2. ‘Investment Grade’ Bonds
3. ‘High Yield’ Bonds
C. Coupon Yields
1. Fixed Rates
2. Effect of Early Call on YTM (Yield to maturity)
3. Yield-to-call
D. Duration & Immunization
E. Convexity
F. Fixed Income Strategies
G. Yield Curve Strategies
52

VII. Portfolio Management (15 %)
A. Modern Portfolio Theory
1. Historical Investment Return a. Stocks b. Bonds c. Cash d. Other Assets
2. Diversification (Risk & Return Portfolio)
B. Risk Management Portfolio
1. Beta Coeffisient
2. Markowitz Portfolio
3. Single Index Model
4. Capital Asset Pricing Modal Theory (CAPM)
5. Arbitrage Pricing Theory
C. Investment Manager Performance Measurement
1. Understanding abnormal return
2. Capability of Investment Manager to get abnormal return a. Stock picking ability b. Market timing ability
3. Sharpe Ratio
4. Treynor Ratio
5. Jensen Alpha
D. Assets Allocation
1. Asset Allocations on various asset classes
2. Securities selection
53

BUKU-BUKU REFERENSI YANG BERIKUT DIANJURKAN UNTUK DIBACA BAGI PARA PESERTA
UJIAN KECAKAPAN WAKIL MANAJER INVESTASI:
The following recommended reading list for Investment Manager Representative candidates:
1. Undang-undang Pasar Modal Indonesia (UU. No. 8/1995) dan peraturan yang terkait
(baik dari Menteri Keuangan maupun Ketua BAPEPAM)
Indonesian Capital Market Law (Law no. 8/1995) and subsequent related regulations Issued by the
Minister of Finance of Republic of Indonesia as well as Chairman of BAPEPAM)
2. Kode Etik
Standar Perilaku Wakil Manajer Investasi Indonesia
Penerbit / Publisher : Asosiasi Wakil Manajer Investasi Indonesia
3. Financial Statements Analysis :

The Analysis and Use of Financial Statements; White, Sondhi & Fried; John Wiley and Sons,
Inc.

The Financial Statement Analysis; Cottle Murray Block
Topics : a) Analysis of raw data, relationship among income, cash-flow and assets b) Ratio foundation and financial analysis c) Analysis of inventories d) Analysis of long-lived assets e) Analysis of financing liabilities f) Analysis of off-balance sheets activities g) Analysis of income taxes
4. Economics :

Economics; by Paul Samuelson and William D. Nordhaus; McGraw Hill – Sixteenth Edition 1998

Economics, Private and Public Choice; James D Gwartney and Richard L. Stroup;
Hartcourt race Jovanovich, Inc.
Topics : a) Macro economics :
- Supply and Demand, Market Process and Public Sector
- Economic fluctuations, unemployment and inflation
- Basic Aggregate Demand/Aggregate Supply Model
- Keynesian Foundation of Moderns macro Economics
- Fiscal Policy
- Money and Banking system
- Monetery Policy b) Micro economics :
- Demand and Consumer Choice
- Cost and Supply of Goods
- Firm and Competition
- Monopoly and Barrier to Entry
- Between Monopoly and Competition
5. Quantitative Analysis :


Investments; Bodie, Kane and Marcus; Irwin Publishing Inc, Fourth Edition, 1999
Investment Analysis and Portfolio Management ; Frank K. Reily; Dryden Press
Topics : a) Quantitative review b) Principles of valuation : time value of money
54

6. Fixed income Analysis

The Bond Market, Analysis and Strategies ; Frank J. Fabozzi; Prentice Hall ; Fourth Edition,
2000

The Handbook of Fixed Income Securities ; Fabozzi, Fabozzi & Pollack; Irving & Pollack; Sixth
Edition,2000
Topics : a) Bond fundamentals b) Bond valuation and pricing of bonds c) Price volatility characteristic of fixed income instruments d) Measuring yields and structure of interest rates e) Warrants and convertible securities
7. Equity Analysis

Investments ; Bodie, Kane and Marcus; Irwin Publishing Inc; Fourth Edition, 1999

Investment Analysis and Portfolio Management ; Frank K. Reilly; Dryden Press
Topics : a) Equity valuation models b) Fundamental analysis c) Technical analysis d) Stock market analysis
8. Portfolio Management

Managing Investment Portfolios : A Dynamic Process ; Maginn and Tuttle;
Warren, Gorham & Lamont

Investments ; Bodie, Kane and Marcus; Irwin Publishing Inc : Fourth Edition, 1999

Investment Analysis and Portfolio Management ; Frank K. Reilly; Dryden Press
Topics : a) Investment Setting b) Efficient Capital Markets c) Portfolio Management d) Asset Pricing Models and Asset Pricing Theories e) International diversification f) Evaluation of Portfolio performance
***** 01.2016 *****
55

CATATAN/REMARKS
Informasi mengenai buku-buku referensi diatas, dapat diperoleh di:
Informations concerning the above reference books, may be obtained at:
SEKRETARIAT BERSAMA
JOINT SECRETARIAT
ASOSIASI WAKIL PERANTARA-PEDAGANG EFEK
THE ASSOCIATION OF BROKER-DEALER REPRESENTATIVE
Telp./Fax.: (021) 7279-5083
ASOSIASI WAKIL PENJAMIN EMISI EFEK
THE ASSOCIATION OF UNDERWRITER REPRESENTATIVE
Telp./Fax.: (021) 722-1387 / 739-7843
ASOSIASI WAKIL MANAJER INVESTASI
THE ASSOCIATION OF INVESTMENT MANAGER REPRESENTATIVE
Telp./Fax.: (021) 722-8003
PANITIA STANDAR PROFESI PASAR MODAL
THE COMMITTEE FOR CAPITAL MARKET PROFESSIONAL STANDARDS
SENTRA RADIO DALAM
Jl. Antena
I
No.3
Kebayoran Baru
Jakarta 12140
Telepon : (021) 7279-2569/ 7279-2804 / 7279-4185
Fax.: (021) 723-0739
E-mail : standardprofesi@yahoo.com
Homepage : http://www.standardprofesi.or.id
******
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