Ian McIsaac

Financial Training and Consultancy


























Fundamentals of Credit Analysis

This course is a highly-acclaimed programme for the development of core credit skills. Two presenters, Martin Russell and Ian McIsaac, jointly deliver the course. With their experience as corporate treasurer and lending banker respectively, they bring a unique perspective to the topics covered in the course. Using an interactive, lively and practical style, they have successfully delivered this course on many occasions over the past few years. The course appeals to a wide range of participants including bankers, analysts, lawyers and also non-financial managers wishing to develop their understanding of accounts and risk analysis techniques.

Visit Russell & Associatesfor full details of the public courses held in London during March, June and October 2004 and online booking. Details of more advanced corporate credit programmes are available on request.


To provide a sound understanding of the fundamental principles and techniques of corporate credit analysis and to provide a practical framework within which to evaluate corporate credit risk.

Course Programme:

Please refer to the Learning Centre for a self-study guide to annual reports and company accounts.
  • Course objectives
  • Framework for credit analysis
  • Critical risk factors
  • Credit policies and standards
  • Credit culture
  • Bank risk and regulation
Financial Statements
  • Purpose of financial statements
  • Key accounting concepts and accounting standards
  • Stock and depreciation
  • Shortcomings of financial information
  • Financial reporting
Introduction to Financial Analysis
  • Analytical framework
  • Spreadsheets
  • Ratios
  • Working capital, liquidity and efficiency
  • Profitability
  • Gearing and sources of finance
Annual Report
  • Content
  • Corporate governance
  • Shareholder communication
  • Sources of finance
  • Corporate treasury
Business Risk
  • Environmental analysis
  • Competitor analysis
  • PEST analysis
  • Management assessment
Cash Flow Analysis
  • General principles
  • Cash flow construction
  • Cash flow cascade
  • Ratios and threats to cash flow strength
Breakeven Analysis
  • Types of cost
  • Cost information for decisions
  • Breakeven and contribution
  • Risk mitigation
  • Security and documentation
  • Covenants
Warning Signals and Problem Loans
  • Symptoms and causes
  • Identification of warning signals
  • Handling problem loans