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Certified Portfolio Manager

The Certified Portfolio Manager program represents the development of skills, ie learning how to perform portfolio measurements. Then you need to get a clear picture of portfolio strategies for different asset classes, including fixed income, equity and alternative financing.

Target group are all interested persons employed in financial institutions (banks, investment funds, pension funds, brokerage houses, insurance companies), etc. interested in enhancing their understanding and portfolio management skills for both an individual and a professional client.

Registration Fee is included in the total fee of the program

Program structure

Level 1

Certified Portfolio Manager®, Level 1

  1. Financial arithmetic and valuation of shares and bonds
  2. Statistical concepts and yields of securities
  3. Probability concepts and important probability schedules
  4. Statistical locking
  5. Correlation and regression analysis
  6. Analysis of variance – variance
  7. Multifactor models
  8. Technical analysis
  9. Financial Statements – Purpose, General Features, Complete set of SEs; Aims and rules of financial statement analysis; Structure and content of SE
  10. 10 Cash Flow Report
  11. Static and dynamic analysis
  12. Income Statement Analysis (Income and Expenditure)
  13. Balance Sheet Analysis (Assets, Liabilities and Equity)
  14. Calculation of financial indicators (profitability and return on equity, long-term solvency and stability, short-term solvency and liquidity, turnover indicators, investment indicators)

Level 2

Certified Portfolio Manager®, Level 2

  1. The purpose of the company and the problem of representation
  2. Long-term financial decision-making, issuance and valuation of securities
  3. Risk, Return and Portfolio Management, Cost and Capital Structure
  4. Working capital and short-term financing
  5. Dividend Policy / Mergers, Acquisitions and other forms of restructuring
  6. International Financial Management
  7. Fixed income instruments and equity instruments
  8. Money instruments (savings deposits; CDs (deposit certificates); Money Market Deposit Accounts)
  9. Debt instruments (Bond issues)
  10. Equity Investments
  11. Stock Analysis and Valuation (Structure and Functioning of the Securities Markets; Fundamental Analysis; Macroeconomics and Securities Markets; Industry Analysis; Company Analysis; Stock Valuation Models; Technical Analysis
    12.1. Derivative instruments (commoditis and precious metals)
    12.2. Other Investment (Real Estate and Small Businesses) »
  1. Mutual funds
  2. Fixed Income Instruments Analysis and Valuation (Types and Features of Fixed Income Instruments; Fixed Income Instruments Model; Bond Prices and Rates; Interest Rate Maturity Structure)
  3. Financial Derivatives (Derivatives and Markets; Forwards; Futures; Options; Swaps)
  4. Analysis of Alternative Investments (Real Estate; Investment Companies; Risk Capital; Hedge Funds; Closed-held Type of Companies and Liquid Securities; Securities of Companies in Bankruptcy; Derivative Derivatives goods and their markets)

Level 3

Certified Portfolio Manager®, Level 3

  1. Portfolio Theory and Theory of Capital Markets
  2. Securities Investment Process
  3. Managing individual investor portfolios
  4. Portfolio management of institutional investors
  5. Deciding on the allocation of funds by instrument classes, by sectors and by securities
  6. Stock portfolio management strategies
  7. Portfolio of fixed income securities
  8. Measuring the performance of portfolio managers
  9. Practical portfolio management


  1. Prof. Dr. Vesna Bucevska, Faculty of Economics at UKIM
  2. Prof. Dr. Marija Trpkova Nestorovska, Faculty of Economics at UKIM
  3. Prof. Dr. Kiril Jovanovski, Faculty of Economics, UKIM, Commissioner (SEC)
  4. Doc. Dr. Aleksandar Naumovski, Faculty of Economics, UKIM
  5. Goran Markovski, DUIC KB Publikum
  6. Dusko Goshevski, Commissioner (SEC)
  7. Pavlina Trpovska, Corporate Finance Sector at SEC
  8. Luiza Tomovska, Corporate Finance Sector at SEC
  9. Prof. Dr. Clementina Popovska, Institute of Economics at UKIM
  10. Ivan Shteriev, Chief Executive Officer at Macedonian Stock Exchange AD Skopje
  11. Prof. Dr. Zoran Kolev, TTK Bank AD Skopje, Commissioner (SEC)
  12. Kosta Ivanovski, Sava Pension Company
  13. Jasna Smileva, Sector for Supervision of Capital Market at SEC
  14. Prof. Dr. Vladimir Filipovski, Faculty of Economics, UKIM
  15. Arton Lena, DUHC WFP Funds
  16. Aleksandra Mirchovska, MSc, Head of Credit Analysis and Administration at Large, Medium and Small Enterprises at NLB Bank AD Skopje
  17. M-r Zlatko Nestoroski, Head of Corporate Service at NLB Bank AD Skopje
  18. Prof. Dr. Sasho Arsov, Faculty of Economics at UKIM

Manager of the program:
Securities and Exchange Commission of the Republic of North Macedonia



The main objective is to develop skills in basic probability estimation and statistics, familiarity with fixed-income instruments and concepts, and familiarity with equity valuation concepts.

Total hours:
  • 100

Teaching – location:  
  • Institute for Business and Management Heidelberg Skopje (N. Macedonia) / Heidelberg (Germany) or
  • ONLINE live learning platform from the ZOOM.US app

Lecture dynamics:
  • Twice a week (5pm to 7pm)



Frequently Asked Questions

You can make the payment directly with a credit card on the website itself when purchasing a seminar or training or by paying an invoice in several installments, and after a previously signed agreement.

In the certification programs can enroll anyone who wants to qualify or retrain for thechosen field in the certification programs. For that purpose, having a minimum of prior knowledge in the chosen field of each candidate is a facilitating circumstance in studying the programs. Namely, the programs, except for the postgraduate master studies, do not require prior formal higher education.

Pillar 1 – Seminars are held live with physical presence at a predetermined location and time. Seminars are also held live online through the ZOOM platform. For each organized seminar, the way, time and place of the event are certain in advance, which is published on the website.

Pillar 2 – E-learning, lectures are held online. The first category is live lectures through the online ZOOM platform, the second category is through recorded video materials (when you buy a certain program, you get access to the video you bought).

Pillar 3 – Executive Certification are held live with the physical presence of the group following the program, with a predetermined schedule for lectures.

NOTE: the lectures with several months of training programs are held after working hours, once or twice a week (for each training is explained in detail in the information of the program itself).

Lecturers of all programs are domestic and international practitioners with at least 10 years of work experience in the fields they teach. In each of the programs there are expert lecturers who are available for you to “use” their know-how.

Each listener receives materials in the form of presentations, exercises, excels, books, additional (video and audio) materials and directions where they can get more information on topics related to the lectures for anyone who wants to expand their study.

At the German higher education institution Heidelberg Institute for Business and Management in Skopje has accredited (in 2018) 4 academic programs for master studies, as follows:

  • – MBA in Finance & Controlling (60 ECTS)
  • – MBA in Finance & Controlling (120 ECTS)
  • – Business Data Governance & Business Informatics (60 ECTS)
  • – Business Data Governance & Business Informatics (120 ECTS)

Eligible to enroll are all graduate students – “Bachelor” for one-year programs of 60 ECTS, who previously acquired 240 ECTS, while for enrollment in two-year master programs of 120 ECTS, students with previously acquired 180 ECTS have the right to enroll.


  • – upon completion of the master’s program MBA in Finance & Controlling (60 or 120 ECTS) students gain prestigious international certifications (2 of the above 4):

Risk Management (EU Certificate according to European Banking Federation in Brussels)
Credit Analysis (EU Certificate according to European Banking Federation in Brussels)
Compliance (EU Certificate according to European Banking Federation in Brussels)
Certified Controller (German Diploma from Germany)

  • – Completion of the master’s program – Business Data Governance & Business Informatics (60 or 120 ECTS) students gain prestigious international certifications (2 of the above 4):

Certificate CISA / ISACA Certificate
BI & Big Data (German Diploma)
Digital Design Communication
Certification for Developers


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