Lecture 11
13
Investment Analysis II Investment Analysis II - © 2012 Houman Younessi MGMT-6330 Investment Analysis II 1 An Overview of the CFA Program An Overview of the CFA Program
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lecture
Transcript of Lecture 11
Slide 1MGMT-6330 Investment Analysis II
Investment
The CFA Institute
CFA Institute is the global, not-for-profit association of investment professionals that awards the CFA (Chartered Financial Analyst) and the CIPM (Certificate in Investment Performance Measurement) designations.
Number of members: 107,028
Countries with members: 138
Number of societies: 135
Countries with societies: 58
Number of Charterholders: 97,890
Investment
The CFA Program
To qualify for the CFA designation, a candidate must:
Be at least an affiliate member of the CFA Institute in good standing,
Have successfully passed the three examinations (collectively called the
CFA Exam) given by the CFA institute
Have completed 48 months of related and qualifying work experience
Lodge a successful application for conversion to a Charterholder status
You do not need to be a member or affiliate member of the CFA to sit the examination.
You may become an affiliate member of the CFA Institute without registering to sit an examination. The current fees are $275 per year
You may apply to convert your status to Full Member when you accrue 48 months of qualifying work experience
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Examination
The examination is conducted in three stages. Candidates must pass each stage in sequence (you cannot take two exams at the same time).
Ethical and professional standards
Portfolio management and wealth planning
There is a first time enrollment fee (currently $420) and an examination fee (currently $650) for each examination.
The fees cover the cost of the study materials
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Examination
5
5-15
45-55
TOTAL
100
100
100
Investment
The CFA Examination
II. Quantitative Methods
C. Probability Distributions D. Sampling and Estimation
E. Hypothesis Testing F. Correlation Analysis and Regression
G. Time Series Analysis H. Simulation Analysis
I. Technical Analysis
Investment
The CFA Examination
C. National Income and Growth D. Business Cycles
E. The Monetary System F. Inflation
G. Trade and Capital Flows H. Currency Exchange Rates
Monetary and Fiscal Policy J. Economic Growth and Development
K. Government Regulation
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Examination
Financial Reporting System B. Principal Financial Statements
C. Financial Reporting Quality D. Analysis of Inventories
E. Analysis of Long-Lived Assets F. Analysis of Taxes
G. Analysis of Debt H. Off-Balance-Sheet Analysis
Analysis of Pensions, Stock Compensation, and Other Employee Benefits
J. Analysis of Inter-Corporate Investments
K. Analysis of Business Combinations
L. Analysis of Global Operations
M. Ratio and Financial Analysis
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Examination
C. Capital Investment Decisions D. Business and Financial Risk
E. Long-Term Financial Policy F. Short-Term Financial Policy
G. Mergers and Acquisitions and Corporate Restructuring
VI. Equity Investments
C. Fundamental Analysis D. Equity Market Valuation
E. Residual Earnings F. Equity Hybrid Investment Vehicles
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Examination
C. Fixed-Income Valuation D. Term Structure and Yield Spreads
E. Analysis of Interest Rate Risk F. Analysis of Credit Risk
G. Valuing Bonds with Embedded Options H. Structured Products
VIII. Derivatives
C. Futures Markets and Instruments D. Options Markets and Instruments
E. Swaps Markets and Instruments F. Credit Derivatives Markets
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Examination
Portfolio Concepts
D. Pension Plans and Employee Benefit Funds
E. Investment Manager Selection
F. Other Institutional Investors
H. Economic Analysis and Setting Capital Market Expectations
I. Tax Efficiency
Investment
K. Portfolio Construction and Revision
L. Equity Portfolio Management Strategies
M. Fixed-Income Portfolio Management Strategies
The CFA Examination
O. Risk Management
Q. Performance Evaluation
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Examination
Examination Format
Each examination is six hours in duration and follows the following format:
Level
Format
20 mini-cases (item sets) each with 6 multiple choice questions
Level 3
10-15 short essays in the morning, 10 mini-cases (item sets) in the afternoon.
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Institute
CFA Institute is the global, not-for-profit association of investment professionals that awards the CFA (Chartered Financial Analyst) and the CIPM (Certificate in Investment Performance Measurement) designations.
Number of members: 107,028
Countries with members: 138
Number of societies: 135
Countries with societies: 58
Number of Charterholders: 97,890
Investment
The CFA Program
To qualify for the CFA designation, a candidate must:
Be at least an affiliate member of the CFA Institute in good standing,
Have successfully passed the three examinations (collectively called the
CFA Exam) given by the CFA institute
Have completed 48 months of related and qualifying work experience
Lodge a successful application for conversion to a Charterholder status
You do not need to be a member or affiliate member of the CFA to sit the examination.
You may become an affiliate member of the CFA Institute without registering to sit an examination. The current fees are $275 per year
You may apply to convert your status to Full Member when you accrue 48 months of qualifying work experience
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Examination
The examination is conducted in three stages. Candidates must pass each stage in sequence (you cannot take two exams at the same time).
Ethical and professional standards
Portfolio management and wealth planning
There is a first time enrollment fee (currently $420) and an examination fee (currently $650) for each examination.
The fees cover the cost of the study materials
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Examination
5
5-15
45-55
TOTAL
100
100
100
Investment
The CFA Examination
II. Quantitative Methods
C. Probability Distributions D. Sampling and Estimation
E. Hypothesis Testing F. Correlation Analysis and Regression
G. Time Series Analysis H. Simulation Analysis
I. Technical Analysis
Investment
The CFA Examination
C. National Income and Growth D. Business Cycles
E. The Monetary System F. Inflation
G. Trade and Capital Flows H. Currency Exchange Rates
Monetary and Fiscal Policy J. Economic Growth and Development
K. Government Regulation
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Examination
Financial Reporting System B. Principal Financial Statements
C. Financial Reporting Quality D. Analysis of Inventories
E. Analysis of Long-Lived Assets F. Analysis of Taxes
G. Analysis of Debt H. Off-Balance-Sheet Analysis
Analysis of Pensions, Stock Compensation, and Other Employee Benefits
J. Analysis of Inter-Corporate Investments
K. Analysis of Business Combinations
L. Analysis of Global Operations
M. Ratio and Financial Analysis
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Examination
C. Capital Investment Decisions D. Business and Financial Risk
E. Long-Term Financial Policy F. Short-Term Financial Policy
G. Mergers and Acquisitions and Corporate Restructuring
VI. Equity Investments
C. Fundamental Analysis D. Equity Market Valuation
E. Residual Earnings F. Equity Hybrid Investment Vehicles
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Examination
C. Fixed-Income Valuation D. Term Structure and Yield Spreads
E. Analysis of Interest Rate Risk F. Analysis of Credit Risk
G. Valuing Bonds with Embedded Options H. Structured Products
VIII. Derivatives
C. Futures Markets and Instruments D. Options Markets and Instruments
E. Swaps Markets and Instruments F. Credit Derivatives Markets
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Examination
Portfolio Concepts
D. Pension Plans and Employee Benefit Funds
E. Investment Manager Selection
F. Other Institutional Investors
H. Economic Analysis and Setting Capital Market Expectations
I. Tax Efficiency
Investment
K. Portfolio Construction and Revision
L. Equity Portfolio Management Strategies
M. Fixed-Income Portfolio Management Strategies
The CFA Examination
O. Risk Management
Q. Performance Evaluation
Investment Analysis II - © 2012 Houman Younessi
Investment
The CFA Examination
Examination Format
Each examination is six hours in duration and follows the following format:
Level
Format
20 mini-cases (item sets) each with 6 multiple choice questions
Level 3
10-15 short essays in the morning, 10 mini-cases (item sets) in the afternoon.
Investment Analysis II - © 2012 Houman Younessi
