CFA Program Curriculum 2020 Level III, Volumes 1 - 6

 
 
Wiley (Verlag)
  • 1. Auflage
  • |
  • erschienen am 9. August 2019
  • |
  • 100 Seiten
 
E-Book | ePUB mit Adobe-DRM | Systemvoraussetzungen
978-1-119-59364-5 (ISBN)
 

Apply CFA Program concepts and skills to real-world wealth and portfolio management for the 2019 exam

The same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2020 Level III, Volumes 1-6 provides complete, authoritative guidance on synthesizing the entire CFA Program Candidate Body of Knowledge (CBOK) into professional practice for the 2020 exam. This book helps you bring together the skills and concepts from Levels I and II to formulate a detailed, professional response to a variety of real-world scenarios. Coverage spans all CFA Program topics and provides a rigorous treatment of portfolio management, all organized into individual study sessions with clearly defined Learning Outcome Statements. Visual aids clarify complex concepts, and practice questions allow you to test your understanding while reinforcing major content areas.

Levels I and II equipped you with foundational investment tools and complex analysis skill; now, you'll learn how to effectively synthesize that knowledge to facilitate effective portfolio management and wealth planning. This study set helps you convert your understanding into a professional body of knowledge that will benefit your clients' financial futures.

  • Master essential portfolio management and compliance topics
  • Synthesize your understanding into professional guidance
  • Reinforce your grasp of complex analysis and valuation
  • Apply ethical and professional standards in the context of real-world cases

CFA Institute promotes the highest standards of ethics, education, and professional excellence among investment professionals. The CFA Program curriculum guides you through the breadth of knowledge required to uphold these standards. The three levels of the program build on each other. Level I provides foundational knowledge and teaches the use of investment tools; Level II focuses on application of concepts and analysis, particularly in the valuation of assets; and Level III builds toward synthesis across topics with an emphasis on portfolio management.



CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors' interests come first, markets function at their best, and economies grow. CFA Institute has more than 155,000 members in 165 countries and territories, including 150,000 CFA® charterholders, and 148 member societies. For more information, visit www.cfainstitute.org.
  • Englisch
  • 21,27 MB
978-1-119-59364-5 (9781119593645)
weitere Ausgaben werden ermittelt

Table of Contents


  1. Title Page
  2. Table of Contents
  3. How to Use the CFA Program Curriculum
    1. Background on the CBOK
    2. Organization of the Curriculum
    3. Features of the Curriculum
      1. Required vs. Optional Segments [OPTIONAL]
      2. Practice Problems/Solutions
      3. Glossary
      4. LOS Self-Check
      5. Source Material
      6. Errata
    4. Designing Your Personal Study Program
      1. Create a Schedule
      2. CFA Institute Practice Questions
      3. CFA Institute Mock Examinations
      4. Preparatory Providers
    5. Feedback
  4. Portfolio Management
    1. Study Sessions
    2. Topic Level Learning Outcome
  5. Study Session 5. Asset Allocation and Related Decisions in Portfolio Management
    1. Reading Assignments
    2. Reading 12. Overview of Asset Allocation
      1. Learning Outcomes
      2. 1. Introduction
      3. 2. Asset Allocation: Importance in Investment Management
      4. 3. The Investment Governance Background to Asset Allocation
        1. 3.1. Governance Structures
        2. 3.2. Articulating Investment Objectives
        3. 3.3. Allocation of Rights and Responsibilities
        4. 3.4. Investment Policy Statement
        5. 3.5. Asset Allocation and Rebalancing Policy
        6. 3.6. Reporting Framework
        7. 3.7. The Governance Audit
      5. 4. The Economic Balance Sheet and Asset Allocation
      6. 5. Approaches to Asset Allocation
        1. 5.1. Relevant Objectives
        2. 5.2. Relevant Risk Concepts
        3. 5.3. Modeling Asset Class Risk
      7. 6. Strategic Asset Allocation
        1. 6.1. Asset Only
        2. 6.2. Liability Relative
        3. 6.3. Goals Based
      8. 7. Implementation Choices
        1. 7.1. Passive/Active Management of Asset Class Weights
        2. 7.2. Passive/Active Management of Allocations to Asset Classes
        3. 7.3. Risk Budgeting Perspectives in Asset Allocation and Implementation
      9. 8. Rebalancing: Strategic Considerations
        1. 8.1. A Framework for Rebalancing
        2. 8.2. Strategic Considerations in Rebalancing
      10. Summary
      11. References
      12. Practice Problems
      13. Solutions
    3. Reading 13. Principles of Asset Allocation
      1. Learning Outcomes
      2. 1. Introduction
      3. 2. Developing Asset-Only Asset Allocations
        1. 2.1. Mean-Variance Optimization: Overview
        2. 2.2. Monte Carlo Simulation
        3. 2.3. Criticisms of Mean-Variance Optimization
        4. 2.4. Addressing the Criticisms of Mean-Variance Optimization
          1. 2.4.1 Reverse Optimization
          2. 2.4.2 Black-Litterman Model
          3. 2.4.3. Adding Constraints beyond the Budget Constraints
          4. 2.4.4. Resampled Mean-Variance Optimization
          5. 2.4.5. Other Non-Normal Optimization Approaches
        5. 2.5. Allocating to Less Liquid Asset Classes
        6. 2.6. Risk Budgeting
        7. 2.7. Factor-Based Asset Allocation
      4. 3. Developing Liability-Relative Asset Allocations
        1. 3.1. Characterizing the Liabilities
        2. 3.2. Approaches to Liability-Relative Asset Allocation
          1. 3.2.1. Surplus Optimization
          2. 3.2.2. Hedging/Return-Seeking Portfolio Approach
            1. Forming the Hedging Portfolio
              1. Limitations
          3. 3.2.3. Integrated Asset-Liability Approach
          4. 3.2.4. Comparing the Approaches
        3. 3.3. Examining the Robustness of Asset Allocation Alternatives
        4. 3.4. Factor Modeling in Liability-Relative Approaches
      5. 4. Developing Goals-Based Asset Allocations
        1. 4.1. The Goals-Based Asset Allocation Process
        2. 4.2. Describing Client Goals
        3. 4.3. Constructing Sub-Portfolios
        4. 4.4. The Overall Portfolio
        5. 4.5. Revisiting the Module Process in Detail
        6. 4.6. Periodically Revisiting the Overall Asset Allocation
        7. 4.7. Issues Related to Goals-Based Asset Allocation
      6. 5. Heuristics and Other Approaches to Asset Allocation
        1. The "120 minus your age" rule.
        2. The 60/40 stock/bond heuristic.
        3. The endowment model.
        4. Risk parity.
        5. The 1/N rule.
      7. 6. Portfolio Rebalancing in Practice
      8. 7. Conclusions
      9. References
      10. Practice Problems
      11. Solutions
    4. Reading 14. Asset Allocation with Real-World Constraints
      1. Learning Outcomes
      2. 1. Introduction
      3. 2. Constraints in Asset Allocation
        1. 2.1. Asset Size
        2. 2.2. Liquidity
        3. 2.3. Time Horizon
          1. Changing Human Capital
          2. Changing Character of Liabilities
        4. 2.4. Regulatory and Other External Constraints
          1. 2.4.1. Insurance Companies
          2. 2.4.2. Pension Funds
          3. 2.4.3. Endowments and Foundations
          4. 2.4.4. Sovereign Wealth Funds
      4. 3. Asset Allocation for the Taxable Investor
        1. 3.1. After-Tax Portfolio Optimization
        2. 3.2. Taxes and Portfolio Rebalancing
          1. 3.3. Strategies to Reduce Tax Impact
      5. 4. Revising the Strategic Asset Allocation
        1. Constraints
        2. Beliefs
      6. 5. Short-Term Shifts in Asset Allocation
        1. 5.1. Discretionary TAA
        2. 5.2. Systematic TAA
      7. 6. Dealing with Behavioral Biases in Asset Allocation
        1. 6.1. Loss Aversion
        2. 6.2. Illusion of Control
        3. 6.3. Mental Accounting
        4. 6.4. Representativeness Bias
        5. 6.5. Framing Bias
        6. 6.6. Availability Bias
      8. Summary
      9. References
      10. Practice Problems
      11. Solutions
  6. Study Session 6. Derivatives and Currency Management
    1. Reading Assignments
    2. Reading 15. Options Strategies
      1. Learning Outcomes
      2. 1. Introduction
      3. 2. Position Equivalencies
        1. 2.1. Synthetic Forward Position
        2. 2.2. Synthetic Put and Call
      4. 3. Covered Calls and Protective Puts
        1. 3.1. Investment Objectives of Covered Calls
          1. 3.1.1. Market Participant #1: Yield Enhancement
          2. 3.1.2. Market Participant #2: Reducing a Position at a Favorable Price
          3. 3.1.3. Market Participant #3: Target Price Realization
          4. 3.1.4. Profit and Loss at Expiration
        2. 3.2. Investment Objective of Protective Puts
          1. 3.2.1. Loss Protection/Upside Preservation
          2. 3.2.2. Profit and Loss at Expiration
        3. 3.3. Equivalence to Long Asset/Short Forward Position
        4. 3.4. Writing Puts
        5. 3.5. Risk Reduction Using Covered Calls and Protective Puts
          1. 3.5.1. Covered Calls
          2. 3.5.2. Protective Puts
          3. 3.5.3. Buying Calls and Writing Puts on a Short Position
      5. 4. Spreads and Combinations
        1. 4.1. Bull Spreads and Bear Spreads
          1. 4.1.1. Bull Spread
          2. 4.1.2. Bear Spread
          3. 4.1.3. Refining Spreads
            1. 4.1.3.1. Adding a Short Leg to a Long Position
            2. 4.1.3.2. Spreads and Delta
        2. 4.2. Straddle
        3. 4.3. Collars
          1. 4.3.1. Collars on an Existing Holding
          2. 4.3.2. The Risk of a Collar
          3. 4.3.3. The Risk of Spreads
        4. 4.4. Calendar Spread
      6. 5. Implied Volatility and Volatility Skew
      7. 6. Investment Objectives and Strategy Selection
        1. 6.1. The Necessity of Setting an Objective
        2. 6.2. Criteria for Identifying Appropriate Option Strategies
      8. 7. Uses of Options in Portfolio Management
        1. 7.1. Covered Call Writing
          1. Solution:
        2. 7.2. Put Writing
          1. Solution:
            1. Scenario A:
            2. Scenario B:
        3. 7.3. Long Straddle
          1. Solution:
        4. 7.4. Collar
          1. Solution:
        5. 7.5. Calendar Spread
          1. Solution to 1:
          2. Solution to 2:
            1. Scenario 1:
            2. Scenario 2:
            3. Scenario 3:
            4. Scenario 4:
        6. 7.6. Hedging an Expected Increase in Equity Market Volatility
          1. Solution to 1:
          2. Solution to 2:
          3. Solution to 3:
        7. 7.7. Establishing or Modifying Equity Risk Exposure
          1. 7.7.1. Long Call
            1. Solution:
          2. 7.7.2. Risk Management: Protective Put Position
            1. Situation A: Before Relais Corporation's quarterly earnings release:
              1. Solution to 1:
            2. Situation B: One week later, just after Relais Corporation's earnings release:
              1. Solution to...

Dateiformat: ePUB
Kopierschutz: Adobe-DRM (Digital Rights Management)

Systemvoraussetzungen:

Computer (Windows; MacOS X; Linux): Installieren Sie bereits vor dem Download die kostenlose Software Adobe Digital Editions (siehe E-Book Hilfe).

Tablet/Smartphone (Android; iOS): Installieren Sie bereits vor dem Download die kostenlose App Adobe Digital Editions (siehe E-Book Hilfe).

E-Book-Reader: Bookeen, Kobo, Pocketbook, Sony, Tolino u.v.a.m. (nicht Kindle)

Das Dateiformat ePUB ist sehr gut für Romane und Sachbücher geeignet - also für "fließenden" Text ohne komplexes Layout. Bei E-Readern oder Smartphones passt sich der Zeilen- und Seitenumbruch automatisch den kleinen Displays an. Mit Adobe-DRM wird hier ein "harter" Kopierschutz verwendet. Wenn die notwendigen Voraussetzungen nicht vorliegen, können Sie das E-Book leider nicht öffnen. Daher müssen Sie bereits vor dem Download Ihre Lese-Hardware vorbereiten.

Bitte beachten Sie bei der Verwendung der Lese-Software Adobe Digital Editions: wir empfehlen Ihnen unbedingt nach Installation der Lese-Software diese mit Ihrer persönlichen Adobe-ID zu autorisieren!

Weitere Informationen finden Sie in unserer E-Book Hilfe.


Download (sofort verfügbar)

230,99 €
inkl. 5% MwSt.
Download / Einzel-Lizenz
ePUB mit Adobe-DRM
siehe Systemvoraussetzungen
E-Book bestellen