CFA Program Curriculum 2020 Level II Volumes 1-6 Box Set
CFA Curriculum 2020 1. Aufl.
Master the practical aspects of the CFA Program curriculum with expert instruction for the 2020 examThe same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2020 Level II, Volumes 1-6 provides the complete Level II curriculum for the 2020 exam, with practical instruction on the Candidate Body of Knowledge (CBOK) and how it is applied, including expert guidance on incorporating concepts into practice. Level II focuses on complex analysis with an emphasis on asset valuation, and is designed to help you use investment concepts appropriately in situations analysts commonly face. Coverage includes ethical and professional standards, quantitative analysis, economics, financial reporting and analysis, corporate finance, equities, fixed income, derivatives, alternative investments, and portfolio management organized into individual study sessions with clearly defined Learning Outcome Statements. Charts, graphs, figures, diagrams, and financial statements illustrate complex concepts to facilitate retention, and practice questions with answers allow you to gauge your understanding while reinforcing important concepts. While Level I introduced you to basic foundational investment skills, Level II requires more complex techniques and a strong grasp of valuation methods. This set dives deep into practical application, explaining complex topics to help you understand and retain critical concepts and processes. Incorporate analysis skills into case evaluations Master complex calculations and quantitative techniques Understand the international standards used for valuation and analysis Gauge your skills and understanding against each Learning Outcome Statement 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.
How to Use the CFA Program Curriculum ix Curriculum Development Process ix Organization of the Curriculum x Features of the Curriculum x Designing Your Personal Study Program xi Feedback xiii Ethical and Professional Standards Study Session 1 Ethical and Professional Standards (1) 3 Reading 1 Code of Ethics and Standards of Professional Conduct 5 Preface 5 Evolution of the CFA Institute Code of Ethics and Standards of Professional Conduct 6 Standards of Practice Handbook 6 Summary of Changes in the Eleventh Edition 7 CFA Institute Professional Conduct Program 9 Adoption of the Code and Standards 10 Acknowledgments 10 Ethics and the Investment Industry 11 Why Ethics Matters 11 CFA Institute Code of Ethics and Standards of Professional Conduct 15 Preamble 15 The Code of Ethics 15 Standards of Professional Conduct 16 Reading 2 Guidance for Standards I–VII 21 Standard I: Professionalism 21 Standard I(A) Knowledge of the Law 21 Guidance 21 Recommended Procedures for Compliance 26 Application of the Standard 27 Standard I(B) Independence and Objectivity 30 Guidance 30 Recommended Procedures for Compliance 35 Application of the Standard 36 Standard I(C) Misrepresentation 43 Guidance 43 Recommended Procedures for Compliance 46 Application of the Standard 48 Standard I(D) Misconduct 53 Guidance 53 Recommended Procedures for Compliance 54 Application of the Standard 54 Standard II: Integrity of Capital Markets 56 Standard II(A) Material Nonpublic Information 56 Guidance 56 Recommended Procedures for Compliance 60 Application of the Standard 63 Standard II(B) Market Manipulation 68 Guidance 68 Application of the Standard 69 Standard III: Duties to Clients 73 Standard III(A) Loyalty, Prudence, and Care 73 Guidance 73 Recommended Procedures for Compliance 77 Application of the Standard 78 Standard III(B) Fair Dealing 82 Guidance 82 Recommended Procedures for Compliance 84 Application of the Standard 86 Standard III(C) Suitability 90 Guidance 90 Recommended Procedures for Compliance 93 Application of the Standard 94 Standard III(D) Performance Presentation 97 Guidance 97 Recommended Procedures for Compliance 98 Application of the Standard 98 Standard III(E) Preservation of Confidentiality 101 Guidance 101 Recommended Procedures for Compliance 103 Application of the Standard 103 Standard IV: Duties to Employers 105 Standard IV(A) Loyalty 105 Guidance 105 Recommended Procedures for Compliance 109 Application of the Standard 109 Standard IV(B) Additional Compensation Arrangements 116 Guidance 116 Recommended Procedures for Compliance 116 Application of the Standard 116 Standard IV(C) Responsibilities of Supervisors 118 Guidance 118 Recommended Procedures for Compliance 120 Application of the Standard 122 Standard V: Investment Analysis, Recommendations, and Actions 126 Standard V(A) Diligence and Reasonable Basis 126 Guidance 126 Recommended Procedures for Compliance 130 Application of the Standard 130 Standard V(B) Communication with Clients and Prospective Clients 137 Guidance 138 Recommended Procedures for Compliance 140 Application of the Standard 141 Standard V(C) Record Retention 146 Guidance 146 Recommended Procedures for Compliance 147 Application of the Standard 148 Standard VI: Conflicts of Interest 149 Standard VI(A) Disclosure of Conflicts 149 Guidance 149 Recommended Procedures for Compliance 152 Application of the Standard 152 Standard VI(B) Priority of Transactions 157 Guidance 157 Recommended Procedures for Compliance 158 Application of the Standard 160 Standard VI(C) Referral Fees 162 Guidance 162 Recommended Procedures for Compliance 162 Application of the Standard 162 Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate 165 Standard VII(A) Conduct as Participants in CFA Institute Programs 165 Guidance 165 Application of the Standard 167 Standard VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program 170 Guidance 170 Recommended Procedures for Compliance 172 Application of the Standard 173 Practice Problems 175 Solutions 193 Study Session 2 Ethical and Professional Standards (2) 205 Reading 3 Application of the Code and Standards 207 Introduction 207 Edvard Stark 208 Duties to Clients 209 Duties to Employers 210 Investment Analysis, Recommendations, and Actions 211 Conflicts of Interest 211 Subath Agarway 212 Professionalism 214 Conflicts of Interest 215 Peter Sherman 216 Loyalty to One’s Employer 217 Solicitation of Clients and Prospects 218 Misappropriation of Employer Property 218 Disclosure of Additional Compensation and Conflicts 219 Preston Partners 220 Responsibilities to Clients and Interactions with Clients 221 Allocation of Trades 222 Responsibilities of Supervisors 223 Super Selection 224 Responsibilities of Supervisors 225 Employees and the Employer/Supervisor 226 Reasonable Basis 227 Duties to Clients 227 Investment Recommendations and Actions 227 Priority of Transactions 228 Reading 4 Trade Allocation: Fair Dealing and Disclosure 229 Reading 5 Changing Investment Objectives 233 Quantitative Methods Study Session 3 Quantitative Methods 237 Reading 6 Fintech in Investment Management 239 Introduction 239 What Is Fintech? 240 Big Data 241 Sources of Big Data 242 Big Data Challenges 244 Advanced Analytical Tools: Artificial Intelligence and Machine Learning 244 Types of Machine Learning 245 Data Science: Extracting Information from Big Data 247 Data Processing Methods 247 Data Visualization 247 Selected Applications of Fintech to Investment Management 249 Text Analytics and Natural Language Processing 249 Robo-Advisory Services 250 Risk Analysis 252 Algorithmic Trading 253 Distributed Ledger Technology 253 Permissioned and Permissionless Networks 255 Applications of Distributed Ledger Technology to Investment Management 256 Summary 257 Practice Problems 259 Solutions 261 Reading 7 Correlation and Regression 263 Introduction 264 Correlation Analysis 264 Scatter Plots 264 Correlation Analysis 265 Calculating and Interpreting the Correlation Coefficient 268 Limitations of Correlation Analysis 270 Uses of Correlation Analysis 273 Testing the Significance of the Correlation Coefficient 282 Linear Regression 285 Linear Regression with One Independent Variable 286 Assumptions of the Linear Regression Model 289 The Standard Error of Estimate 292 The Coefficient of Determination 295 Hypothesis Testing 297 Analysis of Variance in a Regression with One Independent Variable 305 Prediction Intervals 308 Limitations of Regression Analysis 311 Summary 311 Practice Problems 314 Solutions 323 Reading 8 Multiple Regression and Machine Learning 327 Introduction 328 Multiple Linear Regression 328 Assumptions of the Multiple Linear Regression Model 334 Predicting the Dependent Variable in a Multiple Regression Model 339 Testing whether All Population Regression Coefficients Equal Zero 341 Adjusted R2 343 Using Dummy Variables in Regressions 344 Violations of Regression Assumptions 348 Heteroskedasticity 349 Serial Correlation 355 Multicollinearity 359 Heteroskedasticity, Serial Correlation, Multicollinearity: Summarizing the Issues 362 Model Specification and Errors in Specification 363 Principles of Model Specification 363 Misspecified Functional Form 364 Time-Series Misspecification (Independent Variables Correlated with Errors) 372 Other Types of Time-Series Misspecification 376 Models with Qualitative Dependent Variables 376 Machine Learning 378 Major Focuses of Data Analytics 379 What Is Machine Learning? 380 Types of Machine Learning 381 Machine Learning Algorithms 383 Supervised Machine Learning: Training 390 Summary 391 Practice Problems 396 Solutions 421 Reading 9 Time-Series Analysis 433 Introduction to Time-Series Analysis 434 Challenges of Working with Time Series 436 Trend Models 437 Linear Trend Models 437 Log-Linear Trend Models 440 Trend Models and Testing for Correlated Errors 446 Autoregressive (AR) Time-Series Models 447 Covariance-Stationary Series 448 Detecting Serially Correlated Errors in an Autoregressive Model 449 Mean Reversion 452 Multiperiod Forecasts and the Chain Rule of Forecasting 453 Comparing Forecast Model Performance 456 Instability of Regression Coefficients 458 Random Walks and Unit Roots 461 Random Walks 461 The Unit Root Test of Nonstationarity 465 Moving-Average Time-Series Models 469 Smoothing Past Values with an n-Period Moving Average 470 Moving-Average Time-Series Models for Forecasting 472 Seasonality in Time-Series Models 474 Autoregressive Moving-Average Models 480 Autoregressive Conditional Heteroskedasticity Models 481 Regressions with More than One Time Series 484 Other Issues in Time Series 488 Suggested Steps in Time-Series Forecasting 489 Summary 490 Practice Problems 494 Solutions 510 Reading 10 Excerpt from “Probabilistic Approaches: Scenario Analysis, Decision Trees, and Simulations” 519 Introduction 519 Simulations 520 Steps in Simulation 520 An Example of a Simulation 523 Use in Decision Making 526 Simulations with Constraints 527 Issues 528 Risk-Adjusted Value and Simulations 529 An Overall Assessment of Probabilistic Risk Assessment Approaches 530 Comparing the Approaches 530 Complement or Replacement for Risk-Adjusted Value 531 In Practice 532 Conclusion 533 Economics Study Session 4 Economics 537 Reading 11 Currency Exchange Rates: Understanding Equilibrium Value 539 Introduction 540 Foreign Exchange Market Concepts 540 Arbitrage Constraints on Spot Exchange Rate Quotes 544 Forward Markets 548 The Mark-to-Market Value of a Forward Contract 552 A Long-Term Framework for Exchange Rates 556 International Parity Conditions 557 The Carry Trade 572 The Impact of Balance of Payments Flows 575 Current Account Imbalances and the Determination of Exchange Rates 576 Capital Flows and the Determination of Exchange Rates 579 Monetary and Fiscal Policies 585 The Mundell–Fleming Model 585 Monetary Models of Exchange Rate Determination 587 The Portfolio Balance Approach 590 Exchange Rate Management: Intervention and Controls 593 Warning Signs of a Currency Crisis 596 Summary 600 Appendix 605 Practice Problems 606 Solutions 614 Reading 12 Economic Growth and the Investment Decision 619 Introduction 620 Growth in the Global Economy: Developed vs. Developing Economies 620 Savings and Investment 623 Financial Markets and Intermediaries 623 Political Stability, Rule of Law, and Property Rights 624 Education and Health Care Systems 624 Tax and Regulatory Systems 625 Free Trade and Unrestricted Capital Flows 625 Summary of Factors Limiting Growth in Developing Countries 626 Why Potential Growth Matters to Investors 628 Determinants of Economic Growth 633 Production Function 633 Capital Deepening vs. Technological Progress 635 Growth Accounting 637 Extending the Production Function 639 Natural Resources 639 Labor Supply 641 Labor Quality: Human Capital 646 Capital: ICT and Non-ICT 647 Technology 649 Public Infrastructure 653 Summary 653 Theories of Growth 658 Classical Model 659 Neoclassical Model 659 Endogenous Growth Theory 671 Convergence Debate 674 Growth in an Open Economy 678 Summary 686 Practice Problems 690 Solutions 697 Reading 13 Economics of Regulation 701 Introduction 701 Overview of Regulation 702 Classification of Regulations and Regulators 702 Economic Rationale for Regulation 705 Regulatory Tools 708 Regulation of Commerce 713 Regulation of Financial Markets 717 Cost–Benefit Analysis of Regulation 718 Analysis of Regulation 720 Effects of Regulations 722 Summary 725 Practice Problems 728 Solutions 732 Appendices 734 Glossary G-1 Index I-1
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.
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