• University of Exeter Business School
• Module

CFA Refresher and Consolidation Course

Module description

This module is intended to refresh and consolidate the theoretical and practical concepts learnt in Stage 1 and 2 for the Financial Services Professional Degree Apprenticeship students. CFA Institute updates the curriculum regularly to ensure that topics are relevant for investment management practitioners and that changes reflect actual practice.  The aim is to identify the core competencies and the changes in the updated CFA Program and the latest curriculum. New case studies will be provided in an appealing way to engage with ethical decision making within a challenging investment landscape. The module summarises key CFAProgram curriculum updates that reflect the practical knowledge and skills you need in today’s investment industry.

Module aims - intentions of the module

The aim of this module is to help students stay informed about the evolution of investment management and foster professionalism through continuing education. Any update in the latest CFA curriculum will be discussed.

The module will improve your understanding of ethical conduct, trust and professionalism as the essential building blocks for a career in investment management. New case studies in ethics will be presented to reinforce your understanding of ethical responsibilities in modern Fintech-affected work contexts. Students should be able to make more ethically sound decision by identifying where the CFA Institute Code of Ethics and Standards of Professional Conduct might be relevant and considering actions and consequence within this framework.

The overall aim of the module is to provide insight into the social, regulatory and business forces that have been steadily driving the investment management industry to increasingly embody the attributes of a profession. The module examines the importance of professions and explains how evolving professions can encourage practitioners to acquire a deeper level of knowledge, a higher level of client focus and greater client trust. New content that acknowledges the varied needs and mandates of investors will be discussed, covering products and strategies currently used in professional practice.

New rulings and or pronouncements issued after the publication of readings in Financial Reporting and Analysis may cause some of the information covered in Stage 1 and Stage 2 to become dated. This module covers the latest readings in the evolution of financial services into a profession, the expectations for asset management professionals, and the challenges facing the profession. The module presents an overview on the structure of the global asset management industry, examining major client segments and investment product types. Several macro industry trends shaping the future of the asset management industry are also explored.

The module also examines an overall portfolio management process that balances asset owner objects and the investment opportunity set. Students will be able to understand advances in technology that are affecting investment processes at many asset management firms and interpret data science-related discussions. The module fills a gap by providing a toolkit for fundamental analysis of financial instructions and should be relevant to investment analysts and portfolio managers whose investment universe includes financial institutions.

The module takes a broader approach to the topics covered in the CFA curriculum, including real-world applications. The module explains in detail any new knowledge that is not covered in the prior curriculum and provides students with a clear understanding of what is expected of them as CFA charterholders.  The overall consolidation of the module provides insights for improved decision making in investment management.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

• 1. Evaluate updated policies and practices for a firm and an individual in relation to the CFA Institute Code of Ethics and Standards of Professional Conduct
• 2. Explain the appropriate action to take in response to conduct that violates the CFA Institute Code of Ethics and Standards of Professional Conduct.
• 3. Describe expectations of and challenges for investment management professionals
• 4. Discuss a portfolio management process that supports achieving asset owners’ objectives
• 5. Appraise the elements of effective investment governance
• 6. Describe the types of income and costs associated with owning and manging an equity portfolio and their potential effects on portfolio performance
• 7. Appraise elements of a manger’s investment philosophy that influence the portfolio construction process
• 8. Discuss how assets under management, position size, market liquidity and portfolio turnover affect equity portfolio construction decisions
• 9. Describe key aspects of updated financial regulations of financial institutions

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

• 10. Evaluate the efficiency of a portfolio structure given its investment mandate
• 11. Describe the potential benefits of shareholder engagement and the role an equity manager might play in shareholder engagement
• 12. Identify risk measures that are incorporated in equity portfolio construction and describe how limits set on these measures affect portfolio construction
• 13. Discuss the application of risk budgeting concepts in portfolio constructions
• 14. Apply a framework for ethical decision making

ILO: Personal and key skills

On successfully completing the module you will be able to...

• 15. Effectively use more-sophisticated statistical methods in financial analysis
• 16. Develop a sound knowledge of the investment management products, and their features and benefits, relevant to their role
• 17. Understand the impact the external environment has on Financial Services as appropriate to their role, together with relevant best practice.

Syllabus plan

• Ethical and Professional Standards
• Quantitative Methods
• Economics
• Corporate Finance
• Portfolio Management
• Updates in FinTech
• Financial Reporting and Analysis
• Equity and Fixed-Income
• Derivatives
• Alternative Investments
• Final Consolidation

Learning activities and teaching methods (given in hours of study time)

Details of learning activities and teaching methods

Formative assessment

Summative assessment (% of credit)

Details of summative assessment

Details of re-assessment (where required by referral or deferral)

Re-assessment notes

Defer – as first time

Refer – capped at 40%

Indicative learning resources - Basic reading

Basic reading:

·         Annual CFA® Program Changes, Members' Guide to Practitioner-Relevant Updates, the CFA Chartered Institute

Key words search

CFA Program Changes