• University of Exeter Business School
• Module

CFA Refresher and Consolidation Course I

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 CFA Program curriculum updates that reflect the practical knowledge and skills you need in today’s investment industry. Topics will include updates in the latest CFA curriculum for the following areas: Ethical and Professional Standards, Quantitative Methods, Economics and Corporate Finance.

Module aims - intentions of the module

The aim of this module is to help you stay informed about the evolution of investment management and foster professionalism through continuing education. 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 will improve your understanding of ethical conduct, trust and professionalism as the essential building blocks for a career in investment management. New cases studies in ethics will be presented to reinforce your understanding of ethical responsibilities in modern Fintech-affected work contexts. Students will be challenged to evaluate firms’ and individuals’ policies and practices in the light of the CFA Institute Code of Ethics and Standards of Professional Conduct (Code and Standards), identify violations and deficiencies, and recommend improvements in policy.
The module presents a useful framework to guide you in your ethical decision-making process and application of the Code and Standards. By identifying where the Code and Standards might be relevant and considering actions and consequence within this framework, you should be able to make more ethically-sound decisions.
The module examines the importance of professions and explains how evolving professions can encourage in practitioners a deeper level of knowledge, a higher level of client focus and greater client trust. 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 explains in detail any new knowledge that is not covered in the prior curriculum and provides you with a clear understanding of what is expected of you as CFA charterholders. The module takes a broader approach to the topics covered in the CFA curriculum, including real-world applications. 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. Evaluate elements of a manger’s investment philosophy that influence the portfolio construction process.
• 7. Describe key aspects of updated financial regulations of financial institutions.

ILO: Discipline-specific skills

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

• 8. Evaluate the efficiency of a portfolio structure given its investment mandate.
• 9. Discuss the application of risk budgeting concepts in portfolio constructions.
• 10. Apply a framework for ethical decision making.

ILO: Personal and key skills

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

• 11. Effectively use more-sophisticated statistical methods in financial analysis.
• 12. Understand the impact the external environment has on Financial Services as appropriate to your role, together with relevant best practice.
• 13. Contribute to the development of strategic and operation plans for your area

Syllabus plan

• Ethical and Professional Standards
• Quantitative Methods
• Economics
• Corporate Issuers
• Financial statement analysis

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

CFA Program Curriculum Level 1

Key words search

CFA Program Changes