• University of Exeter Business School
• Module

CFA Refresher and Consolidation Course II

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 with in 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: Financial Reporting and Analysis, Equity and Fixed-Income, Derivatives and Alternative Investments.

Module aims - intentions of the module

help you understand advances in technology that are affecting investment processes at many asset management firms and understand data science-related discussions.

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 addresses new content that acknowledge the varied needs and mandates of investors, covering products and strategies currently used in professional practice. An overview on the structure of the global asset management industry, examining major client segments and investment product types, will be provided. Several macro industry trends shaping the future of the asset management industry are also explored.

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 module takes a broader approach to the topics covered in the CFA curriculum, including real-world applications for how precise financial analysis can drive investment decision making. 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 expectations of and challenges for investment management professionals
• 2. Appraise the elements of effective investment governance
• 3. Describe the types of income and costs associated with owning and manging an equity portfolio and their potential effects on portfolio performance
• 4. Assess elements of a manger’s investment philosophy that influence the portfolio construction process
• 5. Discuss how assets under management, position size, market liquidity and portfolio turnover affect equity portfolio construction decisions
• 6. Identify key aspects of updated financial regulations of financial institutions

ILO: Discipline-specific skills

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

• 7. Evaluate the potential benefits of shareholder engagement and the role an equity manager might play in shareholder engagement
• 8. Discuss risk measures that are incorporated in equity portfolio construction and describe how limits set on these measures affect portfolio construction

ILO: Personal and key skills

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

• 9. Develop a sound knowledge of the investment management products, and their features and benefits, relevant to your role
• 10. Understand the impact the external environment has on Financial Services as appropriate to your role, together with relevant best practice.
• 11. Identify opportunities to drive higher performance and improve service/processes delivered, including sharing and looking outside of your team for best practice

Syllabus plan

• Equity and Fixed-Income
• Derivatives
• Alternative Investments
• Portfolio Management

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

Deferral- if you have been deferred for any assessment, you will be expected to complete relevant deferred assessments as determined by the Mitigation Committee. The mark given for reassessment taken because of deferral will not be capped and will be treated as if it were your first attempt at the assessment.

Referral-if you have failed the module overall (i.e. a final overall module mark of less than 40%), you will be required to undertake reassessments as described in the table above for any of the assessments you failed. The mark given for a reassessment taken because of referral will be capped at 40%.

Indicative learning resources - Basic reading

Basic reading:

•  CFA Program Curriculum Level 1

Indicative learning resources - Web based and electronic resources

• ELE

Key words search

CFA Program Changes