2016 2017 2018

Ethical And Professional starndards Ethical And Professional starndards

Study Session 1 : Code of Ethics and Standards of Professional Conduct Study Session 1 : Code of Ethics and Standards of Professional Conduct Study Session 1 :
reading 1: Code of Ethics and Standards of Professional Conduct reading 1: Code of Ethics and Standards of Professional Conduct reading 1: Code o
reading 2: Guidance for Standards I–VII reading 2: Guidance for Standards I–VII reading 2: Guidan

Study Session 2: Ethical and Professional Standards in Practice Study Session 2: Ethical and Professional Standards in Practice Study Session 2:
Reading 3: Application of the Code and Standards Reading 3: Application of the Code and Standards Reading 3: Applic
Reading 4: Asset Manager Code of Professional Conduct Reading 4: Asset Manager Code of Professional Conduct Reading 4: Asset

Behavioral finance Behavioral finance

Study Session 3 : Behavioral Finance Study Session 3 : Behavioral Finance Study Session 3 :
Reading 5: The Behavioral Finance Perspective Reading 5: The Behavioral Finance Perspective Reading 5: The Be
Reading 6: The Behavioral Biases of Individuals Reading 6: The Behavioral Biases of Individuals Reading 6: The Be
Reading 7: Behavioral Finance and Investment Processes Reading 7: Behavioral Finance and Investment Processes Reading 7: Behav

Study Session 4: Private Wealth Management (1) Study Session 4: Private Wealth Management (1) Study Session 4:
Reading
Reading 8:
9: Managing Individual
Taxes and Private Investor
Wealth Portfolios in
Management Reading
Reading 8:
9: Managing Individual
Taxes and Private Investor
Wealth Portfolios in
Management Reading 8: Manag
a Global Context a Global Context Reading 9: Taxes
Reading 10: Estate Planning in a Global Context Reading 10: Estate Planning in a Global Context Reading 10: Estat

Study Session 5 : Private Wealth Management (2) Study Session 5 : Private Wealth Management (2) Study Session 5 :
Reading 11: Concentrated Single Asset Positions Reading 11: Concentrated Single Asset Positions Reading 11: Conc
Reading 12: Lifetime Financial Advice. Human Capital, Asset Allocation and Insurance Reading 12: Risk Management for Individuals Reading 12: Risk M

Study Session 6: Portfolio Management for Institutional Investors Study Session 6: Portfolio Management for Institutional Investors Study Session 6:
Reading 13: Managing Institutional Investor Portfolios Reading 13: Managing Institutional Investor Portfolios Reading 13: Mana
Reading 14: Linking Pension liabilities to Assets Reading 14: Linking Pension liabilities to Assets

Capital Market Expectations Capital Market Expectations

Study Session 7: Applications of Economic Analysis to Portfolio Management Study Session 7: Applications of Economic Analysis to Portfolio Management Study Session 7:
Reading 15: Capital Market Expectations Reading 15: Capital Market Expectations Reading 14: Capit
Reading 16: Equity Market Valuation Reading 16: Equity Market Valuation Reading 15: Equit

Asset Allocation Asset Allocation

Study Session 8: Asset Allocation and Related Decisions in Portfolio Management (1) Study Session 8: Asset Allocation and Related Decisions in Portfolio Management (1) Study Session 8:
Reading 17: Asset Allocation Reading 17: Asset Allocation Reading 16: Intro
Reading 17: Princ

Study Session 9: Asset Allocation and related decisions in portfolio management (2) Study Session 9: Asset Allocation and related decisions in portfolio management (2) Study Session 9:
Reading 18: Currency Management: An Intro Reading 18: Currency Management: An Intro Reading 18: Asset
Reading 19: Market Indexes and Benchmarks Reading 19: Market Indexes and Benchmarks Reading 19: Curre
Reading 20: Mark

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Fixed Income and Equity portfolio Management Fixed Income and Equity portfolio Management
Study Session 10: Fixed Income Portfolio Management (1) Study Session 10: Fixed Income Portfolio Management (1) Study Session 10
Reading 20: Fixed Income Portfolio Management Part 1 Reading 20: Fixed Income Portfolio Management Part 1 Reading 21: Intro
Reading 21: Relative value methodologies for global credit bond portfolio management Reading 21: Relative value methodologies for global credit bond portfolio management Reading 22: Liabi

Study Session 11: Fixed-Income Portfolio Management (2) Study Session 11: Fixed-Income Portfolio Management (2) Study Session 11
Reading 22: Fixed Income Portfolio Management Part II Reading 22: Fixed Income Portfolio Management Part II Reading 23: Yield
Reading 24: Cred

Study Session 12: Equity Portfolio Management Study Session 12: Equity Portfolio Management Study Session 12
Reading 23: Equity Portfolio Management Reading 23: Equity Portfolio Management Reading 25: Equit

Alternative Investments, Risk Management and Derivatives Alternative Investments, Risk Management and Derivatives
Study Session 13: Alternative Investments for Portfolio Management Study Session 13: Alternative Investments for Portfolio Management Study Session 13
Reading 24: Alternative Investments Portfolio Management Reading 24: Alternative Investments Portfolio Management Reading 26: Alter

Study Session 14: Risk Management Study Session 14: Risk Management Study Session 14
Reading 25: Risk Management Reading 25: Risk Management Reading 27: Risk M

Study Session 15: Risk Management Applications of Derivatives Study Session 15: Risk Management Applications of Derivatives Study Session 15
reading 26: Risk Management Applications of Forward and Futures Strategies reading 26: Risk Management Applications of Forward and Futures Strategies reading 28: Risk M
reading 27: Risk Management Applications of Option Strategies reading 27: Risk Management Applications of Option Strategies reading 29: Risk M
readibg 28: Risk Management Applications of Swap strategies readibg 28: Risk Management Applications of Swap strategies reading 30: Risk M

Portfolio:Execution, Evaluation and attribution, and attribution and Global invetsment performance standards Portfolio:Execution, Evaluation and attribution, and attribution and Global invetsment performance standards
Study Session 16: Trading. Monitoring and Rebalancing Study Session 16: Trading. Monitoring and Rebalancing Study Session 16
Reading 29: Execution of Portfolio decisions Reading 29: Execution of Portfolio decisions Reading 31: Execu
Reading 30: Monitoring and rebalancing Reading 30: Monitoring and rebalancing Reading 32: Mon

Study Session 17: Performance Evaluation Study Session 17: Performance Evaluation Study Session 17
Reading 31: Evaluating Portfolio Performance Reading 31: Evaluating Portfolio Performance Reading 33: Evalu

Study Session 18: Global Investment Performance Standards Study Session 18: Global Investment Performance Standards Study Session 18
Reading 32: Overview of the GIPS Reading 32: Overview of the GIPS Reading 34: Over

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Session 1 : Code of Ethics and Standards of Professional Conduct
g 1: Code of Ethics and Standards of Professional Conduct
g 2: Guidance for Standards I–VII
Session 2: Ethical and Professional Standards in Practice
ng 3: Application of the Code and Standards
ng 4: Asset Manager Code of Professional Conduct
Session 3 : Behavioral Finance
ng 5: The Behavioral Finance Perspective
ng 6: The Behavioral Biases of Individuals
ng 7: Behavioral Finance and Investment Processes
Session 4: Private Wealth Management (1)
ng 8: Managing Individual Investor Portfolios NEW
ng 9: Taxes and Private Wealth Management in a Global Context
ng 10: Estate Planning in a Global Context
Session 5 : Private Wealth Management (2)
ng 11: Concentrated Single Asset Positions
ng 12: Risk Management for Individuals
Session 6: Portfolio Management for Institutional Investors
ng 13: Managing Institutional Investor Portfolios
Session 7: Applications of Economic Analysis to Portfolio Management
ng 14: Capital Market Expectations
ng 15: Equity Market Valuation
Session 8: Asset Allocation and Related Decisions in Portfolio Management (1)
ng 16: Introduction to Asset Allocation
ng 17: Principles of Asset Allocation
Session 9: Asset Allocation and related decisions in portfolio management (2)
ng 18: Asset Allocation with Real-world constraints
ng 19: Currency Management: An Introduction
ng 20: Market Indexes and Benchmarks
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2019
Study Session 1 : Ethical and Professional Standards (1)
reading 1: Code of Ethics and Standards of Professional Conduct
reading 2: Guidance for Standards I–VII
Study Session 2: Ethical and Professional Standards
Reading 3: Application of the Code and Standards
Reading 4: Asset Manager Code of Professional Conduct
Study Session 3 : the Asset Management Industry and Professionalism
Reading 5: Overview of the Asset Management Industry and Portfolio Management
reading 6: Professionalism in Investment Management
Study Session 4: Behavioral Finance
Reading 7: The Behavioral Finance Perspective
Reading 8: The Behavioral Biases of Individuals
Reading9: Behavioral Finance and Investment Processes
Study Session 5: Private Wealth Management (1)
Reading 10: Managing Individual Investor Portfolios
Reading 11: Taxes and Private Wealth Management in a Global Context
Reading 12: Estate Planning in a Global Context
Study Session 6: Private Wealth Management (2)
Reading 13: Concentrated Single Asset Positions
Reading 14: Risk Management for Individuals
Study Session 7: Portfolio Management for Institutional Investors
Reading 15: Managing Institutional Investor Portfolios
Study Session 8: Applications of Economic Analysis to Portfolio Management
Reading 16: Capital Market Expectations
Reading 17: Equity Market Valuation
Study Session 9: Asset Allocation and Related Decisions in Portfolio Management (1)
Reading 18: Introduction to Asset Allocation
Reading 19: Principles of Asset Allocation
Study Session 10: Asset Allocation and related decisions in portfolio management (2)
Reading 20: Asset Allocation with Real-world constraints
 Reading 21: Currency Management: An Introduction
Reading 20: Market Indexes and Benchmarks

Session 10: Fixed Income Portfolio Management (1) Study Session 11: Fixed Income Portfolio Management (1)
ng 21: Introduction to Fixed-Income Portfolio Management Reading 22: Introduction to Fixed-Income Portfolio Management
ng 22: Liability-driven and index-based strategies Reading 23: Liability-driven and index-based strategies

Session 11: Fixed-Income Portfolio Management (2) Study Session 12: Fixed-Income Portfolio Management (2)
ng 23: Yield Curve Strategies Reading 24: Yield Curve Strategies
ng 24: Credit Strategies Reading 25: Fixed Income Active Management: Credit Strategies

Session 12: Equity Portfolio Management Study Session 13: Equity Portfolio Management (1)
ng 25: Equity Portfolio Management Reading 26: Introduction to Equity Portfolio Management
Reading 27: Passive Equity Investing

Study Session 14: Equity Portfolio Management (2)

Reading 28: Active Equity Investing: Strategies
Reading 29: Active Equity Investing: Portfolio Construction

Session 13: Alternative Investments for Portfolio Management Study Session 15: Alternative Investments for Portfolio Management
ng 26: Alternative Investments Portfolio Management Reading 30: Alternative Investments Portfolio Management

Session 14: Risk Management Study Session 16: Risk Management

ng 27: Risk Management Reading 31: Risk Management

Session 15: Risk Management Applications of Derivatives Study Session 17: Risk Management Applications of Derivatives
g 28: Risk Management Applications of Forward and Futures Strategies reading 32: Risk Management Applications of Forward and Futures Strategies
g 29: Risk Management Applications of Option Strategies reading 33: Risk Management Applications of Option Strategies
g 30: Risk Management Applications of Swap strategies reading 34: Risk Management Applications of Swap strategies

Session 16: Trading. Monitoring and Rebalancing Study Session 18: Trading
ng 31: Execution of Portfolio decisions reading 35: Execution of Portfolio Decisions
ng 32: Monitoring and rebalancing

Session 17: Performance Evaluation Study Session 19: Performance Evaluation

ng 33: Evaluating Portfolio Performance Reading 36: Evaluating Portfolio Performance
Reading 37: Overview of the GIPS
Session 18: Global Investment Performance Standards
ng 34: Overview of the GIPS

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 Call on the 11.2.2019, CFA Institute

overhaul of Level 3 Curriculum:

new readings:
Overview of the Asset Management Industry
Professionalism in investment Management (the objective of the CFA Institute is to be a professional
organization and not only a membership organization)
4 readings in Equity Portfolio Management
Introduction to Equity Portfolio Management
Passive Equity Investing ( becoming more and more prevalent in the industry)
Active Equity Investment: Strategies
Active Equity Investment: Portfolio Construction

revised readings:
Yield Curve Strategies

Conclusion: 37 readings; 335 Learning Outcome Statement LOS

652 Practice problems

In the CFA III, ESG is covered in Fixed INcome ACtive Managment (vol 4, reading 25) with relative value
construction and ptfolio risk measures.
Also mentionend in Introduction to Equity Ptfolio Management: clients have some considerations regarding ESG
constraints.

How does CFA Institute develop the curriculum?

- global practivces analysis
- input from practioners ( Invetsme t professionals, faculty members, regulators..)
- to determine comprtencies (skills, abilities) needed to successfullx practice.
- What are current industry trends? They dô surveys and panels
- target audience= generalist
- It provides what a generalist needs to know. Also early of career 5y of experience
- practice-based: not about theories only

LOS: what is imp is the word use at the beginning:

describe: low level of cognitive reflexion
calculate: use of formulas to solve a pb
explain/ justify: argumentation, reflexion, build a reflexion

the topic that is the more improtant in the Level 3 : Portfolio Mngt and Wealth Planning

Europe is a leader in ESG adoption due to:

- demand from institutional and retail investors
- utility that investors get from an investment is beyond risk/return consideration (millenials are more and more
interested)
- better ESG data : availability and quantity
- reaserch suggests ESG does not detract from performance
- regulatory developments

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fessional

ative value

ations regarding ESG

s are more and more

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