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CFA Program Curriculum 2019 Level III Volumes 1-6 Box Set

E-Book

$239.99

CFA Program Curriculum 2019 Level III Volumes 1-6 Box Set

CFA Institute

ISBN: 978-1-119-51688-0 August 2018

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Description

Apply CFA Program concepts and skills to real-world wealth and portfolio management for the 2019 exam

The same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2019 Level III, Volumes 1-6 provides complete, authoritative guidance on synthesizing the entire CFA Program Candidate Body of Knowledge (CBOK) into professional practice for the 2019 exam. This book helps you bring together the skills and concepts from Levels I and II to formulate a detailed, professional response to a variety of real-world scenarios. Coverage spans all CFA Program topics and provides a rigorous treatment of portfolio management, all organized into individual study sessions with clearly defined Learning Outcome Statements. Visual aids clarify complex concepts, and practice questions allow you to test your understanding while reinforcing major content areas.

Levels I and II equipped you with foundational investment tools and complex analysis skill; now, you'll learn how to effectively synthesize that knowledge to facilitate effective portfolio management and wealth planning. This study set helps you convert your understanding into a professional body of knowledge that will benefit your clients' financial futures.

  • Master essential portfolio management and compliance topics
  • Synthesize your understanding into professional guidance
  • Reinforce your grasp of complex analysis and valuation
  • Apply ethical and professional standards in the context of real-world cases
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 vii

Curriculum Development Process vii

Organization of the Curriculum viii

Features of the Curriculum viii

Designing Your Personal Study Program ix

Feedback xi

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 185

Study Session 2 Ethical and Professional Standards (2) 193

Reading 3 Application of the Code and Standards 195

Introduction 195

The Consultant 196

Mark Vernley 196

The Consulting Contract 197

Evaluation of the Situation 197

Pearl Investment Management (A) 200

Knowledge of the Law and Obligation to Obey 201

Responsibilities of Supervisors 202

Trading for Personal Accounts 202

Maintaining Confidential Client Information 203

Pearl Investment Management (B) 203

Responsibility of Candidates to Comply with the Code and Standards 204

Dealing with Clients 204

Errors in Client Accounts 205

Pearl Investment Management (C) 206

Proper Care and Independent Judgment 207

Use of Insider Information 208

Using the Research of Others 209

Reasonable Basis for a Research Opinion 209

Relevant Factors and Fact versus Opinion in Research Reports 209

Misrepresentation of Services and Performance Presentation 210

Practice Problems 211

Solutions 228

Reading 4 Asset Manager Code of Professional Conduct 235

Introduction 235

Adopting the Code and Claiming Compliance 237

Acknowledgement of Claim of Compliance to CFA Institute 237

General Principles of Conduct 237

Asset Manager Code of Professional Conduct 238

Loyalty to Clients 238

Investment Process and Actions 238

Trading 238

Risk Management, Compliance, and Support 239

Performance and Valuation 239

Disclosures 239

Appendix 6—Recommendations and Guidance 240

Loyalty to Clients 240

Investment Process and Actions 241

Trading 244

Risk Management, Compliance, and Support 246

Performance and Valuation 250

Disclosures 251

Practice Problems 255

Solutions 260

Portfolio Management

Study Session 3 The Asset Management Industry and Professionalism 265

Reading 5 Overview of the Asset Management Industry and Portfolio Management 267

Introduction 267

The Asset Management Industry 268

Industry Overview 268

Active versus Passive Management 269

Traditional versus Alternative Asset Managers 270

Ownership Structure 271

Asset Management Clients 271

Major Investment Products 275

Asset Management Industry Trends 278

The Portfolio Management Process 281

Fundamentals of Investment Governance 283

Governance Structures 284

Articulating Investment Objectives 284

Allocation of Rights and Responsibilities 285

Investment Policy Statement 287

Asset Allocation and Rebalancing Policy 288

Reporting Framework 288

The Governance Audit 288

Summary 291

Reading 6 Professionalism in Investment Management 293

Introduction 293

Professions 294

How Professions Establish Trust 294

Professions Are Evolving 296

Professionalism in Investment Management 296

Trust in Investment Management 297

CFA Institute as an Investment Management Professional Body 298

Expectations of Investment Management Professionals 299

Challenges for Investment Management Professionals 300

Summary 301

Practice Problems 303

Solutions 304

Glossary G-1

Index I-1