FinExPrep

Syllabus

CFA Level III Exam Prep Course

154 lessons. Online and self-paced.

Capital Market Expectations

Develop defensible macroeconomic and asset-class forecasts for portfolio decisions.

  1. 1Capital Market Expectations Framework
  2. 2Forecasting Data and Biases
  3. 3Economic Forecasting Methods
  4. 4Economic Growth and Structural Shocks
  5. 5Business Cycles and Asset Returns
  6. 6Inflation and Portfolio Exposures
  7. 7Monetary and Fiscal Policy
  8. 8Yield Curves and International Linkages
  9. 9Fixed-Income Return Expectations
  10. 10Equity Market Return Expectations
  11. 11Real Estate Return Expectations
  12. 12Emerging Market Country Risk
  13. 13Exchange Rate Forecasting
  14. 14Asset Return Volatility Forecasts

Asset Allocation Decisions

Translate investor circumstances and forecasts into implementable asset allocations.

  1. 15Investment Governance and Decision Rights
  2. 16Economic Balance Sheet Analysis
  3. 17Global Market Portfolio Baseline
  4. 18Strategic Allocation Implementation Choices
  5. 19Mean–Variance Portfolio Optimization
  6. 20Optimization Inputs and Robustness
  7. 21Monte Carlo Allocation Analysis
  8. 22Factor Exposures and Risk Budgets
  9. 23Liability-Relative Allocation Design
  10. 24Goals-Based and Heuristic Allocations
  11. 25Portfolio Rebalancing Policy
  12. 26Liquidity Taxes and Allocation Constraints
  13. 27Behavioral Biases in Allocation
  14. 28Allocation Revisions and Tactical Tilts

Multi-Asset Portfolio Construction

Select equity, bond, and alternative exposures that serve portfolio objectives.

  1. 29Equity Roles and Investment Universes
  2. 30Equity Management Spectrum
  3. 31Equity Benchmark Selection
  4. 32Equity Costs and Shareholder Engagement
  5. 33Fixed-Income Roles and Mandates
  6. 34Bond Return Decomposition
  7. 35Bond Liquidity Leverage and Taxation
  8. 36Cash-Flow Matching and Bond Ladders
  9. 37Alternative Investment Portfolio Roles
  10. 38Alternative Investment Suitability
  11. 39Alternative Allocation Methods
  12. 40Capital Commitments and Liquidity Planning
  13. 41Alternative Investment Program Monitoring

Investor Mandates and Markets

Tailor portfolios to investor circumstances and evaluate implementation and enterprise risks.

  1. 42Wealth Sources and Life Stages
  2. 43Human Capital and Risk Capacity
  3. 44Taxes Inflation and Wealth Objectives
  4. 45Private Client Investment Policy
  5. 46Institutional Objectives and Governance
  6. 47Defined Benefit Pension Risk
  7. 48Sovereign Endowment and Foundation Mandates
  8. 49Bank and Insurer Balance Sheets
  9. 50Trading Cost Measurement
  10. 51Implementation Shortfall Decomposition
  11. 52Electronic Markets and Trading Risks
  12. 53Sovereign Fund Portfolio Risk
  13. 54Enterprise Risk Management Recommendations

Performance and Manager Evaluation

Separate performance sources, assess manager skill, and evaluate compliant performance reporting.

  1. 55Performance Evaluation and Attribution Methods
  2. 56Equity Return Attribution
  3. 57Fixed-Income and Risk Attribution
  4. 58Benchmark Quality and Misspecification
  5. 59Performance Appraisal and Drawdowns
  6. 60Manager Due Diligence
  7. 61Manager Hiring and Retention Errors
  8. 62Investment Vehicles and Performance Fees
  9. 63GIPS Scope and Return Calculations
  10. 64GIPS Composite Construction
  11. 65GIPS Reporting and Verification

Options and Exposure Management

Use options and linear derivatives to modify portfolio payoffs and exposures.

  1. 66Synthetic Positions and Option Replication
  2. 67Covered Call Strategy Analysis
  3. 68Protective Put Strategy Analysis
  4. 69Collars and Short-Position Protection
  5. 70Bull and Bear Spreads
  6. 71Straddles and Calendar Spreads
  7. 72Volatility Smile and Skew
  8. 73Option Strategy Selection and Sizing
  9. 74Equity Futures and Swap Overlays
  10. 75Interest Rate Exposure Adjustments

Currency and Derivative Integration

Manage currency and volatility exposures while integrating derivatives into portfolio allocation.

  1. 76Currency Swaps and Forward Exposures
  2. 77Volatility Derivatives and Variance Swaps
  3. 78Derivative Allocation and Rebalancing
  4. 79Currency Effects on Portfolio Returns
  5. 80Strategic Currency Management Policy
  6. 81Forward Hedges and Hedge Adjustments
  7. 82Active Currency Trading Strategies
  8. 83Cross-Hedges and Minimum-Variance Ratios
  9. 84Currency Hedge Costs and Constraints

Professional Conduct and Client Duties

Apply ethical standards to professional integrity, market conduct, and client responsibilities.

  1. 85Code Principles and Conduct Enforcement
  2. 86Knowledge of Law and Independence
  3. 87Misrepresentation Misconduct and Competence
  4. 88Material Nonpublic Information
  5. 89Market Manipulation and Controls
  6. 90Loyalty Prudence and Care
  7. 91Fair Dealing and Trade Allocation
  8. 92Suitability and Client Mandates
  9. 93Performance Presentation and Confidentiality
  10. 94Client Duty Conflict Resolution

Research Conflicts and Ethical Integration

Evaluate employer duties, research practices, conflicts, and firm-level ethical controls.

  1. 95Employer Loyalty and Outside Compensation
  2. 96Supervisory Duties and Compliance
  3. 97Diligence and Reasonable Research Basis
  4. 98Research Communication and Record Retention
  5. 99Conflicts Disclosure and Transaction Priority
  6. 100Candidate Conduct and Designation References
  7. 101Asset Manager Code Principles
  8. 102Asset Manager Compliance Procedures
  9. 103Integrated Ethical Decision Cases

Indexed and Active Equity Strategies

Evaluate index-based implementation and the research processes behind active equity strategies.

  1. 104Equity Index Weighting Methods
  2. 105Factor-Based Equity Index Strategies
  3. 106Indexed Equity Investment Vehicles
  4. 107Equity Index Replication Methods
  5. 108Tracking Error and Indexed Attribution
  6. 109Fundamental Equity Strategy Processes
  7. 110Active Equity Factor Strategies
  8. 111Quantitative Backtesting and Model Risk
  9. 112Equity Style Classification and Drift
  10. 113Activist Equity Investment Strategies
  11. 114Arbitrage and Market Microstructure Strategies

Active Equity Portfolio Construction

Convert investment insights into portfolios with explicit active-risk and implementation controls.

  1. 115Investment Philosophy and Portfolio Design
  2. 116Active Share Measurement
  3. 117Active Risk and Covariance Structure
  4. 118Alpha Breadth and Portfolio Constraints
  5. 119Equity Active Risk Budgeting
  6. 120Portfolio Risk Measures and Limits
  7. 121Capacity Liquidity and Portfolio Turnover
  8. 122Long-Only and Long-Extension Portfolios
  9. 123Long–Short and Market-Neutral Portfolios
  10. 124Active Equity Construction Evaluation

Liability and Yield Curve Strategies

Manage liability exposures, passive bond mandates, and active yield-curve positions.

  1. 125Single Liability Immunization
  2. 126Multiple Liability Portfolio Strategies
  3. 127Immunization Risks and Rebalancing
  4. 128Bond Index Selection and Replication
  5. 129Passive Bond Exposure Alternatives
  6. 130Forward Rates Carry and Roll
  7. 131Yield Level Slope and Curvature Trades
  8. 132Key Rate Duration Analysis
  9. 133Volatility Views and Curve Strategies
  10. 134Cross-Currency Curve Strategy Evaluation

Credit and Execution Strategies

Evaluate active credit exposures and translate portfolio decisions into suitable trading strategies.

  1. 135Credit Spread Measures and OAS
  2. 136Spread Duration and Credit Returns
  3. 137Bottom-Up Credit Security Selection
  4. 138Top-Down Credit Sector Allocation
  5. 139Structured Credit Portfolio Alternatives
  6. 140Credit Derivatives and Relative Value
  7. 141International Credit Portfolio Strategies
  8. 142Credit Strategy Risk Evaluation
  9. 143Trade Motivation and Execution Benchmarks
  10. 144Order Sizing Urgency and Market Impact
  11. 145Execution Algorithms and Trading Venues
  12. 146Execution Evaluation and Governance

Endowment Portfolio Integration

Integrate allocation, liquidity, derivatives, and risk governance in an institutional endowment case.

  1. 147Endowment Spending and Return Objectives
  2. 148Endowment Illiquidity Premium Allocation
  3. 149Endowment Strategic Portfolio Evaluation
  4. 150Endowment Liquidity Stress Testing
  5. 151Endowment Derivative Overlay Design
  6. 152Endowment Responsible Investment Constraints
  7. 153Endowment Manager Selection Ethics
  8. 154Cash and Derivative Implementation Costs
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