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CFA Program Curriculum 2019 Level I Volumes 1-6 Box Set
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Table of Contents

How to Use the CFA Program Curriculum ix Curriculum Development Process ix Organization of the Curriculum x Features of the Curriculum x Designing Your Personal Study Program xi Feedback xiii Ethical and Professional Standards Study Session 1 Ethical and Professional Standards 3 Reading 1 Ethics and Trust in the Investment Profession 5 Introduction 5 Ethics 6 Ethics and Professionalism 9 Challenges to Ethical Conduct 11 The Importance of Ethical Conduct in the Investment Industry 15 Ethical vs. Legal Standards 17 Ethical Decision-Making Frameworks 20 Applying the Framework 22 Conclusion 27 Summary 28 Practice Problems 29 Solutions 30 Reading 2 Code of Ethics and Standards of Professional Conduct 33 Preface 33 Evolution of the CFA Institute Code of Ethics and Standards of Professional Conduct 34 Standards of Practice Handbook 34 Summary of Changes in the Eleventh Edition 35 CFA Institute Professional Conduct Program 37 Adoption of the Code and Standards 38 Acknowledgments 38 Ethics and the Investment Industry 39 Why Ethics Matters 39 CFA Institute Code of Ethics and Standards of Professional Conduct 43 Preamble 43 The Code of Ethics 44 Standards of Professional Conduct 44 Reading 3 Guidance for Standards I-VII 49 Standard I: Professionalism 49 Standard I(A) Knowledge of the Law 49 Guidance 49 Recommended Procedures for Compliance 54 Application of the Standard 55 Standard I(B) Independence and Objectivity 58 Guidance 58 Recommended Procedures for Compliance 63 Application of the Standard 64 Standard I(C) Misrepresentation 71 Guidance 71 Recommended Procedures for Compliance 74 Application of the Standard 76 Standard I(D) Misconduct 81 Guidance 81 Recommended Procedures for Compliance 82 Application of the Standard 82 Standard II: Integrity of Capital Markets 84 Standard II(A) Material Nonpublic Information 84 Guidance 84 Recommended Procedures for Compliance 88 Application of the Standard 91 Standard II(B) Market Manipulation 96 Guidance 96 Application of the Standard 97 Standard III: Duties to Clients 101 Standard III(A) Loyalty, Prudence, and Care 101 Guidance 101 Recommended Procedures for Compliance 105 Application of the Standard 106 Standard III(B) Fair Dealing 110 Guidance 110 Recommended Procedures for Compliance 112 Application of the Standard 114 Standard III(C) Suitability 118 Guidance 118 Recommended Procedures for Compliance 121 Application of the Standard 122 Standard III(D) Performance Presentation 125 Guidance 125 Recommended Procedures for Compliance 126 Application of the Standard 126 Standard III(E) Preservation of Confidentiality 129 Guidance 129 Recommended Procedures for Compliance 131 Application of the Standard 131 Standard IV: Duties to Employers 133 Standard IV(A) Loyalty 133 Guidance 133 Recommended Procedures for Compliance 137 Application of the Standard 137 Standard IV(B) Additional Compensation Arrangements 144 Guidance 144 Recommended Procedures for Compliance 144 Application of the Standard 144 Standard IV(C) Responsibilities of Supervisors 146 Guidance 146 Recommended Procedures for Compliance 148 Application of the Standard 150 Standard V: Investment Analysis, Recommendations, and Actions 154 Standard V(A) Diligence and Reasonable Basis 154 Guidance 154 Recommended Procedures for Compliance 158 Application of the Standard 158 Standard V(B) Communication with Clients and Prospective Clients 165 Guidance 166 Recommended Procedures for Compliance 168 Application of the Standard 169 Standard V(C) Record Retention 174 Guidance 174 Recommended Procedures for Compliance 175 Application of the Standard 176 Standard VI: Conflicts of Interest 177 Standard VI(A) Disclosure of Conflicts 177 Guidance 177 Recommended Procedures for Compliance 180 Application of the Standard 180 Standard VI(B) Priority of Transactions 185 Guidance 185 Recommended Procedures for Compliance 186 Application of the Standard 188 Standard VI(C) Referral Fees 190 Guidance 190 Recommended Procedures for Compliance 190 Application of the Standard 190 Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate 193 Standard VII(A) Conduct as Participants in CFA Institute Programs 193 Guidance 193 Application of the Standard 195 Standard VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program 198 Guidance 198 Recommended Procedures for Compliance 200 Application of the Standard 201 Practice Problems 203 Solutions 213 Reading 4 Introduction to the Global Investment Performance Standards (GIPS) 221 Why Were the GIPS Standards Created? 221 Who Can Claim Compliance? 222 Who Benefits from Compliance? 222 Composites 223 Verification 223 The Structure of the GIPS Standards 224 Reading 5 Global Investment Performance Standards (GIPS) 225 Preface 225 History 226 Introduction 227 Preamble-Why Is a Global Investment Performance Standard Needed? 227 Objectives 227 Overview 228 Historical Performance Record 228 Compliance 229 Effective Date 229 Implementing a Global Standard 229 Sponsors 230 Provisions of the Global Investment Performance Standards 231 Fundamentals of Compliance 233 Input Data 235 Calculation Methodology 235 Composite Construction 236 Disclosure 237 Presentation and Reporting 240 Real Estate 242 Private Equity 247 Wrap Fee/Separately Managed Account (SMA) Portfolios 250 GIPS Valuation Principles 252 Fair Value Definition 252 Valuation Requirements 253 Valuation Recommendations 254 GIPS Advertising Guidelines 256 Purpose of the GIPS Advertising Guidelines 256 Requirements of the GIPS Advertising Guidelines 256 Verification 258 Scope and Purpose of Verification 258 Required Verification Procedures 259 Performance Examinations 262 GIPS Glossary 262 Appendix A: Sample Compliant Presentations 272 Appendix B: Sample Advertisements 289 Appendix C: Sample List of Composite Descriptions 292 Practice Problems 296 Solutions 297 Quantitative Methods Study Session 2 Quantitative Methods (1) 301 Reading 6 The Time Value of Money 303 Introduction 303 Interest Rates: Interpretation 304 The Future Value of a Single Cash Flow 306 The Frequency of Compounding 310 Continuous Compounding 312 Stated and Effective Rates 313 The Future Value of a Series of Cash Flows 314 Equal Cash Flows-Ordinary Annuity 315 Unequal Cash Flows 316 The Present Value of a Single Cash Flow 317 Finding the Present Value of a Single Cash Flow 317 The Frequency of Compounding 319 The Present Value of a Series of Cash Flows 320 The Present Value of a Series of Equal Cash Flows 320 The Present Value of an Infinite Series of Equal Cash Flows-Perpetuity 325 Present Values Indexed at Times Other than t = 0 326 The Present Value of a Series of Unequal Cash Flows 328 Solving for Rates, Number of Periods, or Size of Annuity Payments 328 Solving for Interest Rates and Growth Rates 329 Solving for the Number of Periods 331 Solving for the Size of Annuity Payments 332 Review of Present and Future Value Equivalence 336 The Cash Flow Additivity Principle 338 Summary 339 Practice Problems 340 Solutions 345 Reading 7 Discounted Cash Flow Applications 359 Introduction 359 Net Present Value and Internal Rate of Return 360 Net Present Value and the Net Present Value Rule 360 The Internal Rate of Return and the Internal Rate of Return Rule 362 Problems with the IRR Rule 365 Portfolio Return Measurement 367 Money-Weighted Rate of Return 368 Time-Weighted Rate of Return 369 Money Market Yields 374 Summary 379 Practice Problems 381 Solutions 384 Reading 8 Statistical Concepts and Market Returns 387 Introduction 388 Some Fundamental Concepts 388 The Nature of Statistics 389 Populations and Samples 389 Measurement Scales 390 Summarizing Data Using Frequency Distributions 391 The Graphic Presentation of Data 399 The Histogram 400 The Frequency Polygon and the Cumulative Frequency Distribution 401 Measures of Central Tendency 404 The Arithmetic Mean 404 The Median 408 The Mode 411 Other Concepts of Mean 411 Other Measures of Location: Quantiles 421 Quartiles, Quintiles, Deciles, and Percentiles 421 Quantiles in Investment Practice 425 Measures of Dispersion 427 The Range 428 The Mean Absolute Deviation 428 Population Variance and Population Standard Deviation 430 Sample Variance and Sample Standard Deviation 433 Semivariance, Semideviation, and Related Concepts 437 Chebyshev's Inequality 438 Coefficient of Variation 440 The Sharpe Ratio 442 Symmetry and Skewness in Return Distributions 445 Kurtosis in Return Distributions 451 Using Geometric and Arithmetic Means 455 Summary 457 Practice Problems 460 Solutions 467 Reading 9 Probability Concepts 471 Introduction 472 Probability, Expected Value, and Variance 472 Portfolio Expected Return and Variance of Return 494 Topics in Probability 502 Bayes' Formula 502 Principles of Counting 506 Summary 510 Practice Problems 513 Solutions 517 Study Session 3 Quantitative Methods (2) 521 Reading 10 Common Probability Distributions 523 Introduction to Common Probability Distributions 524 Discrete Random Variables 525 The Discrete Uniform Distribution 526 The Binomial Distribution 528 Continuous Random Variables 537 Continuous Uniform Distribution 538 The Normal Distribution 541 Applications of the Normal Distribution 547 The Lognormal Distribution 549 Monte Carlo Simulation 555 Summary 561 Practice Problems 564 Solutions 571 Reading 11 Sampling and Estimation 579 Introduction 580 Sampling 580 Simple Random Sampling 580 Stratified Random Sampling 582 Time-Series and Cross-Sectional Data 583 Distribution of the Sample Mean 586 The Central Limit Theorem 586 Point and Interval Estimates of the Population Mean 589 Point Estimators 589 Confidence Intervals for the Population Mean 591 Selection of Sample Size 597 More on Sampling 599 Data-Mining Bias 599 Sample Selection Bias 602 Look-Ahead Bias 603 Time-Period Bias 603 Summary 605 Practice Problems 608 Solutions 613 Reading 12 Hypothesis Testing 619 Introduction 620 Hypothesis Testing 621 Hypothesis Tests Concerning the Mean 630 Tests Concerning a Single Mean 630 Tests Concerning Differences between Means 638 Tests Concerning Mean Differences 642 Hypothesis Tests Concerning Variance 646 Tests Concerning a Single Variance 646 Tests Concerning the Equality (Inequality) of Two Variances 648 Other Issues: Nonparametric Inference 652 Tests Concerning Correlation: The Spearman Rank Correlation Coefficient 653 Nonparametric Inference: Summary 656 Summary 656 Practice Problems 660 Solutions 668 Reading 13 Technical Analysis 675 Introduction 675 Technical Analysis: Definition and Scope 676 Principles and Assumptions 676 Technical and Fundamental Analysis 678 Technical Analysis Tools 680 Charts 680 Trend 689 Chart Patterns 692 Technical Indicators 703 Cycles 720 Elliott Wave Theory 721 Intermarket Analysis 724 Summary 726 Practice Problems 729 Solutions 734 Appendices 737 Glossary G-1 Index I-1

About the Author

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors' interests come first, markets function at their best, and economies grow. CFA Institute has more than 155,000 members in 165 countries and territories, including 150,000 CFA (R) charterholders, and 148 member societies. For more information, visit www.cfainstitute.org.

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