Formation Préparation Chartered Financial Analyst (CFA) - Level 2

Assimiler les points clés des Learning Outcome Statements du CFA® Level II
  • Reconduction en 2023

Objectifs et compétences visées de la formation

Appliquer les meilleurs standards de conduite professionnelle

Analyser les différents outils d'analyse

Analyser les différentes classes d'actifs

Evaluer les différentes approches de gestion de portefeuille

Programme

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Programme de cette formation

Ethics

Code of Ethics and Standards of Professional Conduct

Guidance for Standards I–VII

CFA Institute Soft Dollar Standards

CFA Institute Research Objectivity Standards

The Glenarm Company

Preston Partners

Super Selection

Trade Allocation: Fair Dealing and Disclosure

Changing Investment Objectives

Prudence in Perspective

Quantitative Methods

Correlation and Regression

Hypothesis testing

ANOVA and F-Statsitic

Standard error and confidence intervals

Multiple Regression and Issues in Regression Analysis

The R coefficient and its interpreatation

Multicollinearity

Time- Series Analysis

Autocorrelation

Autoregressive models

Mean reversion

Corporate finance part 1

Capital Budgeting

The impacts of inflation

Explain and calculate the discount rate for valuing a capital project

Accounting income and economic income

Capital Structure

The Modigliani-Miller propositions regarding capital structures

The effects of capital structures

Dividends and Share Repurchases

Theory of dividend policies

Dividend coverage ratios

Corporate finance part 2

Corporate Governance

The major business forms

Agency theory and relationships

Effective corporate governance practices

Environmental, social and governance risk exposures

Mergers and Acquisitions

Bootstrapping of earning per share

The Herfindahl-Hirschmann Index

Company valuation methods

Distinguish among equity carve-outs, spin-offs, split-offs and liquidation

Economics

Currency Exchange Rates: Determination and Forecasting

Bid-Ask Spread

Carry trade

The Mundell-Fleming model

The role of the central bank

Economic Growth and the Investment Decision

Impacts of factors on the labor productivity

The impact of demography and immigration

The different growth theories

Regulation principles

The main actors of economic regulation

The benefits and costs of regulation

Derivatives part 1

Forward Markets and Contracts

The value of a forward contract is determined at initiation, during the life of the contract, and at expiration

Forward contracts on a fixed-income security

Forward rate agreements

Forward contracts on a currency

Futures Markets and Contracts

Value of a futures contract

Pricing Eurodollar futures

Prices of Treasury bond futures, stock index futures, and currency futures

Derivatives part 2

Option Markets and Contracts

Prices of a synthetic call option, synthetic put option, synthetic bond, and synthetic underlying stock

The Black–Scholes–Merton model

The put–call parity for options on forwards (or futures)

Swap Markets and Contracts

Interest Rate Derivative Instruments

Cap and Floor structures

Credit Default Swaps

Alternative Investments

Private Real Estate Investments

Income, cost, and sales comparison approaches to valuing real estate properties

The direct capitalization and discounted cash flow valuation methods

Real estate investment trust (REIT)

Publicly Traded Real Estate Securities

Private Equity Valuation

Investing in Hedge Funds

A Primer on Commodity Investing

Financial Analysis part 1

Inventories: Implications for Financial Statements and Ratios

Impacts of inflation and deflation

LIFO reserves and Liquidation

Long-lived Assets: Implications for Financial Statements and Ratios

Depreciation methods

The impact of leasing

The impacts of revaluation

Financial Analysis part 2

Intercorporate Investments

IFRS

US GAAP

Employee Compensation: Post-Employment and Share- Based

The types of post-employment benefits

The Benefit pensions costs

Multinational Operations

The impact of exchange rates on translated sales

Current rate and temporal rate method for accounting

Financial Analysis part 3

EBITDA, Operating Profit, earnings, net incomes…

Evaluating Financial Reporting Quality

Integration of Financial Statement Analysis Techniques

The impacts of the standard methods on ratios

Improvement of the comparability of financial statements

Financial reporting choices and biases

Fixed Income part 1

Credit Analysis Models

Credit scoring and Credit rating

Models of corporate credit risk

Term structure of credit spreads

Term Structure and Volatility of Interest Rates

Parallel and non-parallel shifts of the yield curve

SWAP rate curve

Yield volatility

Valuing Bonds with Embedded Options

Describe and evaluate a convertible bond

Interpret an option-adjusted spread

Fixed Income part 2

Mortgage-Backed Sector of the Bond Market

Explain investment characteristics, payment characteristics, and risks of mortgage passthrough securities

Collateralized mortgage obligation (CMO)

The basic structure of a commercial mortgage-backed security (CMBS)

Asset-Backed Sector of the Bond Market

Amortizing assets and non-amortizing assets

Collateralized debt obligations (CDOs)

Valuing Mortgage-Backed and Asset- Backed Securities

The calculation, use, and limitations of the cash flow yield, nominal spread, and zero-volatility spread for a mortgage-backed security and an asset-backed security

Equity part 1

Equity Valuation: Applications and Processes

Definitions of value, and justify which definition of value is most relevant

Sum-of-the-parts valuation

Return Concepts

The Fama–French model, the Pastor–Stambaugh model, macroeconomic multifactor models, and the build-up method

Describe strengths and weaknesses of methods used to estimate the required return on an equity investment

The Five Competitive Forces That Shape Strategy

Evaluate the predictability and malleability of an industry and select an appropriate strategy

Industry and Company Analysis

Top-down, bottom-up, and hybrid approaches for developing inputs to equity valuation models

The effects of technological developments on demand, selling prices, costs, and margins

Equity part 2

Discounted Dividend Valuation* the dividend discount model (DDM) for single and multiple holding periods

The present value of growth opportunities (PVGO)

The use of DuPont analysis to estimate a company’s sustainable growth rate

Free Cash Flow Valuation

Compare the free cash flow to the firm (FCFF) and free cash flow to equity (FCFE) approaches to valuation

The single-stage (stable-growth), two-stage, and three-stage FCFF and FCFE models

Market-Based Valuation: Price and Enterprise Value Multiples

Residual Income Valuation

Private Company Valuation

The role of valuation standards in valuing private companies

Portfolio Management part 1

Portfolio Concepts

mean–variance analysis

minimum-variance and efficient frontiers

variance of an equally weighted portfolio of n stocks, explain the capital allocation and capital market lines (CAL and CML)

the arbitrage pricing theory (APT)

Residual Risk and Return: The Information Ratio

the terms “alpha” and “information ratio” in both their ex post and ex ante senses

the information ratio and the alpha’s T-statistic

investor risk aversion

Portfolio Management part 2

The Fundamental Law of Active Management

The terms “information coefficient” and “breadth” and describe how they combine to determine the information ratio

The assumptions on which the fundamental law of active management is based

The Portfolio Management Process

Ethical conduct as a requirement for managing investment portfolios

Capital market expectations

Evaluate the effects of time horizon on portfolio choice

E-Coach

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A qui s'adresse cette formation

Gérant de portefeuille - Analyste financier - Consultant- Risk manager - Conseiller financier

Pré-requis de la formation

Avoir validé le CFA® Level I

Être titulaire d’un Bachelor (Bac+3) ou équivalent

Niveau d’anglais recommandé : B2/C1

Moyens pédagogiques
Moyens pédagogiques

Dispositif de formation structuré autour du transfert des compétences

Acquisition des compétences opérationnelles par la pratique et l'expérimentation

Apprentissage collaboratif lors des moments synchrones

Parcours d'apprentissage en plusieurs temps pour permettre engagement, apprentissage et transfert

Formation favorisant l'engagement du participant pour un meilleur ancrage des enseignements

Evaluation de la formation

L'évaluation des compétences sera réalisée tout au long de la formation par le participant lui-même (auto-évaluation) et/ou le formateur selon les modalités de la formation.

Evaluation de l'action de formation en ligne sur votre espace participant :

A chaud, dès la fin de la formation, pour mesurer votre satisfaction et votre perception de l'évolution de vos compétences par rapport aux objectifs de la formation. Avec votre accord, votre note globale et vos verbatims seront publiés sur notre site au travers d'Avis Vérifiés, solution Certifiée NF Service

A froid, 40 jours après la formation pour valider le transfert de vos acquis en situation de travail

Suivi des présences et remise d'une attestation individuelle de formation ou d'un certificat de réalisation