CFA® – Level II

Programme

  1 semestre
Objectifs de la formation

  • Décrocher le niveau 2 du CFA
Programme détaillé

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



Christine Turpaud

Christine Turpaud

Christine a 20 ans d'expérience en BFI, dont 10 ans en tant qu'analyste «fixed income» et 5 ans de Middle Office financements structurés. Elle a créé une société de valorisation de portefeuilles obligataires et de contrôle des transactions. Elle est responsable pour Bärchen de la préparation aux certifications professionnelles.

Christine Turpaud anime également les formations :


Norberto Cordisco Respighi

Norberto Cordisco Respighi

Norberto est chargé de mission en gestion financière pour la Direction Générale du Groupe BNP Paribas. Il s'occupe notamment de l'analyse financière de projets d'acquisition, cessions et restructurations internes et de la gestion des capitaux propres du Groupe. Avant d'occuper ce poste, il était analyste risques de marché au sein de BNP Paribas Securities Services. Diplômé de Sciences Po Paris, Norberto a réussi les trois modules du CFA en 18 mois. Il enseigne la préparation au CFA depuis plusieurs années et il a été mentor de l'équipe qui a gagné l'IRC (Investment Reasearch Challenge) France en 2012 et 2013.

Norberto Cordisco Respighi anime également les formations :


Vincent Pracht

Analyste risques de marché chez BNP Paribas, titulaire d'un master en gestion des risques et des actifs, Vincent a passé les trois niveaux du CFA en 18 mois. Il enseigne la préparation au CFA et à l'examen Investment Foundations (anciennement Claritas).

Vincent Pracht anime également les formations :