The Investment Advisor Body of Knowledge + Test Bank

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IMCA. The Investment Advisor Body of Knowledge + Test Bank

Acknowledgments

Introduction

The Purpose of This Textbook

The Layout and Structure of This Textbook

How to Use This Text

The CIMA Content

The CIMA Exams

Additional Resources

Helpful Web Links

Notes

CHAPTER 1. IMCA Code of Professional Responsibility and Standards of Practice

Part I IMCA Code of Professional Responsibility

Part II IMCA Standards of Practice

Part III IMCA Performance Reporting Standards

Part IV IMCA Disciplinary Rules and Procedures

Part V IMCA Guidelines Regarding the Acceptance of Benefits from Third Parties

Part I IMCA Code of Professional Responsibility

Part II IMCA Standards of Practice

Part III IMCA Performance Reporting Standards

Part IV IMCA Disciplinary Rules and Procedures

Part V IMCA Guidelines for Consultants Regarding the Acceptance of Benefits from Third Parties

CHAPTER 2. Regulatory Considerations

Direct Relationships

Indirect Relationships

Laws and Regulations

Federal Regulatory Agencies

SEC

Financial Industry Regulatory Authority (FINRA)

State Agencies

CHAPTER 3. Statistics and Methods

Part I Mathematics and Statistics for Financial Risk Management: Some Basic Math

Part II Mathematics and Statistics for Financial Risk Management: Probabilities

Part III Mathematics and Statistics for Financial Risk Management: Basic Statistics

Part IV Mathematics and Statistics for Financial Risk Management: Distributions

Part V Mathematics and Statistics for Financial Risk Management: Hypothesis Testing and Confidence Intervals

Part VI Mathematics and Statistics for Financial Risk Management: Linear Regression Analysis

Part VII Mathematics and Statistics for Financial Risk Management: Time Series Models

Part I Some Basic Math

Part II Probabilities

Part III Basic Statistics

Part IV Distributions

Part V Hypothesis Testing and Confidence Intervals

Part VI Linear Regression Analysis

Part VII Time Series Models

CHAPTER 4. Applied Finance and Economics

Section I: Time Value of Money

Part I Foundations and Applications of the Time Value of Money: The Basics of the Time Value of Money

Part II Foundations and Applications of the Time Value of Money: Don't Discount Discounting

Part III Foundations and Applications of the Time Value of Money: Cash Happens

Part IV Foundations and Applications of the Time Value of Money: Yielding for Yields

Part V Foundations and Applications of the Time Value of Money: Using Financial Calculators

Part VI Foundations and Applications of the Time Value of Money: Formulas

Section II: Economics

Part I Handbook of Finance: Monetary Policy – How the Fed Sets, Implements, and Measures Policy Choices

Part II The Trader's Guide to Key Economic Indicators: Introduction

Part III The Trader's Guide to Key Economic Indicators: Gross Domestic Product

Part IV The Trader's Guide to Key Economic Indicators: Indexes of Leading, Lagging, and Coincident Indictors

Section I: Time Value of Money. Part I The Basics of the Time Value of Money

Part II Don't Discount Discounting

Discounting More Than One Future Value

Determining the Number of Compounding Periods

Summary

“Try It!” Solutions

Part III Cash Happens

Part IV Yielding for Yields

Part V Using Financial Calculators

Troubleshooting Problems

Part VI Formulas

Section II: Economics. Part I Monetary Policy: How the Fed Sets, Implements, and Measures Policy Choices

Summary

References

Part II Introduction to Key Economic Indicators

The Business Cycle

Part III Gross Domestic Product

What Does It All Mean?

Tricks from the Trenches

References

Part IV Indexes of Leading, Lagging, and Coincident Indicators

Evolution of an Indicator

Digging for the Data

Lagging Index

What Does It All Mean?

How to Use What You See

Tricks from the Trenches

References

CHAPTER 5. Global Capital Markets. History and Valuation

Part I Portfolio Design: A Modern Approach to Asset Allocation: Long-Run Returns on Stocks and Bonds

Part II Portfolio Design: A Modern Approach to Asset Allocation: Foreign Stocks

Part III Portfolio Design: A Modern Approach to Asset Allocation: Emerging Markets

Part IV Portfolio Design: A Modern Approach to Asset Allocation: Bonds

Part I Long-Run Returns on Stocks and Bonds

References

Part II: Foreign Stocks

References

Part III Emerging Markets

References

Part IV Bonds

References

CHAPTER 6. Attributes of Risk

Part I Handbook of Finance: Risks Associated with Investing

Part II The Handbook of Risk: The Likelihood of Loss

Part I Risks Associated with Investing

References

Part II The Likelihood of Loss

Note

CHAPTER 7. Risk Measurements

Part I Handbook of Risk: Measuring and Managing Investment Risk

Part II Investments: Principles of Portfolio and Equity Analysis– Portfolio Risk and Return

Part I Measuring and Managing Investment Risk

Part II Portfolio Risk and Return

References

CHAPTER 8. Performance Measurement and Attribution

Part I Investments: Principles of Portfolio and Equity Analysis– Portfolio Risk and Return

Part II The Handbook of Risk: Measuring Risk for Asset Allocation, Performance Evaluation, and Risk Control

Part III Handbook of Finance: Introduction to Performance Analysis

Part IV IMCA – (excerpt from) Math for Investment Consultants: Performance Measurement, Analysis, and Attribution

Part I Portfolio Risk and Return

Part II Measuring Risk for Asset Allocation, Performance Evaluation, and Risk Control

Part III Introduction to Performance Analysis

References

Part IV Performance Measurement, Analysis, and Attribution

CHAPTER 9. Traditional Global Investments. Equity and Fixed Income

Part I Investments: Principles of Portfolio and Equity Analysis: Market Organization and Structure

Part II Investments: Principles of Portfolio and Equity Analysis: Overview of Equity Securities

Part III ActiveBeta Indexes: Capturing Systematic Sources of Active Equity Returns: The Evolution of Equity Style Indexes

Part IV Mathematical Finance: Cost of Capital and Ratio Analysis

Part V Investments: Principles of Portfolio and Equity Analysis: Security Market Indices

Part I Market Organization and Structure

Part II Overview of Equity Securities

1. Introduction

2. Equity Securities in Global Financial Markets

3. Types and Characteristics of Equity Securities

4. Private versus Public Equity Securities

5. Investing in Nondomestic Equity Securities

6. Risk and Return Characteristics of Equity Securities

7. Equity Securities and Company Value

8. Summary

References

Part III The Evolution of Equity Style Indexes

References

Part IV Cost of Capital and Ratio Analysis

Part V Security Market Indices

Reference

CHAPTER 10. Fixed-Income Vehicles

Part I Portfolio Design: A Modern Approach to Asset Allocation: Bonds

Part II Handbook of Finance: Bonds: Investment Features and Risks

Part III Handbook of Finance: Effective Duration and Convexity

Part IV Foundations and Applications of the Time Value of Money: Values Tied to Bonds

Part I Bonds

References

Part II Bonds: Investment Features and Risks

References

Part III Effective Duration and Convexity

References

Part IV Values Tied to Bonds

CHAPTER 11. Foreign Exchange Market

Part I Handbook of Finance: An Introduction to Spot Foreign Exchange

Part II Handbook of Finance: Currency Overlay

Part I An Introduction to Spot Foreign Exchange

Part II Currency Overlay

References

CHAPTER 12. Alternative Investments

Part I Handbook of Finance: Alternative Asset Classes

Part II The New Science of Asset Allocation: Risk Management in a Multi-Asset World: Sources of Risk and Return in Alternative Investments

Part III Portfolio Design: A Modern Approach to Asset Allocation: Hedge Funds

Part IV Portfolio Design: A Modern Approach to Asset Allocation: Asset Allocation with Alternative Investments

Part I Alternative Asset Classes

References

Part II Sources of Risk and Return in Alternative Investments

References

Part III Hedge Funds

References

Part IV Asset Allocation with Alternative Investments

References

CHAPTER 13. Options, Futures, and Other Derivatives

Part I The Theory and Practice of Investment Management: Asset Allocation, Valuation, Portfolio Construction, and Strategies: Fundamentals of Equity Derivatives

Part II The Theory and Practice of Investment Management: Asset Allocation, Valuation, Portfolio Construction, and Strategies: Using Equity Derivatives in Portfolio Management

Part I Fundamentals of Equity Derivatives

Part II Using Equity Derivatives in Portfolio Management

Notes

CHAPTER 14. Tools and Strategies Based on Technical Analysis

Investments: Principles of Portfolio and Equity Analysis: Technical Analysis

Technical Analysis

References

CHAPTER 15. Portfolio Theories and Models

Part I The New Science of Asset Allocation: A Brief History of Asset Allocation

Part II Investments: Principles of Portfolio and Equity Analysis: Market Efficiency

Part III Investments: Principles of Portfolio and Equity Analysis: Portfolio Risk and Return

Part IV The Handbook of Finance: Asset Pricing Models

Part I A Brief History of Asset Allocation

References

Part II Market Efficiency

Summary

References

Part III Portfolio Risk and Return

Part IV Asset Pricing Models

References

CHAPTER 16. Behavioral Finance Theory

Behavioral Finance and Wealth Management: Behavioral Finance

Behavioral Finance

References

CHAPTER 17. Client Discovery

Part I Investments: Principles of Portfolio and Equity Analysis: Portfolio Management: An Overview

Part II Strategic Risk Management: Strategic Asset Allocation

Part III Strategic Risk Management: Active versus Passive Management

Part IV The New Science of Asset Allocation: Risk Management in a Multi-Asset World: Strategic, Tactical, and Dynamic Asset Allocation

Part V New Science of Asset Allocation: Risk Management in a Multi-Asset World: Core and Satellite Investment

Part VI Financial Advice and Investment Decisions: A Manifesto for Change: Tax Efficient Investing

Part I Portfolio Management: An Overview

Reference

Part II Strategic Asset Allocation

References

Part III Active versus Passive Management

References

Part IV Strategic, Tactical, and Dynamic Asset Allocation

References

Part V Core and Satellite Investment

References

Part VI Tax Efficient Investing

References

CHAPTER 18. Investment Policy Statement (IPS)

Investments: Basics of Portfolio Planning and Construction

Basics of Portfolio Planning and Construction

References

CHAPTER 19. Portfolio Risk Management Strategies

Part I The New Science of Asset Allocation: Risk Budgeting and Asset Allocation

Part II Article from Wilmott Magazine: “Dynamic Risk-Based Asset Allocation”

Part III Portfolio Design: Investing and Spending in Retirement

Part I Risk Budgeting and Asset Allocation

References

Part II Dynamic Risk-Based Asset Allocation

References

Part III Investing and Spending in Retirement

References

CHAPTER 20. Manager Search, Selection, and Monitoring

Part I Strategic Risk Management: Manager Selection

Part II The New Science of Asset Allocation: Alpha and Beta, and the Search for a True Measure of Manager Value

Part I Manager Selection

References

Part II Alpha and Beta, and the Search for a True Measure of Manager Value

Tracking Alternatives in Alpha Determination

References

CHAPTER 21. Perform Portfolio Review and Revisions Process

Part I Portfolio Design: The Discipline of Asset Allocation – Rebalancing

Part II Strategic Risk Management: Execution

Part III Strategic Risk Management: Review and Monitoring

Part I The Discipline of Asset Allocation: Rebalancing

Part II Execution

Reference

Part III Review and Monitoring

IMCA

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