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For all questions related to CIRO’s Proposed Proficiency Model, please visit CIRO’s webpage or email proficiency@ciro.ca.

What will you learn about?

  • The Portfolio Management Process
  • Understanding a Client’s Risk Profile
  • Asset Allocation and Investment Strategies
  • Investment Management Today
  • Equity Securities and the Different Types of Analysis: Economic, Industry, Company, and Technical Analysis
  • Debt Securities and Valuation, Term Structure, Price Volatility, and Investment Strategies
  • Analysis of Conventional Managed Products and Alternative Investments
  • International Investing
  • International Taxation
  • Managing Client’s Investment Risk
  • The Impediments to Wealth Accumulation
  • Portfolio Monitoring and Performance Evaluation

What is the course syllabus?

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Section 1 - Investment Policy and Understanding Risk Profile

Chapter 1 - The Portfolio Management Process

Topics covered in this chapter are:

  • The Seven Steps of the Portfolio Management Process
  • Information Required by Regulation and Law
  • How Investment Advisors Can Learn About Their Clients
  • How Investment Advisors Can Determine Investment Objectives and Constraints
  • How an Investment Advisor Can Craft an Investment Policy Statement
  • Communication Skills an Investment Advisor Needs

Chapter 2 - Understanding a Client's Risk Profile

Topics covered in this chapter are:

  • What Is Behavioural Finance?
  • The Relevance of Behavioural Finance to the Investment Advisor
  • Risk Profile Questionnaires and Their Limitation
  • What Are Investor Biases?
  • What Are Investor Personality Types?
  • How an Investment Advisor Can Apply Bias Diagnoses When Structuring an Asset Allocation Program
  • Robo-Advisors and Behavioural Biases 

Section 2 - Asset Allocation and Investment Management

Chapter 3 - Asset Allocation and Investment Strategies

Topics covered in this chapter are:

  • The Definition of An Asset Class
  • The Asset Allocation process and its Benefits
  • The Three Asset Allocation Strategies
  • Asset Location
  • Equity Investment Strategies

Chapter 4 - Investment Management Today

Topics covered in this chapter are:

  • Fintech 
  • Robo-Advisory Services 
  • Smart Beta ETFs 
  • Responsible Investment 

Section 3 - Equity Securities

Chapter 5 - Equity Securities

Topics covered in this chapter are:

  • Factors to Consider When Deciding Between Individual Equity Securities and Managed Products
  • The Characteristics and Features of Equity Securities
  • Canadian and U.S. Equity Markets

Chapter 6 - Analysis of Equity Securities I: Economic and Industry Analysis

Topics covered in this chapter are:

  • Economic Analysis
  • How Economic Analysis Drives the Development of Investment Strategies
  • Economic Forecasts
  • Key Economic Metrics
  • Industry Analysis

Chapter 7 - Analysis of Equity Securities II: Company Analysis and Valuation

Topics covered in this chapter are:

  • The Difference Between IFRS and GAAP?
  • Company Analysis
  • Models for Valuing Stocks
  • How to Analyze Resource Companies
  • The Limits of Accounting Data

Chapter 8 - Technical Analysis

Topics covered in this chapter are:

  • The Basics of Technical Analysis
  • Chart Analysis
  • Statistical Analysis
  • Sentiment Indicators
  • Intermarket Analysis
  • How Technical Analysis Can Be Used
  • How Technical Analysis and Fundamental Analysis Can Be Used Together

Section 4 - Debt Securities

Chapter 9 - Debt Securities

Topics covered in this chapter are:

  • Reasons for Investing In Debt Securities
  • Characteristics of Debt Securities
  • Risk Factors of Debt Securities
  • Mechanics of Debt Market Trading

Chapter 10 - Analysis of Debt Securities I: Valuation, Term Structure and Pricing

Topics covered in this chapter are:

  • How to Value Debt Securities
  • The Term Structure of Interest Rates
  • Determining the Prices of Debt Securities

Chapter 11 - Analysis of Debt Securities II: Price Volatility and Investment Strategies

Topics covered in this chapter are:

  • The Key Concepts of Bond Price Volatility

Section 5 - Managed Products

Chapter 12 - Analyzing Conventionally Managed Products

Topics covered in this chapter are:

  • Conventionally Managed Products
  • The Role of Conventionally Managed Products in Investment Management
  • Mutual Funds
  • Closed-End Funds
  • Wrap Products
  • Overlay Management
  • Fees and Turnover
  • The Relationship Between Taxes and Returns on Conventionally Managed Products

Chapter 13 - Analyzing Non-Conventional Asset Classes and Their Structures

Topics covered in this chapter are:

  • What Are Alternative Investments and Why Invest in Them?
  • Overview of Hedge Funds
  • Overview of Commodities
  • Overview of Real Estate
  • Overview of Infrastructure 
  • Overview of Private Markets
  • Overview of Collectibles
  • Overview of Digital Assets
  • Ways to Invest in Alternative Investments
  • How Commodity Producers Manage Financial Risk
  • Ways to Invest in Real Estate
  • Ways to Invest in Private Markets
  • Ways to Invest in Digital Assets

Section 6 - International Investing and Taxation

Chapter 14 - International Investing

Topics covered in this chapter are:

  • The Theoretical Basis for International Investing
  • The Size of the Global Equity Market
  • The Major International Equity Benchmarks
  • The Primary Advantages of International Investing
  • The Primary Disadvantages and Risks of International Investing
  • Foreign Investment Vehicles
  • The Skills Necessary for Effective International Investing
  • Do Asset Allocation Models Correctly Assess International Investment Opportunities?

Chapter 15 - International Taxation

Topics covered in this chapter are:

  • International Tax Conflicts and Double Taxation
  • Sources of International Tax Law and How They Interrelate
  • Jurisdiction to Tax
  • Source Country Taxation
  • Residence Country Taxation

Section 7 - Managing Your Client's Investment Risk

Chapter 16 - Managing Your Client's Investment Risk

Topics covered in this chapter are:

  • What Are Investment Risks?
  • Measuring Investment Risk
  • How Diversification Can Reduce Investment Risk
  • How to Use Options to Reduce Investment Risk
  • How to Use Futures Contracts to Reduce Investment Risk
  • How to Use Contracts for Difference to Reduce Investment Risk

Section 8 - Impediments to Wealth Accumulation

Chapter 17 - Impediments to Wealth Accumulation

Topics covered in this chapter are:

  • The Burdens of Wealth Accumulation
  • Tax-Minimization Portfolio Management Strategies
  • Tax-Efficient Investments
  • Inflation-Sensitive Assets
  • Cost-Efficient Investments

Section 9 - Portfolio Monitoring and Performance Evaluation

Chapter 18 - Portfolio Monitoring and Performance Evaluation

Topics covered in this chapter are:

  • Portfolio Monitoring
  • Portfolio Performance Evaluation

How will you learn?

CSI’s online learning system helps you meet your study goals. You’ll benefit from:

  • Learning objectives that keep you focused
  • Interactive tools to help you evaluate and apply course material
  • Online post-chapter review questions to assess your progress
  • Course updates to ensure you’re learning the most current and up-to-date practical material in your studies
  • Online discussion forums and assistance from CSI’s academic support specialists
  • Robust set of integrated case studies to help you prepare for Exam 2

Course Completion and Wall Certificate and Digital Badge

Upon successfully completing this course, you will be able to download a Notice of Course Completion available through your student profile. This will remain on your profile as formal confirmation of course completion.

You can also accept a digital badge through your student profile after successful course completion. Digital badges are portable image files that allow you to share your credentials across the web. You can post them to your email signature, personal website, social media channels—even to electronic copies of your resume.

CSI will mail you a wall certificate within 4 – 6 weeks of course completion. Frames to display your certificate are available. Please ensure that your First and Last Name on your profile matches your First and Last Name on your Government Issued Photo identification – this will ensure you receive an accurate certificate.

CSI will be pleased to issue an Honours Certificate to all students who obtain a final course mark of 85% or higher.

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