Préparation au CFA Level 1

Le CFA (Chartered Financial Analyst), certification professionnelle internationale, fait référence dans les milieux financiers au plan mondial. Il valide à la fois des compétences techniques de haut niveau, une éthique irréprochable et une expertise professionnelle. La certification prépare aux métiers d'analystes financiers et de gestion de portefeuille. C’est l’un des diplômes les plus valorisés par les professionnels de la finance au niveau mondial. Le CFA compte 3 niveaux d'examen. Le niveau 1 se focalise sur l'analyse financière et l'évaluation d'actifs financiers. Les examens sont sous la responsabilité du CFA Institute qui veille aux respects du code d'éthique et des normes de conduite professionnelle.

OBJECTIF

Accompagner les candidats dans la préparation à l'examen par un cadre de travail régulier, des conseils spécifiques sur la révision du programme et des QCM d'entraînement.

COMPETENCES VISEES

  • Maîtriser l'analyse financière et l'évaluation d'actifs financiers.

PROGRAMME

Ethical and professional standards

  • Professional standards of practice
  • Ethical practices

Quantitative methods

  • Time value of money
  • Probability
  • Probability distributions and descriptive statistics
  • Sampling and estimation
  • Hypothesis testing
  • Correlation analysis and regression

Economics

  • Market forces of supply and demand
  • The monetary system
  • Inflation
  • Currency exchange rates

Financial reporting and analysis

  • Financial reporting system (IFRS and GAAP)
  • Principal financial statements
  • Financial reporting quality
  • Analysis of inventories
  • Analysis of long-lived assets
  • Analysis of pensions, stock compensation, and other employee benefits
  • Analysis of taxes
  • Analysis of debt
  • Analysis of off-balance-sheet assets and liabilities
  • Analysis of inter-corporate investments
  • Analysis of business combinations
  • Analysis of global operations
  • Ratio and financial analysis

Corporate finance

  • Dividend policy
  • Capital investment decisions
  • Business and financial risk
  • Long-term financial policy
  • Short-term financial policy

Equity Investments

  • Types of equity securities and their characteristics
  • Equity markets: characteristics, institutions, and benchmarks
  • Fundamental analysis (sector, industry, company) and the valuation of individual equity securities
  • Equity market valuation and return analysis
  • Special applications of fundamental analysis (residual earnings)
  • Equity of hybrid investment vehicles

Fixed-income

  • Types of fixed-income securities and their characteristics
  • Fixed-income markets: characteristics, institutions, and benchmarks
  • Fixed-income valuation (sector, industry, company) and return analysis
  • Term structure determination and yield spreads
  • Analysis of interest rate risk
  • Analysis of credit risk
  • Valuing bonds with embedded options
  • Structured products

Derivatives

  • Forward markets and instruments
  • Futures markets and instruments
  • Options markets and instruments
  • Swaps markets and Instruments

Alternative investments

  • Real estate
  • Private equity/venture capital
  • Hedge funds
  • Closely-held companies and inactively traded securities
  • Distressed securities/bankruptcies
  • Commodities

Portfolio management and wealth planning

  • Portfolio concepts
  • Management of individual/family investor portfolios
  • Tax efficiency
  • Asset allocation (including currency overlay)
  • Portfolio construction and revision
  • Performance evaluation