2026 CFA Program Curriculum Level III Private Markets Pathway Box Set (eBook)

eBook Download: EPUB

2025
4684 Seiten
Wiley (Verlag)
9781394353163 (ISBN)

Infos

Discover the official resource for success on the 2026 CFA Level III exam. Get your copy of the CFA Program Curriculum now.

The 2026 CFA Program Curriculum Level III Private Markets Pathway Box Set contains the content you need to perform well on the Level III CFA exam in 2026. Designed for candidates to use for exam preparation and professional reference purposes, this set includes the full official curriculum for Level III and is part of the larger CFA Candidate Body of Knowledge (CBOK). Developed to prepare you for the Level III exam's heavy reliance on information synthesis and solution application within the core curriculum as well as the portfolio management, private markets and private wealth pathways, the Level III curriculum will help you master both calculation-based and word-based problems.

The 2026 CFA Program Curriculum Level III Private Markets Pathway Box Set allows you to:

• Develop critical knowledge and skills essential in the industry.
• Learn from financial thought leaders.
• Access market-relevant instruction.

The set also features practice questions to assist with your mastery of key terms, concepts, and formulas. The volumes in the Level III box set are:

Core Curriculum

• Volume 1: Asset Allocation
• Volume 2: Portfolio Construction
• Volume 3: Performance Measurement
• Volume 4: Derivatives And Risk Management
• Volume 5: Ethical and Professional Standards

Private Markets

• Volume 1: Private Markets Pathway

Indispensable for anyone preparing for the 2026 Level III CFA exam, the 2026 CFA Program Curriculum Level III Private Markets Pathway Box Set is a must-have resource for those seeking the advanced skills required to become a Chartered Financial Analyst.

Textauszug

Table of Contents

1. Title Page
2. Accessibility Page
3. Table of Contents
4. How to Use the CFA Program Curriculum
   1. CFA Institute Learning Ecosystem (LES)
   2. Designing Your Personal Study Program
   3. Errata
   4. Other Feedback
5. Asset Allocation
   1. Capital Market Expectations, Part 1: Framework and Macro Considerations
      1. Learning Outcomes
      2. 1. Introduction & Framework for Developing Capital Market Expectations
         1. 1.1. Framework and Challenges
            1. 1.1.1. A Framework for Developing Capital Market Expectations
      3. 2. Challenges in Forecasting
         1. 2.1. Limitations of Economic Data
         2. 2.2. Data Measurement Errors and Biases
         3. 2.3. The Limitations of Historical Estimates
         4. 2.4. Ex Post Risk Can Be a Biased Measure of Ex Ante Risk
         5. 2.5. Biases in Analysts’ Methods
         6. 2.6. The Failure to Account for Conditioning Information
         7. 2.7. Misinterpretation of Correlations
         8. 2.8. Psychological Biases
         9. 2.9. Model Uncertainty
      4. 3. Economic and Market Analysis: Exogenous Shocks to Growth
         1. 3.1. The Role of Economic Analysis
         2. 3.2. Analysis of Economic Growth
            1. 3.2.1. Exogenous Shocks to Growth
      5. 4. Applying Growth Analysis to Capital Market Expectations
         1. 4.1. A Decomposition of GDP Growth and Its Use in Forecasting
         2. 4.2. Anchoring Asset Returns to Trend Growth
      6. 5. Approaches to Economic Forecasting
         1. 5.1. Econometric Modeling
         2. 5.2. Economic Indicators
         3. 5.3. Checklist Approach
         4. 5.4. Economic Forecasting Approaches: Summary of Strengths and Weaknesses
      7. 6. Business Cycle Analysis, Phases of the Business Cycle and Market Expectations and the Business Cycle
         1. 6.1. Phases of the Business Cycle
         2. 6.2. Market Expectations and the Business Cycle
      8. 7. Inflation and Deflation: Trends and Relations to the Business Cycle
      9. 8. Analysis of Monetary and Fiscal Policies
         1. 8.1. Monetary Policy
      10. 9. Zero or Negative Interest Rates And Implications for Capital Markets Expectations
          1. 9.1. Implications of Negative Interest Rates for Capital Market Expectations
      11. 10. The Monetary and Fiscal Policy Mix and the Shape of the Yield Curve and the Business Cycle
          1. 10.1. The Shape of the Yield Curve and the Business Cycle
      12. 11. International Interactions
          1. 11.1. Macroeconomic Linkages
          2. 11.2. Interest Rate/Exchange Rate Linkages
      13. 12. Summary
      14. References
      15. Practice Problems
      16. Solutions
   2. Capital Market Expectations, Part 2: Forecasting Asset Class Returns
      1. Learning Outcomes
      2. 1. Introduction
      3. 2. Overview of Tools and Approaches
         1. 2.1. The Nature of the Problem
         2. 2.2. Approaches to Forecasting
            1. 2.2.1. Statistical Methods
            2. 2.2.2. Discounted Cash Flow
            3. 2.2.3. Risk Premium Models
      4. 3. Forecasting Fixed Income Returns
         1. 3.1. Applying DCF to Fixed Income
         2. 3.2. The Building Block Approach to Fixed-Income Returns
            1. 3.2.1. The Short-term Default-free Rate
            2. 3.2.2. The Term Premium
            3. 3.2.3. The Credit Premium
            4. 3.2.4. The Liquidity Premium
      5. 4. Risks in Emerging Market Bonds
         1. 4.1. Economic Risks/Ability to Pay
         2. 4.2. Political and Legal Risks/Willingness to Pay
      6. 5. Forecasting Equity Returns
         1. 5.1. Historical Statistics Approach to Equity Returns
         2. 5.2. DCF Approach to Equity Returns
         3. 5.3. Risk Premium Approaches to Equity Returns
            1. 5.3.1. Defining and Forecasting the Equity Premium
            2. 5.3.2. An Equilibrium Approach
         4. 5.4. Risks in Emerging Market Equities
      7. 6. Forecasting Real Estate Returns
         1. 6.1. Historical Real Estate Returns
         2. 6.2. Real Estate Cycles
         3. 6.3. Capitalization Rates
         4. 6.4. The Risk Premium Perspective on Real Estate Expected Return
         5. 6.5. Real Estate in Equilibrium
         6. 6.6. Public vs. Private Real Estate
         7. 6.7. Long-Term Housing Returns
      8. 7. Forecasting Exchange Rates
         1. 7.1. Focus on Goods and Services, Trade, and the Current Account
            1. 7.1.1. Trade Flows
            2. 7.1.2. Purchasing Power Parity
            3. 7.1.3. Competitiveness and Sustainability of the Current Account
         2. 7.2. Focus on Capital Flows
            1. 7.2.1. Implications of Capital Mobility
            2. 7.2.2. Uncovered Interest Rate Parity and Hot Money Flows
            3. 7.2.3. Portfolio Balance, Portfolio Composition, and Sustainability Issues
      9. 8. Forecasting Volatility
         1. 8.1. Estimating a Constant VCV Matrix with Sample Statistics
         2. 8.2. VCV Matrices from Multi-Factor Models
         3. 8.3. Shrinkage Estimation of VCV Matrices
         4. 8.4. Estimating Volatility from Smoothed Returns
         5. 8.5. Time-Varying Volatility: ARCH Models
      10. 9. Adjusting a Global Portfolio
          1. 9.1. Macro-Based Recommendations
             1. 9.1.1. Trend Growth
             2. 9.1.2. Global Integration
             3. 9.1.3. Phases of the Business Cycle
             4. 9.1.4. Monetary and Fiscal Policies
             5. 9.1.5. Current Account Balances
             6. 9.1.6. Capital Accounts and Currencies
          2. 9.2. Quantifying the Views
      11. 10. Summary
      12. References
      13. Practice Problems
      14. Solutions
   3. Overview of Asset Allocation
      1. Learning Outcomes
      2. 1. Introduction
         1. 1.1. Asset Allocation: Importance in Investment Management
      3. 2. Investment Governance Background
         1. 2.1. Governance Structures
         2. 2.2. Articulating Investment Objectives
         3. 2.3. Allocation of Rights and Responsibilities
         4. 2.4. Investment Policy Statement
         5. 2.5. Asset Allocation and Rebalancing Policy
         6. 2.6. Reporting Framework
         7. 2.7. The Governance Audit
      4. 3. The Economic Balance Sheet and Asset Allocation
      5. 4. Approaches to Asset Allocation
         1. 4.1. Relevant Objectives
         2. 4.2. Relevant Risk Concepts
      6. 5. Modeling Asset Class Risk
      7. 6. Strategic Asset Allocation
      8. 7. Strategic Asset Allocation: Asset Only
      9. 8. Strategic Asset Allocation: Liability Relative
      10. 9. Strategic Asset Allocation: Goals Based
      11. 10. Implementation Choices
          1. 10.1. Passive/Active Management of Asset Class Weights
          2. 10.2. Passive/Active Management of Allocations to Asset Classes
          3. 10.3. Risk Budgeting Perspectives in Asset Allocation and Implementation
      12. 11. Rebalancing: Strategic Considerations
          1. 11.1. A Framework for Rebalancing
          2. 11.2. Strategic Considerations in Rebalancing
      13. 12. Summary
      14. References
      15. Practice Problems
      16. Solutions
   4. Principles of Asset Allocation
      1. Learning Outcomes
      2. 1. Introduction
      3. 2. Asset-Only Asset Allocations and Mean–Variance Optimization
         1. 2.1. Mean–Variance Optimization: Overview
      4. 3. Monte Carlo Simulation
      5. 4. Criticisms of Mean–Variance Optimization
      6. 5. Addressing the Criticisms of Mean–Variance Optimization
         1. 5.1. Reverse Optimization
         2. 5.2. Black–Litterman Model
      7. 6. Adding Constraints beyond Budget Constraints, Resampled MVO and Other Non-Normal Optimization Approaches
         1. 6.1. Resampled Mean–Variance Optimization
         2. 6.2. Other Non-Normal Optimization Approaches
      8. 7. Allocating to Less Liquid Asset Classes
      9. 8. Risk Budgeting
      10. 9. Factor-Based Asset Allocation
      11. 10. Developing Liability-Relative Asset Allocations and Characterizing the Liabilities
          1. 10.1. Characterizing the Liabilities
      12. 11. Approaches to Liability-Relative Asset Allocation: Surplus Optimization
          1. 11.1. Surplus Optimization
      13. 12. Approaches to Liability-Relative Asset Allocation
          1. 12.1. Hedging/Return-Seeking Portfolio Approach
             1. 12.1.1. Forming the Hedging Portfolio
             2. 12.1.2. Limitations
          2. 12.2. Integrated Asset–Liability Approach
          3. 12.3. Comparing the Approaches
      14. 13. Examining the Robustness of Asset Allocation Alternatives
      15. 14. Factor Modeling in...

Produkt-Details

• Erscheint lt. Verlag: 13.5.2025
• Sprache: englisch
• Themenwelt: Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Geld / Bank / Börse
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management
• Schlagworte: cfa exam prep • cfa level 3 exam • cfa level 3 exam prep • cfa level 3 prep • cfa level 3 test • cfa level 3 test prep • cfa prep • cfa study aids • cfa study guides • cfa test prep • Chartered financial analyst exam • chartered financial analyst level iii exam • private markets
• ISBN-13: 9781394353163 / 9781394353163