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1.Corporate Issuers
Module 1 Analysis of Dividends and Share Repurchases
Module 2 Environmental, Social, and Governance (ESG) Considerations in Investment Analysis
Module 3 Cost of Capital: Advanced Topics
Module 4 Corporate Restructuring
2.Equity Investment
Module 1 Equity Valuation: Applications and Processes
Module 2 Discounted Dividend Valuation
Module 3 Free Cash Flow Valuation
Module 4 Market-Based Valuation: Price and Enterprise Value Multiples
Module 5 Residual Income Valuation
Module 6 Private Company Valuation
3.Fixed Income
Module 1 The Term Structure and Interest Rate Dynamics
Module 2 The Arbitrage-Free Valuation Framework
Module 3 Valuation and Analysis of Bonds with Embedded Options
Module 4 Credit Analysis Models
Module 5 Credit Default Swaps
4.Derivatives
Module 1 Pricing and Valuation of Forward Commitments
Module 2 Valuation of Contingent Claims
5.Alternative Investments
Module 1 Overview of Types of Real Estate Investment
Module 2 Investments in Real Estate through Private Vehicles
Module 3 Investments in Real Estate Through Publicly Traded Securities
Module 4 Private Equity Investments
Module 5 Introduction to Commodities and Commodity Derivatives
6.Portfolio Management and Wealth Planning
Module 1 Exchange-Traded Funds: Mechanics and Applications
Module 2 Using Multifactor Models
Module 3 Measuring and Managing Market Risk
Module 4 Backtesting and Simulation
Module 5 Economics and Investment Markets
Module 6 Analysis of Active Portfolio Management
Module 7 Trading Costs and Electronic Markets
7.Ethical and Professional Standards
Module 1 Code of Ethics and Standards of Professional Conduct
Module 2 Guidance for Standards I–VII
Module 3 Application of the Code and Standards: Level II
8.Financial Statement Analysts-Liv
Module 1 Intercorporate Investments
Module 2 Employee Compensation: Post-Employment and Share-Based
Module 3 Multinational Operations
Module 4 Analysis of Financial Institutions
Module 5 Evaluating Quality of Financial Reports
Module 6 Integration of Financial Statement Analysis Techniques
Module 7 Financial Statement Modeling
9.Financial Statement Analysts-Lucy
Module 1 Intercorporate Investments
Module 2 Employee Compensation: Post-Employment and Share-Based
Module 3 Multinational Operations
Module 4 Analysis of Financial Institutions
Module 5 Evaluating Quality of Financial Reports
Module 6 Integration of Financial Statement Analysis Techniques
Module 7 Financial Statement Modeling
overview
10.Economics
Module 1 Currency Exchange Rates- Understanding Equilibrium Value
Module 2 Economic Growth and investment decision
Module 3 Economics of Regulation
11.Quantitative Methods
Module 1 Basics of Multiple Regression and Underlying Assumptions
Module 2 Evaluating Regression Model Fit and Interpreting Model Results
Module 3 Model Misspecification
Module 4 Extensions of Multiple Regression
Module 5 Time-Series Analysis
Module 6 Machine learning ( ML )
Module 7 Big Data Projects
1.Quantitative Methods
Module 1 Basics of Multiple Regression and Underlying Assumptions
Module 2 Evaluating Regression Model Fit and Interpreting Model Results
Module 3 Model Misspecification
Module 4 Extensions of Multiple Regression
Module 5 Time-Series Analysis
Module 6 Machine learning ( ML )
Module 7 Big Data Projects
2.Economics
Module 1 Currency Exchange Rates- Understanding Equilibrium Value
Module 2 Economic Growth and investment decision
Module 3 Economics of Regulation
3.Financial Statement Analysts-Liv
Module 1 Intercorporate Investments
Module 2 Employee Compensation: Post-Employment and Share-Based
Module 3 Multinational Operations
Module 4 Analysis of Financial Institutions
Module 5 Evaluating Quality of Financial Reports
Module 6 Integration of Financial Statement Analysis Techniques
Module 7 Financial Statement Modeling
4.Financial Statement Analysts
Module 1 Intercorporate Investments
Module 2 Employee Compensation: Post-Employment and Share-Based
Module 3 Multinational Operations
Module 4 Analysis of Financial Institutions
Module 5 Evaluating Quality of Financial Reports
Module 6 Integration of Financial Statement Analysis Techniques
Module 7 Financial Statement Modeling
5.Corporate Issuers
Module 1 Analysis of Dividends and Share Repurchases
Module 2 Environmental, Social, and Governance (ESG) Considerations in Investment Analysis
Module 3 Cost of Capital: Advanced Topics
Module 4 Corporate Restructuring
6.Equity Investment
Module 1 Equity Valuation: Applications and Processes
Module 2 Discounted Dividend Valuation
Module 3 Free Cash Flow Valuation
Module 4 Market-Based Valuation: Price and Enterprise Value Multiples
Module 5 Residual Income Valuation
Module 6 Private Company Valuation
7.Fixed Income
Module 1 The Term Structure and Interest Rate Dynamics
Module 2 The Arbitrage-Free Valuation Framework
Module 3 Valuation and Analysis of Bonds with Embedded Options
Module 4 Credit Analysis Models
Module 5 Credit Default Swaps
8.Derivatives
Module 1 Pricing and Valuation of Forward Commitments
Module 2 Valuation of Contingent Claims
9.Alternative Investments
Module 2 Investments in Real Estate through Private Vehicles
Module 3 Investments in Real Estate Through Publicly Traded Securities
Module 4 Private Equity Investments
Module 5 Introduction to Commodities and Commodity Derivatives
10.Portfolio Management and Wealth Planning
Module 1 Exchange-Traded Funds: Mechanics and Applications
Module 2 Using Multifactor Models
Module 3 Measuring and Managing Market Risk
Module 4 Backtesting and Simulation
Module 5 Economics and Investment Markets
Module 6 Analysis of Active Portfolio Management
Module 7 Trading Costs and Electronic Markets
11.Ethical and Professional Standards
Module 2 Guidance for Standards I–VII
1.2023年考綱解讀
考綱解讀
1.Quantitative Methods
1.1 Basics of Multiple Regression and Underlying Assumptions
1.2 Evaluating Regression Model Fit and Interpreting Model Results
1.3 Model Specification
1.4 Extensions of Multiple Regression
2.1 Linear and Log linear Trend Models
2.2 Autoregressive Models AR
2.3 Random Walks and Unit Roots
2.4 Seasonality
2.5 ARCH and Multiple Time Series
3.1 Types of Learning and Overfitting Problems
3.2 Supervised Learning Algorithms
3.3 Unsupervised Learning Algorithms and Other Models
4.1 Data Analysis Steps
4.2 Data Exploration
4.3 Model Training and Evaluation
2. Economics
5.1 Forex quotes Spread and Triangular Arbitrage
5.2 Mark to Market Value and Parity Conditions
5.3 Exchange Rate Determinants Carry Trade and Central Bank Influence
6.1 Growth Factors and Production Function
6.2 Growth Accounting and Influencing Factors
6.3 Growth and Convergence Theories
7.1 Economics of Regulation
3.Financial Statement Analysts
8.1 Classifications
8.2 Investments in Financial Assets IFRS 9
8.3 Investment in Associates Pt1—Equity Method
8.4 Investment in Associates Pt2
8.5 Business Combinations Balance sheet
8.6 Business Combinations Income Stmt
8.7 Business Combinations Goodwill
8.8 Joint Ventures
8.9 Special Purpose Entities
9.1 Types of plan
9.2 Defined Benefit Plans—Balance Sheet
9.3 Defined Benefit Plans, Part 1—Periodic Cost
9.4 Defined Benefit Plans, Part 2—Periodic Cost Example
9.5 Plan Assumptions
9.6 Analyst Adjustments
9.7 Share Based Compensation
10.1 Transaction Exposure
10.2 Translation
10.3 Temporal Method
10.4 Current Rate Method
10.5 Example
10.6 Ratios
10.7 Hyperinflation
10.8 Tax Sales Growth Financial Results
11.1 Financial Institutions
11.2 Capital Adequacy and Asset Quality
11.3 Management Capabilities and Earnings Quality
11.4 Liquidity Position and Sensitivity to Market Risk
11.5 Other factors
11.6 Insurance Companies
12.1 Quality of Financial Reports
12.2 Evaluating Earnings Quality Part1
12.3 Evaluating Earnings Quality Part2
12.4 Evaluating Cash Flow Quality
12.5 Evaluating Balance Sheet Quality
13.1 Framework for Analysis
13.2 Earnings Sources and Performance
13.3 Asset Base and Capital Structure
13.4 Capital Allocation
13.5 Earnings Quality and Cash Flow Analysis
13.6 Market Value Decomposition
14.1 Forecasting Financial Statements
14.2 Competitive Analysis and Growth Rate
4. Corporate Issuers
15.1 Theories of Dividend Policy
15.2 Stock Buybacks
16.1 Global Variations in Ownership Structures
16.2 Evaluating ESG Exposures
17.1 Factors Affecting the Cost of Capital and the Cost of Debt
17.2 ERP and the Cost of Equity
18.1 Restructuring Types and Motivations
18.2 Valuation
18.3 Evaluation
5.Equity Investments
19.1 Equity Valuation Applications and Processes
20.1 DDM Basics
20.2 Gordon Growth Model
20.3 Multiperiod Models
21.1 FCF Computation
21.2 Fixed and Working Capital Computation
21.3 Variations of Formulae
21.4 Example
21.5 FCF Other Aspects
22.1 P/E Multiple
22.2 P/B Multiple
22.3 P/S and PCF Multiple
22.4 EV and Other Aspects
23.1 Residual Income Defined
23.2 Residual Income computation
23.3 Constant growth model for RI
23.4 Continuing RI
23.5 Strengths/Weaknesses
24.1 Private Company Basics
24.2 Income Based Valuation
24.3 Market Based Valuation
24.4 Valuation Discounts
6. Fixed Income
25.1 Spot and Forward Rates Pt1
25.2 Spot and Forward Rates Pt2
25.3 Swap Rate Curve
25.4 Spread Measures
25.5 Term Structure Theory
25.6 Yield Curve Risks and Economic Factors
26.1 Binomial Trees Pt1
26.2 Binomial Trees Pt2
26.3 Interest Rate Models
27.1 Types of Embedded Option
27.2 Valuing Bonds with Embedded Options Part1
27.3 Valuing Bonds with Embedded Options Part2
27.4 Option Adjusted Spread
27.5 Duration
27.6 Key Rate Duration
27.7 Capped and Floored Floaters
27.8 Convertible Bonds
28.1 Credit Risk Measures
28.2 Analysis of Credit Risk
28.3 Credit Scores and Credit Ratings
28.4 Structural and Reduced Form Models
28.5 Credit Spread Analysis
28.6 Credit Spread
28.7 Credit Analysis of Securitized Debt
29.1 CDS Features and Terms
29.2 Factors Affecting Pricing
29.3 CDS Usage
7.Derivatives
30.1 Pricing and Valuation concepts
30.2 Pricing and Valuation of Equity
30.3 Pricing and Valuation of Fixed Income
30.4 Pricing FRAs
30.5 Valuation of FRAs
30.6 Pricing and valuation interest rate swaps
30.7 Currency swaps
30.8 Equity swaps
31.1 The Binomial Model
31.2 Two Period Binomial and Put Call Parity
31.3 American options
31.4 Hedge Ratio
31.5 Interest Rate options
31.6 Black-Scholes-Merton and Swaptions
31.7 Option Greeks and Dynamic Hedging
8.Alternative Investments
32.1 Overview of Types of Real Estate Investment
32.2 Investment in Real Estate Through Private Vehicles
32.3 Investments in Real Estate Through Publicly Traded Securities
33.1 Valuation Issues
33.2 Exit Routes Costs Risks and Financial Performance Ratios
33.3 Fee and Distribution Calculations
34.1 Introduction and Theories of Return
34.2 Analyzing Returns and Index Construction
9. Portfolio Management and Wealth Planning
35.1 ETF Mechanics and Tracking Error
35.2 Spreads Pricing Relative to NAV and Costs
35.3 ETF Risks and Portfolio Applications
36.1 Multifactor Models
36.2 Macroeconomic factor models fundamental factor models and statistical factor models
36.3 Multifactor Model Risk and Return
37.1 Value at risk VaR
37.2 Using VaR
37.3 Sensitivity and scenario risk measures
37.4 Applications of Risk Measures
37.5 Constraints and capital allocation decisions
38.1 Introduction to Backtesting
38.2 Backtesting an Investment Strategy
38.3 Metrics Visuals and Problems in Backtesting
38.4 Scenario and Sensitivity Analysis
39.1 Valuation and Interest Rates
39.2 The Business Cycle
40.1 Value added by active management
40.2 The Information Ratio vs the Sharpe ratio
40.3 The Fundamental Law
40.4 Active Management
41.1 Explicit and Implicit Trading Costs
41.2 Electronic Trading Systems
41.3 Characteristics and Uses of Electronic Trading Systems
41.4 Risks and Surveillance of Electronic Trading Systems
10.Ethical and Professional Standards
42.1 Intorduction to the Code and Standards
43.1 Standard I(A) and I(B)
43.2 Standard I(C) and I(D)
43.3 Standard II(A) and II(B)
43.4 Standard III(A)
43.5 Standard III(B) and III(C)
43.6 Standard III(D) and III(E)
43.7 Standard IV(A),IV(B),and IV(C)
43.8 Standard V
43.9 Standard VI
43.10 Standard VII
44.1 Ethics Cases
