Assets Traded in Organized Markets
Fixed Income Fixed income investments include promises to repay borrowed money and a... Read More
Study Session 12
Older Curriculum
2024 Curriculum
Learning Module 1 – Market Organization and Structure
LOS a: explain the main functions of the financial system
LOS b: describe classifications of assets and markets
LOS d: describe types of financial intermediaries and services that they provide
LOS e: compare positions an investor can take in an asset
LOS g: compare execution, validity, and clearing instructions
LOS h: compare market orders with limit orders
LOS k: describe characteristics of a well-functioning financial system
LOS l: describe objectives of market regulation
Learning Module 2 – Security Market Indices
LOS a: describe a security market index
LOS b: calculate and interpret the value, price return, and total return of an index
LOS c: describe the choices and issues in index construction and management
LOS d: compare the different weighting methods used in index construction
LOS e: calculate and analyze the value and return of an index given its weighting method
LOS f: describe rebalancing and reconstitution of an index
LOS g: describe uses of security market indices
LOS h: describe types of equity indices
LOS i: describe types of fixed-income indices
LOS j: describe indices representing alternative investments
LOS k: compare types of security market indices
Learning Module 3 – Market Efficiency
LOS b: distinguish between market value and intrinsic value
LOS c: explain factors that affect a market’s efficiency
LOS d: contrast weak-form, semi-strong-form, and strong-form market efficiency
LOS f: describe market anomalies
LOS g: describe behavioral finance and its potential relevance to understanding market anomalies
Learning Module 4 – Overview of Equity Securities
LOS a: describe characteristics of types of equity securities
LOS c: distinguish between public and private equity securities
LOS d: describe methods for investing in non-domestic equity securities
LOS e: compare the risk and return characteristics of different types of equity securities
LOS f: explain the role of equity securities in the financing of a company’s assets
LOS g: distinguish between the market value and book value of equity securities
Learning Module 5 – Company Analysis: Past and Present
LOS a: describe the elements that should be covered in a thorough company research report
LOS b: determine a company’s business model
LOS c: evaluate a company’s revenue and revenue drivers, including pricing power
LOS d: evaluate a company’s operating profitability and working capital using key measures
LOS e: evaluate a company’s capital investments and capital structure
Learning Module 6 – Industry and Competitive Analysis
LOS a: describe the purposes of, and steps involved in, industry and competitive analysis
LOS c: determine an industry’s size, growth characteristics, profitability, and market share trends
LOS e: evaluate the competitive strategy and position of a company
Learning Module 7 – Company Analysis: Forecasting
LOS a: explain principles and approaches to forecasting a company’s financial results and position
LOS b: explain approaches to forecasting a company’s revenues
LOS c: explain approaches to forecasting a company’s operating expenses and working capital
LOS d: explain approaches to forecasting a company’s capital investments and capital structure
LOS e: describe the use of scenario analysis in forecasting
Learning Module 8 – Equity Valuation: Concepts and Basic Tools
LOS b: describe major categories of equity valuation models
LOS d: describe dividend payment chronology
LOS f: calculate the intrinsic value of a non-callable, non-convertible preferred stock
LOS k: describe enterprise value multiples and their use in estimating equity value
LOS l: describe asset-based valuation models and their use in estimating equity value
LOS m: explain the advantages and disadvantages of each category of the valuation model
2026/2027 Curriculum
Learning Module 1: Equity Instrument Features
LOS a: Describe basic features and types of equity instruments
LOS b: Contrast features of publicly listed versus private equity securities
Learning Module 2: Equity Jurisdictions, Classes, and the Voting Process
LOS a: Describe differences in economic and voting rights and other characteristics among different jurisdictions and equity classes
LOS b: Describe the voting process and roles of the issuer’s management, board, proxy advisors, asset managers, and asset owners in the process
Learning Module 3: Equity Issuance and Trading
LOS a: Describe primary and secondary public equity markets and their functions
LOS b: Compare exchange, off-exchange, and over-the-counter equities trading
LOS d: Describe types of equity indexes
Learning Module 4: Sources of Equity Returns
LOS b: Describe Dividend Payment Chronology
LOS c: Calculate Price and Total Return for Equity Securities
Learning Module 5: Introduction to Equity Valuation
LOS a: Contrast price and value for an equity security.
Learning Module 6: Discounted Cash Flow (DCF) and Growth Models
Learning Module 7: Relative Value Equity Valuation Approaches
Learning Module 8: Financial Statement Forecasting in Equity Valuation
Learning Module 9: Industry and Competitive Analysis
LOS a: Describe the process of industry and competitive analysis
LOS c: Determine an industry’s size, growth characteristics, profitability, and market share trends
Learning Module 10: Company Analysis Past, Present, and Future
LOS a: Explain a company’s competitive strategy and position within an industry.
LOS b: Evaluate a company’s revenue drivers, operating profitability, and pricing power.
LOS c: Evaluate a company’s working capital, capital investments, and capital structure
Learning Module 11: Equity Analyst Research Reports
LOS a: Describe the elements that should be covered in a detailed company research report
LOS b: Compare sell-side and buy-side equity analyst reports and their conclusions
Learning Module 12: The Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity Models
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Sergio Torrico
2021-07-23
Excelente para el FRM 2
Escribo esta revisión en español para los hispanohablantes, soy de Bolivia, y utilicé
AnalystPrep para dudas y consultas sobre mi preparación para el FRM nivel 2 (lo tomé una sola vez y aprobé muy bien), siempre tuve un soporte claro, directo y rápido, el material sale rápido cuando hay cambios en el temario de GARP, y los ejercicios y exámenes son muy útiles para practicar.
diana
2021-07-17
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I usually watch the videos before going into more in-depth reading and they are a good way to avoid being overwhelmed by the sheer volume of content when you look at the readings.
Kriti Dhawan
2021-07-16
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Thank you ! Grateful I saw this at the right time for my CFA prep.
nikhil kumar
2021-06-28
Very well explained and gives a great insight about topics in a very short time. Glad to have found Professor Forjan's lectures.
Marwan
2021-06-22
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Benjamin anonymous
2021-05-10
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2021-03-24
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2021-03-18
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