{"id":251,"date":"2019-10-10T20:02:00","date_gmt":"2019-10-10T20:02:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=251"},"modified":"2026-04-22T17:48:19","modified_gmt":"2026-04-22T17:48:19","slug":"learning-sessions-curriculum-portfolio-management","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/portfolio-management\/learning-sessions-curriculum-portfolio-management\/","title":{"rendered":"CFA Level 1 Study Notes – Portfolio Management"},"content":{"rendered":"

Study Session 18<\/strong><\/h2>\n

Reading 51 (48 in 2022) \u2013 Portfolio Management: An Overview<\/strong><\/h3>\n

\u2013\u00a0LOS 51a: describe the portfolio approach to investing<\/a>
\n\u2013\u00a0LOS 51b: describe types of investors and distinctive characteristics and needs of each<\/a>
\n\u2013\u00a0LOS 51c: describe defined contribution and defined benefit pension plans<\/a>
\n\u2013\u00a0LOS 51d: describe the steps in the portfolio management process<\/a>
\n\u2013\u00a0LOS 51e: describe aspects of the asset management industry<\/a>
\n\u2013\u00a0LOS 51f: describe mutual funds and compare them with other pooled investment products<\/a><\/p>\n

Reading 52 (49 in 2022) \u2013 Portfolio Risk and Return: Part I<\/strong><\/h3>\n

\u2013\u00a0LOS 52a: calculate and interpret major return measures and describe their appropriate uses<\/a>
\n\u2013\u00a0LOS 52b: compare the money-weighted and time-weighted rates of return and evaluate the performance of portfolios based on these measures<\/a>
\n\u2013\u00a0LOS 52c: describe characteristics of the major asset classes that investors consider in forming portfolios<\/a>
\n\u2013\u00a0LOS 52d: calculate and interpret the mean, variance, and covariance (or correlation) of asset returns based on historical data<\/a>
\n\u2013\u00a0LOS 52e: explain risk aversion and its implications for portfolio selection<\/a>
\n\u2013\u00a0LOS 52f: calculate and interpret portfolio standard deviation<\/a>
\n\u2013\u00a0LOS 52g: describe the effect on a portfolio\u2019s risk of investing in assets that are less than perfectly correlated<\/a>
\n\u2013\u00a0LOS 52h: describe and interpret the minimum-variance and efficient frontiers of risky assets and the global minimum-variance portfolio<\/a>
\n\u2013\u00a0LOS 52i: explain the selection of an optimal portfolio, given an investor\u2019s utility (or risk aversion) and the capital allocation line<\/a><\/p>\n

Reading 53 (50 in 2022) \u2013 Portfolio Risk and Return: Part II<\/strong><\/h3>\n

\u2013\u00a0LOS 53a: describe the implications of combining a risk-free asset with a portfolio of risky assets<\/a>
\n\u2013\u00a0LOS 53b: explain the capital allocation line (CAL) and the capital market line (CML)<\/a>
\n\u2013\u00a0LOS 53c: explain systematic and nonsystematic risk, including why an investor should not expect to receive additional return for bearing nonsystematic risk<\/a>
\n\u2013\u00a0LOS 53d: explain return generating models (including the market model) and their uses<\/a>
\n\u2013\u00a0LOS 53e: calculate and interpret beta<\/a>
\n\u2013\u00a0LOS 53f: explain the capital asset pricing model (CAPM), including its assumptions, and the security market line (SML)<\/a>
\n\u2013\u00a0LOS 53g: calculate and interpret the expected return of an asset using the CAPM<\/a>
\n\u2013\u00a0LOS 53h: describe and demonstrate applications of the CAPM and the SML<\/a>
\n\u2013\u00a0LOS 53i: calculate and interpret the Sharpe ratio, Treynor ratio, M2<\/sup>, and Jensen\u2019s alpha<\/a><\/p>\n

Reading 54 (51 in 2022) \u2013 Basics of Portfolio Planning and Construction<\/strong><\/h3>\n

\u2013\u00a0LOS 54a: describe the reasons for a written investment policy statement (IPS)<\/a>
\n\u2013\u00a0LOS 54b: describe the major components of an IPS<\/a>
\n\u2013\u00a0LOS 54c: describe risk and return objectives and how they may be developed for a client<\/a>
\n\u2013\u00a0LOS 54d: distinguish between the willingness and the ability (capacity) to take risk in analyzing an investor\u2019s financial risk tolerance<\/a>
\n\u2013\u00a0LOS 54e: describe the investment constraints of liquidity, time horizon, tax concerns, legal and regulatory factors, and unique circumstances and their implications for the choice of portfolio assets<\/a>
\n\u2013\u00a0LOS 54f: explain the specification of asset classes in relation to asset allocation<\/a>
\n\u2013\u00a0LOS 54g: describe the principles of portfolio construction and the role of asset allocation in relation to the IPS<\/a>
\n\u2013\u00a0LOS 54h: describe how environmental, social, and governance (ESG) considerations may be integrated into portfolio planning and construction.<\/a><\/p>\n

Reading 55(53 in 2022) \u2013 Introduction to Risk Management<\/strong><\/h3>\n

\u2013\u00a0LOS 55a: define risk management<\/a>
\n\u2013\u00a0LOS 55b: describe features of a risk management framework<\/a>
\n\u2013\u00a0LOS 55c: define risk governance and describe elements of effective risk governance<\/a>
\n\u2013\u00a0LOS 55d: explain how risk tolerance affects risk management<\/a>
\n\u2013\u00a0LOS 55e: describe risk budgeting and its role in risk governance<\/a>
\n\u2013\u00a0LOS 55f: identify financial and non-financial sources of risk and describe how they may interact<\/a>
\n\u2013\u00a0LOS 55g: describe methods for measuring and modifying risk exposures and factors to consider in choosing among the methods<\/a><\/p>\n

Reading 56 (54 in 2022) \u2013 Technical Analysis<\/strong><\/h3>\n

\u2013\u00a0LOS 56a: explain principles of technical analysis, its applications, and its underlying assumptions<\/a>
\n\u2013\u00a0LOS 56b: describe the construction of different types of technical analysis charts and interpret them<\/a>
\n\u2013\u00a0LOS 56c: explain uses of trend, support, resistance lines, and change in polarity<\/a>
\n\u2013\u00a0LOS 56d: describe common chart patterns<\/a>
\n\u2013\u00a0LOS 56e: describe common technical analysis indicators (price-based, momentum oscillators, sentiment, and flow of funds)<\/a>
\n\u2013\u00a0LOS 56f: explain how technical analysts use cycles<\/a>
\n\u2013\u00a0LOS 56g: describe the key tenets of Elliott Wave Theory and the importance of Fibonacci numbers<\/a>
\n\u2013\u00a0LOS 56h: describe intermarket analysis as it relates to technical analysis and asset allocation<\/a><\/p>\n

Reading 57 (55 in 2022) \u2013 Fintech in Investment Management<\/strong><\/h3>\n

\u2013\u00a0LOS 56a: describe \u201cFintech\u201d<\/a>
\n\u2013\u00a0LOS 56b: describe Big Data, Artificial Intelligence and Machine Learning<\/a>
\n\u2013\u00a0LOS 56c:\u00a0describe Fintech Applications to Investment Management<\/a>
\n\u2013\u00a0LOS 56d: describe Financial Applications to Distributed Ledger Technology<\/a><\/p>\n

2023 Curriculum<\/strong><\/h2>\n

Reading 61\u2013 Portfolio Management: An Overview<\/strong><\/h3>\n

\u2013\u00a0LOS 51a: describe the portfolio approach to investing<\/a>
\n\u2013\u00a0LOS 51b: describe types of investors and distinctive characteristics and needs of each<\/a>
\n\u2013\u00a0LOS 51c: describe defined contribution and defined benefit pension plans<\/a>
\n\u2013\u00a0LOS 51d: describe the steps in the portfolio management process<\/a>
\n\u2013\u00a0LOS 51e: describe aspects of the asset management industry<\/a>
\n\u2013\u00a0LOS 51f: describe mutual funds and compare them with other pooled investment products<\/a><\/p>\n

Reading 62\u2013 Portfolio Risk and Return: Part I<\/strong><\/h3>\n

\u2013\u00a0LOS 52a: calculate and interpret major return measures and describe their appropriate uses<\/a>
\n\u2013\u00a0LOS 52b: compare the money-weighted and time-weighted rates of return and evaluate the performance of portfolios based on these measures<\/a>
\n\u2013\u00a0LOS 52c: describe characteristics of the major asset classes that investors consider in forming portfolios<\/a>
\n\u2013\u00a0LOS 52d: calculate and interpret the mean, variance, and covariance (or correlation) of asset returns based on historical data<\/a>
\n\u2013\u00a0LOS 52e: explain risk aversion and its implications for portfolio selection<\/a>
\n\u2013\u00a0LOS 52f: calculate and interpret portfolio standard deviation<\/a>
\n\u2013\u00a0LOS 52g: describe the effect on a portfolio\u2019s risk of investing in assets that are less than perfectly correlated<\/a>
\n\u2013\u00a0LOS 52h: describe and interpret the minimum-variance and efficient frontiers of risky assets and the global minimum-variance portfolio<\/a>
\n\u2013\u00a0LOS 52i: explain the selection of an optimal portfolio, given an investor\u2019s utility (or risk aversion) and the capital allocation line<\/a><\/p>\n

Reading 63\u2013 Portfolio Risk and Return: Part II<\/strong><\/h3>\n

\u2013\u00a0LOS 53a: describe the implications of combining a risk-free asset with a portfolio of risky assets<\/a>
\n\u2013\u00a0LOS 53b: explain the capital allocation line (CAL) and the capital market line (CML)<\/a>
\n\u2013\u00a0LOS 53c: explain systematic and nonsystematic risk, including why an investor should not expect to receive additional return for bearing nonsystematic risk<\/a>
\n\u2013\u00a0LOS 53d: explain return generating models (including the market model) and their uses<\/a>
\n\u2013\u00a0LOS 53e: calculate and interpret beta<\/a>
\n\u2013\u00a0LOS 53f: explain the capital asset pricing model (CAPM), including its assumptions, and the security market line (SML)<\/a>
\n\u2013\u00a0LOS 53g: calculate and interpret the expected return of an asset using the CAPM<\/a>
\n\u2013\u00a0LOS 53h: describe and demonstrate applications of the CAPM and the SML<\/a>
\n\u2013\u00a0LOS 53i: calculate and interpret the Sharpe ratio, Treynor ratio, M2<\/sup>, and Jensen\u2019s alpha<\/a><\/p>\n

Reading 64 \u2013 Basics of Portfolio Planning and Construction<\/strong><\/h3>\n

\u2013\u00a0LOS 54a: describe the reasons for a written investment policy statement (IPS)<\/a>
\n\u2013\u00a0LOS 54b: describe the major components of an IPS<\/a>
\n\u2013\u00a0LOS 54c: describe risk and return objectives and how they may be developed for a client<\/a>
\n\u2013\u00a0LOS 54d: distinguish between the willingness and the ability (capacity) to take risk in analyzing an investor\u2019s financial risk tolerance<\/a>
\n\u2013\u00a0LOS 54e: describe the investment constraints of liquidity, time horizon, tax concerns, legal and regulatory factors, and unique circumstances and their implications for the choice of portfolio assets<\/a>
\n\u2013\u00a0LOS 54f: explain the specification of asset classes in relation to asset allocation<\/a>
\n\u2013\u00a0LOS 54g: describe the principles of portfolio construction and the role of asset allocation in relation to the IPS<\/a>
\n\u2013\u00a0LOS 54h: describe how environmental, social, and governance (ESG) considerations may be integrated into portfolio planning and construction.<\/a><\/p>\n

Reading 65<\/strong>\u2013 <\/strong>The Behavioral Biases of Individuals<\/strong><\/h3>\n

\u2013\u00a0LOS 52a: compare and contrast cognitive errors and emotional biases<\/a>
\n\u2013\u00a0LOS 52b: discuss commonly recognized behavioral biases and their implications for financial decision making<\/a>
\n\u2013\u00a0LOS 52c: describe how behavioral biases of investors can lead to market characteristics that may not be explained by traditional finance<\/a><\/p>\n

Reading 66 \u2013 Introduction to Risk Management<\/strong><\/h3>\n

\u2013\u00a0LOS 55a: define risk management<\/a>
\n\u2013\u00a0LOS 55b: describe features of a risk management framework<\/a>
\n\u2013\u00a0LOS 55c: define risk governance and describe elements of effective risk governance<\/a>
\n\u2013\u00a0LOS 55d: explain how risk tolerance affects risk management<\/a>
\n\u2013\u00a0LOS 55e: describe risk budgeting and its role in risk governance<\/a>
\n\u2013\u00a0LOS 55f: identify financial and non-financial sources of risk and describe how they may interact<\/a>
\n\u2013\u00a0LOS 55g: describe methods for measuring and modifying risk exposures and factors to consider in choosing among the methods<\/a><\/p>\n

Reading 67 \u2013 Technical Analysis<\/strong><\/h3>\n

\u2013\u00a0LOS 54a: explain principles and assumptions of technical analysis;<\/a>
\n\u2013\u00a0LOS 54b: describe potential links between technical analysis and behavioral inance;<\/a>
\n\u2013\u00a0LOS 54c: compare principles of technical analysis and fundamental analysis;<\/a>
\n\u2013\u00a0LOS 54d: describe and interpret different types of technical analysis charts;<\/a>
\n\u2013\u00a0LOS 54e: explain uses of trend, support, and resistance lines;<\/a>
\n\u2013\u00a0LOS 54f: explain common chart patterns;<\/a>
\n\u2013\u00a0LOS 54g: explain common technical indicators;<\/a>
\n\u2013\u00a0LOS 54h: describe principles of intermarket analysis;<\/a>
\n\u2013\u00a0LOS 54i. explain technical analysis applications to portfolio management.<\/a><\/p>\n

Reading 68 \u2013 Fintech in Investment Management<\/strong><\/h3>\n

\u2013\u00a0LOS 56a: describe \u201cFintech\u201d<\/a>
\n\u2013\u00a0LOS 56b: describe Big Data, Artificial Intelligence and Machine Learning<\/a>
\n\u2013\u00a0LOS 56c:\u00a0describe Fintech Applications to Investment Management<\/a>
\n\u2013\u00a0LOS 56d: describe Financial Applications to Distributed Ledger Technology<\/a><\/p>\n

2024 Curriculum<\/h2>\n

Portfolio Management (From Volume 2)<\/em><\/p>\n

Learning Module 1 \u2013 Portfolio Risk and Return: Part I<\/strong><\/h3>\n

\u2013 LOS a: describe characteristics of the major asset classes that investors consider in forming portfolios<\/a>
\n\u2013\u00a0LOS b: explain risk aversion and its implications for portfolio selection<\/a>
\n\u2013\u00a0LOS c: explain the selection of an optimal portfolio, given an investor\u2019s utility (or risk aversion) and the capital allocation line<\/a>
\n\u2013\u00a0LOS d: calculate and interpret the mean, variance, and covariance (or correlation) of asset returns based on historical data<\/a>
\n\u2013\u00a0LOS e: calculate and interpret portfolio standard deviation<\/a>
\n\u2013\u00a0LOS f: describe the effect on a portfolio\u2019s risk of investing in assets that are less than perfectly correlated<\/a>
\n\u2013\u00a0LOS g: describe and interpret the minimum-variance and efficient frontiers of risky assets and the global minimum-variance portfolio<\/a><\/p>\n

Learning Module 2 \u2013 Portfolio Risk and Return: Part II<\/strong><\/h3>\n

\u2013\u00a0LOS a: describe the implications of combining a risk-free asset with a portfolio of risky assets<\/a>
\n\u2013\u00a0LOS b: explain the capital allocation line (CAL) and the capital market line (CML)<\/a>
\n\u2013\u00a0LOS c: explain systematic and nonsystematic risk, including why an investor should not expect to receive additional return for bearing nonsystematic risk<\/a>
\n\u2013\u00a0LOS d: explain return generating models (including the market model) and their uses<\/a>
\n\u2013\u00a0LOS e: calculate and interpret beta<\/a>
\n\u2013\u00a0LOS f: explain the capital asset pricing model (CAPM), including its assumptions, and the security market line (SML)<\/a>
\n\u2013\u00a0LOS g: calculate and interpret the expected return of an asset using the CAPM<\/a>
\n\u2013\u00a0LOS h: describe and demonstrate applications of the CAPM and the SML<\/a>
\n\u2013\u00a0LOS i: calculate and interpret the Sharpe ratio, Treynor ratio, M2<\/sup>, and Jensen\u2019s alpha<\/a><\/p>\n

Portfolio Management (From Volume 6)<\/em><\/p>\n

Learning Module 1 \u2013 Portfolio Management: An Overview<\/strong><\/h3>\n

\u2013\u00a0LOS a: describe the portfolio approach to investing<\/a>
\n\u2013\u00a0LOS b: describe types of investors and distinctive characteristics and needs of each<\/a>
\n\u2013\u00a0LOS c: describe defined contribution and defined benefit pension plans<\/a>
\n\u2013\u00a0LOS d: describe the steps in the portfolio management process<\/a>
\n\u2013\u00a0LOS e: describe aspects of the asset management industry<\/a>
\n\u2013\u00a0LOS f: describe mutual funds and compare them with other pooled investment product<\/a><\/p>\n

Learning Module 2 \u2013 Basics of Portfolio Planning and Construction<\/strong><\/h3>\n

\u2013\u00a0LOS a: describe the reasons for a written investment policy statement (IPS)<\/a>
\n\u2013\u00a0LOS b: describe the major components of an IPS<\/a>
\n\u2013\u00a0LOS c: describe risk and return objectives and how they may be developed for a client<\/a>
\n\u2013\u00a0LOS d: distinguish between the willingness and the ability (capacity) to take risk in analyzing an investor\u2019s financial risk tolerance<\/a>
\n\u2013\u00a0LOS e: describe the investment constraints of liquidity, time horizon, tax concerns, legal and regulatory factors, and unique circumstances and their implications for the choice of portfolio assets<\/a>
\n\u2013\u00a0LOS f: explain the specification of asset classes in relation to asset allocation<\/a>
\n\u2013\u00a0LOS g: describe the principles of portfolio construction and the role of asset allocation in relation to the IPS<\/a>
\n\u2013\u00a0LOS h: describe how environmental, social, and governance (ESG) considerations may be integrated into portfolio planning and construction.<\/a><\/p>\n

Learning Module 3<\/strong>\u2013 <\/strong>The Behavioral Biases of Individuals<\/strong><\/h3>\n

\u2013\u00a0LOS a: compare and contrast cognitive errors and emotional biases<\/a>
\n\u2013\u00a0LOS b: discuss commonly recognized behavioral biases and their implications for financial decision making<\/a>
\n\u2013\u00a0LOS c: describe how behavioral biases of investors can lead to market characteristics that may not be explained by traditional finance<\/a><\/p>\n

Learning Module 4 \u2013 Introduction to Risk Management<\/strong><\/h3>\n

\u2013\u00a0LOS a: define risk management<\/a>
\n\u2013\u00a0LOS b: describe features of a risk management framework<\/a>
\n\u2013\u00a0LOS c: define risk governance and describe elements of effective risk governance<\/a>
\n\u2013\u00a0LOS d: explain how risk tolerance affects risk management<\/a>
\n\u2013\u00a0LOS e: describe risk budgeting and its role in risk governance<\/a>
\n\u2013\u00a0LOS f: identify financial and non-financial sources of risk and describe how they may interact<\/a>
\n\u2013\u00a0LOS g: describe methods for measuring and modifying risk exposures and factors to consider in choosing among the methods<\/a><\/p>\n

<\/h2>\n

<\/h2>\n

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Study Session 18 Reading 51 (48 in 2022) \u2013 Portfolio Management: An Overview \u2013\u00a0LOS 51a: describe the portfolio approach to investing \u2013\u00a0LOS 51b: describe types of investors and distinctive characteristics and needs of each \u2013\u00a0LOS 51c: describe defined contribution and…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-251","post","type-post","status-publish","format-standard","hentry","category-portfolio-management","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"\nPortfolio Management Study Notes | CFA Level 1<\/title>\n<meta name=\"description\" content=\"CFA Level 1 Portfolio Management notes summarize key objectives with examples, providing concise preparation for exam topics like risk and asset allocation.\" \/>\n<meta name=\"robots\" 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