Learning paths
- Lessons
- 121
- Topics
- 106
Free, no account neededLevel I in twelve moves: a tour of the whole course12 steps
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See what the course includesFoundations
5 lessons
Ethics: why trust matters
3 lessons
Quantitative Methods
10 lessons
- Returns: what changes your wealth
- Compare holding-period, annualized and compounded returns
- Whose performance is being measured?
- Move cash along a timeline
- Read the shape of a return distribution
- Update beliefs when evidence arrives
- Separate signal from sampling noise
- Explore many possible futures
- Fit and challenge a one-factor relationship
- Where data tools help an analyst
Economics
10 lessons
Financial Statement Analysis
18 lessons
- 2 lessonsRead an annual report with a purpose
- 2 lessonsFrom revenue to shareholder earnings
- 2 lessonsUnderstand what the balance sheet measures
- Reconcile profits with actual cash
- Test cash generation and coverage
- Trace inventory accounting into ratios
- Asset spending, impairment and disposal
- Leases, employee benefits and owners' claims
- Reconcile book tax and cash tax
- 2 lessonsQuestion the quality of reported numbers
- 2 lessonsTurn statements into comparable signals
- 2 lessonsLink statements in a forecast
Corporate Finance
7 lessons
Equities
12 lessons
- Identify what an equity claim provides
- Voting power across share classes and markets
- How shares reach and trade in markets
- Decompose a shareholder's return
- Price versus estimated business value
- Discount growth without breaking the model
- Compare valuations on a consistent basis
- Forecast the drivers before the valuation
- Understand competitive pressure
- Connect business history to a forecast
- Write a defensible research recommendation
- Connect required equity return to risk exposure
Fixed Income
19 lessons
- Read a bond's promises
- Trace coupon and principal schedules
- Follow a bond from issuance to resale
- How businesses borrow
- How public bodies borrow
- Translate a bond price into a yield
- Compare fixed-coupon yield measures
- Read reset rates and floating spreads
- Connect spot, par and forward rates
- Separate holding-period risks
- Measure first-order price sensitivity
- Add curvature to a rate shock
- Choose a risk measure for changing cash flows
- Separate default likelihood and loss severity
- Judge public-sector creditworthiness
- Judge a company's debt capacity
- Turn pooled assets into securities
- Follow losses through a securitization
- Mortgage prepayment changes cash-flow timing
Derivatives and Risk Management
10 lessons
- Identify the contract and its trading venue
- Who owes what under each derivative?
- Why an issuer or investor hedges
- Rebuild a derivative from simpler positions
- Separate forward delivery price and later value
- Daily settlement changes the cash timeline
- Exchange cash-flow streams
- Option rights, values and sensitivities
- Rebuild a payoff with put-call parity
- Replicate a claim in two future states
Alternative Investments
7 lessons
Portfolio Construction
12 lessons
Ethics: the Standards in practice
8 lessons
- Professionalism in difficult situations
- Market integrity and privileged information
- Put client duties into practice
- Employee and employer obligations
- Support and communicate recommendations
- Recognize, disclose and manage conflicts
- Describe program status and protect exam integrity
- Resolve mixed-standard ethical cases