CFA® Level 1 2014 – Fixed Income
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Who takes the CFA exams? The CFA charter is an elite designation. It is considered the gold standard within the investment profession, and its typical candidates include fund managers, analysts, investment bankers, portfolio managers and traders. The designation is career-enhancing, well respected, credible, globally recognised and globally relevant.
What does the Level I Fixed Income curriculum cover?
How does the Level I exam work? The Level I exam is held twice a year, in June and December, at a number of test centres around the globe. At Level I, the exam consists of two 3-hour multiple choice papers, each containing 120 questions, which are both taken on the same day. The exams are administered by CFA Institute, the leading global association of investment professionals, who recommend candidates spend a minimum of 300 hours preparing for each Level.
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|Section 1: Fixed Income Securities - Overview|
Understanding the concepts of Fixed Income SecuritiesPreview
Understanding the term bond as a part of Fixed Income SecuritiesPreview
Factors we should consider while arriving at the discount rate & YTM
Understanding the term Yeild to Maturity in detail
Basic parameters related to issue of bonds
Describe how legal considerations affect the issuance of these securities
Understanding the contingency Provisions affecting the Fixed Income Securities
|Section 2: Fixed Income Markets : Issuance, Trading and Funding|
Classification of Global Fixed Income Markets
The use of interbank offered rates as reference rates in floating rate debt
Mechanisms for issuing Bonds in the Primary Markets
Secondary markets for Bonds
Understanding securities issued by sovereign governments,
What are the differnet types of debt issued by corporations
What are the differnet short- term funding alternatives available to banks
Understanding Repurchase Aggrements and their Importance to investors
|Section 3: Introduction to Fixed Income Valuation|
Relationship between Price Yeild and Coupon of a bond
Understanding Spot Rates
Understanding Concepts related to bonds
Understanding Matrix Pricing
Variation to Matrix Pricing
Floating Rate Bond or Floating Rate Note
Understanding Yield to Put
Yield to call
The Yeild Curve
The Yeild Curve_continued
Spread Measures for Bonds
Spread Measures for Bonds_continued
Spread Measures for Bonds_Z_spread_continued
|Section 4: Understanding Fixed Income Risk and Return|
Sources of Risk and Retturns in a Bond Investing
Interest Rate Risk
Interest Rate Risk_continued
Bonds with embedded options
Continued_factors to be considered is level of ytm
Continued2_factors to be considered is level of ytm
Understanding how bond's maturity coupon affect the interest rate risk
Concept of price value of a basis pointt
Understanding the relationships among a bond's holding period return, duration..
How do changes in credit spread & liquidity affect the price of the bond
Fundamental Credit Analysis
|Section 5: Fundamentals of Credit Analysis|
Explain special considerations when evaluating the credit of high yield
Calculation to understand Leverage under different levels of Debt
Covenants that are built in the debt issue
Applying the Ratios
Ratios a analyst could use to determine the ability of the company to repay
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