Year

2015/2016

Course title

Portfolio Management for Financial Advisers

Course number

236411 - 0230

Lecturer

Karnowski Jakub, PhD

3 ECTS points

A. Course objective

The offer is based on the curriculum (Body of Knowledge) of Chartered Financial Analyst (CFA) Program offered by CFA
Institute (USA). The offer aims at providing students with the basing knowledge related to aspects of portfolio
management for both individuals and institutional investors. Students will review the role of asset allocation in portfolio
management and learn the steps in asset allocation process.
B. Course syllabus

Introduction to CFA exams. Private wealth management. Portfolio management for institutional investors. Portfolio
management in global context.
C. Educational outcome

Knowledge

1. Student acquires knowledge of the portfolio management process for both individual and
institutional investors.
2. Student has understanding of the main practical achievements of the asset management
process as it constitutes a prominent part of
Body of Knowledge for CFA (Chartered Financial Analyst)charterholder.

Skills

1. Student acquires abilities to use theoretical and empirical knowledge for analyzing investor
unique financial situation, drafting Investor Policy Statement (IPS) and choosing appropriate
asset allocation.
2. Student is able to analyze, evaluate and interpret individual or institutional investor situation
based on data acquired from case description.

Social competencies

Student participates in discussions over problems related to unique financial situations, based
on acquired theoretical and
empirical knowledge of portfolio management process as a part of CFA curriculum.

D. Semester time table

Introduction to CFA exams. Private wealth management. The portfolio management process.

Managing portfolio for individual investors.

6]NRD*yZQD+DQGORZDZ:DUV]DZLH
$O1LHSRGOHJRFL162, 02-554 Warszawa
centrala: +48 22 564 60 00, faks kancelarii: +48 22 849 53 12, informacja: +48 22 564 64 64
e-mail: informacja@sgh.waw.pl, http://www.sgh.waw.pl/

c.d.Portfolio Management for Financial Advisers

Life-cycle investing.

Managing institutional portfolios.

Taxable private wealth - investment management issues.

Multiple asset locations.

"Low-basis stock".

Goals-based investing: integrating traditional and behavioral finance.

Portfolio management for institutional investors. Pension plans. Defined benefit plan and Defined
contribution plan.

10

Foundations and Endowments.

11

Insurance companies.

12

Major participants in the global investment process.

13

Structuring the global investment decision-making process.

14

The Investment Policy Statement.

15

Asset Allocation Process. Strategic and tactical asset allocation.

E. Basic literature

Managing Individual Investors Portfolios, Chapter 2 Managing Investment Portfolios: A Dynamic Process, 3rd edition,
J.W.Bronson, M.H.Scanlan, and J.R.Squires, CFA Institute, 2008; Life-Cycle Investing, Chapter 3, Investment
Management for Taxable Private Investors, J.Wilcox, J.E.Horvitz, and Dan diBartolomo, The Research Foundation of
CFA Institute, 2006; Excerpts from, Lifestyle, Wealth Transfer and Asset Classes?, Chapter 4 and Techniques for
Improving After-Tax Investment Performance , Chapter 6, Investment Management for Taxable Private Investors,
J.Wilcox, J.E.Horvitz, and Dan diBartolomo, The Research Foundation of CFA Institute, 2006; Multiple Asset Locations,
Chapter 5, Integrated Wealth Management, J.L.P.Brune, Euromoney Institutional Investors Plc, 2002; Low-basis stock,
Chapter 10 Integrated Wealth Management The New Direction for Portfolio Managers, J.L.P.Brunel, Euromoney
Institutional Investors Plc, 2002; Goals-Based Investing: Integrating Traditional and Behavioral Finance, D.Nevins,
Journal of Wealth Management, Institutional Investors, 2004; Managing Institutional Investor Portfolios, Chapter 3,
R.Ch.Tschampion, L.B.Siegel, D.J.Takahashi, and J.L.Maginn, Managing Investment Portfolios: A Dynamic Process, 3rd
edition, CFA Institute, 2008.
F. Supplementary literature

The case for International Diversification, Chapter 9, International Investments, 5th edition, B.Solnik and D.McLeavey,
Addison Wesley, 2003; Currency Risk Management, Chapter 11, International Investments, 5thy edition, B.Solnik and
D.McLeavey, Addison Wesley, 2003; Investing in Emerging Stock Markets, Yesim Tokat and Nelson Wicas, The Journal
of Wealth Management, Institutional Investors, Inc., Fall 2004; Beyond the Big 50, Opportunities in Emerging Markets,
M.J.Fredericks, The Journal of Investing, Institutional Investors, Inc, Spring 2005; Structuring the Global Investment
Process, Chapter 13, International Investments, 5th edition, B.Solnik and D.McLeavey, Addison Wesley, 2003.
G. Author's most important publications concerning the offered course

The author is a Chartered Financial Analyst (CFA) charterholder.

H. Numbers of required prerequisites

not required

I. Course size and mode

6]NRD*yZQD+DQGORZDZ:DUV]DZLH
$O1LHSRGOHJRFL162, 02-554 Warszawa
centrala: +48 22 564 60 00, faks kancelarii: +48 22 849 53 12, informacja: +48 22 564 64 64
e-mail: informacja@sgh.waw.pl, http://www.sgh.waw.pl/

c.d.Portfolio Management for Financial Advisers

Full-time

Saturday-Sunday

Afternoon

Total:

30

14

30

Lecture

30

14

30

J. Final mark composition

traditional examination

50%

multiple choice examination

50%

K. Foreign language requirments

English
L. Selection criteria

M. Methods applied

case studies
reports
discussions
participation of practitioners

6]NRD*yZQD+DQGORZDZ:DUV]DZLH
$O1LHSRGOHJRFL162, 02-554 Warszawa
centrala: +48 22 564 60 00, faks kancelarii: +48 22 849 53 12, informacja: +48 22 564 64 64
e-mail: informacja@sgh.waw.pl, http://www.sgh.waw.pl/