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Updated in [July 20th, 2023]

This Level I CFA Prep Course (2023) - Equity Investments provides an overview of financial markets and intermediaries, trading positions, placement and processing of orders, primary vs secondary markets, and the characteristics of a well-functioning market. Participants will learn how to calculate the price return and total return of an index, how indexes are constructed and managed, use of market indexes, and the various types of indexes. The course will also cover the definitions of market efficiency, the efficient market hypothesis, what are market anomalies and examples of them, and be introduced to behavioural finance. Additionally, participants will gain an understanding of the risk and return characteristics for equities, the differences between public vs private equity, and the relationship between cost of equity and investors' required rate of return. The approaches to industry classification, competitive analysis of an industry, Porter's Five Forces, and the be introduced to company analysis will also be discussed. Finally, the 3 major categories of valuation model will be covered. Present value models, in particular, the Gordon Growth Model. Multiplier models using P/E ratio and EV/EBITDA, and asset-based modes will be explored.

Course Syllabus

Functions of the Financial System

Assets Contracts and Markets

Financial Intermediaries

Positions and Leverage

Order Instruction

Primary Markets

Secondary Markets

Well-Functioning Financial Systems

Market Regulation