2011 Table 2 - Investment principles and risk pages 8 to 12

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1 Investment principles and risk (R02) Wizard Learning Investment priciples and risk Online Course contents Gap covered as per the FSA gap fill template from final RDR rules (PS11/01) from January Table 2 - Investment principles and risk pages 8 to 12 Gaps listed in the CII gap fill tool (as at September 2011) - these were taken by the CII from the FSA consultation document NOTE - as the final gap fill template covers additional areas we recommend that if you are using the original CII gap filling tool that you consider filling the additional gaps that have been added. Analyse the characteristics, inherent risks, behaviour and correlation of asset classes Analyse the characteristics, inherent risks, behaviour and correlation of asset classes Analyse the characteristics, inherent risks, behaviours and correlation of asset classes Chapter 1 The characteristics of cash and fixed interest investments Learning Outcome 1: Analyse the characteristics, inherent risks, behaviour and correlation of asset classes 1.1 Introduction 1.2 Cash - Main features & potential returns 1.3 Cash - Key factors affecting price 1.4 Cash - Risk factors 1.5 Cash - Types of accounts 1.6 Cash - NS&I products 1.7 Cash - Money market investments 1.8 Fixed interest securities - Main features 1.9 Bond markets 1.10 Bond yields 1.11 Bond risks 1.12 Yield curves 1.13 Gilts 1.14 Corporate bonds 1.15 Other types of fixed interest security LEARNING MATERIAL: 9,700 words; 14 test your knowledge questions; 32 questions in the final * Cash and cash equivalents: main types, costs and charges * Fixed interest securities: main types; running and redemption yields, interest rates and yield curves; markets and indices; transaction costs purchase and sale 30: cash equivalents

2 Analyse the characteristics, inherent risks, behaviour and correlation of asset classes Analyse the characteristics, inherent risks, behaviour and correlation of asset classes Analyse the characteristics, inherent risks, behaviour and correlation of asset classes Chapter 2 The characteristics of equities, property and alternative investments Learning outcome 1: Analyse the characteristics, inherent risks, behaviour and correlation of asset classes. 2.1 Introduction 2.2 Main features of equities 2.3 Key factors affecting pricing of equities 2.4 Dealing in equities 2.5 The costs of dealing equities 2.6 Types of equity 2.7 Private equity 2.8 Investment ratios 2.9 Indices 2.10 Property 2.11 Residential property investments 2.12 Commercial property investments 2.13 Alternative Investments 2.14 How asset classes interact LEARNING MATERIAL: 11,550 words; 13 test your knowledge questions; 23 questions in the final * Equities: main types, private equity; valuation measures price/earnings (P/E) ratio, dividend yield and cover, Net Asset Value (NAV), stock markets indices, listings; transaction costs * Property: main types, residential and commercial, income profile and gearing; valuation; performance benchmarking; transaction and on-going costs * Alternative investments such as commodities, and physical assets * Pricing, liquidity and fair value * Correlation of asset classes relevance to asset allocation 31: private equity 32: valuation measures 33: property - income profile and gearing 34: pricing, liquidity and fair value Understand the macro-economic environment and its impact on asset classes Understand the macro-economic environment and its impact on asset classes Understand the macro-economic environment and its impact on asset classes Chapter 3 Global and UK macro-economic trends Learning outcome 2: Understand the macro-economic environment and its impact on asset classes 3.1 Introduction 3.2 Politics and trends in investment markets 3.3 Other trends that affect investment markets 3.4 World economies and globalisation 3.5 Economic cycles 3.6 Fiscal & monetary policy 3.7 Money supply 3.8 Inflation 3.9 Interest rates 3.10 Exchange rates 3.11 Balance of payments 3.12 The role of financial investment in the economy LEARNING MATERIAL: 8,200 words; 11 test your knowledge questions; 23 questions in the final * Main long term UK and global socio-economic trends * Overview of world economies and globalisation of markets * Economic and financial cycles predictability, regional economy differences * The key economic indicators trends and their interpretation * Significance of monetary and fiscal policy * Relevance of money, inflation, deflation, interest rates and exchange rates * Balance of payments and international capital flows * The role of financial investment in the economy 18: global socio-economic trends 19: overview of world economies and globalisation of markets 20: economic and financial cycles, predictability, regional economy differences 21: economic indicators - trends and their interpretation 22: relevance of money, inflation, deflation, interest rates and exchange rates 23: balance of payments and international capital flows

3 Understand the merits and limitations of the main investment theories Understand the merits and limitations of the main investment theories Understand the merits and limitations of the main investment theories Chapter 4 Merits and limitations of modern portfolio theory Learning outcome 3: Understand the merits and limitations of the main investment theories 4.1 Introduction 4.2 Modern portfolio theory 4.3 Standard deviation 4.4 Reduction of risk 4.5 The efficient frontier 4.6 Systematic and unsystematic risk 4.7 Capital asset pricing model (CAPM) 4.8 Multi factor models 4.9 Arbitrage pricing theory (APT) 4.10 Risk adjusted returns 4.11 Efficient market hypothesis 4.12 Behavioural finance LEARNING MATERIAL: 6,250 words; 10 test your knowledge questions; 18 questions in the final * Key features of the main investment theories: modern portfolio theory; multi factor theory; efficient market hypothesis; capital asset pricing model (CAPM) * Portfolio theory, diversification and hedging: correlation between asset classes; total return and an awareness of beta and alpha; risk adjusted returns * Basics of behavioural finance market and individual behaviours 35: modern portfolio theory 36: multi-factor model 37: efficient market hypothesis 38: capital asset pricing model 39: basics of behavioural finance - market and individual behaviour 40: portfolio theory, diversification and hedging, correlation between asset classes, total return, and an awareness of beta and alpha Apply the principles of the time value of money Apply the principles of the time value of money Apply the principles of the time value of money Chapter 5 The principles of the time value of money Learning outcome 4: Apply the principles of the time value of money * Compound interest and discounting * Real returns and nominal returns 41: the time value of money and discounting 5.1 Introduction 5.2 The time value of money 5.3 Simple compound interest using mathematical formulae 5.4 Simple compound interest using a financial calculator 5.5 Calculating the present value (PV) 5.6 Calculating the compound rate of interest 5.7 Interest paid in advance and at more frequent intervals 5.8 Applying different interest rates during the compounding period 5.9 Accumulation of regular savings 5.10 Annuity calculations 5.11 Real versus nominal rates of return LEARNING MATERIAL: 3,700 words; 8 test your knowledge questions; 9 questions in the final Analyse and explain the nature and impact of the main types of risk on investment performance Chapter 6 The nature and impact of risk on investment performance Learning outcome 5: Analyse and explain the nature and impact of the main types of risk on investment performance 6.1 Introduction 6.2 Systematic and unsystematic risk 6.3 Inflation risk 6.4 Interest rate risk 6.5 Credit risk 6.6 Other types of risk 6.7 Diversification 6.8 Gearing LEARNING MATERIAL: 2,600 words; 6 test your knowledge questions; 7 questions in the final Analyse and explain the nature and impact of the main types of risk on investment performance * Liquidity and access * Income and capital growth including shortfall * Short term volatility * Long term performance * Gearing * Currency * Inflation * Interest rates * Systemic and non-systemic, including fraud and counterparty, institutional, market timing Analyse and explain the nature and impact of the main types of risk on investment performance 42: liquidity and access 43: income and capital growth including shortfall 44: short-term volatility 45: long-term performance 46: gearing 47: currency 48: interest rates 49: systemic and non-systemic risk, including fraud and counterparty, institutional market timing

4 Analyse the characteristics, inherent risks, behaviours and relevant tax considerations of Chapter 7.1 Indirect - Part 1 Learning outcome 6: Analyse the characteristics, inherent risks, behaviours and relevant tax considerations of 7.1 Introduction 7.2 Indirect 7.3 Unit trusts and OEIC s general characteristics 7.4 Unit trusts 7.5 Open ended investment companies 7.6 Unit trust and OEIC management services 7.7 Offshore funds 7.8 Investment Trusts 7.9 Relative advantages and disadvantages of unit trusts, OEIC s and investment trusts Collective investment comparisons table LEARNING MATERIAL: 17,600 words; 18 test your knowledge questions; 23 questions in the final Analyse the characteristics, inherent risks, behaviours and relevant tax considerations of Analyse the characteristics, inherent risks, behaviours and relevant tax considerations of * The advantages and disadvantages of direct investment in securities and assets compared to indirect investment through collectives and other products Analyse the characteristics, inherent risks, behaviours and relevant tax considerations of Analyse the characteristics, inherent risks, behaviours and relevant tax considerations of 24: the advantages and disadvantages of direct investment in securities and assets compared to indirect investment through collectives and other products Analyse the characteristics, tax treatment, inherent risks and behaviours of 7.2 Indirect - Part 2 Learning outcome 6: Analyse the characteristics, inherent risks, behaviours and relevant tax considerations of Introduction Life assurance Life assurance investment bonds Offshore bonds Life assurance bond investment options With profits Life assurance savings plans Exchange Traded Funds Property based investments EIS & VCTs Broker funds and DIF s ISA s and Child Trust Funds NS&I Products Defined contribution pension schemes Derivatives Hedge funds Absolute return funds Structured products Direct versus indirect investment * The main types and use of indirect : INVESTMENT STRUCTURES: collective investment funds onshore and offshore; Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs); closed ended funds/investment companies onshore and offshore; Individual Savings Account (ISAs) and Child Trust Funds (CTFs); National Savings and Investments; life assurance based investments onshore and offshore; defined contribution (DC) pension arrangements; Real Estate Investment Trusts (REITs) and other property based products; Venture Capital Trusts (VCTs) and Enterprise Investments Schemes (EISs) basic structures and uses; broker funds and distributor influenced funds (DIFs) DERIVATIVES: basic structure, main types and uses INVESTMENT STRATEGY BASED PRODUCTS: hedge fund and funds of hedge funds; absolute return funds; structured products income and capital growth, structure and analysis; with profit funds main principles 25: Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs) 26: Child Trust Funds (CTFs) 27: enterprise investment schemes 28: hedge funds; funds of hedge funds 29: structured products - income and capital growth, structure and analysis LEARNING MATERIAL: 32,300 words; 20 test your knowledge questions; 33 questions in the final

5 Apply the investment advice process Apply the investment advice process Apply the investment advice process Chapter 8 The investment advice process Learning outcome 7: Apply the investment advice process 8.1 Introduction 8.2 The investment advice process 8.3 Establishing the client and adviser relationship 8.4 Gathering data, setting goals and expectations 8.5 Analysing and evaluating a client s financial status 8.6 Creating a risk profile 8.7 Formulating the investment strategy and asset allocation 8.8 Selecting investment funds 8.9 Choice of tax wrappers 8.10 Presentation and implementation of advice 8.11 Client objectives 8.12 Constraints 8.13 Applying asset allocation 8.14 Accumulation and decumulation LEARNING MATERIAL: 5,270 words; 8 test your knowledge questions; 9 questions in the final * Know your client requirements: explain the investment process; establish client relationships, capability and circumstances including assets and debts; agree and prioritise needs and wants; agree investment objectives, growth, income, time horizons, debt and credit management and repayment; determine and agree risk profile objective and subjective factors; assess affordability and other suitability considerations, ethical, social responsibility and religious preferences; agree strategy and rationale to achieve the objectives; agree benchmark/performance measures and review process * Asset allocation: alignment with client risk profile and requirements; diversification and correlation benefits; accumulation and decumulation 50: explain the investment process 51: establish client relationships, capability and circumstances, including assets and debts 52: agree and prioritise needs and wants 53: agree investment objectives, growth, income, time horizons, debt and credit management and repayment 54: agree strategy and rationale to achieve objectives 55: agree benchmark/performance measures and review process 56: assess other suitability considerations such as ethical, social responsibility and religious preferences Understand the principles of investment planning Understand the principles of investment planning Understand the principles of investment planning Chapter 9 The principles of investment planning Learning outcome 8: Understand the principles of investment planning 9.1 Introduction 9.2 Asset allocation 9.3 Portfolio optimisation 9.4 Matching client objectives 9.5 Portfolio construction 9.6 Fund selection 9.7 Selection of tax wrappers 9.8 Discretionary management services 9.9 Provider selection 9.10 Recommendation and suitability 9.11 Wrap accounts LEARNING MATERIAL: 5,800 words; 7 test your knowledge questions; 10 questions in the final * Asset allocation: stochastic modelling; strategic and tactical asset allocation * Portfolio construction: stock and fund selection; diversification by sector, geographical area and currency; main fund management strategies and styles; costs, charges, Total Expense Ratios (TERs), Portfolio Turnover Rates (PTRs); selection of products, tax wrapper and services; provider selection and due diligence; recommendations and suitability * Wrap and other platforms: concept and uses; benefits and risks; costs/charges 57: stochastic modelling 58: tactical and strategic asset allocation 59: stock and fund selection 60: diversification by sector, geographical area and currency 61: main fund management strategies and styles 62: costs, charges and TER 63: selection of products, tax wrapper and services Details 64: provider selection 65: the concept, uses, benefits, risks and costs/charges of wraps and other platforms

6 Analyse the performance of investments Analyse the performance of investments Analyse the performance of investments Chapter 10 Analysing investment performance Learning outcome 9: Analyse the performance of investments 10.1 Introduction 10.2 Investment performance 10.3 Performance measurement 10.4 Performance attribution 10.5 Selecting a fund manager 10.6 Portfolio reviews LEARNING MATERIAL: 4,900 words; 4 test your knowledge questions; 8 questions in the final * Portfolio performance: methods of evaluating portfolio performance; selection and use of benchmarks; new money and timing factors * Portfolio review and administration: changes in client circumstances; changes in financial environment; new products and services available; maintenance of products and services; use of external services/benchmarking; rebalancing 66: methods of evaluating portfolio performance 67: selection and use of benchmarks 68: new money and timing factors 69: changes in client circumstances 70: changes in financial environment 71: new products and services available 72: use of external services/benchmarking 73: rebalancing

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