Business Management
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Investment Management

​​This programme focuses on Investment Management, and is aimed towards acquiring the International CFA® (Chartered Financial Analyst) qualification. 

Investment Management consists of:

  • Portfolio theory
  • International financial markets​
  • Share analysis
  • Fixed interest securities
  • Derivative financial instruments
  • Property investment and financing
  • Portfolio management

Career possibilities:

  • Stock broker
  • Investment manager
  • Investment analyst​

​Undergraduate subjects offered in Investment Management:

​The Investment Decision 142
The investment cycle; the role and functioning of the JSE Securities Exchange SA; investment risks; factors that influence share prices; fundamental and technical analysis of companies. ​

Introduction to Investment Theory 254
Portfolio theory and portfolio management; the relationship between risk and return; the efficient market hypothesis; valuation and risk of fixed income securities; evaluation of share investments; properties of derivative instruments; derivative strategies; valuation of options and futures; measurement and evaluation of portfolio returns.

Equity Analysis and Portfolio Management 314
Theory of valuation; valuation models and techniques; practical implementation of valuation models; valuation variables; stock market analysis; industry analysis; company analysis and stock selection; technical analysis; equity portfolio management strategies.

Fixed Income Securities 324

Trading of fixed income securities; price sensitivity; fixed income securities in structured portfolios; indexing; liability funding; credit risk in corporate bonds; credit risk in international sovereign bonds; e​mbedded options in bonds; secuitisation; mortgage pre-payment; active portfolio management; economic analysis and management of bond portfolios. ​

​Derived Financial Instruments and Alternative Investments 344
Exposure to and handling of financial risk; the risk management process, the hedging concept; the functions of the treasury and the management of negotiable value; characteristics of derived financial instruments; strategies for the use of derived financial instruments; valuation of options and futures contracts; basic arbitrage strategies with options and futures contracts; swaps and forward rate agreements; alternative investments.

Real Estate Investment and Financing 348
Introduction to the nature and scope of real estate; real estate markets and trends; legal aspects; financial and investment analysis in respect of the acquisition, ownership and sale of real estate; the role and impact of capital gains tax; market valuation approaches; types of real estate investment and financing instruments in the real estate market.

International Investment Environment 354
The international investment environment: organisation and functioning of international investment markets, international investment indexes; risk and return of international investments; advantages and disadvantages of international diversification; transaction costs in the international investment markets; investment analysis in international markets; investment in emerging markets. Business ethics: ethics code and professional standards of the CFA Institute; liability of investment practitioners towards the profession; employers, clients and the broad public; reporting of historical investment returns; responsible risk taking; risk control.

For Investment Management subjects in the Honours course, please refer to the Honours page.