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
- 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; embedded 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.