Download MC312 - SYLLABUS

BF3358 - INVESTMENT MANAGEMENT
Module Number:
BF3358
Module Title:
Investment Management
Number of Aston Credits
10
Total Number of ECTS Credits:
(European Credit Transfer)
1
5
Staff member responsible for the Module:
TBC
Finance, Accounting & Law Group
ABS Building, Room 4xx, Extension xxxx
Email: @aston.ac.uk
Availability:
Other Staff Contributing to the Module:
None
2
Pre-Requisite(s) for this Module:
Module available only within BSc Finance.
As such, the following modules are considered pre-requisite:
BF2251, BF3314, BS2242, and one of
(i) BN1105, BN1106 and BS2220, or
(ii) BN1105 and BS2247, or
(iii) BS2247 and either BN1115 or BN1116
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Module Learning Outcomes:
The module is designed to provide an introduction to the structure and philosophies
of investment management.
Successful completion of the module will give you a clear understanding of how to
understand clients’ investment requirements, how to undertake asset allocation
decisions, how to make security selection decisions across a range of asset classes,
and how to measure the performance of an investment strategy.
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Module Content:
Week 1
Introduction to the Investment Management Process
The stages of the investment management process. Understanding
the client: risk tolerance, investment horizon and tax status.
Weeks 2-3
Passive asset allocation
General diversification. Market based allocation. Asset allocation using
the mean-variance model. International diversification.
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Weeks 4-5
Active asset allocation
Market timing. The Black-Litterman model.
Weeks 6-7
Passive security selection
Equity indexing. Exchange traded funds. Bond portfolio management.
Immunization.
Weeks 8-10
Active security selection.
Technical analysis. Value
strategies for bonds.
Week 11
5
investing.
Growth
investing.
Active
Portfolio performance measurement
Portfolio return measurement. Risk adjusted performance measures.
Attribution analysis. Theoretical considerations.
International Dimensions:
In the presence of global financial markets, the study of finance naturally transcends
national boundaries. The tools of investment management are applicable regardless
of setting.
6
Professional Accreditation and Corporate Connections
The module will draw on the experience of investment professionals whenever
possible. This module contains material that forms part of the CFA IMC curriculum.
7
Links to Research
The module will draw on seminal academic research articles and current research
being undertaken by the module lecturer and other colleagues in ABS.
8
Learning and Teaching Rationale and Methods
Teaching will be by a mix of lectures and problem solving classes over 11 weeks.
This will comprise a mix of formal delivery interspersed with worked problems. The
former will meet the prime objective of providing an introduction to the investment
management process and the philosophical approaches to it, while the latter will
provide the apparatus to achieve the “how to” learning objectives above. Students
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will be expected to supplement their learning from the lecture sequence with private
study from recommended texts, which will include the opportunity to both enhance
their analytical perspective and practice their “how to” objectives.
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How are the 100 learning Hours per module achieved?
Contact Hours
Private Study
Examination
22
76
2
hours
hours
hours
Total
100
hours
10
Ethical approval
This module contains no requirement for primary data collection, therefore ethical
approval for research is not required
11
Assessment and Feedback Rationale and Methods
The module will be assessed by a single closed book final examination of two hours
in duration. By appropriate design, with a mix of both analytical and computational
questions, the examination provides a rigorous method to determine whether
students have achieved the analytical perspective and “how to” objectives.
Students may request individual feedback on their examination performance once
the marks have been approved by the Board of Examiners. Also Feedback will be
provided through discussion with the tutors as the module progresses. Students are
encouraged to utilise lecturer office hours to obtain more detailed feedback and
advice.
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Essential textbooks
Bodie, Kane and Marcus, (2009), Investments. McGraw-Hill (8th edition)
Damodaran (2003). Investment Philosophies. Wiley Finance.
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