The Portfolio Manager
Deep dive into the portfolio management process & earn your certification with new topics on the latest trends in ESG, active vs passive investing, and more!
New content – discover our expert interview with a wealth manager!
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3000+ students enrolled
67.5
Hours
60
Topics
331
Practical exercises
8
Exams
The Portfolio Manager includes
- How the investment management process works
- Asset classes (cash, debt, equity, and alternatives)
- Types of investors
- Wealth management and more!
- Retail investors vs institutional investors
- Pension funds
- Insurance companies
- Endowments
- Sovereign wealth funds
- Types of retail investors
- Purpose of the Investment Policy Statement
- Objectives: risk and return
- Liquidity constraint
- Time Horizon constraint
- Tax Status, Legal and Regulatory constraint
- Fiduciary responsibilities
- ERISA
- UPMIFA
- Regulatory agencies – SEC
- Regulatory agencies – FINRA
- Regulatory agencies – state agencies
- Role of Central Banks
- Monetary Policy
- Fiscal Policy
- Global Economics – Trade Advantages
- Global Economics – Balance of Payments
- Stages of the Business Cycle
- Leading Indicators
- Coincident Indicators
- Lagging Indicators
- Price Level Indicators
- Types of Risk
- Portfolio Risk Measures (recap)
- Measuring Risk and Beta
- Covariance and Correlation
- Benefits of Diversification
- Modern Portfolio Theory
- Capital Asset Pricing Model
- Security Market Line
- Black-Litterman Model
- Robust Optimization
- Arbitrage Pricing Theory
- Introduction to Behavioral Finance
- Heuristic-driven biases
- Frame dependence
- Purpose of goals based investing
- How does goals based investing work
- Practical example goals based investing
- Comparison with traditional approach
- Active vs Passive Investing
- Identifying closet index funds
- Active Investing
- What is an index?
- Index construction methodologies
- How indexes are used
- The role of the index provider
- Benefits of index investing
- How to construct an index portfolio
- Mutual Funds
- ETFs
- Other Equity Investment Vehicles
- Common stock
- Preferred securities
- Convertible bonds
- Indices
- Exchange Traded Funds
- Equity multiples
- Enterprise multiples
- Market sector classifications
- Industrial vs financial sectors
- Overview of emerging markets
- Definition of emerging markets
- Emerging markets and growth
- Emerging markets and risk
- Active vs passive fixed income portfolio management
- Macaulay and modified duration
- Convexity
- DV01
- Liability driven investing
- Cash flow matching and more!
- Alternative vs traditional asset classes
- Hedge funds
- Private equity
- Commodities
- Real estate
- Foreign exchange
- Introduction to technical analysis
- Trend analysis
- Support and resistance
- Introduction to ESG
- Materiality
- Benchmarking Analysis
- Environmental, Social and Governance Metrics
- Scenario Analysis
- The purpose and different types of accounting (financial versus management accounting)
- Users of financial statements
- Introduction to the three main financial statements and explanation of key elements
- Overview of the contents of financial reports
- Introduction to accounting standards
- The accounting equation
- Explanation of accrual accounting, the matching principle, and capitalization
- Making entries and ensuring the balance sheet balances
- Preparing a balance sheet
- Preparing an income statement from the entries to retained earnings
- Preparing a cash flow statement from the entries to the cash account
- A review of the different categorizations on the income statement, balance sheet, and the cash flow statement
- Revenue recognition issues
- Cost recognition issues
- Identifying non-recurring items from the income statement, the MD&A, the notes to the accounts and the financial statement press release
- Calculating EBIT and EBITDA for the historical year, and on an LTM basis
- Basic EPS calculations including weighted average shares
- Dilutive securities: options (treasury method) and convertibles (as if converted)
- Calculating recurring EPS
- Inventory accounting including the impact on EBIT of LIFO and FIFO accounting choices (where relevant)
- Accounts receivable and bad debts (identifying when companies are manipulating sales)
- Accounts payable and accruals and the difference between them from a due diligence perspective
- Other items including taxes payable, deferred revenue, and pre-paid items
- Working capital and operating working capital and the cash impact of changes in operating working capital
- Credit implications of working capital movements
- Day ratios
- Gross PP&E, accumulated depreciation, depreciation expense and net PP&E
- Building a simple forecast of fixed assets
- Establishing the age of a company’s fixed asset base
- Finite, and infinite intangibles including goodwill
- A review of key methods of accounting for financial investments
- At fair value through the income statement
- Available for sale
- Associate (equity method) accounting
- Debt issues and repurchases
- Simple yield to maturity and all in cost calculations and understanding Original Issuer Discounts
- Calculating net debt
- Equity issuance and repurchases
- The difference between authorized, issued and outstanding shares and multiple share classes
- Other capital items: preference shares and convertible bonds
- Leverage ratios
- Debt liability maturity analysis
- Profitability ratios, including margins
- Liquidity ratios, including operating working capital
- EBIT and EBITDA for the historical year, and on an LTM basis
- Leverage ratios, including net debt and interest coverage
Asset ratios - Understanding how to categorize cash flows between operating, investing, and financing
- Deriving a cash flow statement from two balance sheets and an income statement
- Deriving a balance sheet from a cash flow statement and an income statement
- Different cash flow statement presentations
- What are equity method investments?
- Equity affiliates/associates
- Joint ventures
- Equity method accounting
- Income statement
- Balance sheet
- Cash flow statement
- Financial statement integration
- M&A accounting overview
- Balance sheet consolidation
- Sources and uses of funds
- Goodwill calculation
- Income statement consolidation
- Non controlling interests – NCI
- Key settings
- Formatting and layout standards
- Building a simple income statement and balance sheet model, on one sheet, then across sheets
- Balancing the balance sheet using the cash flow statement
- Preparing the model for handover
- Key formatting and putting the output into a pitch book
- Income statement construction and highlighting key numbers
- Calculation schedules (PP&E, retained earnings, operating working capital, and debt)
- Balancing the balance sheet with a cash sweep
- Calculating interest using average balances
- Circular references and iterations
- Working with a circular reference switch
- Preparing the model for handover
- Key formatting and putting the output into a pitch book
- Steps before editing
- Inserting a new item
- Removing an old item
- After editing
- Relevant keyboard shortcut keys
- Cleaning up the income statement and balance sheet and simplifying the line items
- Getting estimates for revenues and EBIT
- Building multiple scenarios into a model’s assumption
- Modeling a forecast debt repayment schedule from the notes
- Key ratios
- Checking the model for reasonableness
- Formatting and putting the output into a pitch book
- Why banks want to be repaid early
- Cash sweep mechanisms
- How to model cash sweeps
- Building a three statement model with a cash sweep
- Top ten errors
- Auditing and error checking toolkit
- Checking your own model
- Checking someone else’s model
- Calculating equity value
- Calculating enterprise value
- Non-core items, debt equivalent items, and non-controlling interests
- Calculating simple multiples
- Illustrating the impact of leverage
- Understand how growth rates, returns and multiples interrelate
- Review choosing a comparable set of companies
- Calculating enterprise value
- Calculating LTM EBITDA and EBIT
- Forward multiples and issues with consensus data
- Understanding which operational ratios are important for the analysis
- Reviewing data sources
- Understanding different deal contexts
- Calculating enterprise value and LTM EBITDA
- Calculating premiums paid based on offer prices where appropriate
- Calculating the synergies from the transactions as a % of target sales
- Capital Asset Pricing Model
- Calculating the WACC for the peer group
- Interpreting the results
- Establish a reasonable cost of capital for the target company
- WACC approach
- Calculating free cash flows
- Understanding how the operational ratios should develop over the financial forecast
- Calculating the steady state and making relevant adjustments to the steady state cash flows
- Making reasonable assumptions for long-term growth rates
- Discounting to a deal date
- Converting the enterprise value into an implied share price, making relevant adjustments for share options and restricted stock units
- Reviewing different valuation methods
- Preparing valuation ranges for each valuation method
- Summarizing the valuation ranges and interpreting the results
- Calculating equity value
- Calculating enterprise value
- Non-core items, debt equivalent items, and non-controlling interests
- Calculating simple multiples
- Illustrating the impact of leverage
- Understand how growth rates, returns and multiples interrelate
- Cash equities
- Different exchanges
- Initial public offerings
- Role of ECM versus trading desk
- Equity events: spin offs, share repurchases, asset sales
- Fixed income events: debt restructuring, distressed debt
- Private situations
- Options, forwards, and futures
- Asset swaps
- Structured products
- Hedging
- US government bond market including TIPS and zero coupons
- European government bond market including index linked Gilts, Gilt strips, and other inflation-linked bonds (e.g. Germany)
- Asian government bond market including JGBi
- Yield curve
- Central bank activity and impact to capital markets
- Credit ratings
- Credit spreads and implied risk premia
- US corporate bond market
- European corporate bond market
- Bonds with specialist including puttable, callable, contingent capital (coco), CLOs, CDOs, convertibles, and exchangables
- Bank loans
- Calculating bond yields
- Calculating bond prices
- Role of DCM versus the trading desk
- FX definitions and quote methodology
- FX spot market
- Cross rates
- Commodity markets
- Options, forwards, and futures
- Interest rate swaps
- Swaptions
- Credit default swaps and credit default indices
- FX and commodity derivatives
- Structured products
- What is collateral?
- Types of collateral
- Credit risk
- Centralized clearing
- Components of return
- Absolute and relative performance
- Rolling returns
- Time-weighted and dollar-weighted returns
- Introduction to benchmarks
- Properties of a valid benchmark
- Types of benchmarks
- Introduction to equity indices
- Types of indices
- Market value weighted
- Price weighted
- Equal weighted
- Fundamentally weighted
- Alpha
- Sharpe Ratio
- Treynor Ratio
- Information Ratio
- Allocation effect
- Selection effect
- Interaction effect
- Factor tilt attribution
- Meet a portfolio manager
- How did you begin your career
- Main responsibilities and skills
- Why portfolio management
- Challenges of working in portfolio management
and more!
The Portfolio Manager
| Micro-Degree
The Asset Management Industry
1
Hour
Discover all aspects of the asset management industry, key players, regulatory considerations, and develop an understanding of a client’s investment objectives.
Intro to Asset Management
27 video minutes
0 excel exercises
Video minutes 27
Excel Exercises 0
Investors, Institutional and Retail
9 video minutes
0 excel exercises
Video minutes 9
Excel Exercises 0
The Investment Policy Statement
6 video minutes
0 excel exercises
Video minutes 6
Excel Exercises 0
US Regulatory Considerations
17 video minutes
0 excel exercises
Video minutes 17
Excel Exercises 0
Economic Analysis & Asset Allocation
4.5
Hours
12
Practical exercises
1
Exam
Assess the impact of the economy, business cycle, central banks, regulation, and general market trends on investment decisions. Learn the key aspects of portfolio theory, investment exposure, measures, benchmarks, analysis, and behavioral factors.
Monetary Systems
20 video minutes
4 excel exercises
Video minutes 20
Excel Exercises 4
Understanding Economic Cycles
20 video minutes
0 excel exercises
Video minutes 20
Excel Exercises 0
Macroeconomic Indicators
20 video minutes
0 excel exercises
Video minutes 20
Excel Exercises 0
Portfolio Risk
12 video minutes
0 excel exercises
Video minutes 12
Excel Exercises 0
Portfolio Risk and Return
52 video minutes
3 excel exercises
Video minutes 52
Excel Exercises 3
Modern Portfolio Theory
58 video minutes
4 excel exercises
Video minutes 58
Excel Exercises 4
Behavioral Finance
10 video minutes
0 excel exercises
Video minutes 10
Excel Exercises 0
Goals Based Investing
14 video minutes
1 excel exercises
Video minutes 14
Excel Exercises 1
Security Selection
7.5
Hours
16
Practical exercises
1
Exam
Identify the techniques that can be used to analyze and value individual stocks. Explore traditional and exotic equity investment options, and the opportunities offered by different products.
Overview - Active vs Passive Investing
23 video minutes
2 excel exercises
Video minutes 23
Excel Exercises 2
Index Investing
37 video minutes
1 excel exercises
Video minutes 37
Excel Exercises 1
Equity Investment Vehicles
14 video minutes
0 excel exercises
Video minutes 14
Excel Exercises 0
Equity - Investment Characteristics
26 video minutes
0 excel exercises
Video minutes 26
Excel Exercises 0
Market Sectors
7 video minutes
0 excel exercises
Video minutes 7
Excel Exercises 0
Equity - Emerging Markets
9 video minutes
0 excel exercises
Video minutes 9
Excel Exercises 0
Fixed Income Portfolio Management
126 video minutes
9 excel exercises
Video minutes 126
Excel Exercises 9
Alternative Investments
37 video minutes
0 excel exercises
Video minutes 37
Excel Exercises 0
Technical Analysis
8 video minutes
0 excel exercises
Video minutes 8
Excel Exercises 0
ESG Investing
47 video minutes
4 excel exercises
Video minutes 47
Excel Exercises 4
The Accountant
13
Hours
11
Topics
100
Practical exercises
1
Exam
Quickly and confidently interpret financial data and statements, evaluate them and use the calculated information to build high-quality reports. Real company data and the latest rules are covered to ensure the methods used and skills developed are immediately applicable in the workplace.
Accounting Foundations
72 video minutes
0 excel exercises
Video minutes 72
Excel Exercises 0
Financial Accounting Review
34 video minutes
3 excel exercises
Video minutes 34
Excel Exercises 3
Income Statements
61 video minutes
15 excel exercises
Video minutes 61
Excel Exercises 15
Earnings Per Share
27 video minutes
11 excel exercises
Video minutes 27
Excel Exercises 11
Working Capital
56 video minutes
12 excel exercises
Video minutes 56
Excel Exercises 12
Non-Current Assets
39 video minutes
11 excel exercises
Video minutes 39
Excel Exercises 11
Capital Structure
50 video minutes
14 excel exercises
Video minutes 50
Excel Exercises 14
Accounting Ratios
41 video minutes
5 excel exercises
Video minutes 41
Excel Exercises 5
Cash Flow Statements
25 video minutes
3 excel exercises
Video minutes 25
Excel Exercises 3
Equity Method Investments
9 video minutes
5 excel exercises
Video minutes 9
Excel Exercises 5
Intro to Full Consolidation
68 video minutes
21 excel exercises
Video minutes 68
Excel Exercises 21
The Modeler
12
Hours
6
Topics
71
Practical exercises
1
Exam
Financial modeling is one of the most useful skills in the world of finance. Knowing how to build models quickly and error-free is critical for the decisions and recommendations that they underpin. Our online financial modeling course provides the perfect introduction to building models, developing multiple techniques for a comprehensive and practical understanding of the topic.
Introduction to Modeling
55 video minutes
13 excel exercises
Video minutes 55
Excel Exercises 13
Three Statement Modeling with Iterations
77 video minutes
10 excel exercises
Video minutes 77
Excel Exercises 10
Three Statement Model Editing
44 video minutes
6 excel exercises
Video minutes 44
Excel Exercises 6
Three Statement Model With Estimates
70 video minutes
12 excel exercises
Video minutes 70
Excel Exercises 12
Building a Model with Cash Sweep
71 video minutes
19 excel exercises
Video minutes 71
Excel Exercises 19
Checking a Model for Integrity and Errors
36 video minutes
11 excel exercises
Video minutes 36
Excel Exercises 11
The Valuer
12
Hours
6
Topics
71
Practical exercises
1
Exam
Learn how and when to utilize key valuation methodologies and their supporting calculations.
Equity to Enterprise Value Bridge
33 video minutes
8 excel exercises
Video minutes 33
Excel Exercises 8
Trading Comparables
69 video minutes
17 excel exercises
Video minutes 69
Excel Exercises 17
Transaction Comparables
30 video minutes
11 excel exercises
Video minutes 30
Excel Exercises 11
WACC Analysis
27 video minutes
8 excel exercises
Video minutes 27
Excel Exercises 8
Discounted Cash Flow Valuation
50 video minutes
14 excel exercises
Video minutes 50
Excel Exercises 14
Pulling the Analysis Together
43 video minutes
13 excel exercises
Video minutes 43
Excel Exercises 13
The Equities Trader
8
Hours
4
Topics
35
Practical exercises
1
Exam
Learn all aspects of equity sales and trading at an investment bank and utilize practical skills from day one.
Equity to Enterprise Value Bridge
33 video minutes
8 excel exercises
Video minutes 33
Excel Exercises 8
Equities Markets and Products
34 video minutes
8 excel exercises
Video minutes 34
Excel Exercises 8
Special Situations
92 video minutes
6 excel exercises
Video minutes 92
Excel Exercises 6
Equity Derivatives
63 video minutes
13 excel exercises
Video minutes 63
Excel Exercises 13
The FICC Trader
5.5
Hours
5
Topics
27
Practical exercises
1
Exam
Learn all aspects of fixed income, currencies and commodities sales and trading at an investment bank.
Rates Markets and Products
39 video minutes
5 excel exercises
Video minutes 39
Excel Exercises 5
Credit Markets and Products
41 video minutes
9 excel exercises
Video minutes 41
Excel Exercises 9
FX and Commodities
19 video minutes
0 excel exercises
Video minutes 19
Excel Exercises 0
Fixed Income Derivatives
35 video minutes
8 excel exercises
Video minutes 35
Excel Exercises 8
Collateral Management
33 video minutes
5 excel exercises
Video minutes 33
Excel Exercises 5
Performance Measurement
1
Hour
1
Exam
Learn how to build more efficient and resilient portfolios by measuring the returns and risks in a portfolio. Consider how the performance of portfolio managers is assessed, and the ways in which various divers of performance can be identified.
Portfolio Performance
12 video minutes
0 excel exercises
Video minutes 12
Excel Exercises 0
Benchmarks
7 video minutes
0 excel exercises
Video minutes 7
Excel Exercises 0
Equity Indices
12 video minutes
0 excel exercises
Video minutes 12
Excel Exercises 0
Risk Adjusted Measures
10 video minutes
0 excel exercises
Video minutes 10
Excel Exercises 0
Attribution
11 video minutes
0 excel exercises
Video minutes 11
Excel Exercises 0
New - Portfolio Manager Expert Interview
10
Minutes
Curious to know what it’s really like to work in portfolio management? Get the answer to this and many more questions in our new expert interview with wealth manager, John Correia!
Portfolio Manager Expert Interview
10 video minutes
0 excel exercises
Video minutes 10
Excel Exercises 0
Skills & Learning Objectives in The Portfolio Manager Micro-Degree
Learn from our expert instructors
Learn more about our full facultyRecognized by industry experts
Colin Evans
Managing Director at J.P. Morgan
Colin Evans is a Managing Director at J.P Morgan and leads the financial institutions coverage team globally for the Corporate Banking.
Dr. Bridget Lyons
Professor of Finance
Professor of Finance at the Jack Welch College of Business at Sacred Heart University and Associate Instructor.
Chris Bishko
CFO
CFO with over 25 years experience as an operator, investor and investment banker in technology and financial services.
Wall Street Recognized Certification
Established on Wall Street, Financial Edge has taught at the biggest bulge-bracket firms since 2016, and now we offer that very same training online for you. It’s no secret that banking is fiercely competitive, which is why our Wall Street recognized certification is designed to let your employers know you have the skills to succeed.
Complete a Micro‑degree to join our exclusive alumni
Sit beside the world’s best investment bankers on LinkedIn, and take advantage of exclusive must-have benefits for new and experienced analysts.
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| Single Course | Boost Plan | Pro Plan | |
|---|---|---|---|
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| Skills certificates | 9 | 51 | 51 |
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| Regional and industry data sets | |||
| Ready-to-use sector and transaction models | |||
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