Phase 1282 modules371 concept pages1,320,626 words

Phase 12: Finance Plus, AI and the quant-code track

The 82 modules of Phase 12, in the order the course takes them, with the concept pages each one holds.

AI0.01
How Modern AI Actually Works
12,380 words, 1 h 9 min of reading
AI0.02
The AI Tool Landscape: A Living Catalog
12,946 words, 1 h 12 min of reading
AI0.03
Prompt Engineering & Structured Prompting
11,112 words, 1 h 2 min of reading
AI0.04
Retrieval & RAG: Grounding AI in Filings & Documents
11,817 words, 1 h 6 min of reading
AI0.05
AI Agents & Multi-Step Workflows
13,091 words, 1 h 13 min of reading
AI0.06
Failure Modes, Verification & the Primary-Source Guardrail
12,204 words, 1 h 8 min of reading
AI0.07
The AI-Augmented Analyst: Applying AI Across Your Work
14,975 words, 1 h 23 min of reading
FI1.05
Fixed-Income Instruments, Issuance and Trading
20,654 words, 1 h 55 min of reading
- Bond indenture
- Types of bonds by coupon
- Index linked bonds
- Floating rate note
- Discount margin
- Bond call provision
- Day count conventions
- Clean price vs dirty price
- Matrix pricing
- Uniform vs multiple price auction
- Corporate bond issuance
- On-the-run vs off-the-run bonds
- Types of bonds by issuer
FI1.01
Bond Pricing & Yield Measures
13,966 words, 1 h 18 min of reading
- Yield to maturity
- Bank discount yield
- Yield to worst
- Bond horizon yield
FI1.02
Duration, Convexity & Interest-Rate Risk
12,965 words, 1 h 12 min of reading
- Macaulay duration vs modified duration
- DV01 and PVBP
- Bond convexity
- Portfolio duration
- DV01 hedging
FI1.03
Term Structure: Spot, Forward, Bootstrapping & Swap Curves
17,246 words, 1 h 36 min of reading
- Bootstrapping the yield curve
- Implied forward rate
- Yield curve theories
- Swap curve bootstrapping
- Swap spread
- Vasicek model
- Riding the yield curve
- Level, slope and curvature of the yield curve
- FBIL, CCIL and FIMMDA
FI1.04
Embedded Options, OAS & Structured Products
20,187 words, 1 h 52 min of reading
- Binomial interest rate tree
- Callable bond valuation
- Z-spread vs OAS
- Effective duration
- Negative convexity
- Mortgage prepayment risk
- Securitisation
- Credit default swap
FI1.06
Fixed-Income Portfolio Management I: Liability-Driven and Index-Based
22,005 words, 2 h 2 min of reading
- Role of bonds in a portfolio
- Cash flow matching
- Bond immunization
- Contingent immunization
- Stratified sampling for a bond index
- State development loans
- Pension funded ratio
FI1.07
Active Fixed Income: Yield-Curve and Credit Strategies
21,756 words, 2 h 1 min of reading
- Carry and rolldown
- Bullet vs barbell vs ladder
- Yield curve butterfly trade
- Spread duration
- Structured credit
- Bond liquidity risk
- ESG in credit risk
DV1.01
Forwards, Futures & Swaps: Pricing & Valuation
11,892 words, 1 h 6 min of reading
- Cost of carry model
- Index futures pricing
- Forward rate agreement
- Futures vs forwards
- Interest rate swap valuation
DV1.02
Options: Parity, Binomial & BSM + the Greeks
15,564 words, 1 h 26 min of reading
- Put-call parity
- Binomial option pricing model
- Risk-neutral probability
- Black-Scholes model
- Option Greeks
- Volatility surface
DV1.03
Option Strategies & Hedging Exposures
19,055 words, 1 h 46 min of reading
- Option strategies
- IV crush
- Delta hedging
- Cost of hedging
- Calendar spread
DV1.04
Swaptions, the Black Model & Non-Rate Swaps
20,834 words, 1 h 56 min of reading
- Forward commitment vs contingent claim
- Exchange traded vs OTC derivatives
- Risks of derivatives
- Black 76 model
- Interest rate caps and floors
- Swaption
- Currency swap
- Equity swap
DV1.05
Exchange-Traded Derivatives in Practice: Margins, Expiry, Tax and Portfolio Uses
20,091 words, 1 h 52 min of reading
- NSE F&O contract specifications
- SPAN margin
- Nifty weekly expiry
- Option exercise and assignment
- STT on options
- F&O taxation
- Hedging a portfolio with index futures
- FX hedging policy
- VIX calculation
QM1.01
Probability, Distributions, Sampling & Estimation
13,899 words, 1 h 17 min of reading
- Probability rules
- Expected value and variance
- Bayes' theorem
- Probability distributions in finance
- Central limit theorem
- Confidence interval
QM1.02
Hypothesis Testing, Correlation & Regression
13,910 words, 1 h 17 min of reading
- Multiple regression
- Regression diagnostics
QM1.03
Time-Series, Monte Carlo & Intro ML-for-Finance
15,761 words, 1 h 28 min of reading
- Autoregressive model
- ARIMA model
- Unit root test
- Cointegration
- Monte Carlo simulation
- Machine learning in finance
QM1.04
Returns, Statistical Measures and the Discipline of Inference
18,718 words, 1 h 44 min of reading
- Arithmetic vs geometric mean
- Gross return vs net return
- Mean, median and mode
- Measures of dispersion
- Skewness and kurtosis
- Bootstrap vs jackknife
- Logistic regression
- Spearman rank correlation
- Multiple testing correction
QM1.05
Volatility Models, Penalised Regression and Machine Learning for Analysts
19,672 words, 1 h 49 min of reading
- Log-linear trend model
- Durbin-Watson test
- In-sample vs out-of-sample
- ARCH model
- GARCH(1,1) model
- Ridge vs LASSO regression
- CART decision tree
- Bagging vs boosting
- Feed-forward neural network
- Hierarchical clustering
- Machine learning project steps
AA1.04
Capital Market Expectations: Building the Inputs Everything Else Consumes
16,833 words, 1 h 34 min of reading
- Covariance matrix estimation
- Bond expected return
- Rolldown return
- Grinold-Kroner model
- Exchange rate forecasting
AA1.01
MVO, the Efficient Frontier, SAA vs TAA
16,756 words, 1 h 33 min of reading
- Mean-variance optimization
- Mean-variance optimization with constraints
- Strategic asset allocation
- Tactical asset allocation
- Capital market assumptions
- Portfolio management process
- Fintech in investment management
- ESG investing strategies
AA1.02
Black-Litterman, Risk Budgeting, Liability-Relative & Goals-Based
12,990 words, 1 h 12 min of reading
- Black-Litterman model
- Risk parity
- Calendar vs threshold rebalancing
- Rebalancing bands
AA1.03
Performance Measurement, Attribution & GIPS
18,799 words, 1 h 44 min of reading
- Time-weighted vs money-weighted return
- Brinson attribution
- Brinson-Fachler attribution
- Multi-period return attribution
- Fixed income attribution
- Risk-adjusted performance measures
- Sharpe ratio vs information ratio
- Characteristics of a valid benchmark
- GIPS composite presentation
AA1.05
Institutional Investors: Objectives, Constraints and Allocation
17,914 words, 1 h 40 min of reading
- Liability-driven investing
- Endowment spending rules
- Private foundation payout requirement
- Held to maturity vs available for sale
- Insurance company investment portfolio
- Types of sovereign wealth funds
AA1.06
Multifactor Models, the APT and Active Risk Decomposition
18,275 words, 1 h 42 min of reading
- Arbitrage pricing theory
- Macroeconomic factor model
- Fundamental factor model
- Statistical factor model
- Information ratio vs appraisal ratio
- Factor portfolio
- Factor zoo
AA1.07
Active Management, the Fundamental Law and Choosing Managers
20,822 words, 1 h 56 min of reading
- Active return and active risk
- Fundamental law of active management
- Information ratio
- Transfer coefficient
- Active share
- Active share vs tracking error
- Ex-ante vs ex-post tracking error
- Downside risk measures
- Returns-based style analysis
- Performance fee structures
AA1.08
Index Construction, ETFs and the Mechanics of Passive and Active Equity
20,813 words, 1 h 56 min of reading
- Index construction methodology
- ETF creation and redemption
- ETF arbitrage
- ETF premium and discount
- Tracking difference vs tracking error
- Full replication vs sampling
- ETF risks
- Active equity strategies
- Active portfolio construction
PW1.01
Private-Client IPS, Tax-Aware, Estate & Goals-Based Planning
21,842 words, 2 h 1 min of reading
- Investment policy statement
- Risk tolerance vs risk capacity
- Human capital vs financial capital
- Life insurance needs analysis
- Goals-based investing
- Asset location
- Tax-loss harvesting
- Estate planning
- Concentrated stock position
- Sequence of returns risk
PW1.02
Private Markets I: PE/VC Fund Economics
12,858 words, 1 h 11 min of reading
- Private equity fund structure
- DPI, RVPI, TVPI and MOIC
- Private equity IRR
- Vintage year in private equity
- 2 and 20 fee structure
PW1.03
Private Markets II: Private Debt, Real Assets/Infra & Private-Company Valuation
12,832 words, 1 h 11 min of reading
- Direct lending
- Infrastructure DCF
- Discount for lack of control
- Discount for lack of marketability
PW1.04
Private Markets III: Venture Valuation, Cap Tables and Private-Company Value
21,349 words, 1 h 59 min of reading
- Types of private equity
- Venture capital method
- Cap table
- Liquidation preference
- Anti-dilution
- Normalized EBITDA
- Income approach to business valuation
- Build-up method for cost of equity
- Guideline public company method
- Private equity value creation
- Public market equivalent
- Private equity exit strategies
AL1.01
Hedge-Fund Strategies & Fund Structures
14,092 words, 1 h 18 min of reading
- Hedge fund definition
- Hedge fund strategies
- Equity long/short strategy
- Relative value arbitrage
- Multi-strategy hedge fund vs fund of funds
- 2 and 20 hedge fund fees
- Master-feeder structure
AL1.02
Commodities, Real Assets & Infrastructure as Asset Classes
17,470 words, 1 h 37 min of reading
- Alternative investments
- Commodities as an asset class
- Contango vs backwardation
- GSCI vs BCOM
- Real estate as an asset class
- Infrastructure as an asset class
AL1.03
Digital Assets & Crypto as an Asset Class
15,392 words, 1 h 26 min of reading
- Types of crypto tokens
- How Bitcoin works
- Ethereum staking
- Types of stablecoins
- Self-custody vs custodial
- CEX vs DEX
- Crypto regulation
AL1.04
Alternatives in the Portfolio: Allocation, Due Diligence and Real-Asset Valuation
20,845 words, 1 h 56 min of reading
- Role of alternative investments
- Unsmoothing returns
- Survivorship bias and backfill bias
- Commitment pacing model
- Unfunded commitments
- Denominator effect
- Operational due diligence
- Real estate valuation methods
- Real estate DCF
- Bitcoin valuation models
MS1.01
What Money Is: Aggregates, Moneyness & Endogenous Money
13,649 words, 1 h 16 min of reading
- Mehrling's hierarchy of money
- DICGC deposit insurance
MS1.02
The Payment System & Plumbing
17,643 words, 1 h 38 min of reading
- Real-time gross settlement
- Automated clearing house
- Unified Payments Interface
- Four-party model
- SWIFT payment system
- Intraday liquidity
MS1.03
Central-Bank Operations, Reserves & the Repo/Money-Market Complex
13,306 words, 1 h 14 min of reading
- Federal Reserve balance sheet
- RBI balance sheet
- Interest on reserve balances
- Repurchase agreement
- Money market fund
MS1.04
The Global-Dollar & Digital-Money Frontier
20,499 words, 1 h 54 min of reading
- Eurodollar market
- FX swap
- Covered interest rate parity
- Central bank swap lines
- Herstatt risk
- Central counterparty clearing
- T+1 settlement
- Central bank digital currency
- Stablecoin
ES1.01
The CFA Code & the Seven Standards: Vignette Lab
16,500 words, 1 h 32 min of reading
- CFA Standard V
- CFA conflict of interest standard
ES1.02
GIPS & Global Regulatory Frameworks (SEC/SEBI/FCA)
15,204 words, 1 h 24 min of reading
- GIPS standards
- GIPS composite
- GIPS disclosure requirements
- SEBI Investment Advisers Regulations 2013
ES1.03
The Asset Manager Code, Conduct in Practice & the Advice Perimeter
21,016 words, 1 h 57 min of reading
- CFA Asset Manager Code
- Ethical decision-making framework
- SEBI insider trading regulations 2015
- Rule 10b-5
- Mosaic theory
- SEBI Research Analyst Regulations 2014
- SEBI research analyst vs investment adviser
- SEBI finfluencer rules
EC1.01
Microeconomics & Market Structures for Analysts
18,769 words, 1 h 44 min of reading
- Supply and demand equilibrium
- Price elasticity of demand
- Tax incidence
- Consumer theory
- Cost curves
- Perfect competition
- Monopoly market structure
- Oligopoly
- Herfindahl-Hirschman index
EC1.02
Corporate Issuers & Equity-Market Completions
18,185 words, 1 h 41 min of reading
- Working capital management
- Dividend policy
- American depositary receipt
EC1.03
Economic Growth, Production Functions and Convergence
18,562 words, 1 h 43 min of reading
- Cobb-Douglas production function
- Growth accounting
- Total factor productivity
- Solow growth model
- Economic convergence
- Endogenous growth theory
- Human capital and economic growth
- Dependency ratio
- GDP growth and stock market returns
- Potential GDP growth
- Terminal growth rate
EC1.04
International Economics II: Parity Conditions, Exchange-Rate Models and Trade Policy
21,983 words, 2 h 2 min of reading
- Base currency and quote currency
- International parity conditions
- Forward premium puzzle
- Mundell-Fleming model
- Dornbusch overshooting model
- Currency risk premium
- Marshall-Lerner condition
- Tariff vs quota
- Trade creation and trade diversion
- Sterilised intervention
- Currency crisis indicators
EC1.05
The Economics of Regulation, Geopolitics and the Labour Market
20,772 words, 1 h 55 min of reading
- Market failure
- Regulatory capture
- Merger control
- Price cap vs rate of return regulation
- Regulatory cost-benefit analysis
- Geopolitical risk
- Labour force participation rate
- Types of unemployment
- Kinked demand curve
- Stackelberg model
EC1.06
Capital Structure: Theory, Policy and the Financing Decision
17,626 words, 1 h 38 min of reading
- Modigliani-Miller theorem
- Costs of financial distress
- Trade-off theory of capital structure
- Agency costs of debt and equity
- Pecking order theory
- Signalling theory of capital structure
EC1.07
Organisational Forms, Corporate Governance, ESG and Capital-Budgeting Completions
19,299 words, 1 h 47 min of reading
- Forms of business organisation
- Agency problem
- Corporate governance mechanisms
- Corporate governance and valuation
- ESG rating divergence
- ESG in valuation
- Payback period
- Equivalent annual annuity
- Incremental cash flows
CS1.01
Programming from Zero: Python I
13,489 words, 1 h 15 min of reading
CS1.02
Python II: Data Structures, Functions & Idiomatic OOP
12,908 words, 1 h 12 min of reading
CS1.03
How Computers Really Work + a Second (Compiled/Typed) Language
15,995 words, 1 h 29 min of reading
CS1.04
Algorithmic Thinking, Recursion & Big-O
13,349 words, 1 h 14 min of reading
CS1.05
Data Structures & Algorithms
19,092 words, 1 h 46 min of reading
CS2.01
Command Line, Environments & Reproducible Projects
13,826 words, 1 h 17 min of reading
CS2.02
Version Control with Git
13,590 words, 1 h 16 min of reading
CS2.03
Databases & SQL for Analysts
15,522 words, 1 h 26 min of reading
CS2.04
Systems & Data-Intensive Thinking
12,124 words, 1 h 7 min of reading
CS2.05
APIs, HTTP, JSON & Web Scraping
12,801 words, 1 h 11 min of reading
CS2.06
Software Engineering: Testing, Clean Code & AI-Assisted Dev
16,872 words, 1 h 34 min of reading
DA1.01
NumPy & Vectorized Computation
13,913 words, 1 h 17 min of reading
DA1.02
pandas I: Data Wrangling
11,898 words, 1 h 6 min of reading
DA1.03
pandas II: Cleaning, Time Series & the Excel↔Python Bridge
12,262 words, 1 h 8 min of reading
DA1.04
EDA & Visualization
12,582 words, 1 h 10 min of reading
DA1.05
Statistics in Code
12,412 words, 1 h 9 min of reading
DA2.01
ML I: Supervised Learning
11,460 words, 1 h 4 min of reading
DA2.02
ML II: Unsupervised, Feature Engineering & Model Discipline
13,275 words, 1 h 14 min of reading
DA2.03
Deep Learning, NLP & Time-Series Forecasting
19,304 words, 1 h 47 min of reading
QD1.01
Market & Fundamental Data Pipelines + Vendor Landscape
15,897 words, 1 h 28 min of reading
- Split-adjusted prices
- Price return vs total return
- Adjusted close price
- Survivorship bias
- Financial data providers
QD1.02
Signal & Factor Construction and Evaluation
14,733 words, 1 h 22 min of reading
- Value factor
- Low-volatility anomaly
- Information coefficient
- Alpha decay in trading
- Portfolio turnover
QD1.03
Building a Backtesting Engine: Design & the Classic Pitfalls
18,193 words, 1 h 41 min of reading
- Vectorized vs event-driven backtesting
- Look-ahead bias
- Backtest overfitting
QD1.04
Portfolio Optimization in Code
13,780 words, 1 h 17 min of reading
- Global minimum variance portfolio
- Ledoit-Wolf shrinkage
QD2.01
Execution Algorithms & Market Microstructure
13,681 words, 1 h 16 min of reading
- Order types in the stock market
- TWAP vs VWAP
- Implementation shortfall
- Square-root law of market impact
- Types of market manipulation
QD2.02
Risk Systems in Code: VaR, ES, Stress & Scenario
15,107 words, 1 h 24 min of reading
- Value at risk
- Historical simulation VaR
- Parametric VaR
- Monte Carlo VaR
- Historical vs parametric vs Monte Carlo VaR
- VaR backtesting
- Stress testing vs scenario analysis
- Delta, gamma and vega
- Risk limits
QD2.03
Performance & Attribution Analytics in Code
12,738 words, 1 h 11 min of reading
- Annualized Sharpe ratio
- Maximum drawdown
- Deflated Sharpe ratio
QD2.04
Reproducible Research, Deployment & the Quant Stack
15,323 words, 1 h 25 min of reading
- Secrets management
- Idempotent jobs
- Multiple testing problem
- Holm-Bonferroni correction
- Walk-forward analysis
QD2.05
Capstone: Build, Backtest & Risk-Analyze a Strategy End-to-End
14,905 words, 1 h 23 min of reading