Canadian Securities Exam Fast-Track Study Guide von W Sean Cleary

<b>A concise and practical guide to preparing for the Canadian Securities Exam</b><p>For anyone dreaming of a career in the Canadian finance industry, whether in banking, brokerage, financial planning, or mutual funds, passing the Canadian Securities Exam is the first step on the path to success. But there's a lot of material to know and almost everyone needs a helping hand. Thankfully, the<i>Canadian Securities Exam Fast-Track Study Guide</i> is the perfect quick-review tool covering all the basics you need to know. It includes "quick hits" of the key points in language that's straightforward and easy to understand. Fully updated to cover the latest topics added to the CSC curriculum, this is the perfect study guide for staying cool under pressure and getting the best score you can. An ideal way to prepare for the Canadian Securities Exam, this handy guide will have you fully prepped and ready to go in no time flat.</p><ul><li>An affordable, compact study guide that simply summarizes must-know information</li><li>Features 400 sample questions, including multiple choice chapter review questions and two full practice exams, as well as cross-referencing to the CSC textbook</li><li>Written by a professor of finance and the Director of the Master of Management in Finance program at Queen's School of Business, Queen's University</li><li>Ideal for finance students who need a quick review of the vital information they need to pass the Canadian Securities Exam</li></ul>

Dr. Sean Cleary, Ph.D., CFA, is BMO Professor of Finance and Director of the Master of Finance program at Queen's School of Business, Queen's University. Dr. Cleary holds a Ph.D. in finance from the University of Toronto, and an MBA. He is a Chartered Financial Analyst (CFA) charter holder and a former Board member of both the Toronto CFA Society and the Atlantic Canada CFA Society. He has completed the Professional Financial Planning Course (PFPC), the Canadian Securities Course (CSC), as well as the Investment Funds Institute of Canada (IFIC) Mutual Fund Course. He has been on the faculty at St. Mary's University and the Schulich School of Business, York University, and has taught preparation courses for the Canadian Securities Exam. Dr. Cleary has published numerous articles in theJournal of Finance, theJournal of Financial and Quantitative Analysis,Financial Management, theJournal of Banking and Finance, theJournal of Multinational Financial Management, theJournal of Financial Research, theInternational Journal of Managerial Finance, theCanadian Investment Review, and theCanadian Journal of Administrative Sciences. He is co-author of the first three editions ofIntroduction to Corporate Finance (Wiley, 2007, 2010, 2013), as well as numerous other finance textbooks.

Acknowledgements viIntroduction: How to Use this Book viiChapter 1: The Capital Market 1Introduction 1Suppliers and Users of Investment Capital 1The Role of Financial Instruments 4Financial Markets 5Chapter 1 Review Questions 8Chapter 2: The Canadian Securities Industry 11An Overview of the Canadian Securities Industry 11The Role of Financial Intermediaries 11The Canadian Securities Industry 12Chartered Banks 14Other Intermediaries 16Chapter 2 Review Questions 18Chapter 3: The Canadian Regulatory Environment 21Regulatory Organizations 21Arbitration 24Regulation and Investor Protection 24The Ethics of Trading 26Takeovers and Insider Trading 28Chapter 3 Review Questions 29Chapter 4: Economic Principles 33Overview of Economics 33Measuring the Economy 34Labour Markets 36Interest Rates 37Money and Inflation 38International Economics 39Chapter 4 Review Questions 41Chapter 5: Economic Policy 45Economic Theories 45Fiscal Policy 46Monetary Policy 46Chapter 5 Review Questions 49Chapter 6: Fixed-income Securities: Features and Types 53Overview and Terminology 53Bond Features 54Government Securities 56Corporate Bonds 57Chapter 6 Review Questions 61Chapter 7: Fixed-income Securities: Pricing and Trading 67Bond Pricing Principles 67The Term Structure of Interest Rates 71Delivery, Regulation, and Settlement 72Bond Indexes 73Chapter 7 Review Questions 74Chapter 8: Equity Securities: Common and Preferred Shares 79Introduction 79Common Shares 79Preferred Share Characteristics 81Stock Indices and Averages 87Chapter 8 Review Questions 89Chapter 9: Equity Securities: Equity Trading 95Cash and Margin Accounts 95Short Sales 97Equity Transactions 98Chapter 9 Review Questions 99Chapter 10: Derivatives 105Introduction 105Options 106Futures and Forwards 112Rights and Warrants 115Chapter 10 Review Questions 118Chapter 11: Financing and Listing Securities 123Basic Forms of Business Organization 123The Incorporation Process 125Government and Corporate Financing 127The Financing Procedure 130The Listing Process 133Chapter 11 Review Questions 135Chapter 12: Corporations and Their Financial Statements 139Understanding Financial Statements 139Statement of Financial Position 139Statement of Comprehensive Income 143Other Components 145Chapter 12 Review Questions 146Chapter 13: Fundamental and Technical Analysis 151Overview 151Fundamental Macroeconomic Analysis 152Industry Analysis 153Fundamental Valuation Models 155Technical Analysis 158Chapter 13 Review Questions 160Chapter 14: Company Analysis 165Fundamental Company Analysis 165Interpreting Financial Statements 166Assessing Preferred Share Investment Quality 174Chapter 14 Review Questions 176Chapter 15: Introduction to the Portfolio Approach 183Introduction 183Risk and Return 183Portfolio Risk and Return 187The Portfolio Management Process 189Chapter 15 Review Questions 191Chapter 16: The Portfolio Management Process 197Developing an Asset Mix and Selecting Investment Styles 197Implementing the Asset Mix 200Monitoring the Economy, the Markets, the Portfolio, and the Client 201Evaluating Portfolio Performance 202Chapter 16 Review Questions 203Chapter 17: Evolution of Managed and Structured Products 209Managed versus Structured Products 209Chapter 17 Review Questions 211Chapter 18: Mutual Funds: Structure and Regulation 213Introduction 213The Structure of Mutual Funds 214Labour-sponsored Venture Capital Corporations (LSVCCs) 217Regulation of Mutual Funds 219Chapter 18 Review Questions 223Chapter 19: Mutual Funds: Types and Features 227Types of Mutual Funds 227Fund Management Styles 229Redeeming Mutual Fund Units or Shares 229Comparing Mutual Fund Performance 231Chapter 19 Review Questions 233Chapter 20: Segregated Funds and Other Insurance Products 237Key Features of Segregated Funds 237Maturity Guarantees and Benefits 238Fees and Expenses 241Tax Considerations 242Regulation 245Other Insurance Products 247Chapter 20 Review Questions 247Chapter 21: Hedge Funds 251Overview of Hedge Funds 251Hedge Fund Indexes 253Benefits and Risks of Hedge Funds 253Due Diligence 254Hedge Fund Strategies 255Funds of Hedge Funds 257Chapter 21 Review Questions 257Chapter 22: Exchange-listed Managed Products 261Closed-end Funds 261Income Trusts 262Exchange-traded Funds 263Chapter 22 Review Questions 264Chapter 23: Fee-based Accounts 267Fee-based Accounts 267Chapter 23 Review Questions 269Chapter 24: Structured Products 271Principal Protected Notes (PPNs) 271Index-linked Guaranteed Investment Certificates (GICs) 272Split Shares 272Asset-backed Securities (ABS) 273Mortgage-backed Securities (MBS) 274Chapter 24 Review Questions 274Chapter 25: Canadian Taxation 277Taxes and Taxation Issues 277Taxation of Investment Income 278Tax Deferral Plans 281Basics of Tax Planning 284Chapter 25 Review Questions 285Chapter 26: Working with the Retail Client 289The Process of Financial Planning 289Financial Planning Aids 291Ethics and the Financial Advisor 292Case Studies 294Chapter 26 Review Questions 296Chapter 27: Working with the Institutional Client 299Who Are Institutional Clients? 299Suitability Requirements forInstitutional Investors 300Roles and Responsibilities in the Institutional Market 301Chapter 27 Review Questions 301CSC Practice Examination #1: Chapters 112 319CSC Practice Examination #2: Chapters 13 27 341Answers to Practice Exam #1: Chapters 112 363Answers to Practice Exam #2: Chapters 13 27 369

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