Asset Management @ Wharton Online

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  • Get the benchmark certificate in asset management delivered by Wharton – Syllabus
  • Price : 2,700 USD – Price details



Before looking at products and allocation strategies, it is important to develop an understanding for how the asset management industry works. The goal of this course is for participants to walk away with a firm grasp of the industry’s principles, attributes, players, strategies and regulations


This course provides a comprehensive review of asset management products and the key strategies used by professional investors. You will develop an understanding of how equities are managed, how investors position themselves for fluctuations in interest rates, and examine other financial products, including derivatives.


With a clear understanding of the asset management’s industry fundamentals and products we are now more equipped to explore asset allocation concepts. The course discusses different portfolio strategies, risk management tools, long term vs. short term considerations and dives into portfolio attribution analysis.


The 2-hour final exam comprises 120 questions. It can be taken in any Pearson VUE center around the world, in 150 countries.

Conditions to obtain the certificate are as follows:
active participation in all three courses;
minimal grade of 50% on each case study;
minimal grade of 60% on the final exam.

The final grade is calculated as the weighted average of case studies grades (30%) and final exam grade (70%).


Week 1 : Asset Management overview

The Asset Management Industry
Key Principles and Attributes of Asset Management
Application of the Asset Management Principles
The Asset Management Environment: Distributor, Custodian, Prime Broker, etc.
Overview of Products and Services Offered by Asset Management Firms

End of Week Discussion: How Important Is Financial Intermediation?

Week 2 : Investment Analysis and the Modern Portfolio Theory

Mean Variance Analysis (dataviz)
 Sharpe-Markovitz and Black-Litterman Models (dataviz)
 Risk and Expected Return
 The Efficient Market Hypothesis for Securities
 Net Alpha and Gross Alpha
 Beta Pricing Models: CAPM and Multifactor Extensions

End of Week Discussion: Implementing an Efficient Frontier on Excel®

Week 3 : Equilibrium in the Asset Management Market

Passive vs. Active Management
Benchmarking an Active Asset Manager’s Performance Against Passive Alternatives
How to Measure Investment Skill
How Much Do Investors Benfits from Investment Skill?
Does Size Erode Performance?

End of Week Discussion: Does Net Alpha Measure Investment Skill?

Week 4 : Regulation

Governance and Structure of Mutual Funds
The Regulation of Financial Intermediaries
The Investment Company Act of 1940
Fiduciary Duty and Its Practical Implications
Third Party Management
The Basel III and CRD 4 banking regulatory frameworks

End of Week Discussion: What is the Influence of Recent Regulatory Changes on the Asset Management Industry?

Weeks 5 to 6 : Case Study

Week 1 : Equity Asset Management

Pure and Enhanced Passive Management

End of Week Discussion: Establishing a CPPI management on Excel®

Week 2 : Interest Rate Asset Management

Duration management
Beyond Duration: Convexity Trading (dataviz)
Bond Portfolio Strategies
Credit Premium and Credit Risk Management

End of Week Discussion: Building Ladders and Barbells with an Excel® Spreadsheet

Week 3 : Other Products

Real asset investing – Commodity Indices
Money Markets Instruments
Liquidity Pools and Money Funds
Private Equity: Liquidity Premium
Structured Products

End of Week Discussion: Analysis of a Structured Product Term Sheet

Week 4 : Using derivatives for Asset Management

Using Options in Asset Management
Allocation Decisions and Performance Enhancement using Options
The Issue of Collateralization of OTC derivatives and its impact on Risk Management

End of Week Discussion: Increasing Performance Using Options Strategies

Weeks 5 to 6 : Case Study

Week 1 : Asset Pricing Models

The Importance of Asset Pricing in Portfolio Management
Investors’ Portfolio Choice
Institutional vs. Retail Investors

End of Week Discussion: Equilibrium in the Presence of Institutional Investors

Week 2 : Traditional Asset Allocation

Portfolio Choice
Risk Diversification
Asset Liability Management
Short-Term and Long-Term Investing
Delegating Portfolio Management – Hedge Funds and Private Equity

End of Week Discussion: Underfunded Pension Funds in 2017

Week 3 : New Strategic Allocation

Adapting Asset Allocation to New Market Realities
Increased Importance of Equity Correlation
Fixed Income Allocation in a Negative Interest Rate World
Including Emerging Stocks, High Yield Bonds, REITS and TIPS in a Modern Asset Allocation
New Allocation Models: Total Return and Income Models

End of Week Discussion: Portfolio Asset Allocation Using Excel® and VBA

Week 4 : Performance Attribution Analysis

Performance Attribution
Portfolio Performance Evaluation Using Value-at-Risk (Reward-To-VaR Ratio)
Single and Multi-Currency Framework
Analyzing Equity Portfolios
Analysing Fixed Income Portfolios

End of Week Discussion: Analyzing Morningstar® Performance Attribution

Weeks 5 to 6 : Case study


Associate Professor of Finance, The Wharton School

Jules van Binsbergen conducts theoretical and empirical research in finance.

His current work focuses on asset pricing, in particular the relationship between financial markets and the macro economy, and the organization, skill and performance of financial intermediaries.

Some of his recent research focuses on the influence of financial market anomalies on real economic activity, measuring the skill of mutual fund managers and the term structure of cash flow growth and stock return predictability. Professor van Binsbergen’s research has appeared in leading academic journals, such as the American Economic Review, the Journal of Finance, the Journal of Financial Economics and the Journal of Monetary Economics.

He received his PhD from the Fuqua School of Business at Duke University. After obtaining his PhD in 2008, he joined the faculty at Stanford’s Graduate School of Business, where he got tenure in 2014. He joined the Wharton School in 2014.


Ronald O. Perelman Professor in Finance Chair, Finance Department, The Wharton School

David K. Musto is the Ronald O. Perelman Professor in Finance and Chair of the Finance Department at the Wharton School, where he has been on the faculty since 1995. He also served as Senior Financial Economist at the Securities Exchange Commission from 2005 to 2007.

He has a BA from Yale University and a PhD from the University of Chicago, and between college and graduate school he worked for Roll and Ross Asset Management in Culver City, CA.

Most of his work, both theoretical and empirical, is in the area of consumer financial services, mutual funds and consumer credit in particular. He has also published work on corporate and political voting, option pricing, short selling, and cross-border taxation.


Adjunct Professor of Finance; Academic Director, Wharton Wealth Management Initiative
Academic Director, Jacobs Levy Equity Management Center for Quantitative Financial Research, The Wharton School

Christopher Geczy is the academic director of the Wharton Wealth Management Initiative and of the Jacobs Levy Equity Management Center for Quantitative Financial Research.

He has been a member of the Finance faculty at Wharton since 1997.

He has served on the staff of the Board of Governors of the Federal Reserve, on the Economic Advisory Board of NASDAQ, as chairman of the Mid-Atlantic Hedge Fund Association, and on the editorial boards of the Journal of Alternative Investments and the Journal of Wealth Management.


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