,Contents
1. Welcome to the 2020 Level III SchweserNotes™
2. Learning Outcome Statements (LOS)
3. Readings 1&2: Code of Ethics and Standards of Professional Conduct, Guidance for
Standards I–VII
1. Exam Focus
2. Module 1.1: Code and Standards
3. Module 2.1: Guidance for Standards I(A) and I(B)
4. Module 2.2: Guidance for Standards I(C) and I(D)
5. Module 2.3: Guidance for Standard II
6. Module 2.4: Guidance for Standards III(A) and III(B)
7. Module 2.5: Guidance for Standards III(C), III(D), and III(E)
8. Module 2.6: Guidance for Standard IV
9. Module 2.7: Guidance for Standard V
10. Module 2.8: Guidance for Standard VI
11. Module 2.9: Guidance for Standard VII
12. Answer Key for Module Quizzes
4. Reading 3: Application of the Code and Standards: Level III
1. Exam Focus
2. Module 3.1: Cases
3. Key Concepts
4. Answer Key for Module Quizzes
5. Reading 4: Professionalism in the Investment Industry
1. Exam Focus
2. Module 4.1: Establishing Trust, Expectations, Framework for Ethical Decision-
Making, and Challenges of Investment Management Professionals
3. Key Concepts
4. Answer Key for Module Quizzes
6. Reading 5: Asset Manager Code of Professional Conduct
1. Exam Focus
2. Module 5.1: The Asset Manager Code
3. Key Concepts
4. Answer Key for Module Quizzes
7. Reading 6: Overview of the Global Investment Performance Standards
1. Exam Focus
2. Module 6.1: GIPS Overview
3. Module 6.2: Compliance and Data Requirements
4. Module 6.3: Calculation
5. Module 6.4: Composites
6. Module 6.5: Disclosures
7. Module 6.6: Presentation and Reporting
8. Module 6.7: Real Estate and Private Equity
9. Module 6.8: Wrap Fee/Separately Managed Accounts and Advertising
10. Module 6.9: Verification and After-Tax Reporting
11. Module 6.10: Evaluating a Report
12. Key Concepts
13. Answer Key For Module Quizzes
8. Topic Assessment: Ethical and Professional Standards
, 9. Topic Assessment Answers: Ethical and Professional Standards
10. Reading 7: The Behavioral Finance Perspective
1. Exam Focus
2. Module 7.1: Intro: Traditional Finance vs. Behavioral Finance
3. Module 7.2: Utility Theory and Prospect Theory
4. Module 7.3: Implications
5. Key Concepts
6. Answer Key for Module Quizzes
11. Reading 8: The Behavioral Biases of Individuals
1. Exam Focus
2. Module 8.1: Cognitive Errors vs. Emotional Biases
3. Module 8.2: Emotional Biases
4. Key Concepts
5. Answer Key for Module Quizzes
12. Reading 9: Behavioral Finance and Investment Processes
1. Exam Focus
2. Module 9.1: Classifying Investors
3. Module 9.2: Implications: Clients and Their Portfolios
4. Module 9.3: Implications: Other
5. Key Concepts
6. Answer Key for Module Quizzes
13. Topic Assessment: Behavioral Finance
14. Topic Assessment Answers: Behavioral Finance
, List of pages
1. i
2. ix
3. x
4. xi
5. xii
6. xiii
7. xiv
8. xv
9. 1
10. 2
11. 3
12. 4
13. 5
14. 6
15. 7
16. 8
17. 9
18. 10
19. 11
20. 12
21. 13
22. 14
23. 15
24. 16
25. 17
26. 18
27. 19
28. 20
29. 21
30. 22
31. 23
32. 24
33. 25
34. 26
35. 27
36. 28
37. 29
38. 30
39. 31
40. 32
41. 33
42. 34
43. 35
44. 36
45. 37
46. 38
47. 39
1. Welcome to the 2020 Level III SchweserNotes™
2. Learning Outcome Statements (LOS)
3. Readings 1&2: Code of Ethics and Standards of Professional Conduct, Guidance for
Standards I–VII
1. Exam Focus
2. Module 1.1: Code and Standards
3. Module 2.1: Guidance for Standards I(A) and I(B)
4. Module 2.2: Guidance for Standards I(C) and I(D)
5. Module 2.3: Guidance for Standard II
6. Module 2.4: Guidance for Standards III(A) and III(B)
7. Module 2.5: Guidance for Standards III(C), III(D), and III(E)
8. Module 2.6: Guidance for Standard IV
9. Module 2.7: Guidance for Standard V
10. Module 2.8: Guidance for Standard VI
11. Module 2.9: Guidance for Standard VII
12. Answer Key for Module Quizzes
4. Reading 3: Application of the Code and Standards: Level III
1. Exam Focus
2. Module 3.1: Cases
3. Key Concepts
4. Answer Key for Module Quizzes
5. Reading 4: Professionalism in the Investment Industry
1. Exam Focus
2. Module 4.1: Establishing Trust, Expectations, Framework for Ethical Decision-
Making, and Challenges of Investment Management Professionals
3. Key Concepts
4. Answer Key for Module Quizzes
6. Reading 5: Asset Manager Code of Professional Conduct
1. Exam Focus
2. Module 5.1: The Asset Manager Code
3. Key Concepts
4. Answer Key for Module Quizzes
7. Reading 6: Overview of the Global Investment Performance Standards
1. Exam Focus
2. Module 6.1: GIPS Overview
3. Module 6.2: Compliance and Data Requirements
4. Module 6.3: Calculation
5. Module 6.4: Composites
6. Module 6.5: Disclosures
7. Module 6.6: Presentation and Reporting
8. Module 6.7: Real Estate and Private Equity
9. Module 6.8: Wrap Fee/Separately Managed Accounts and Advertising
10. Module 6.9: Verification and After-Tax Reporting
11. Module 6.10: Evaluating a Report
12. Key Concepts
13. Answer Key For Module Quizzes
8. Topic Assessment: Ethical and Professional Standards
, 9. Topic Assessment Answers: Ethical and Professional Standards
10. Reading 7: The Behavioral Finance Perspective
1. Exam Focus
2. Module 7.1: Intro: Traditional Finance vs. Behavioral Finance
3. Module 7.2: Utility Theory and Prospect Theory
4. Module 7.3: Implications
5. Key Concepts
6. Answer Key for Module Quizzes
11. Reading 8: The Behavioral Biases of Individuals
1. Exam Focus
2. Module 8.1: Cognitive Errors vs. Emotional Biases
3. Module 8.2: Emotional Biases
4. Key Concepts
5. Answer Key for Module Quizzes
12. Reading 9: Behavioral Finance and Investment Processes
1. Exam Focus
2. Module 9.1: Classifying Investors
3. Module 9.2: Implications: Clients and Their Portfolios
4. Module 9.3: Implications: Other
5. Key Concepts
6. Answer Key for Module Quizzes
13. Topic Assessment: Behavioral Finance
14. Topic Assessment Answers: Behavioral Finance
, List of pages
1. i
2. ix
3. x
4. xi
5. xii
6. xiii
7. xiv
8. xv
9. 1
10. 2
11. 3
12. 4
13. 5
14. 6
15. 7
16. 8
17. 9
18. 10
19. 11
20. 12
21. 13
22. 14
23. 15
24. 16
25. 17
26. 18
27. 19
28. 20
29. 21
30. 22
31. 23
32. 24
33. 25
34. 26
35. 27
36. 28
37. 29
38. 30
39. 31
40. 32
41. 33
42. 34
43. 35
44. 36
45. 37
46. 38
47. 39
