Every chapter read to Level 3, the level of detail the Series 65 exam asks for, with the formulas and worked examples. Unit 8 covers advisers, regulation, accounts and taxes.
22Chapters
3.9 hReading time
| # | Chapter | Read | Minutes |
|---|
| 1 | How to read this series | Level 1, Level 2, Level 3, Level 4 | 5 |
| 2 | Risk and return, the types | Level 1, Level 2, Level 3 | 9 |
| 3 | Probability and statistics for investors | Level 1, Level 2, Level 3 | 9 |
| 4 | Time value of money and compounding | Level 1, Level 2, Level 3 | 7 |
| 5 | Microeconomics: supply, demand, elasticity, market structure, moats | Level 1, Level 2, Level 3 | 9 |
| 6 | Macroeconomics: GDP, inflation, unemployment, the business cycle | Level 1, Level 2, Level 3 | 6 |
| 7 | Monetary and fiscal policy, the Taylor rule and the yield curve | Level 1, Level 2, Level 3 | 9 |
| 8 | Bonds and the maths of basis points | Level 1, Level 2, Level 3 | 13 |
| 9 | Credit: corporate bonds, munis, ratings, spreads, default and recovery | Level 1, Level 2, Level 3 | 10 |
| 10 | Equity valuation | Level 1, Level 2, Level 3 | 13 |
| 11 | Equity risk drivers, factors, international and emerging markets | Level 1, Level 2, Level 3 | 10 |
| 12 | Real estate and REITs | Level 1, Level 2, Level 3 | 7 |
| 13 | Commodities and gold | Level 1, Level 2, Level 3 | 10 |
| 14 | Currencies and what moves them | Level 1, Level 2, Level 3 | 11 |
| 15 | Forwards, futures and swaps | Level 1, Level 2, Level 3 | 11 |
| 16 | Options: European, American, Bermudan and exotics; binomial, Black–Scholes, the Greeks | Level 1, Level 2, Level 3 | 15 |
| 17 | Credit derivatives and structured products: CDS, MBS, ABS, CDOs, tranching and 2008 | Level 1, Level 2, Level 3 | 13 |
| 18 | Portfolio construction: MPT, the efficient frontier, CAPM, factors, rebalancing | Level 1, Level 2, Level 3 | 14 |
| 19 | Behavioural finance | Level 1, Level 2, Level 3 | 9 |
| 20 | The 11 asset classes, deepened: risk drivers and one example per driver | Level 1, Level 2, Level 3 | 21 |
| 21 | Fiduciary duty, advisers vs brokers, the regulators | Level 1, Level 2, Level 3 | 12 |
| 22 | Accounts, taxes and the investor's plan | Level 1, Level 2, Level 3 | 12 |
| Total | | 235 |
Other paths: Beginner path · CFA path. All chapters.
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