CUNA Fundamentals of Investment Management eSchool (recorded 2017)

CUNA Fundamentals of Investment Management eSchool (recorded 2017)
05/09/2017 To 04/30/2018
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  • $1,295.00
    CUNA Member Price
  • Non Member Price $2,590.00
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Gain a credit union-specific introduction to investments in this eSchool. These sessions will teach you the art of investments on conceptual, procedural and strategic levels.

You’ll finish the eSchool with a clear understanding of your role in the investment process and how you can help your credit union make intelligent decisions that create maximum value. Plus, you’ll be on your way to earning the Certified Credit Union Investments Professional (CCUIP) designation.

Following this track, you will:

  • Understand the investment portfolio management discipline as a five-step process, not simply a function of purchasing and selling investments
  • Develop a fundamental knowledge of investment return and risk measures, including application and advantages/disadvantages of each, and the mechanics of the trade: trade date, settlement, safekeeping, etc.
  • Learn basics in the development of investment strategy, primary security types that are permissible for credit union investors, including risk/return characteristics of each, how to analyze and document, their role in the portfolio, and portfolio reporting, monitoring and rebalancing
  • Explore the other side of the broker/dealer arrangement: what’s in it for them, how they operate, and how to deal with them
  • Understand the role of the board of directors from a best practices perspective: their responsibilities and their limitations

This event is produced by the CUNA Center for Professional Development, in partnership with Performance Trust Capital Partners and endorsed by CUNA CFO Council.

Who Should Attend

This eSchool is beneficial for CFOs, finance professionals, chief investment officers, investment analysts and accountants, controllers, auditors, risk managers, directors, ALCO members, volunteers and CEOs.

Sessions include:

Class 1: Understanding Key Principles and Financial Characteristics - Kevin Chiappetta, CFA

This session focuses on basic financial concepts, their proper application and common misapplications.

Topics covered include:

  • Yield
  • Spread
  • WAL
  • Time value of money
  • Durations
    • McCauley
    • Modified
    • Effective
    • Spread
  • Option adjusted spread
  • Term structure of interest rates

Class 2: Basic Investment Structures, Cash Flows and Financial Characteristics - Kevin Chiappetta, CFA

The Session provides a fundamental understanding of commonly held investments and the application of key financial characteristics.

  • Basic Investment Structures
    • Bullet – CD, Treasury & Agency
    • Floating Rate Securities
    • Callable
    • Step-up Callable

Class 3: Developing Suitable Portfolio Risk/Return Requirements for Your Credit Union - Jason Elder

This session will teach the Candidate how to show the Board and ALCO the role the Investment Portfolio plays as part of the balance sheet from first mitigating the net risk between shares and loans, generating returns and aligning clear risk, return benchmarks based on balance sheet interest rate and liquidity risks.

  • A portfolio should reprice slowly enough in rates down and quickly enough in rates up to make sure the CU has durable NEV and NII margins
  • A portfolio can take IRR to reduce balance sheet risk
  • When the YC is flat, you aren’t getting paid for taking more IRR and your process should identify opportunities to reduce risk without reducing returns
  • If the YC is steep, you can make more income for adding risk
    • Align all stakeholders agree
    • Performance expectations and portfolio constraints
  • Aligning Broker Relationships

Class 4: Mortgage Backed Securities and CMO Basics, Structures, Cash Flows and Key Financial Characteristics - Ken Dryfhout, CFA

  • Mortgage Backed Securities
  • Collateralized Mortgage Obligations
  • Common Issuers and Implications
  • Key Factors that should impact risk adjusted returns

Class 5: Accounting, Monitoring and Reporting to Board & ALCO - Chad Bostick, CPA

  • Address monitoring your investment portfolio
  • Explore portfolio reporting
  • Learn rebalancing alternatives
  • Learn the mechanics of the trade
  • Explore safekeeping and selecting a safekeeping agent

Class 6: Examination Preparation

The regulatory examination can be a stressful and intimidating process even for a well-seasoned portfolio manager. The objective of this session to move the learning process from the field examination into the safety of a classroom learning environment so the candidates learn about the process, ask questions, know what to expect and can be well prepared for their next examination.

Class 7: Panel Discussion: Managing Broker Relationships and Counterparty Exposure

A panel of credit union portfolio managers will discuss their approach to managing their broker relationships and counterparty exposures.

Class 8: Portfolio Management Workshop

Engage in an interactive strategy workshop designed to reinforce lessons learned and prepare the group to identify the proper the application of key financial concepts and common misapplications.

Class 9: Corporate Governance – Customizing Portfolio and Instrument Level Constraints - Bart Smith

Throughout the program there are references made to diversification and both the asset class and CUSIP level, suitability, appropriateness liquidity needs, risk tolerance, existing balance sheet concentrations, knowledge, risk systems, accounting systems, capitalization levels… All these issues come together in the development of the investment, liquidity, interest rate risk and concentration risk policies In this Corporate Governance policy workshop the CU will learn how to customize policies given the unique characteristics of their credit unions.

Class 10: CCUIP Exam Review - James Toliver, CFA

This review session with help prepare attendees for the Certified Credit Union Investments Professional (CCUIP) exam. Materials will be reviewed.

Recorded eSchool length: 15 hours (each class is 1 hour and 30 minutes) 

This eSchool is available to CUNA Training Bundle users at no additional cost.

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