Investment Certification School
September 16-20, 2024 // Chicago, IL
Venue: The Westin Michigan Avenue Chicago
7:00 – 8:00 a.m. - Registration & Breakfast provided
8:00 – 9:45 a.m. - Basic Investment Structures and Cash Flows
Gain a fundamental understanding of commonly held investments and the application of key financial characteristics. The following will be covered: basic investment structures, bullet – CD, treasury and agency, floating rate securities, callable, and step-up structures.
Speaker: Adam Wolcott
9:45 – 10:00 a.m. - Break
10:00 – 11:30 a.m. - Understanding Key Principles and Financial Characteristics
Learn key financial characteristics, the proper application and common misapplications. The following will be covered: yield, spread, WAL, time value of money, durations (McCauley, modified, effective, spread), option-adjusted spread, and term structure of interest rates.
Speaker: Kevin Chiappetta, CFA
11:30 a.m. – 12:30 p.m. - Lunch provided
12:30 – 2:15 p.m. - MBS and CMO Basics, Structures, and Cash flows
The following will be covered: mortgage backed securities, collateralized mortgage obligations, common issuers and implications, and key factors that should impact risk adjusted returns.
Speaker: Adam Wolcott
2:15 – 2:30 p.m. - Break
2:30 – 4:00 p.m. - Developing Rish/Return Requirements for the Investment Portfolio
Learn 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
Speaker: Kevin Chiappetta, CFA
7:30 – 8:00 a.m. - Breakfast provided
8:00 – 9:15 a.m. - Corporate Governance – Customizing Portfolio and Instrument Level Constraints
All previously discussed issues come together in the development of the investment, liquidity, interest rate risk, and concentration risk policies. During this session, you will learn how to customize policies given the unique characteristics of your credit union.
Speaker: Bart Smith
9:15 – 9:30 a.m. - Break
9:30 – 11:00 a.m. - Effective Portfolio Management
The following questions will be answered during this session. What role should the portfolio play at your credit union? What are the three rules of effective portfolio management? What habits do you need to embrace to be successful?
Speaker: Nigel Johnson
11:00 a.m. – 12:30 p.m. - Lunch on your own
12:30 – 2:00 p.m. - CCUIP Fundamentals Exam Review
This review session will help prepare you for the Certified Credit Union Investments Professional (CCUIP) exam. Materials will be reviewed, and you may ask questions
Speaker: Jim Toliver
2:00 – 2:15 p.m. - Break
2:15 – 4:00 p.m. - Accounting, Monitoring, and Reporting to Board and ALCO
The following will be covered: address monitoring your investment portfolio, explore portfolio reporting, learn rebalancing alternatives, learn the mechanics of the trade, and explore safekeeping and selecting a safekeeping agent.
Speaker: Todd DeVoogd
7:30 – 8:00 a.m. - Breakfast provided
8:00 – 9:15 a.m. - Managing Broker Relationships and Counterparty Exposure
A credit union portfolio manager will discuss one approach to managing broker relationships and counterparty exposures.
Speakers: Todd DeVoogd & Jim Toliver
9:15 – 9:45 a.m. - CCUIP Fundamentals Exam Review
This review session will help prepare you for the Certified Credit Union Investments Professional (CCUIP) exam. Materials will be reviewed, and you may ask questions.
Speaker: Jim Toliver
9:45 – 10:00 a.m. - Break
10:00 a.m. – 12:00 p.m. - Certified Credit Union Investment Professional (CCUIP) Fundamentals Exam
11:00 a.m. – 12:30 p.m. - Registration & lunch provided
12:30 – 1:15 p.m. - The Problem
Speaker: Nigel Johnson
1:15 – 1:30 p.m. - Break
1:30 – 2:20 p.m. - The Use and Abuse of Conventional Analytics
Speaker: Brian Battle
2:20 – 2:30 p.m. - Break
2:30 – 3:15 p.m. - Is There a Money Ball Solution?
Speaker: Brian Battle
3:15 - 3:20 p.m. - Break
3:20 - 4:30 p.m. - Overcoming Analytical Contradictions
Speaker: Nigel Johnson
5:00 - 8:00 p.m. - Social Outing Hosted by Performance Trust University
Details TBD
7:30 – 8:00 a.m. - Breakfast provided
8:00 – 9:15 a.m. - A Framework for Fixed-Income Decision Making
Speaker: Nigel Johnson
9:15 – 10:45 a.m. - Total Return Scenario Analysis: Applied to Bullet and Callable Securities
Speaker: Adam Wolcott
10:45 – 11:00 a.m. - Break
11:00 a.m. – 12:00 p.m. - Evaluating Live Bullet and Callable Offerings
Speaker: Adam Wolcott
12:00 – 12:30 p.m. - Lunch provided
12:30 – 2:15 p.m. - Case Study: Risk/Reward Decision-Making Framework
Speaker: Adam Wolcott & Nigel Johnson
2:15 – 2:30 p.m. - Break
2:30 – 3:45 p.m. - Decomposing MBS and CMOs
Speaker: Adam Wolcott
3:45 – 4:30 p.m. - CCUIP Advanced Exam Review
This review session will help prepare you for the Certified Credit Union Investments Professional (CCUIP) exam. Materials will be reviewed, and you may ask questions.
Speaker: Jim Toliver, CFA
7:30 – 8:00 a.m. - Breakfast provided
8:00 – 9:00 a.m. - Moving Coupons
Speaker: Adam Wolcott
9:00– 9:15 a.m. - Break
9:15 – 10:15 a.m. - Workshop: Security Level Risk/Reward Decision Making
During this competition, you will independently evaluate investment options and build a portfolio competing against other attendees.
Speakers: Adam Wolcott & Nigel Johnson
10:15 – 11:15 a.m. - Looking Forward – Applying Lessons Learned Across the Balance Sheet
To survive, your credit union needs quality sustainable earnings. How do we apply what we have learned from this program to the whole balance sheet? Is NEV and NII giving us valuable information or is it leaving us with blind spots in our decision-making process? These questions and more will be answered in this interactive session.
Speaker: Nigel Johnson
11:15 – 11:45 a.m. - Lunch provided
11:45 a.m. – 12:15 p.m. - CCUIP Advanced Exam Review
This review session will help prepare you for the Certified Credit Union Investments Professional (CCUIP) exam. Materials will be reviewed, and you may ask questions.
Speaker: Jim Toliver, CFA
12:15 – 12:30 p.m. - Break
12:30 – 2:30 p.m. - Certified Credit Union Investment Professional (CCUIP) Advanced Exam