INVESTMENT SERVICES EXAMINATIONS
Background, Structure and Study Requirements
30.7.2007
EXAMINATION BACKGROUND
Objectives of investment services examinations of FASD
Finnish Association of Securities Dealers maintains and develops investment services examination program which consists of two examinations: General Securities Examination and Investment Advisor Examination. Finnish regulations of investment services industry require professionalism in management and in provision of services of securities firms. There are no specific requirements of professionalism for employees of securities firms in Finland except in stock and derivatives broking. However, employees of investment services firms need multiple skills and knowledge from various business acumen e.g. finance, economics, managerial finance, accounting and legal expertise. Due to this fact, FASD has accepted examination requirements for employees of investment services firms in Finland. Examination program is a part of FASD self-regulation. The main objective of the program is to maintain and develop the high level of expertise among industry professionals.
FASD General Securities Examination (APV1)
General Securities Examination is highly respected and acknowledged by investment services firms in Finland as a certificate of required professional skills needed in provision of investment services. Study requirements of the examination cover key concepts of main business acumen. Study requirements are divided into seven themes. First three themes focus on market structure, corporate financial management and financial instruments. Next themes focus on service provision and associated rules and regulations. The emphasis is on asset management i.e. mutual funds, wealth management and insurance services. The last theme covers investment taxation and basics of investor regulation.
FASD Investment Advisor Examination (APV2)
The objective of Investment Advisor Examination is to deepen and broaden the knowledge acquired in the General Securities Examination. The structure and themes of the examination correspond to the General Securities Examination. In order to be eligible to take Investment Advisor Examination, General Securities Examination has to be passed by the examinee.
As passing of General Securities Examination is required, material and requirements Investment Advisor Examination are based on a hypothesis that examinee is already familiar with the key concepts General Securities Examination. Thus passing of Examination may require knowledge of concepts covered in General Securities Examination. As study material is continuously updated, questions of Investment Advisor Examination are formulated so that examinees are not put in unequal position. However, it is recommended that examinees also update their knowledge on key concepts covered in General Securities Examination.
To whom examinations are targeted for
FASD General Securities Examination (APV1)
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Examination is targeted for all employees responsible for client service in investment services firms, banks and insurance companies and for those who want to build comprehensive view of operation of financial markets, financial services and products.
FASD Investment Advisor Examination (APV2)
Examination is targeted for those who are responsible for demanding client service such as investment advice and asset management. A typical examinee is a client responsible in a private bank or in an asset management unit of a larger bank or insurance company.
For those who are responsible for client asset and portfolio management we recommend also CEFA and CFA examinations.
Passing examinations and principles of examination evaluation
Examinations are carried out in written format. Examination dates and locations are confirmed annually. Accepted passing of General Securities Examination is required before examinee is allowed to apply for Investment Advisor Examination. FASD is not arranging any preparation courses and passing of examinations does not require any specific education. In practise, however, the majority of examinees have taken part in some preparatory education. Both examinations are graded on the scale accepted / failed. Examinees will be informed their individual results in particular.
Required levels of competence (see detailed description in appendix 1)
Descriptions of required levels of competence are based on four levels according to cognitive contents. Aim of this division is to give guidance in preparation to examinations and in planning of preparation courses. In each of the seven themes of study one or two sub topics are considered as key concepts. Examination questions are written on the basis of required levels of competence. However, some of the questions can be easier than maximum required level of competence.
Level A - analysis Level B - application Level C - understanding Level D - acknowledging
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STRUCTURE OF INVESTMENT SERVICES EXAMINATIONS
Structure
Both examinations are based on seven main themes, all of which are passed at once. There is no minimum level of required knowledge in each theme in order to pass the examination. However, the structure of examination questions aims to the fact that accepted passing of the examination requires good knowledge in each of the themes.
Examinee of General Securities Examination is required of good knowledge of each of the themes. In Investment Advisor Examination competence requirements can be overlapping to General Securities Examination, but generally more comprehensive knowledge is required. Detailed information of required levels of competence is outlined below under each theme.
Main themes in examinations:
1. Economy and financial system structure
2. Corporate financial management
3. Financial instruments and investments
4. Mutual funds and asset management
5. Insurance
6. Regulation of financial services provision
7. Investment taxation and basics of investor regulation
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EXAMINATION REQUIREMENTS
1. ECONOMY AND FINANCIAL SYSTEM STRUCTURE
1.1 Objectives
FASD General Securities Examination (APV1)
You should understand basic concepts and terminology of economics. Moreover, you should be aware of the connection between economy and financial markets. The objective is that you have adopted key concepts on the level that it is possible to follow general economic discussion and to understand current economic information.
FASD Investment Advisor Examination (APV2)
In addition to the above, you should understand macroeconomic concepts and basics of economic processes so that it is possible to evaluate economic implications of structural changes and political decisions, such as changes in fiscal and monetary policy. You should understand the role and dynamics of inflation and its impact on financial markets. Moreover, you should understand how international economy and its development affects the Finnish economy and prices of domestic financial instruments.
You should be able to fully understand economic journalism and other information, to discuss and to clarify key issues for the client and evaluate the impact on clients’ investments.
1.2 Contents of requirements
Topic Level of competenceAPV 1 APV 2
I Economics C B- Key concepts- Economic systems
II Demand and supply determine prices C B- Price determination - Demand and supply
III Labor markets and wages C CIV Financial system structure B A
- Money markets- Bond markets- Equity markets- Foreign exchange markets- Derivatives markets- Clearing and settlement in securities markets- Financial institutions: intermediaries, investors,
supervisors etc.- Mutual funds
V International economics C B- Global economy, US, Asia and EU- Role of international trade- International markets
VI Government and public sector C C
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- Role of government - How government is involved in the economy - Key concepts of monetary and fiscal policy
VII How macroeconomy works C C- Key concepts of macroeconomics - Gross national product, GDP
VIII Growth and development C CIX Business cycles C B
- Unemployment- Key concepts of inflation - Impact of inflation on financial markets
X Monetary Policy and financial integration in EU C B- Key concepts of monetary policy in Euro-area- Monetary structure of Euro-area- Monetary strategy of ECB- Implementation of monetary policy- Instruments of monetary policy and impact on fin-
ancial markets- Bank of Finland in Euro-system
1.3 Study material
FASD General Securities Examination (APV1)
Tikkanen, Ensio – Vartia, Pentti: ”Taloudellista pääomaa. Johdatus kansantalouteen”. Helsinki: Taloustieto Oy, 2006, 5. uudistettu painos.
Finanssialan keskusliitto: ”Suomen rahoitusmarkkinat 2007”. Uusin ennen tenttiä saatavilla oleva painos. Opas löytyy osoitteesta Finanssialan Keskusliiton www.fkl.fi -sivustosta (alavalinta Finanssiala/Rahoitusmarkkinat/oikea palsta)
FASD Investment Advisor Examination (APV2) also :
Pekkarinen, J. – Sutela, P.: ”Kansantaloustiede.” Porvoo: WSOY, 2003, 10. uudistettu painos). Luvut 8–11 (8. Rahapolitiikan ja finanssipolitiikan perusteet, 9. Inflaatio, 10. Avoin kansantalous ja talouspolitiikka, 11. Euro ja talouspolitiikka).
Koskenkylä H. (toim.): ”Rahoitusmarkkinoiden integraatio”>Suomen Pankki A:107, 2004 2. uudistettu painos Teos löytyy SP:n kotisivuilta (www.bof.fi) kohdasta Suomen Pankki>Julkaisut>Suomen Pankin julkaisut>Tutkimuksia Sarja A
Euro ja Talous: ”Rahoitusjärjestelmän vakaus”> Viimeisin erikoisnumero. Teksti löytyy SP:n kotisivuilta (www.bof.fi) kohdasta Suomen Pankki>Julkaisut>Suomen Pankin julkaisut>rahoitusjärjestelmän vakaus Suomen Pankin julkaisu
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2. CORPORATE FINANCIAL MANAGEMENT
2.1 Objectives
FASD General Securities Examination (APV1)
You should understand key concepts of corporate financial management such as financial statement analysis, contents of income statement, balance sheet and key financial ratios.
FASD Investment Advisor Examination (APV2)
In addition to the above, you should comprehend capital budgeting, the impact of balance sheet structure on operating profit, financial statement analysis, IFRS standards (on general level), key financial ratios and their interpretation.
2.2 Contents of requirements
Topic Level of competenceAPV 1 APV 2
I Key concepts of financial statement analysis C B- Definition of financial statement analysis- Provision of financial statement information and
the role of legislation- Users of financial statement analysis- Information from financial markets- Other economic information
II Financial statement analysis -- C- Analysing income statement- Analysing balance sheet- Domestic rules and regulations
III Financial ratios and interpretation C A- Profitability - Leverage - Liquidity
IV Free Cash Flow calculation and analysis -- D- FCF calculation and key ratios- Analysis and intrepretation
V Market-based financial statement analysis B A- Key ratios - Connection between stock returns and financial state-
ment information - EVA, Economic Value Added - How stock returns forecast operating profits - Different profit concepts and stock prices - Market reactions to earnings announcements
VII Statistical properties of financial ratios -- B- Basic assumptions- Forecasting and credit rating- Categorizing financial ratios
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VIII IFRS financial statement -- B- IFRS (IAS) standards- IFRS standard and previous rules and regulations
in Finland
2.3 Study material
FASD General Securities Examination (APV1)
Kallunki, Juha-Pekka – Kytönen, Erkki: ”Uusi tilinpäätösanalyysi.” Talentum, 2007, 6. Kirjasta luvut 1, 3, 5.4–5.9 ja 6–7.
FASD Investment Advisor Examination (APV2) also:
Kallunki – Kytönen: ”Uusi tilinpäätösanalyysi.” Talentum, 2007, 6. Kirja kokonaisuudessaan.
Pörssisäätiö: ”Miten tilinpäätös muuttuu – opas IFRS-standardien vaikutuksista” Opas saatavilla Pörssisäätiöstä sekä internetistä. Opas löytyy osoitteesta http://www.porssisaatio.fi/ (alavalinta oppaat). Aina uusin ennen tenttiä saatavilla oleva teksti.
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3. FINANCIAL INSTRUMENTS AND INVESTMENTS
3.1 Objectives
FASD General Securities Examination (APV1)
You should be familiar with the structure of the Finnish financial markets and their operation, types of investment services and key financial instruments and related risks and expected returns. Moreover, you should understand key financial indicators illustrating returns and risks of investments. You should be able to advice clients in questions of different investments instruments.
FASD Investment Advisor Examination (APV2)
You should fully comprehend structure and operation of domestic and international equity markets. You should also be able to apply market information, economic data, financial statement analysis and financial indicators in providing advice to clients. Moreover, you should know basics and the role of firm valuation in order to form a proper view of valuation of an individual stock.
You should be aware of standard derivative products and basics of OTC-derivatives, understand risks of main derivative strategies and to be able to advice clients in using derivative instruments.
3.2 Contents of requirements
Topic Level of competenceAPV 1 APV 2
I Financial instruments, characteristics and value calcula-tion
B A
- Stocks - Bonds- Derivatives and convertible bonds - Other instruments
II Key concepts of investing B A- Key concepts of equity investing - Risk and return - Diversification - CAPM, capital asset pricing model CAPM- Investment strategy - Market efficiency
III Key concepts of derivatives C B- Derivative exchanges- Fundamentals of options and other derivatives- Derivative products
IV Pricing derivatives D B- Value calculation- Value components of futures and other derivat-
ivesV Derivatives in use -- C
- Main strategies- Risk management and derivatives
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VI Debt investments B A- Money and equity markets- Instruments and pricing- Risk, return and liquidity - Risk indicators- Direct bond investments - . Interest rate mutual funds
VIII Firm valuation -- B- Key concepts of valuation- Main valuation models - Cost of capital and valuation
3.3 Study material
FASD General Securities Examination (APV1)
OMX Exchanges: ”Opi osakkeet.” Opas kokonaisuudessaan. Uusin ennen tenttiä saatavilla oleva painos.
OMX Exchanges: ”Opi optiot.” Oppaasta luku 1. Uusin ennen tenttiä saatavilla oleva painos.
Kallunki Juha-Pekka – Martikainen, Minna – Niemelä, Jaakko: ”Ammattimainen sijoittaminen”. Talentum 5. uudistettu painos, 2007.
Pörssisäätiö: ”Sijoittajan korko-opas (Miten valitsen korkosijoituksen?)” Opas saatavilla Pörssisäätiöstä sekä internetistä. Opas löytyy osoitteesta http://www.porssisaatio.fi/ (alavalinta oppaat, miten valitsen korkosijoituksen?). Aina uusin ennen tenttiä saatavilla oleva teksti.
FASD Investment Advisor Examination (APV2) also
OMX Exchanges: ”Opi optiot.” Opas kokonaisuudessaan. Uusin ennen tenttiä saatavilla oleva painos.
Nikkinen, Jussi – Rothovius, Timo – Sahlström, Petri: ”Arvopaperisijoittaminen”. WSOY, 2002.
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4. MUTUAL FUNDS AND ASSET MANAGEMENT
4.1 Objectives
FASD General Securities Examination (APV1)
You should know operative principles of mutual funds, types of funds, and advantages and disadvantages of funds compared to direct investments. The you should be able to seek and analyse information of mutual funds, compare funds and to utilise key indicators of mutual funds in giving advice to clients. You should know basic of taxation related to fund investments.
FASD Investment Advisor Examination (APV2)
In addition to the above, you should comprehend main strategies of fund management – active, passive, absolute return/relative return and categorization based on investment strategies. You should be able to analyse mutual fund activities in Finland and in the EU countries. Moreover, you should understand structural differences between domestic and international funds (SICAV, UCITS, closed- end / open-end fund. You should be able to advice clients in choosing suitable funds on the basis of clients’ risk/return profile and in comparing different types of funds. In order to be able to give such advice, you should be able to analytically apply all the fund related information available.
4.2 Contents of requirements
Topic Level of competenceAPV 1 APV 2
I Mutual funds B A- Principles of operation - Mutual fund types - Investing to mutual funds - Mutual fund corporate governance - Fees - Mutual fund supervision and regulation- Mutual fund information - Mutual fund taxation
II Portfolio management C B- Management approaches; active/ passive - Relative return / absolute return - Role of derivatives and short selling - Regulatory restrictions - Fund value calculation
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III Ratios and mutual fund comparison C A- Calculation of fund performance- Ratios for risk and return- Recommended ratios by the Finnish Association
of Mutual Funds (TER, Tracking Error, velocity etc.)
- How to use ratios - Rating of funds
IV Categories of asset management -- B- Funds – collective asset management - Wealth management
4.3 Study material
FASD General Securities Examination (APV1)
Pörssisäätiö/Suomen Sijoitusrahastoyhdistys: ”Sijoitusrahasto-opas.” Uusin saatavilla oleva teksti. Opas löytyy osoitteesta www.porssisaatio.fi (alavalinta oppaat).
Puttonen, Vesa – Repo, Eljas: ”Miten sijoitan rahastoihin.” WSOY, 2006. Kallunki Juha-Pekka – Martikainen, Minna – Niemelä, Jaakko: ”Ammattimainen
sijoittaminen”. Talentum 5. uudistettu painos, 2007.
FASD Investment Advisor Examination (APV2) also
Nikkinen, Jussi – Rothovius, Timo – Sahlström, Petri: ”Arvopaperisijoittaminen”. WSOY, 2002. Kirjasta luku 7 ”Aktiivinen sijoitussalkun hallinta.”
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5. INSURANCE
5.1 Objectives
FASD General Securities Examination (APV1)
You should understand the role of insurance services in the society, why risks are insured and to whom - and pension-insurance policies are provided to. Moreover, you should understand basics of Finnish social security system and how it can be complemented with voluntary insurance policies.
You should know structures of both regulatory and voluntary pension and life-insurance policies and taxation related to these policies.
You should know how to advice and guide clients to make suitable long-term investment plan and how to choose appropriate financial instruments to implement the plan. You should be able to create insight to clients’ total level of social security and on that basis advice in complementing that with suitable voluntary policies. You should be able to compare life- and pension-insurance policies with direct fund and equity investments with regard to clients’ investment objectives, experience and other characteristics.
FASD Investment Advisor Examination (APV2)
In addition to the above, you should comprehend both a life-cycle of life- and pension-insurance and the role of payments and benefits on the basis of the policy in question. You should understand the social roles of regulatory and voluntary pension- and life-insurance and the motives for life-cycle investment plans of individuals.
5.2 Contents of requirements
Topic Level of competenceAPV 1 APV 2
I Insurance of individual risks C B- Individual risks - Social security - Needs for individual insurance
II Insurance products and policies for individuals B A- Insurance products and policies - Life-cycle of an insurance policy - Cost comparisons - Reversals of individual policies
III Social security and individual saving C B- Saving motives- Impact of social security on household saving-ra-
tios
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5.3 Study material
FASD General Securities Examination (APV1) and FASD Investment Advisor Examination (APV2)
Antila, Veli-Aunus. – Erwe, Ossi – Lohi, Ilkka – Salminen, Jaakko: ”Vapaaehtoinen henkilövakuutus”. Suomen vakuutusalan koulutus ja kustannus Oy, 2005, 4. uudistettu painos. Kirjasta luvut: Luku 3 Henkilöriskit, Luku 4 Suomalainen sosiaaliturva, Luku 5. Henkilövakuutusturvan tarve (poislukien luku 5.5), Luku 6 Tuotevalikoima (poislukien luvut 6.2 ja 6.5–6.7), Luku 8 Henkilövakuutuksen elinkaari, Luku 10 Henkilövakuutusten maksut, rahastot ja laskuperusteet (sivut 349–377), Luku 12 Hyvä vakuutustapa ja Luku 13 Vakuutusyhtiöiden valvonta.
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6. REGULATION OF FINANCIAL SERVICES PROVISION
6.1 Objectives
FASD General Securities Examination (APV1)
You should know all legislation, rules, regulations and norms governing provision of investment services. In particular, you should comprehend issues of liabilities and responsibility.
FASD Investment Advisor Examination (APV2)
In addition to the above, you should know basics of corporate governance in a limited company. You should also be able to apply all the rules and regulations in provision of investment services to clients.
6.2 Contents of requirements
Topic Level of competenceAPV 1 APV 2
I Limited company C B- Limited company, shares - Required bodies and organization - Decision making - Corporate governance
II Bank deposits and securities D CIII Law of investment services provision B A
- Emissions and information - Insider information - Public trading - Provision of investment services - code of conduct - Clearing and settlement - Mergers and public bids - Supervision of securities markets - Regulation on compensation of damage
IV Securities markets crime C B- Illegal usage of insider information and market ab-
use - Enforcement and sanctions
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VI Law on securities firms C B- Generalal regulation- Operation of securities firm- Financial statements, capital adequacy and risk-
taking- The Investors’ compensation fund- specific regulation on confidentiality, client identi-
fication, compensation for damage, withholding of client assets
- Enforcement and sanctions
6.3 Study material
FASD General Securities Examination (APV1)
Hoppu, Esko - Hoppu Kari: Kauppa- ja varallisuusoikeuden pääpiirteet 2007, WSOY sivut Sivut 19-68, 159-182, 197-252, 273-351, 385-390.
Pörssisäätiö: ”Osakeopas.” Aina uusin ennen tenttiä saatavilla oleva teksti. Opas löytyy osoitteesta www. porssisaatio .fi (alavalinta oppaat). Pörssisäätiön Osakeopas
Karjalainen Jarkko – Laurila, Olli – Parkkonen, Jarmo: ”Arvopaperimarkkinalaki”, Talentum, 2005, 3., uudistettu painos.
APVY: ”MiFID – Rahoitusvälineiden markkinat direktiivi” Aina uusin ennen tenttiä saatavilla oleva teksti. Materiaali löytyy APVY:n kotisivuilta (www.apvy.fi) kohdasta Sijoituspalvelualan tutkinnot>oppimateriaalia.
FASD Investment Advisor Examination (APV2) also
Hoppu Kari: Sijoitustuotteiden markkinoinnin sääntely. 2007. Sivut 97-129 ja 168-372.
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7. INVESTMENT TAXATION AND BASICS OF INVESTOR LEGISLATION
7.1 Objectives
FASD General Securities Examination (APV1)
You should know taxation of capital income, investment returns, profits from sales, wealth, capital transfers, donations and pension- and life-insurance. You should be aware of other legislation relevant to investment activities.
FASD Investment Advisor Examination (APV2)
You should comprehend key issues of taxation of capital income and inheritance and donations from a perspective of tax planning. Moreover, you should understand connection between taxation and family law so that it is possible to advice clients taking account of clients’ overall situation. You should be aware of key issues of taxation of trade and industry.
7.2 Contents of requirements
Topic Level of competenceAPV 1 APV 2
I Investment taxation B A- Taxation of individuals- Taxation of investment returns - Taxation of interest income, mutual fund profits
and other capital income - Taxation of insurance-linked income - Taxation of trading profits/losses - Taxation of capital transfers - Tax on wealth - Tax on real estate- Tax on timber income- Basics of tax-planning
II Tax planning -- B- Tax deduction of investment expenses- Taxation of pension- and life-insurance- Tax planning on inheritance and donations- Taxation of investment abroad - Procedure of taxation - Investing as a professional activity
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III Investor legislation C B- Guardianship- Proxy holding - Legal relationships in marriage - Rights on inheritance and testamentary - Settlement of an estate- Taxes on inheritance and donations
7.3 Study material
FASD General Securities Examination (APV1)
Pörssisäätiö: ”Sijoittajan vero-opas” Aina uusin ennen tenttiä saatavilla oleva teksti. Opas löytyy osoitteesta www. porssisaatio .fi (alavalinta oppaat). Nettiversiota tullaan päivittämään vastaamaan hallituksen esittämää yritys- ja pääomaverouudistusta.
APVY: ” Perintöoikeutta ja perintöverotusta pääpiirteissään 2005”. Materiaali löytyy APVY:n kotisivuilta (www.apvy.fi) kohdasta Sijoituspalvelualan tutkinnot>oppimateriaalia> Perhe- ja perintöoikeutta pääpiirteissään 2005.
FASD Investment Advisor Examination (APV2) also
Ossa, Jaakko: Perhe, perintö ja verotus 2007. WSOY.
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APPENDIX 1
LEVELS OF COMPETENCE IN EXAMINATIONS
Levels of competence in examination materials are divided into four levels. Questions in examina-tions are compiled on the basis of this categorization. Illustration in the list of study materials aims to help in preparation and planning of preparatory courses. Outlined requirements of levels of com-petence are maximum demands. Questions are not always as demanding as possible. Levels of competence are the following:
Level A - analysis Level B - application
Level C - understanding Level D - acknowledging
The meaning of levels is to provide a tool to differentiate between core and additional material. Levels do not have any impact on types of questions in the examination.
DESCRIPTIONS OF LEVELS
Level A - analysis. Level A questions aim to test your deeper comprehension of each study theme. In order to answer, you should be able to identify sub-problems of more detailed level. And by resolving sub-problems you should draw correct conclusions in resolving the main question.
Examples of Level A questions:
Interest rate yield curve is decreasing. What does it indicate of inflation expectations (open question with limited space)?
If earnings/shares (e) are equal, the p/e ratio of a company with higher beta (risk-level) is higher compared to the other one, all other things assumed identical.
Right / Wrong?
Level B - application. Questions of Level B aim to measure your ability to apply contents of re-quired study material in a given situation or problem. Answering these questions requires ability to use theories in typical decision-making situations.
Examples of Level B questions:
Define securitization and describe its advantages (open question with limited space)?
Investing in equal amounts to two separate shares (e.g. Uponor and Outokumpu) res-ults average return of both shares but risk measured as volatility is lower than the av-erage of separate volatilities of these shares.
Right / Wrong?
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Assume a mutual fund X returns 15% and its beta is 1,2 and its volatility is 20% under the sample period. What of the next is its Treynor’s index? Under sample period mar-ket index return was 12% and risk-free return was 6%.
a) 0,025b) 0,075c) 0,150d) 0,450
A Finnish shareholder O earns 1000 euros of dividends from a Swedish company. Sweden collects 15% tax at source of income. In Finland O must pay tax of 29% on capital income. Net dividend paid for O is 560 euros.
Right / Wrong?
Level C - understanding. Questions of Level C aim to test your understanding of causal relation-ships and other operative issues common in the financial markets.
Examples of Level C questions:
P/E ratio 55 indicates that the price of one share is 55 times the value of company’s balance sheet.
Right / Wrong?
Bond is a loan, which value increases as interest rates increase.
Right / Wrong?
Level D – acknowledging. On this level, you are required to remember concepts and definitions. Questions can be about terms, definitions, facts or other individual detail.
Examples of Level D questions:
Certificate of deposit is issued by a company.
Right / Wrong?
Deals executed outside stock exchange are charged capital transfer tax of 1,6%.
Right / Wrong?
Volatility of financial markets means:
a) Average returnsb) Standard deviations of returnsc) Average pricesd) Standard deviations of prices
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APPENDIX 2
HOW TO ACQUIRE STUDY MATERIAL
Helsingin Pörssin ”Opi optiot” ja ”Opi Osakkeet” -oppaat
Visit OMX way Info Fabianinkatu 14 or call OMX Financial Training 09-616 67221.
Opi osakkeet / 25 € (sis. ALV) + transport charges
Opi optiot / 25 € (sis. ALV) + transport charges
Subscriptions can also be sent to [email protected].
Sijoitusrahasto-opas ja Sijoittajan vero-opas
Visit webpages: www.porssisaatio.fi or call (09) 668 9160/Pörssisäätiö or visit OMX way info. Material is available free of charge.
Suomen Rahoitusmarkkinat, Finanssialan keskusliitto
Visit webpages: www.fkl.fi . Material is available free of charge
Other materialBook stores
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