Self-Tests

As part of the Continuing Education (CE) Program, members of CFA Institute can earn CE credit by completing self-tests on select CFA Institute publications. These tests are multiple choice, have no time limit, and can be taken more than once.

A passing score of 70 percent is required to earn CE credit, which will be recorded in your online tracking resource within two weeks of successful completion.


FAJ 2012
Demographic Changes, Financial Markets, and the Economy
January/February 2012
Topics: Economics | Equity Investments | Fixed Income | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Informed Traders: Linking Legal Insider Trading and Share Repurchases
January/February 2012
Topics: Equity Investments
Credits: 1 CE | 0 SER
Self-test

Leverage Aversion and Risk Parity
January/February 2012
Topics: Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Making Retirement Income Last a Lifetime
January/February 2012
Topics: Private Wealth Management
Credits: 1 CE | 0 SER
Self-test

Two Key Concepts for Wealth Management and Beyond
January/February 2012
Topics: Portfolio Management
Credits: .5 CE | 0 SER
Self-test

Allocating Assets in Climates of Extreme Risk: A New Paradigm for Stress Testing Portfolios
March/April 2012
Topics: Portfolio Management | Risk Management
Credits: 1 CE | 0 SER
Self-test

How Index Trading Increases Market Vulnerability
March/April 2012
Topics: Equity Investments | Portfolio Management | Risk Management
Credits: 1 CE | 0 SER
Self-test

Information Uncertainty and the Post-Earnings Announcement Drift in Europe
March/April 2012
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Is There a Cost to Transparency?
March/April 2012
Topics: Alternative Investments | Portfolio Management
Credits: 1 CE | 1 SER
Self-test

What Makes Stock Prices Move? Fundamentals vs. Investor Recognition
March/April 2012
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Asset Growth and Future Stock Returns: International Evidence
May/June 2012
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Does IFRS Stand for InFormation RiSk?
May/June 2012
Topics: Financial Statement Analysis | Standards, Ethics, and Regulations
Credits: .5 CE | .5 SER
Self-test

Improving Risk Forecasts for Optimized Portfolios
May/June 2012
Topics: Portfolio Management | Risk Management
Credits: 1 CE | 0 SER
Self-test

Jump on the Post-Earnings Announcement Drift
May/June 2012
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Regime Shifts: Implications for Dynamic Strategies
May/June 2012
Topics: Portfolio Management | Risk Management
Credits: 1 CE | 0 SER
Self-test

Emerging Local Currency Bond Markets
July/August 2012
Topics: Fixed Income
Credits: 1 CE | 0 SER
Self-test

Exchange-Traded Funds, Market Structure, and the Flash Crash
July/August 2012
Topics: Equity Investments | Alternative Investments
Credits: 1 CE | 0 SER
Self-test

Exploiting Option Information in the Equity Market
July/August 2012
Topics: Derivatives | Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Inflation and Individual Equities
July/August 2012
Topics: Equity Investments | Portfolio Management | Risk Management
Credits: 1 CE | 0 SER
Self-test

Murder on the Orient Express: The Mystery of Underperformance
July/August 2012
Topics: Behavioral Finance | Portfolio Management
Credits: 0.5 CE | 0.5 SER
Self-test

Convertible Arbitrage Price Pressure and Short-Sale Constraints
September/October 2012
Topics: Alternative Investments | Equity Investments | Fixed Income
Credits: 1 CE | 0 SER
Self-test

CVA and Wrong-Way Risk
September/October 2012
Topics: Derivatives | Fixed Income | Portfolio Management | Risk Management
Credits: 1 CE | 0 SER
Self-test

Do Finance Professors Invest Like Everyone Else?
September/October 2012
Topics: Behavioral Finance | Equity Investments
Credits: 1 CE | 0 SER
Self-test

Do Financial Markets Reward Buying or Selling Insurance and Lottery Tickets?
September/October 2012
Topics: Behavioral Finance | Derivatives | Equity Investments | Portfolio Management | Risk Management
Credits: 0.5 CE | 0 SER
Self-test

Emerging Market Inflation-Linked Bonds
September/October 2012
Topics: Fixed Income | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Leverage Aversion and Portfolio Optimality
September/October 2012
Topics: Equity Investments | Portfolio Management | Quantitative Methods | Risk Management
Credits: 1 CE | 0 SER
Self-test

Systemic Risk, Multiple Equilibriums, and Market Dynamics: What You Need to Know and Why
September/October 2012
Topics: Economics | Portfolio Management | Risk Management
Credits: 0.5 CE | 0 SER
Self-test

A Fully Integrated Liquidity and Market Risk Model
November/December 2012
Topics: Portfolio Management | Risk Management
Credits: 1 CE | 0 SER
Self-test

An Experienced View on Markets and Investing
November/December 2012
Topics: Behavioral Finance | Economics | Equity Investments | Portfolio Management
Credits: 0.5 CE | 0 SER
Self-test

Fewer, Richer, Greener: The End of the Population Explosion and the Future for Investors
November/December 2012
Topics: Economics | Portfolio Management
Credits: 0.5 CE | 0 SER
Self-test

Index Investment and the Financialization of Commodities
November/December 2012
Topics: Alternative Investments | Derivatives
Credits: 1 CE | 0 SER
Self-test

The Liquidity Style of Mutual Funds
November/December 2012
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Will My Risk Parity Strategy Outperform?
November/December 2012
Topics: Fixed Income | Performance Measurement and Evaluation | Portfolio Management | Risk Management
Credits: 1 CE | 0 SER
Self-test
FAJ 2011
Active Management in Mostly Efficient Markets
November/December 2011
Topics: Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Most Likely to Suceed: Leadership in the Fund Industry
November/December 2011
Topics: Portfolio Management
Credits: .5 CE | 0 SER
Self-test

The Impact of International Institutional Investors on Local Equity Prices: Reversal of the Size Premium
November/December 2011
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Trading Relative Performance with Alpha Indexes
November/December 2011
Topics: Derivatives
Credits: 1 CE | 0 SER
Self-test

When Two Anomalies Meet: The Post-Earnings Announcement Drift and the Value-Glamour Anomaly
November/December 2011
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Decomposing Global Equity Cross-Sectional Volatility
September/October 2011
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Hidden Debt: From Enron’s Commodity Prepays to Lehman’s Repo 105s
September/October 2011
Topics: Financial Statement Analysis
Credits: .5 CE | 0 SER
Self-test

A Network Value Theory of a Market, and Puzzles
September/October 2011
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

A Survey of Alternative Equity Index Strategies
September/October 2011
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

To Trade or Not to Trade? Informed Trading with Short-Term Signals for Long-Term Investors
September/October 2011
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Diversification Return, Portfolio Rebalancing, and the Commodity Return Puzzle
July/August 2011
Topics: Portfolio Management | Alternative Investments    
Credits: 1 CE | 0 SER
Self-test

Identifying Characteristics to Predict Separately Managed Account Performance
July/August 2011
Topics: Equity Investments | Portfolio Management | Performance Measurement and Evaluation
Credits: 1 CE | 0 SER
Self-test

The Limits to Arbitrage Revisited: The Accrual and Asset Growth Anomalies
July/August 2011
Topics: Behavioral Finance | Equity Investments | Portfolio Management | Risk Management
Credits: 1 CE | 0 SER
Self-test

Pricing Credit Default Swaps with Option-Implied Volatility
July/August 2011
Topics: Derivatives
Credits: 1 CE | 0 SER
Self-test

The Winners’ Game
July/August 2011
Topics: Leadership, Management, and Communication Skills | Portfolio Management | Standards, Ethics, and Regulations (SER)
Credits: 0.5 CE | 0 SER
Self-test

What Factors Drive Analyst Forecasts?
July/August
Topics: Equity Investments | Portfolio Management | Behavioral Finance
Credits: 1 CE | 0 SER
Self-test

The ABCs of Hedge Funds: Alphas, Betas, and Costs
January/February 2011
Topics: Alternative Investments | Performance Measurement and Evaluation | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Benchmarks as Limits to Arbitrage: Understanding the Low-Volatility Anomaly
January/February 2011
Topics: Behavioral Finance | Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Detecting Crowded Trades in Currency Funds
January/February 2011
Topics: Alternative Investments | Economics | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

FAJ 2010

Is A Better than B? How Affect Influences the Marketing and Pricing of Financial Securities
November/December 2010
Topics: Behavioral Finance | Equity Investments
Credits: 1 CE | 0 SER
Self-test

Misdeeds Matter: Long-Term Stock Price Performance after the Filing of Class-Action Lawsuits
November/December 2010
Topics: Equity Investments | Performance Measurement and Evaluation | Standards, Ethics, and Regulations
Credits: 1 CE | 1 SER
Self-test

Not All Buybacks Are Created Equal: The Case of Accelerated Stock Repurchases
November/December 2010
Topics: Corporate Finance | Equity Investments
Credits: 1 CE | 0 SER
Self-test

Performance Attribution: Measuring Dynamic Allocation Skill
November/December 2010
Topics: Performance Measurement and Evaluation
Credits: 1 CE | 0 SER
Self-test

TIPS, Inflation Expectations, and the Financial Crisis
November/December 2010
Topics: Economics | Fixed Income | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Cashing In on Managerial Malfeasance: A Trading Strategy around Forecasted Executive Stock Option Grants
September/October 2010
Topics: Derivatives | Equity Investments
Credits: 1 CE | 0 SER
Self-test

Opportunities for Patient Investors
September/October 2010
Topics: Economics | Equity Investments | Portfolio Management
Credits: 0.5 CE | 0 SER
Self-test

The Risk of Tranches Created from Mortgages
September/October 2010
Topics: Fixed Income
Credits: 1 CE | 0 SER
Self-test

Simulating Security Markets in Dynamic and Equilibrium Modes
September/October 2010
Topics: Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Skulls, Financial Turbulence, and Risk Management
September/October 2010
Topics: Portfolio Management | Risk Management
Credits: 1 CE | 0 SER
Self-test

A TIPS Scorecard: Are They Accomplishing Their Objectives?
September/October 2010
Topics: Fixed Income
Credits: 1 CE | 0 SER
Self-test

Conflicts of Interest and Analyst Behavior
July/August 2010
Topics: Standards, Ethics, and Regulations
Credits: 1 CE | 1 SER
Self-test

Does Simple Pairs Trading Still Work?
July/August 2010
Topics: Behavioral Finance | Portfolio Management | Quantitative Methods
Credits: 1 CE | 0 SER
Self-test

Explaining and Forecasting Bond Risk Premiums
July/August 2010
Topics: Fixed Income | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Having Your Cake and Eating It Too
July/August 2010
Topics: Portfolio Management | Private Wealth Management
Credits: 1 CE | 0 SER
Self-test

Relative Sentiment and Stock Returns
July/August 2010
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Style Timing with Insiders
July/August 2010
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Adaptive Asset Allocation Policies
May/June 2010
Topics: Portfolio Management | Risk Management
Credits: 1 CE | 0 SER
Self-test

Another Look at Portfolio Optimization under Tracking-Error Constraints
May/June 2010
Topics: Portfolio Management | Risk Management
Credits: 1 CE | 0 SER
Self-test

Dimensioning the Housing Crisis
May/June 2010
Topics: Alternative Investments | Economics | Portfolio Management
Credits: 0.5 CE | 0 SER
Self-test

Ending Moral Hazard
May/June 2010
Topics: Economics | Fixed Income
Credits: 0.5 CE | 0 SER
Self-test

Return Predictability along the Supply Chain: The International Evidence
May/June 2010
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Sovereign Wealth Funds’ Impact on Debt and Equity Markets during the 2007–09 Financial Crisis
May/June 2010
Topics: Economics | Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

What Analysts Should Know about FAS No. 141R and FAS No. 160
May/June 2010
Topics: Financial Statment Analysis | Standards, Ethics, and Regulations
Credits: 0.5 CE | 0.5 SER
Self-test

Capital Gains Overhang and the Earnings Announcement Volume Premium
March/April 2010
Topics: Behavioral Finance | Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Hidden Survivorship in Hedge Fund Returns
March/April 2010
Topics: Alternative Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

The Importance of Asset Allocation
March/April 2010
Topics: Performance Measurement and Evaluation | Portfolio Management
Credits: 0.5 CE | 0 SER
Self-test

In Defense of Optimization: The Fallacy of 1/N
March/April 2010
Topics: Performance Measurement and Evaluation | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

The Shrinking Merger Arbitrage Spread: Reasons and Implications
March/April 2010
Topics: Alternative Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Competitive Stock Markets: Evidence from Companies’ Dual Listings on the NYSE and NASDAQ
January/February 2010
Topics: Economics | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Economic Growth and Equity Investing
January/February 2010
Topics: Economics | Equity Investments
Credits: 1 CE | 0 SER
Self-test

Has the U.S. Stock Market Become More Vulnerable over Time?
January/February 2010
Topics: Equity Investments | Leadership, Management, and Communication Skills | Portfolio Management | Risk Management
Credits: 1 CE | 0 SER
Self-test

Implications for Asset Returns in the Implied Volatility Skew
January/February 2010
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

Is the Recent Financial Crisis Really a “Once-in-a-Century” Event?
January/February 2010
Topics: Economics | Portfolio Management | Risk Management
Credits: 0.5 CE | 0 SER
Self-test

Of Laws, Lending, and Limbic Systems
January/February 2010
Topics: Economics | Leadership, Management, and Communication Skills | Standards, Ethics, and Regulations
Credits: 0.5 CE | 0 SER
Self-test

Return Targets and Percentile Fans
January/February 2010
Topics: Portfolio Managment | Risk Management
Credits: 1 CE | 0 SER
Self-test

FAJ 2009

Does Freezing a Defined-Benefit Pension Plan Increase Company Value? Empirical Evidence
July/August 2009
Topics: Corporate Finance | Equity Investments | Leadership, Management, and Communication Skills | Risk Management
Credits: 1 CE | 0 SER
Self-test

Liquidity and the Post-Earnings-Announcement Drift
July/August 2009
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

The End of “Soft Dollars”?
March/April 2009
Topics: Standards, Ethics, and Regulations
Credits: 0.5 CE | 0.5 SER
Self-test

Setting National Priorities: Financial Challenges Facing the Obama Administration
March/April 2009
Topics: Fixed Income | Portfolio Management | Standards, Ethics, and Regulations
Credits: 0.5 CE | 0.5 SER
Self-test

A Simple Theory of the Financial Crisis; or, Why Fischer Black Still Matters
March/April 2009
Topics: Behavioral Finance | Economics | Portfolio Management
Credits: 0.5 CE | 0 SER
Self-test

Trading Volume and Stock Investments
March/April 2009
Topics: Economics | Equity Investments | Performance Measurement and Evaluation
Credits: 1 CE | 0 SER
Self-test

Tumbling Tower of Babel: Subprime Securitization and the Credit Crisis
March/April 2009
Topics: Derivatives | Fixed Income | Portfolio Management
Credits: 0.5 CE | 0 SER
Self-test

When Is Stock Picking Likely to Be Successful? Evidence from Mutual Funds
March/April 2009
Topics: Equity Investments | Portfolio Management
Credits: 1 CE | 0 SER
Self-test

When Will Housing Recover?
March/April 2009
Topics: Economics | Portfolio Management
Credits: 0.5 CE | 0 SER
Self-test

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