Accounting & Finance Investment Management

This is a 12-hour short course to focus on CFA Practical Skills Module.

The workshop provides hands-on experience in applying macroeconomic analysis to investment decisions through scenario-based learning. Learners will learn to assess economic conditions, forecast market trends, and make informed recommendations. Moreover, learners will be confident in integrating macro insights into portfolio strategies, enhancing their ability to respond to shifting economic environments with practical, data-driven decisions.

 

 

 

Teachers

(1) Dr Francis Lau, PhD, CFA, FRM, MRICS 

Dr Lau is a seasoned financial data analytics practitioner, and a professional trainer in finance related disciplines. He has over 22 years of experience in business planning, data analytics, management information, regulatory compliance, and risk management acquired from working for multinational analytics vendors, banks, consulting firms, and universities. Dr Lau is a subject matter expert in applying data analytics to enhance business decision-making, constructing quantitative models to gauge business performance, and streamlining the management reporting processes. In addition to industry experiences, Dr Lau also has extensive exposures in developing and delivering academic and professional education programs for financial institutions, professional associations and universities. Dr Lau is a well-recognized trainer in compliance, data science, financial markets, risk management, and sustainability. 

 

(2) Dr Lai Man-Kit, CFA®

Dr Lai is currently a professional trainer at Executive Training and Management Consultancy as well as a visiting scholar at HKUST.  Dr. Lai has extensive knowledge in teaching adult continuing education. He was also an Assistant Professor at City University from 1994-2000. Dr Lai has taught CFA examination preparatory programmes and finance postgraduate diploma programmes at HKU SPACE for over six years.

 

On completion of the workshop, students should be able to:

1. Identify and evaluate potential investment targets through comprehensive deal screening and selection processes, utilising market analysis and strategic frameworks;
2. Conduct thorough financial due diligence to assess and mitigate financial risks, ensuring informed investment decisions;
3. Understand and apply legal and tax due diligence processes to navigate regulatory requirements and protect investment interests;
4. Analyse operational aspects of target companies to ensure post-investment efficiency and value creation;
5. Develop valuation and deal structuring skills to optimize capital structures and achieve strategic investment goals; and
6. Implement effective monitoring and exit strategies to manage risks and maximize investment returns.

Application Code	2370-1564NW	Apply Online Now
Start Date	01 Feb 2026 (Sun)
Apply Online Now

Venue

• United Learning Centre
• Admiralty Learning Centre
• Other HKUSPACE Centers

Syllabus

(1) Practical Economics for Investors

• Analyse the limitations of traditional economic theory and develop a more practical approach to understanding modern economies
• Evaluate the unique characteristics of consumer-driven economies and their global interconnections
• Apply key macroeconomic indicators and concepts to assess the current stage of the business cycle and forecast the likelihood of potential outcomes

 

(2) Imperative Data in Macro Analysis

• Interpret key economic data series [Leading Economic Indicators (LEIs), Coincident Economic Indicators (CEIs), Lagging Economic Indicators (LAGs), inflation, and Purchasing Managers’ Indexes
• (PMIs)] and their roles in forecasting economic performance
• Critically assess the implications of different economic indicators on monetary policy, investment strategies, and business cycles
• Synthesise various macroeconomic indicators to make informed predictions about market and economic trends

 

(3) The Science of Financial Market Forecasting

• Explain Anticipatory Economic Indicators (AEIs), including their relationship with monetary policy and their predictive power in financial markets
• Evaluate the effects of interest rate changes on key economic sectors, such as housing, and understand how these fluctuations impact broader economic indicators and market trends
• Apply AEIs, including the yield curve, interest rates, and inflation measures, to forecast shifts in the business cycle and assess their implications for economic growth and market behaviour

 

(4) The Role of Monetary Policy in Macro Analysis

• Explain the Federal Reserve’s dual mandate and how its monetary policy tools are used to influence macroeconomic conditions
• Analyse the key indicators used by the Federal Reserve to set monetary policy, including the yield curve, neutral rate, and Taylor Rule, and evaluate their predictive power for economic trends
• Assess the impact of Federal Reserve tightening and easing cycles on financial markets and the broader economy, particularly in terms of employment, inflation, and GDP growth
• Critically evaluate the effectiveness of monetary policy in managing economic cycles, and explore the limitations of these tools in achieving long-term economic stability

 

(5) The Misunderstood Role of Fiscal Policy

• Describe Fiscal Policy Evolution: evaluate how U.S. fiscal policy has changed over time and its impact on economic growth and markets
• Analyse Fiscal Policy and the Business Cycle: assess how fiscal policy interacts with the business cycle, including delays in its effects
• Examine Political Influence on Fiscal Policy: discuss how political decisions shape fiscal policies and their economic outcomes
• Evaluate Key Fiscal Policies: critically review major U.S. fiscal policies, such as the 2017 Tax Cuts, and their broader economic impacts

 

(6) The Dollar’s Role in the Global Economy

• Explain the role of the U.S. dollar as a global reserve currency and its impact on international trade and financial stability
• Analyse how shifts in U.S. dollar strength or weakness influence global economic conditions and market sentiment
• Forecast U.S. dollar movements based on key economic indicators and macroeconomic regimes
• Evaluate the effects of U.S. dollar trends on different sectors of the global and U.S. economies, particularly in terms of equity markets and trade-sensitive industries

 

(7) Equity Markets Across the Business Cycle

• Explain how different phases of the business cycle influence stock market performance and investor behaviour
• Analyse the relationship between leading economic indicators (such as PMIs) and equity market returns, particularly during market inflection points
• Develop strategies for equity allocation that consider the varying impacts of corporate earnings and price-to-earning (P/E) ratios across business cycle phases
• Evaluate global stock market trends in the context of economic cycles, highlighting how synchronized or divergent movements across asset classes affect investor decisions

 

(8) The Inseparable Bond of Earnings and Macro

• Describe how macroeconomic indicators influence corporate earnings and identify historical patterns that foreshadow earnings trends
• Analyse the impact of business cycles on earnings expectations by evaluating specific economic indicators such as PMIs and earnings revisions
• Apply macroeconomic analysis to forecast corporate earnings for individual companies and equity indices using both top-down and bottom-up approaches
• Explain key concepts such as earnings elasticity, earnings surprises, and international economic trends, and analyse their significance in financial forecasting and market behaviour

 

(9) Myths and Misconceptions About P/Es

• Explore how P/Es have historically influenced equity returns, focusing on their relationship with earnings, interest rates, and inflation
• Assess P/E fluctuations in relation to macroeconomic indicators like inflation, business cycles, and interest rates
• Critically examine common misconceptions about the role of P/Es in financial market valuation, using historical and modern examples
• Utilise frameworks for forecasting market multiples and understanding the sectoral and style differences that impact index valuations over time

 

(10) The Ultimate Macro Discipline – Fixed Income

• Evaluate the global factors that influence bond yields and their effects on asset allocation decisions across various sectors
• Explore the use of forecasting models, such as the Kim-Wright model, to predict bond yield trends and their implications for different economies
• Investigate how changes in bond yields affect other financial markets, such as equities and commodities, and influence investment decisions
• Analyse how leading economic indicators (e.g., PMIs, unemployment claims) can be used to forecast bond yield changes and assess investment risks

 

(11) Behavioural Finance Distortions in Marco Analysis

• Evaluate the role of cognitive biases in shaping investor behaviour and financial decision-making within macroeconomic contexts
• Examine the psychological underpinnings of financial market anomalies, with a focus on past market bubbles and crashes
• Develop a critical understanding of behavioural finance's impact on traditional finance theories, particularly in the context of market efficiency
• Build a framework for recognising and mitigating cognitive biases in investment strategies to enhance market analysis and decision-making

 

(12) Equity Analysis Meets the World Economy

• Understand the complex relationship between global economic cycles and U.S. equity market trends, particularly during periods of divergence between developed and emerging markets.
• Assess and monitor financial risks in emerging markets using key macro and micro indicators, including export dependency, debt levels, and exposure to cyclical sectors.
• Analyse the critical role of the U.S. dollar in influencing global equity markets, with a focus on how dollar strength or weakness impacts emerging market economies and their financial health.
• Evaluate trends in global market correlations and systemic risks, recognizing the opportunities and challenges they present for investors in an increasingly interconnected global economy.

 

(13) The Macro Roots of Asset Allocation

• Identify and describe the key theories and developments in asset allocation from the 1950s to the present, explaining their impact on modern investment strategies
• Critically assess how global economic indicators, such as PMI and commodity prices, influence asset allocation decisions in both developed and emerging markets
• Utilise tools such as the Altman Z-Score and the Templeton Markets Index (TMI) Credit Model to assess financial risks and investment opportunities in emerging markets, ensuring alignment with long-term portfolio goals
• Analyse the historical performance of asset allocation strategies across different economic cycles, identifying patterns of success and failure in managing risk and return

 

(14) The Dynamics of Sector Positioning

• Analyse the relationship between macroeconomic indicators and sector performance, both in domestic and global markets
• Evaluate sector and industry dynamics to optimize portfolio positioning across different phases of the business cycle
• Apply sector classification frameworks to make informed decisions on sector rotation and asset allocation
• Interpret the effects of global macroeconomic changes on sector leadership, using data from diverse geographical markets
• Synthesise macro and intra-sector analysis to develop a comprehensive global investment strategy

 

(15) Navigating the Cycle with Factor Leadership

• Explore how economic variables such as inflation, GDP growth, and interest rates impact the performance of value and growth stocks and apply this understanding to informed investment decisions
• Create a strategic approach to portfolio management by selecting equity factors and sectors that align with the current phase of the business cycle to improve performance through cyclical changes
• Use quantitative analysis tools to detect cyclical inflection points and adjust portfolios proactively to manage risks and opportunities during transitions between different economic phases

 

 

2026 FEB INTAKE (ACCEPT NEW APPLICATION)

The Oct 2025 Class is Scheduled for Sunday from 13:00 - 19:00.

Venue: HKU SPACE Campus

Teacher: Dr Francis Lau

Lecture	Date	Time
1	01 Feb 2026 (Sun)	13:00 - 19:00
2	08 Feb 2026 (Sun)	13:00 - 19:00

* The above tentative schedule's for reference only.  Schedule details will be released one week before the commencement date of the class.
** Please inform that if there is inadequate number of applicants, the class may be subject to cancellation.

Course Fee

• HK$4,800

Applicants should hold a degree awarded by a recognised institution.

Applicants should check with the CFA Institute that they are eligible to attempt the examination.

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