彈出主選單
Main content start
Change.每天多學一點 改變．可大可小

Accounting & Finance Investment Management

  1. 主頁
  2. 課程
  3. CFA Practical Skills Module Workshop Series (Portfolio Development and Construction)

CFA Practical Skills Module Workshop Series (Portfolio Development and Construction)

Course Code
FINA9382
Application Code
2370-1371NW
Study mode
Part-time
Start Date
07 Feb 2026 (Sat)
Next intake(s)
Feb 2026
Duration
12 hours
Language
Cant, supp with English (lecture materials in Eng)
Course Fee
HK$4,800
Deadline on 30 Jan 2026 (Fri)
Enquiries
2867 8468
2861 0278
cfa@hkuspace.hku.hk
How to Apply
  • Add to Folders
How to Apply

Highlights

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

The workshop equips learners with skills in crafting Investment Policy Statements, understanding behavioural finance, and applying portfolio optimisation techniques. It emphasises asset allocation and performance evaluation as essential for managing long-term portfolios like endowments. Through interactive content, learners gain practical expertise in maintaining resilient, data-driven investment strategies in dynamic financial environments.

Programme Details

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. Create an Investment Policy Statement (IPS), examining its purpose, integrating investment constraints, and compiling essential information;
  2. Evaluate investment performance by establishing benchmark quality, apply Modern Portfolio Theory (MPT) statistics, utilise correlation and variance-covariance matrices, and construct the efficient frontier through diverse Exchange-traded Fund (ETF) portfolio combinations;
  3. Explore the relationship between MPT and diversification, utilize the Solver add-in in Excel for Mean-Variance Optimisation (MVO), and apply constraints to solve optimisation problems;
  4. Assess and optimise portfolio performance by analysing Capital Market Expectation (CME), calculate portfolio variance using the CME correlation matrix, and apply Strategic Asset Allocation (SAA) backtesting against historical data;
  5. Facilitate sensitivity analysis, including scenario-based evaluations and Monte Carlo simulations, apply historical data for Tactical Asset Allocation (TAA) decisions, and manage currency risk with futures contracts in international investments; and
  6. Evaluate portfolio performance, ensure alignment with investment objectives, assess key financial metrics (returns, risk, Sharpe, and Sortino ratios), examine TAA impacts, mitigate currency risk through hedging, and convey performance insights to stakeholders.
Application Code 2370-1371NW -
Start Date 07 Feb 2026 (Sat)

Venue

Modules

Syllabus

(1) Completing an Investment Policy Statement (IPS)

  • Examine the purpose of an IPS
  • Detail the key aspects of an IPS, and how investment constraints are integrated into the IPS construction process
  • Acquire key information for the IPS
  • Prepare comprehensive information for the IPS from the received response

 

(2) Data Analysis

  • Create a baseline understanding of benchmark quality
  • Evaluate and compare benchmarks to various investments
  • Analyse and calculate Modern Portfolio Theory (MPT) statistics
  • Calculate and apply the correlation matrix
  • Calculate and apply the variance-covariance matrix
  • Create and visualise the efficient frontier by experimenting with various combinations of Exchange-traded Funds (ETFs) within a portfolio

 

(3) Portfolio Optimiser and Strategic Asset Allocation

  • Explain the link between MPT and diversification, and the risk-return trade-off
  • Use the Solver add-in in Excel
  • Implement the process of optimisation
  • Explain the Mean-Variance Optimisation method and its relevance to the efficient frontier
  • Apply portfolio optimisation constraints with the Solver add-in
  • Use Solver to solve a portfolio optimisation problem

 

(4) Forward-looking Capital Market Expectations

  • Examine the link between Modern Portfolio Theory and diversification, and the risk-return trade-off
  • Explain the process of optimisation
  • Explore the Mean Variance Optimisation method and its relevance to the efficient frontier
  • Apply portfolio optimization constraints with Solver
  • Use Solver to solve a portfolio optimization problem

 

(5) Sensitivity Analysis and Tactical Asset Allocation

  • Explain the concept and importance of sensitivity analysis in portfolio management
  • Facilitate scenario-based sensitivity analysis and evaluate its results for proactive risk management
  • Explain Monte Carlo simulation, its methodology, and its application in sensitivity analysis and financial forecasting
  • Use historical macroeconomic data for scenario analysis and make informed decisions about Tactical Asset Allocation (TAA) adjustments
  • Manage currency risk using futures contracts, especially in the context of international investments

 

(6) Performance Evaluation

  • Explain the purpose and necessity of performance evaluation in portfolio management
  • Measure performance with respect to investment objectives and adherence to the investment process
  • Calculate and interpret key financial metrics: returns, risk, and the Sharpe ratio
  • Calculate the Sortino ratio, focusing on downside risk
  • Calculate performance impact of TAA deviation from SAA and assess TAA effectiveness
  • Explain currency risk and the role of currency hedging in international portfolios
  • Apply currency hedging strategies and evaluate their effectiveness in protecting returns
  • Construct an informative report that outlines performance in context for the investment committee

Class Details

2026 Feb INTAKE (ACCEPT NEW APPLICATION)

The Feb 2026 Class is Scheduled for Saturday from 13:00 - 19:00.

Venue: HKU SPACE Campus

Teacher: Dr Francis Lau

Lecture Date Time
1 07 Feb 2026 (Sat) 13:00 - 19:00
2 14 Feb 2026 (Sat) 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.

Fee

Course Fee
  • HK$4,800

Entry Requirements

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.

Apply

Application Form Download Application Form

Enrolment Method
Payment Method
1. Cash, EPS, WeChat Pay Or Alipay

Course fees can be paid by cash, EPS, WeChat Pay or Alipay at any HKU SPACE Enrolment Centres.

2. Cheque Or Bank draft

Course fees can also be paid by crossed cheque or bank draft made payable to “HKU SPACE”. Please specify the programme title(s) for application and applicant’s name. You may either:

  • bring the completed form(s), together with the appropriate course or application fees in the form of a cheque, and any required supporting documents to any of the HKU SPACE enrolment centres;
  • or mail the above documents to any of the HKU SPACE Enrolment Centres, specifying “Course Application” on the envelope. HKU SPACE will not be responsible for any loss of personal information and payment sent by mail.
3. VISA/Mastercard

Applicants may also pay the course fee by VISA or Mastercard, including the “HKU SPACE Mastercard”, at any HKU SPACE enrolment centres. Holders of the HKU SPACE Mastercard can enjoy a 10-month interest-free instalment period for courses with a tuition fee worth a minimum of HK$2,000; however, the course applicant must also be the cardholder himself/herself. For enquiries, please contact our staff at any enrolment centres.

4. Online Payment

Online application / enrolment is offered for most open admission courses (enrolled on first come, first served basis) and selected award-bearing programmes. Application fees and course fees of these programmes/courses can be settled by using "PPS by Internet" (not available via mobile phones), VISA or Mastercard. In addition to the aforesaid online payment channels, new and continuing students of award-bearing programmes with available online service, they may also pay their course fees by Online WeChat Pay, Online Alipay or Faster Payment System (FPS). Please refer to Enrolment Methods - Online Enrolment  for details.

Notes

  • If the programme/course is starting within five working days, application by post is not recommended to avoid any delays. Applicants are advised to enrol in person at HKU SPACE Enrolment Centres and avoid making cheque payment under this circumstance.

  • Fees paid are not refundable except under very exceptional circumstances (e.g. course cancellation due to insufficient enrolment), subject to the School’s discretion. In exceptional cases where a refund is approved, fees paid by cash, EPS, WeChat Pay, Alipay, cheque, FPS or PPS by Internet will be reimbursed by a cheque, and fees paid by credit card will be reimbursed to the credit card account used for payment. 

  • In addition to the published fees, there may be additional costs associated with individual programmes. Please refer to the relevant course brochures or direct any enquiries to the relevant programme team for details.
  • Fees and places on courses cannot be transferrable from one applicant to another. Once accepted onto a course, the student may not change to another course without approval from HKU SPACE. A processing fee of HK$120 will be levied on each approved transfer.
  • HKU SPACE will not be responsible for any loss of payment, receipt, or personal information sent by mail.
  • For payment certification, please submit a completed form, a sufficiently stamped and self-addressed envelope, and a crossed cheque for HK$30 per copy made payable to “HKU SPACE” to any of our enrolment centres.
More Programmes of
Investment Management Financial Services and Insurance
Relevant Programmes
Certificate for Module (CFA Level I Examination Preparatory Programme) Certificate for Module (CFA Level II Examination Preparatory Programme) Certificate for Module (CFA Level III Examination Preparatory Programme) CFA Practical Skills Module Workshop Series (Financial Modeling) CFA Practical Skills Module Workshop Series (Python Programming Fundamentals) CFA Practical Skills Module Workshop Series (Python, Data Science & AI) CFA Practical Skills Module Workshop Series (Analyst Skills) CFA Practical Skills Module Workshop Series (Practical Macro) CFA Practical Skills Module Workshop Series (Due Diligence) CFA Practical Skills Module Workshop Series (Portfolio Development and Construction) CFA Practical Skills Module Workshop Series (Managing Private Wealth Clients) Chartered Financial Analyst Refresher Course - Level 1 Chartered Financial Analyst Refresher Course - Level 2 Chartered Financial Analyst Refresher Course - Level 3