Portfolio Manager - CPM
The CPM Program
The CPM Approch
The Body of Knowledge
Skills to Succeed
Period of Validity of Enrollment
Exemption from Foundation Examination
Exemption from Associateship Examination
The CPM Program
to the CIIA Qualification from ACIIA, London
Economic liberalization and decontrol have transformed the economic
landscape of India. Globalization of the economy is at the forefront
of the reforms agenda of the Government. As greater faith was placed
on the allocative efficiency of the markets, the Government progressively
liberalized controls to overcome severe distortions that impeded the
functioning of the market forces.
The reforms process initiated in the early nineties had far reaching
implications for capital markets too. The abolition of CCI, free pricing
of securities and the entry of private sector and foreign mutual funds
has instilled competition and market orientation in the capital markets.
Global fund management giants like Merrill Lynch, Templeton, Morgan
Stanley, Alliance, Threadneedle and Jardine Fleming, among others have
set up mutual fund operations in India. Other developments like permitting
mutual funds to participate in the call markets and GDR market as well
as the introduction of index funds, factor funds and sector funds mean
that the Indian mutual fund segment has come of age. And if the above
developments are rapid enough, the emergence of internet trading is
likely to drastically change existing portfolio management paradigms.
Rapid changes in the global economic scenario calls for incisive analytical
skills and an ability to take swift portfolio management decisions.
With an increase in the number of high net worth investors, the opportunities
for private equity fund management has also proliferated. In an emerging
information age the role of an investment consultant who can adeptly
interpret economic and corporate developments is likely to be at a premium.
With imminent deregulation of the insurance and pension sector, huge
investable surpluses are likely to come into the capital markets. This
is likely to open up new vistas for investment analysts and portfolio
In light of these dynamic developments, The Council for Portfolio Management
& Research (CPMR) has developed a unique Professional Certification
Program in Portfolio Management for the benefit of students and professionals/working
executives engaged or interested in the area of portfolio management
and investment analysis. Successful completion of the CPM Program leads
to membership in The Council for Portfolio Management & Research
(CPMR) and the members of CPMR are entitled to use the designation of
"Certified Portfolio Manager" in full and "CPM"
CPM Program has the following objectives :
- To develop
a new body of knowledge and make it available for those seeking challenging
careers in the new era of liberalization and globalization;
- To introduce
participants to the financial system and capital markets both in India
- To impart
a strong conceptual foundation in investment analysis and portfolio
- To give
adequate exposure to emerging areas like equity and debt research,
scientific asset allocation, portfolio insurance etc.;
- To prepare
individuals capable of providing leadership in portfolio management
and mutual funds industry operating in a globalized environment.
The CPM Program follows five distinctive but inter-related approaches:
Theoretical Studies aimed at improving candidates’ understanding
of certain fundamental phenomena and relationships underlying the changing
Case Studies linking the theoretical studies to the practical
problems faced by portfolio managers.
Practical Exposure to industry practices takes place through
a variety of activities like management development programs, seminars,
Global Perspective to business by encouraging the candidates
to appreciate and get exposed to the international business environment
Ethical Focus aimed at inculcating in the candidates an ethical
approach in their professional interactions and a sense of personal,
corporate, and social responsibilities.
Body of Knowledge
CPMR visualizes the body of knowledge of the CPM Program as covering
three interrelated areas:
The Core body of knowledge : Specialized fields and skills which
are essential to business and its orderly functioning.
The evolving concepts, techniques and strategies : Debated and
tested by researchers and practitioners but not yet understood well
enough to be included in the core areas.
frontiers : The newest ideas, speculative and often controversial,
but offering the promise of practical insights into the process of analysis,
Ideas enter the realm of knowledge at the frontiers and gradually as
they are tested and refined, move towards the core body of knowledge.
in mind the avenues open to candidates who take up the CPM Program,
this course would be useful for:
and Accounting Professionals like CFAs, CAs, CWAs, CSs, MBAs who seek
careers in portfolio management and mutual funds.
employed in the investment and treasury departments of banks and financial
working in the investment departments of corporates.
and managers engaged in equity research and portfolio management.
pursuing professional courses like CFA, CA, CWA, CS, CAIIB, CTM, CIB
pursuing full-time postgraduate programs in commerce, economics, mathematics,
statistics and management.
individuals associated with financial markets.
surge of activity in portfolio management requires constant monitoring
and managing. To succeed in these areas, candidates should possess the
following skills :
thinking and quick decision-making
to withstand pressure
categories of applicants are eligible for admission into the CPM Program
CAs, CWAs, CSs, CTMs and CIBs.
with PG qualifications like PGDBA/MBA/MMS/MFC (Master of Finance &
Control)/MIB (Master of International Business)/MBE (Master of Business
Economics)/MCom/MA (Eco)/MSc (Maths), MSc (Stats) etc.
categories of candidates are also eligible to enroll into the CPM Program,
provided they are graduates :
who passed CFA (Level I),CA (Inter),CWA (Inter), CS (Inter) or CAIIB
with CAIIB qualification.
students of the PGDBA/MBA/MMS/MFC/MIB/MBE/MCom programs with business
schools/ University Departments, IIMs and other reputed institutions.
students of MCom/MA (Eco)/MSc (Maths)/MSc (Stats).
having a minimum of five years working experience in executive capacity
in finance/commercial banking/portfolio management sector.
Program may be completed in a period of one year.
of Validity of Enrollment
of a candidate in the CPM Program is valid for three years from the
date of enrollment. Candidates who are unable to complete the program
within the three-year validity period, but, keen on continuing in the
program, are required to register de novo.
Program covers all the important topics related to portfolio management.
The broad areas in which the body of knowledge is developed and the
candidates will be examined, are divided into Three Levels.
Level : The Foundation Level examination will have 2 Papers of 3
hours duration each (carrying a total of 200 marks). The Foundation
Exam will be administered on a multiple choice format. This examination
will cover preliminary and introductory topics pertaining to the areas
Level : The Associateship Level examination will have 3 Papers of
3 hours duration each (carrying a total of 300 marks). This examination
will test the conceptual and technical aspects as well as the working
knowledge in all the areas of study.
completion of the Associateship Level, the CPM candidates are eligible
to sit for the final examination of ACIIA. On completing the Final Level
of ACIIA, they will be exempted from the Fellowship Level of CPMR. Alternatively
the CPM candidates can also pursue the Fellowship Level of the CPMR.
Level : The Fellowship Level examination will have 2 Papers of 3
hours duration each (carrying a total of 200 marks). This examination
will test the candidate's expert level of knowledge and understanding
in all the areas of study.
covered under all the 3 levels of the CPM Program, with different degree
of depth and coverage are as follows:
Accounting & Financial Statement Analysis
Analysis & Statistics
& Professional Standards
from Foundation Examination
candidates are given exemption from taking the Foundation Exam: CAs/CWAs/CSs/CTMs/CIBs
and Students of CA/CWA/CS courses who passed Inter-level exams
and equivalent qualifications
of CFA Program who passed Level I examinations
from Associateship Examination
who have completed Level III of the CFA Program are exempted from appearing
for the Foundation and Associateship Examinations and can directly appear
for the Fellowship Exam of CPMR or the Final exam of ACIIA.