2023-2024 / FINA0084-1

Estate and Financial planning


30h Th

Number of credits

 Master in management (120 ECTS)5 crédits 


Georges Hübner

Language(s) of instruction

English language

Organisation and examination

Teaching in the first semester, review in January


Schedule online

Units courses prerequisite and corequisite

Prerequisite or corequisite units are presented within each program

Learning unit contents

The course extends and deepens the course "Investments and Portfolio Management" (IPM) for students having a finance major in management (BAM) or economics (E&F).
Students are expected to master to a large extent the core topics of IPM, which is a formal prerequisite, namely covering chapters 6-9, 15-16, 18-19, and 24-25 of the reference textbook (Brown & Reilly).
This course features in the framework of the CFA Institute University Recognition Program. It spans a significant portion of the CFA Programe Candidate Body of Knowledge (CBOK), and explicitly prepares for the CFA certification.
Course structure:
Introduction: The Portfolio Management Process I. Investor Profiling and Asset Allocation processes    1. The investor's problem (MIP Ch 1-2) - slide deck A    2. Calibrating the risk-return framework - slide deck B        a. Economic Analysis and Setting Capital Market Expectations (MIP Ch 4)        b. The Black-Litterman Framework    3. Asset Allocation and Financial Planning - slide deck C        a. Steps in the Asset Allocation Process (MIP Ch 5)        b. Tax & Successoral Planning Issues in Asset Allocation II. Designing Portfolio Strategies - slide deck D    1. Equity Portfolio Management and Selection (MIP Ch 7)    2. Fixed Income Portfolio Management and Selection (MIP Ch 6)    3. Alternative Investments & Strategies: Hedge funds, Commodities, Real      Estate, Private Equity, Distressed Securities, Closely-held companies and   inactively traded securities and other Tangible Assets (MIP Ch 8) III. Portfolio Construction and Monitoring - slide deck E + guest lectures    1. Executing and Rebalancing Portfolios (MIP Ch 10, 11)    2. Risk Management and Compliance (MIP Ch 9)    3. Performance Measurement and Reporting (MIP Ch 12, 13)

Learning outcomes of the learning unit

The objective of the course is to allow students to handle "end to end" the financial planning process at large. The focus is set on understanding the investor's objective, constraints and profil in order to build an adapted solution regarding portfolio construction, management of flows, and risk and performance control.
Intended Key Learning Outcomes:
In concordance with the Key Learning Outcomes of the Master in Management Sciences, this course aims to enable the student to:
- Strategy: Establish a strategy in order to optimize the value chain of a company, an organization or a project       * based on the analysis of its financial and economic context.       * taking into account its political, social and societal context.        * taking into account its legal constraints.       * adopting the position of a specialist in the field of management of his / her finality.       * demonstrating a critical mind and scientific precision. - Implementation: Take charge of the everyday management of a company, an organization or a project        * implementing the strategy that was established for this company, organization or project.       * in a holistic perspective, taking into account the interactions between its different functions.       * capitalizing on the characteristics of a more and more digitalized world.       * analyzing his/her managerial practice with a critical and ethical mind. - Control: Plan and implement the performance and quality control in a company, an organization or a project       * in a holistic perspective, taking into account the interactions between its different functions. - Communication: Communicate efficiently, internally and externally, about a company, organization or project        * in English. - Adaptability: Adapt his/her managerial practice to the needs of a fast-evolving world.         * showing curiosity and a scientific precision of academic level.       * showing creativity, autonomy and entrepreneurial spirit.

Prerequisite knowledge and skills

- Investments and Portfolio Management (or equivalent) A solid background in probability theory and statistics is required.

Planned learning activities and teaching methods

- Theory sessions (including illustrations and practical examples)
- Presentations by external guest experts
- 2 x 3 hours of exercise sessions, featuring the development of a realistic case of financial planning in its main components

Mode of delivery (face to face, distance learning, hybrid learning)

Theory + Exercise sessions 
Assignment (graded)

Recommended or required readings

Powerpoint presentations (available on the university's website Lol@).
Required textbook:
Maginn, Tuttle & McLeavey (eds), 2007. Managing Investment Portfolios: A Dynamic Process. 3rd ed. CFA Institute
Recommended textbook and readings:
Brown & Reilly, 2012. Analysis of Investments and Management of Portfolios. 10th ed. International Student Edition. Thomson One, Business School Edition.
Bodie, Kane & Marcus. 2014. Investments - 10th ed, McGraw-Hill/Irwin
Journal articles from FAJ, JPM, JAI, JAM, BMI... cited in the slide

The final assessment will be in several parts:

  • closed-book written exam (80% final grade - individual)
  • practical assignment (20% final grade - individual)

Work placement(s)

Organisational remarks and main changes to the course


Georges Hübner N1, Office 111 g.hubner@uliege.be 04/2327428
Célina Thonus N1, Office 111

Association of one or more MOOCs