THE COURSE FOR PORTFOLIO MANAGERS
The course for portfolio managers is one of the three courses the Securities Commission offers and runs in accordance with the Law on the Capital Market. The Rulebook on Licensing Brokers, Investment Advisers and Portfolio Managers regulates the classes, exams and licensing of portfolio managers. The Rulebook can be downloaded from the website of the Securities Commission in the part Regulations, Bylaws.
CLASSES FOR PORTFOLIO MANAGERS
The Securities Commission typically organizes the classes for portfolio managers once a year. The classes for portfolio managers typically last approximately 10 weeks for candidates without a title of an investment advisor (the total number of classes is 120), or 4 weeks for candidates who have the title of an investment advisor (the total number of classes is 50). The classes are organized on business days in the afternoon hours and on weekends on the premises of the Securities Commission or elsewhere.
The maximum number of candidates for the classes is typically 30. All candidates who apply after the groups are formed – are placed on the waiting list or can apply for a refund. If the number of candidates is fewer than 10 the classes will not be held and the candidates may opt for the following cycle of classes or apply for a refund.
Applications
In order to take the classes of a portfolio manager, it is necessary to file a complete application for classes within the deadline published on the website of the Commission. The applications can be submitted personally or by fax.
The complete application for classes contains:
1. Completed application for the relevant cycle of education;
2. A certified copy of a university degree;
3. If the candidate has a degree obtained abroad, it is necessary to submit evidence on recognition of the degree. Exceptionally, an application can be granted, if evidence on initiated process of recognition is submitted. However, the candidate must furnish the evidence on recognition, prior to the beginning of classes – otherwise the candidate will be placed in the following cycle of classes;
4. Evidence on payment of RSD 220,000.00 (for candidates who are not investment advisors) or RSD 100,000.00 (for candidates with a title of an investment advisor);
Only persons holding at least level I of CFA education (Chartered Financial Analyst) do not have the obligation to submit applications for the classes.
All additional information can be obtained on the following telephone number: 381113117144.
Lecturers:
The Securities Commission has appointed the following persons to be lecturers for the portfolio manager course.
I QUANTITATIVE METHODS:
• PhD Dubravka Pavličić, full professor, the area of scientific research: Statistical analysis and Theory of decision-making;
• PhD Zorica Mladenović, full professor, the area of scientific research: Econometrics:
• PhD Branko Urošević, associate professor, Ph.D. degree in finance, Barkley University, lecturer of Operations research
• PhD Ljiljana Petrović, full professor, the area of scientific research: Mathematics, Statistics and Quantitative Methods
• PhD Radmila Dragutinović-Mitrović, assistant professor, the area of scientific research: Statistical analysis and Econometrics;
• PhD Vladimir Vasić, assistant professor, the area of scientific research: Statistical Analysis, Time Series Analysis, Multivariate analysis;
• PhD Nebojša Marić, associate professor, the area of scientific research: Mathematics, Statistics and Quantitative Methods
• MA Aleksandra Nojković, Ph.D.under-graduate, teaching assistant, the area of scientific research: Econometrics:
• PhDDrago Inđić, professor LBS;
• PhD Miloš Božović, the area of scientific research: Financial markets, Risk management policies;
• PhD Ivana Prica, assistant professor, the area of scientific research: Quantitative Analysis
II FINANCIAL STATEMENT ANALYSIS
• PhD Nikola Stevanović, retired full professor, the area of scientific research: Accounting and Business Finances
• PhD Dejan Malinić, full professor, the area of scientific research: Accounting and Business Finances
• PhD Kata Škarić Jovanović, full professor, the area of scientific research: Accounting and Business Finances
• PhD Vlade Milićević, assistant professor, the area of scientific research: Accounting and Business Finances
• PhD Savka Vučković Milutinovic, teaching assistant, the area of scientific research: Accounting and Business Finances
III CORPORATE FINANCES
• PhD Milorad Ivanišević, full professor: Accounting and Business Finances
• PhD Dragan Đuričin, full professor, the area of scientific research: Strategic Management, Strategic Financial Management and Project Management;
• PhD Dejan Malinić, full professor, the area of scientific research: Accounting and Business Finances
• PhD Miroslav Todorović, assistant professor, the area of scientific research: Accounting and Business Finances
IV INVESTMENT INSTRUMENTS
• PhD Đorđe Đukić, full professor, the area of scientific research: Banking and Monetary Economics
• PhD Branko Vasiljević, full professor, the area of scientific research: Financial Markets
• PhD Boško Živković, full professor, the area of scientific research: Financial Markets
• PhD Dejan Šoškić, associate professor, the area of scientific research: Financial Markets
• PhD Branko Urošević, associate professor, Ph.D. degree in finance, Barkley University, lecturer of Operations Research;
• PhD Drago Inđić, professor LBS;
• PhD Miloš Božović, the area of scientific research: Financial markets, Risk management policies;
• PhD Zoran Ćirović, assistant professor, holds a Ph.D. degree in finance, obtained at the Faculty of Economics:
V VALUATION OF COMPLEX FINANCIAL INSTRUMENTS
• PhD Boško Živković, full professor, the area of scientific research: Financial Markets
• PhD Dejan Šoškić, associate professor, the area of scientific research: Financial Markets
• PhD Branko Urošević, associate professor, Ph.D. degree in finance, Barkley University, lecturer of Operations Research
• PhD Miloš Božović, the area of scientific research: Financial markets, Risk management policies;
• PhD Drago Inđić, professor LBS;
VI PORTFOLIO MANAGEMENT
• PhD Boško Živković, full professor, the area of scientific research: Financial Markets
• PhD Dejan Šoškić, associate professor, the area of scientific research: Financial Markets
• PhD Branko Urošević, associate professor, Ph.D. degree in finance, Barkley University, lecturer of Operations Research
• PhD Miloš Božović, the area of scientific research: Financial markets, Risk management policies;
• PhD Zoran Ćirović, assistant professor, holds a Ph.D. degree in finance, obtained at the Faculty of Economics:
• PhD Drago Inđić, professor LBS;
Organization of classes for portfolio managers
The Securities Commission typically organizes the exam for portfolio managers twice a year in the following examination periods: January-February and June-July. The exact times of taking the exam is published at least 20 days before the exam.
Applying to take the exam
You can apply to take an exam by submitting the complete application to the Commission, in person or by fax, within the time period envisioned for applications published on the web site of the Commission.
The complete application for the exam contains:
1. Completed application for the exam;
2. For candidates with CFA I level:
- evidence on the CFA degree
- a certified copy of the university degree
- evidence on recognition of the title if obtained abroad
3. Evidence of payment of the fee which amounts to RSD 22,000.00 (for candidates without a title of an investment adviser), until the candidate passes at least two examination areas, when sitting for the rest of the exams (in the successive 3 examination periods the Commission organizes) is RSD 6,000.00 each, per examination area. Candidates who had previously obtained the title of an investment adviser pay RSD 12,000.00 for taking the exam. A candidate who did not attend the classes for investment advisers cannot apply to take the exam, unless the candidate is holding at least level I of CFA education (Chartered Financial Analyst).
If a candidate does not take the exam the payment is not refundable.
All additional information can be obtained on the following telephone numbers: 381113117144.
Taking the exam
The examination areas for portfolio managers, defined by the Rulebook, are tested in writing, the test lasts from 90 to 150 minutes, depending on the examination area.
Examination assignments for each of the examination areas include:
1) Test/quiz questions, open or closed (multiple choice), with 2 minutes for solving each question.
2) Quantitative tasks with up to 5 minutes of time granted per task, depending on the complexity of task as determined by the examiner.
The exams are taken in the premises of the Securities Commission, Omladinskih brigada 1/VII.
Grading performance
Upon the exam, with 15 days of the exam, examiners submit to the Commission the graded exam papers.
Based on the number of total points won, the exam committee determines the final grade for each of the candidates and the Exam Result Report is published on the website of the Commission.
Certification
Successful candidates are awarded diplomas attesting to the obtained title of a portfolio manager. The certification is traditionally celebratory organized on the Day of the Commission on 16 February. To the day of certification, the candidates can receive a document confirming the exam passed, upon their request.
Portfolio Manager License
A candidate cannot start working as a portfolio manager, until the Securities Commission awards the candidate a license for a portfolio manager.
A license for portfolio manager activities is granted by the Securities Commission to candidates who meet the following conditions:
1) A successfully taken test for obtaining the title of a portfolio manager
2) At least three years of experience with securities-related activities
3) No statutory disqualifications.