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393967: Investments in Personal Financial Planning
MGMT-X 430.32

  • Fall 2023
  • Section 1
  • 4 Credits
  • 09/25/2023 to 12/10/2023
  • Modified 11/25/2023


An examination of the role of various investment vehicles in meeting financial goals, securities markets, sources of information about the various instruments traded, and the procedure of trades. This course introduces various market theories, including modern portfolio theory and the extension to this theory by Markowitz and Sharpe. Other topics include the analysis of business cycles; market analysis; analysis of individual companies; the market in debt instruments; and alternative instruments, including options, warrants, convertibles, commodity futures, mutual funds, and tangibles.


A major objective of this class is to help students understand the financial concepts and investment products summarized above in the Course Description at the high level of comprehension needed to pass the CFP exam. In addition, and more important, the class provides training in the analytical skills and techniques needed by students who seek a career providing professional personal investment planning guidance and services. Accordingly, this class attempts to give students an opportunity to master the tools needed to help their future clients reach their financial goals and maintain their financial quality of life in retirement.


As a result of taking and successfully completing this course, students should be able to:

  • Describe the theory and applications of quantitative measures of investment asset returns, correlations, risk, and risk-adjusted performance.
  • Discuss the concepts of investment theory including the application of asset pricing models and efficient portfolio construction.
  • Explain the theory and methods for calculating the intrinsic values of stocks and bonds.
  • Apply the measures used to analyze fixed-income securities including duration, immunization, and the relationships between Yield to Maturity, Reinvestment Rate Risk and realized returns.
  • Understand the important role of uncertainty in investments and analyze the characteristics of, and information provided by, probability distributions.
  • Demonstrate the fundamentals and uses of options, option strategies and futures.
  • Discuss the characteristics, uses and taxation of investment vehicles.
  • Examine market mechanics including history, regulations and transaction types.
  • Use the principles of fundamental analysis and corporate financial statement analysis.


Investments: An Introduction

  • Author: Herbert B. Mayo
  • Publisher: Cengage
  • Edition: 13th
  • ISBN: 978-0-357-12795-7

The 13th edition of the course textbook is required. No earlier edition of the text is acceptable for this course.

Hewlett Packard 12C financial calculator


Recommended Readings

The Assent of Money: A Financial History of the World, by Niall Ferguson. Published by Penguin Press HC.

Ahead of the Curve: A Commonsense Guide to Forecasting Business and Market Cycles, by Joseph H. Ellis. Published by Harvard Business School Press.

Basic Economics – A Common Sense Guide to the Economy, by Thomas Sowell. Published by Basic Books.

Getting Off Track – How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis, by John B. Taylor. Published by Hoover Institution Press, Stanford University.

Fundamentals of Futures and Options Markets, 9th Edition, by John C. Hull. Published by Pearson. 

Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism, by George A. Akerlof and Robert J. Shiller. Published by Princeton University Press.

Thinking, Fast and Slow, by Daniel Kahneman. Published by Penguin Books Limited.

Stocks for the Long Run, Fifth Edition, by Jeremy J. Siegel. Published by McGraw-Hill.

A Random Walk Down Wall Street, by Burton G. Malkiel. Published by W. W. Norton & Co.

Capital Ideas Evolving, by Peter L. Bernstein. Published by John Wiley & Sons, Inc.

The Little Book of Alternative Investments, by Ben Stein and Phil DeMuth. Published by John Wiley & Sons, Inc.


Below is a table listing of the deliverables for the class. The deliverables must be completed and submitted by the due dates.

Since the schedule of deliverables is well known ahead of time, there will be no credit for deliverables submitted after the due date. For more information about specific deliverables, refer to the Canvas Module where each deliverable is described or available.  

Deliverable Subject Due Date
Quiz 1 Basic Skills Test (Online) 9/29/2023
Week 1 Discussion Introduce Yourself 10/2/2023
Quiz 2 Time Value in Investments (Online) 10/9/2023
Week 2 Discussion Efficient Market Theory 10/9/2023
Quiz 3 Returns Calculations (Online) 10/16/2023
Week 5 Discussion The Bedo Case 10/30/2023
Midterm Exam Take Home Exam (Online) 11/6/2023
Quiz 4 Technical Interview Quiz (Online) 11/13/2023
Week 7 Discussion Behavioral Finance 11/13/2023
Bedo Case - Required to Pass This Course Client Investments Letter 11/13/2023
Quiz 5 Options (Online) 11/20/2023
Quiz 6 Case Study (Online) 11/27/2023
Final Exam Comprehensive (Online) 12/7/2023

Please note, our discussion boards will open at the beginning of a Monday and close the end of the following Monday. This means discussion boards are open for a total of eight days. Discussion boards will have two deadlines. One is at the end of the first 4 days (i.e., Thursday), and the second is at the end the last 4 days (i.e., the following Monday). Don't wait until just before the two deadlines to submit your posts. This undermines the purpose to the discussion board which is the thoughtful exchange of substantive information , and you will lose points by submitting posts just before the deadlines. 


Course grades will be based on weighted quizzes, case assignment and exams as shown below.

All course grades are final. There will be no extra credit projects.


Types of evaluations and related weights
Type Weight Topic Notes
Quizzes 15%

6 Quizzes

Discussions 15%

4 Discussions

Bedo Case 10%

Minimum Score of 70% Required to Pass Course

Midterm Exam 25%

Take Home Exam

Final Exam 35%

Online Comprehensive Exam


100 %
to 98.0%
< 98.0 %
to 93.0%
< 93.0 %
to 90.0%
< 90.0 %
to 88.0%
< 88.0 %
to 83.0%
< 83.0 %
to 80.0%
< 80.0 %
to 78.0%
< 78.0 %
to 73.0%
< 73.0 %
to 70.0%
< 70.0 %
to 0.0%

Course Policies

Required Prerequisite Course

The required prerequisite for this course is Financial Analysis in Personal Financial Planning offered by the UCLA Extension as part of the Personal Financial Planning program. No other course covering financial analysis topics is an acceptable alternative to the required prerequisite course. You must obtain the approval of the Instructor to take Investments in Personal Financial Planning without having successfully completed the specific prerequisite course. To request my approval to waive the prerequisite, you must e-mail me at least one week before the first class session. My e-mail address is [email protected].

Take-Home and Online Assignments

Students are required to work independently on the Bedo Case assignment, take-home Midterm Exam, online quizzes, and the online Final Exam. 

Do not collaborate with, or otherwise seek or obtain assistance from, anyone else in completing these graded assignments. Your answers should reflect only your work and no one else’s.

Planning Your Study Time

To plan your study time, it is estimated that you will spend 3 hours per week watching video lectures and approximately 7 additional hours per week outside of class studying for exams, reading, and completing assignments. Depending on the extent of your academic preparation and recent college-level coursework in this subject area, the amount of study time needed may vary considerably.

The Importance of Keeping Up

This course starts quickly and we cover a lot of material during the quarter. You should not enroll in the class a week or two after the class start date. If you do so, it will be your responsibility to catch up and stay current.

Institutional Policies

Student Conduct

Students are subject to disciplinary action for several types of misconduct or attempted misconduct, including but not limited to academic dishonesty, such as cheating, multiple submission, plagiarism, or knowingly furnishing false information to the University; or behavioral misconduct, such as theft or misuse of the intellectual property of others, harassment, or disruption of the learning environment.

All published and unpublished material, whether in manuscript, printed or electronic form, is covered under this definition and includes the use of material generated wholly or in part through the use of artificial intelligence (except when the use of AI has received prior authorization for assessment as a reasonable accommodation for a student’s disability, or when the use of AI is a specified part of the coursework, e.g. data science or user experience). Students are encouraged to familiarize themselves with the Student Rights & Responsibilities Policy and to report concerns.

Services for Students with Disabilities

In accordance with the Americans with Disabilities Act of 1990, UCLA Extension provides appropriate accommodations and support services to qualified applicants and students with disabilities. These include, but are not limited to, auxiliary aids/services such as sign language interpreters, assistive listening devices for hearing-impaired individuals, extended time for and proctoring of exams, and registration assistance. Accommodations and types of support services vary and are specifically designed to meet the disability-related needs of each student based on current, verifiable medical documentation. Arrangements for auxiliary aids/services are available only through UCLA Extension’s Service for Students with Disabilities Office at (310) 825-7851 or by email at [email protected]. For complete information, please visit Accessibility and Disability Services.


The interim grade Incomplete (I) may be approved for a student who has completed the majority of the course requirements, with passing quality (grade C or higher), but is unable to complete a small portion of the coursework by the course end date for good cause. For courses in which an Incomplete may be allowed, approval by the instructor of record and the academic program director is required. The Incomplete grade is not an option for courses that do not bear credit, such as 700, 800, or 900-level courses.

  • It is the student’s responsibility to petition for an Incomplete by emailing the appropriate academic program department at least one week before the end of the course. The Program Department will initiate the petition process once the email is received.
  • The student, the instructor, the CE/Program Director, and the program staff must complete the petition prior to the final course meeting or before the quarter end date. This process can take up to one week to complete. 
  • The instructor will approve or deny the request. The instructor will provide details on what the student needs to accomplish in order to complete the course, as well as a due date for submitting completed work. The due date cannot exceed the end of the ensuing quarter when a final grade must be reported or the Incomplete lapses to the grade “F,” “NP,” or “U.” Visit UCLA Extension Grading Scale for more information.  

An Incomplete allows the student to complete only work that is outstanding and does not allow prior completed work to be retaken or resubmitted.

All Grades are Final

No change of grade may be made by anyone other than the instructor, and then, only to correct clerical errors. No term grade except Incomplete may be revised by re-examination. The correction of a clerical error may be authorized only by the instructor of record communicating directly with personnel of Student and Alumni Services.

Sexual Harassment

The University of California is committed to creating and maintaining a community where all individuals who participate in University programs and activities can work and learn together in an atmosphere free of harassment, exploitation, or intimidation. Every member of the community should be aware that the University prohibits sexual harassment and sexual violence, and that such behavior violates both law and University policy. The University will respond promptly and effectively to reports of sexual harassment and sexual violence, and will take appropriate action to prevent, to correct, and when necessary, to discipline behavior that violates our policy.

All Extension students and instructors who believe they have been sexually harassed are encouraged to contact the Department of Student and Alumni Services for complaint resolution: UCLA Extension, 1145 Gayley Ave., Los Angeles, CA 90024; Voice/TTY: (310) 825-7031. For more information, please view the University’s full Policy on Sexual Harassment and Sexual Violence.

Additional Items

Protecting Privacy and Data During Live Instruction

Live meeting sessions for this class, when applicable, are being conducted over Zoom. As the host, the instructor may be recording live sessions. Only the host has the ability to record meetings, no recording by other means is permitted. Recorded sessions will be posted in the Videos area of this class unless otherwise notified. Due to privacy, recordings are not available for download and are only accessible via Canvas for the duration of the class. If you have privacy concerns and do not wish to appear in the recording, do not turn on your video and/or audio. If you also prefer to use a pseudonym instead of your name, please let the instructor know what name you will be using so that the instructor knows who you are during the session. To rename yourself during a Zoom meeting, click on Participants, click on your name, click on More, click on Rename. If you would like to ask a question, you may do so privately through the Zoom chat by addressing your chat question to the instructor only (and not to ""everyone""). Additionally, chat may be used and moderated for live questions, and saving of chats is enabled. If you have questions or concerns about this, please contact the instructor via Canvas Inbox.

Pursuant to the terms of the agreement between Zoom and UCLA Extension, the data is used solely for this purpose and Zoom is prohibited from re-disclosing this information. UCLA Extension also does not use the data for any other purpose. Recordings will be deleted when no longer necessary. However, recordings may become part of an administrative disciplinary record if misconduct occurs during a video conference.

Course and Instructor Evaluation

UCLA Extension values your feedback on course and instructor evaluations. We ask all students to take a few minutes to complete an end-of-course evaluation survey. Updates to the course and instruction are influenced by your feedback. Understanding your student experience is essential to ensure continuing excellence in the online classroom and is appreciated by your instructor and the UCLA Extension academic leadership.

Your participation in a survey is voluntary, and your responses are confidential. After instructors submit grades, they will be given an evaluation report, but this report will not contain your name.

About Your Online Course Materials

Please note the following about online course components at UCLA Extension:

  • Students must have basic computer skills, including the use of word processing software, email, and the ability to use internet browsers, such as Safari, Firefox, or Chrome.
  • Students are responsible for meeting the technical requirements of Canvas and familiarizing themselves with the Canvas Learning Management System.
  • Students are responsible for keeping a copy of all assignments and work submitted, and to be aware of all assignments, due dates, and course guidelines.
  • Students have access to courses via Canvas for an additional 30 calendar days after the course end date listed in the syllabus (the first 14 days are full access; the rest are read-only).
  • Students are encouraged to download/print content throughout the duration of the course and before the additional 30-day access ends. No further access is possible after the course becomes unavailable.

    To download all your assignment submissions in Canvas, please refer to the online support guide. for more information or contact Canvas Support via the help menu within Canvas.

UCLA Extension Canvas and Learning Support

For immediate 24/7 Canvas technical support, including holidays, click on Help (located on the menu to the left) where you can call or chat live with a Canvas Support representative.

UCLA Extension Academic Technology and Learning Innovation
The UCLA Extension Learning Support staff assists both students and instructors with Canvas-related technical support, as well as general and administrative questions.

Learning Support staff is available Monday through Friday, from 8 AM to 9 PM (Pacific Time), except holidays:

Campus Safety Escorts

For students taking classes held on the UCLA campus and in and around Westwood Village, the UCLA Police Department provides a free walking escort service every day of the year from dusk until 1 a.m. Community Service Officers (CSOs) are available to walk students, faculty, staff members and visitors to and from anywhere on campus, in Westwood Village, and in the village apartments. CSOs are uniformed students who have received special training and are employed by the UCLA Police Department. To obtain an escort, please call (310) 794-9255 and allow 15 to 20 minutes for your escort to arrive. For complete information, see UCLA Evening Escorts.


Notes to Course Schedule

Assigned Readings and Review of Problem Solutions:

Weekly Assigned Readings and Review of End of Chapter Problem Solutions should be completed BEFORE THE START OF EACH WEEK on the dates shown in the Course Schedule below.

Course calendar and related activities
When Module Title Notes
Week 1
Sept. 25
Introduction and Course Overview
  1. Introduction to the Course
  2. Review Course Syllabus & Schedule
  3. Watch Getting Started Recorded Lectures – Market Mechanics
  4. Reading: Course text Chapters 1 and 2
  5. Recommended Readings: See Week 1 Course Documents on Canvas
  6. Review End of Chapter Problems and Solutions*
    • Chapter 2 (Problems: 1,2,7)
    • Chapter 3 (Problems: 1 through 27. This is a review of material that was covered in Financial Analysis.)
  7. Problem Set 1 Available for Review
  8. Quiz 1: Basic Skills Test
  9. Week 1 Discussion: Introduce Yourself and Ask Your Classmates Questions
Week 2
Oct. 2
Understanding Risk and Returns
  1. Reading: Course text Chapter 4, 9 (pp. 324-337), and 11 (pp. 411-419)
  2. Review End of Chapter Problems and Solutions*
    • Chapter 4 (Problems: 2,3,4,7)
    • Chapter 9 (Problems: 1,2,3,4,5,6,7)
    • Chapter 11 (Questions: 1,2,3,4,5,6,7,8)
  3. Watch Week 2 Lectures - Risk and Returns Analysis
  4. Recommended Readings: See Week 2 Course Documents on Canvas
  5. Week 1 Discussion Closes
  6. Week 2 Discussion: Efficient Market Theory
Week 3
Oct. 9
Statistical Tools and Modern Portfolio Theory
  1. Reading: Course text Chapter 5 and Appendix 5
  2. Review End of Chapter Problems and Solutions*
    • Chapter 5 (Questions: 4,9; Problems: 2,3,4,5,6,7,8)
  3. Watch Week 3 video lectures
  4. Recommended Readings: See Week 3 Course Documents on Canvas
  5. Problem Set 2 Available for Review
  6. Quiz 2: Time Value in Investments
  7. Week 2 Discussion: Closes
Week 4
Oct. 16
Valuation of Equity Securities and Review of Bedo Case
  1. Reading: Course text Chapters 6 (pp. 225-235), 8 (pp. 271-288), 9 (pp. 337-347)
  2. Review End of Chapter Problems and Solutions*
    • Chapter 6 (Questions: 8,11,12; Problems: 4,5,6)
    • Chapter 8 (Questions: 4,5,7; Problem: 1)
  3. Watch Week 4 Video Lectures - Equity Valuation
  4. Recommended Readings: See Week 4 Course Documents
  5. Quiz 3: Returns Analysis
  6. Bedo Case Module Opens
  7. Review Bedo Case - We will hold a Zoom Session to review the Bedo Case at 6pm, Tuesday, October 17.
Week 5
Oct. 23
Security Analysis and Time-Weighted Returns
  1. Reading: Course text Chapters 10, 8 (pp. 288-310)
  2. Review End of Chapter Problems and Solutions*
    • Chapter 10 (Problems: 5,6,7,12,13,14,17,19)
    • Chapter 8 (Problems: 2,4,8,11)
  3. Watch Week 5 Video Lectures - Security Analysis
  4. Recommended Readings: See Week 5 Course Documents
  5. Discussion Board Week 5: The Bedo Case
Week 6
Oct. 30
Technical Analysis, Behavioral Finance and the Bond Market
  1. Reading: Course text Chapters 12,13
  2. Review End of Chapter Problems and Solutions*
    • Chapter 13 (Question: 3; Problems: 1,2)
  3. Watch Week 6 Video Lectures
  4. Copy Midterm Exam available
  5. Week 5 Discussion: Closes
Week 7
Nov. 6
Valuation of Fixed-Income Securities
  1. Submit Midterm Exam Online
  2. Begin Valuation of Fixed-Income Securities
  3. Reading: Course text Chapter 14, Appendix 14A, 14B, Appendix 15 (pp. 578-584), Chapter 16
  4. Review End of Chapter Problems and Solutions*
    • Chapter 14 (Problems: 1,2,3,4,9,11,12,18,19,20,23,26)
    • Chapter 15 (Questions: 2,8,; Problems: 3,5,8,12)
    • Chapter 16 (Problems: 2,4,6)
  5. Watch Week 7 Video Lectures
  6. Problem Set 3 Available for Review
  7. Recommended Readings: See Week 7 Course Documents
  8. Week 7 Discussion: Behavioral Finance
Week 8
Nov. 13
  1. Reading: Course text Chapters 17,18
  2. Recommended Readings: See Week 9 Course Documents
  3. Quiz 4: Technical Interview Quiz
  4. Watch Week 8 Video Lectures - Options
  5. Review End of Chapter Problems and Solutions*
    • Chapter 17 (Problems: 2,3,4,6,8)
    • Chapter 18 (Problems: 2,5)
  6. Week 7 Discussion: Closes
  7. Bedo Case Letter Due
Week 9
Nov. 20
Futures, Real Assets and Investment Companies
  1. Reading: Course text Chapters 19, 6 (pp. 201-224), 7
  2. Review End of Chapter Problems and Solutions*
    • Chapter 19 (Questions: 9,10; Problems: 1,4,6,7,8)
    • Chapter 7 (Problems: 2,4)
  3. Watch Week 9 Video Lectures
  4. Recommended Readings: See Week 9 Course Documents
  5. Quiz 5: Options
Week 10
Nov. 27
Foreign Investments and the Information Ratio
  1. Reading: Course text Chapter 20
  2. Review End of Chapter Problems and Solutions*
    • Chapter 20 (The Bruckner’s Asset Allocation – page 771)
  3. Watch Week 10 Video Lectures
  4. Recommended Readings: See Week 10 Course Documents
  5. Quiz 6: Case Study
Week 11
Final Exam Module - Dec. 7
Comprehensive Final Exam

The Final Exam will be taken online and must be completed by December 9, 2023, at 11:59pm.

Notes to Course Schedule

*  Copies of the solutions to the listed End of Chapter Problems from the indicated chapters in the textbook are available on the course website on Canvas. It’s also recommended that class members review the even numbered problems at the end of each assigned chapter. The answers to the even numbered problems are provided in Appendix B of the textbook.