Ultimate CFA Level 3 Bootcamp- Derivative + Risk Management

CFA Level 3 Derivatives, Option Strategies, Black-Scholes-Merton, Greeks, Covered Calls, Portfolio Risk Control

What you’ll learn
✓ Master put call parity, synthetic forwards, and synthetic options from a CFA Level III portfolio management perspective.
✓ Apply covered calls, protective puts, collars, spreads, and straddles to manage downside risk and enhance returns.
✓ Build and implement the Black Scholes Merton model in Excel, including d1, d2, discounting, and pricing logic.
✓ Derive and interpret Greeks Delta, Gamma, Vega, and Theta and manage portfolio level option exposures.

Requirements
● CFA Level II knowledge of derivatives and basic calculus; familiarity with options terminology and Excel is recommended.

Description
Hi, My name is LIPAI WANG, I previously served as a trust manager. This course provides a structured review of derivatives and option strategies relevant to the CFA Level III curriculum, with emphasis on practical application in portfolio management contexts.

The course begins with core option relationships such as put call parity and synthetic positions. You will work through synthetic forwards and synthetic options in a step-by-step format, focusing on understanding payoff structures and how combinations replicate exposures.

From there, the course covers commonly tested option strategies including covered calls, protective puts, collars, bull call spreads, bear put spreads, straddles, and calendar spreads. Each strategy is analyzed in terms of payoff, risk profile, and portfolio implications.

A dedicated section reviews the Black-Scholes-Merton model. This includes explanation of d1 and d2, interpretation of inputs, and implementation in Excel. The course also walks through the derivation and interpretation of key Greeks including Delta, Gamma, Vega, and Theta. The objective is to clarify how option sensitivities behave and how they affect position level and portfolio level exposure.

Additional lectures address time decay behavior, implied volatility considerations, and portfolio level delta management.

This course is intended as a focused derivatives supplement for CFA Level III candidates who want detailed walkthroughs of option structures and risk characteristics.

Who this course is for
■ CFA Level III candidates, portfolio managers, and investment professionals seeking advanced option strategy and risk control skills.

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