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Description
Introduction
Private Banking is one of the pillars of the Luxembourg financial centre and the ever growing complexity of this business requires that a private banker possesses a solid knowledge of the asset classes, markets, financial instruments and decision making processes involved in wealth management.In order to provide this background the House of Training has developed a 6-day foundation course focusing on the following aspects:
• financial markets and related instruments in investment portfolios
• taking investment decisions based on the aspects of risk and return
• understanding the concept of diversification and market efficiency in portfolio management
• integration of efficient financial vehicles in investment solutions
This training is offered in blended-learning, you will receive access to a preparatory course in e-learning 2 weeks before the course.
Programme
The 6-day foundation course covers the following topics:
• E-Learning course "International Financial Markets" - Duration 4 hours
• The major financial markets and their related instruments: stocks, bonds, currencies and commodities
• The major derivatives and their use: forwards and futures, swaps and options
• The basics of structured products
• Portfolio management in theory and practice
• The basics of risk measurement and management
• Investment funds and an introduction to alternative investments
The 6 modules/days in detail:
Module 1 : RISK MANAGEMENT & PERFORMANCE ATTRIBUTION
I. Risk definition and concept
1. Risk versus uncertainty / Impact versus likelyhood
2. Objectives of risk management
3. Risk in Private Banking
II. Various types of risk
1. Market risk
2. Liquidity risk
3. Credit risk
4. Operational risk
5. Regulatory/reputational risk
III. Performance and risk measurement
1. Reminder on performance measures
2. Performance measurement and reporting
a) MPT measure: volatility
b) CAPM derived measures
c) Value At Risk
IV. Performance attribution - overview
1. Performance attribution
2. Risk attribution
Module 2 : DERIVATIVE FINANCIAL INSTRUMENTS
I. Derivative instruments: definition and concepts
1. Forwards, swaps and options
2. Markets and actors
3. Notion of underlying instrument
4. Mathematical concepts and calculation
II. Forwards and Futures
1. Mathematical notions
2. Using futures for hedging and for instrument pricing
3. Non-deliverable forwards
III. Swaps
1. Mathematical concepts & valuation
2. Various types of swaps: trading and hedging
IV. Options
1. Intrinsic and time values
2. Options for trading and hedging
3. Second generation and exotic options
Module 3 : STRUCTURED PRODUCTS
I. Definition and concepts
1. Risk level compared to traditional investments
2. Impact of yield curves
3. Volatility
4. Option pricing
II. Capital protected products
1. Overview, benefits and risks
2. Bond + option
3. Example
4. Classic (vanilla) versus Asian option
5. Sensitivities
III. Reverse convertibles
1. Overview, benefits and risks
2. Interest rate and option component
3. Example
4. Sensitivities
IV. Credit linked structured products
1. Overview, benefits and risks
2. Example
3. Sensitivities
Module 4: FUNDS and HEDGE FUNDS
I. What is a FUND?
1. Undertaking for Collective Investment
2. Portfolio Management Mandate
3. Net Asset Value
4. Domicile and regulation
II. How do Exchange Traded Funds (ETFs) work?
1. Concept, history, major providers
2. Authorised participants and market making
3. Various types of ETFs and impact on markets
III. What is a HEDGE FUND?
1. Hedged & Leveraged
2. Absolute performance
3. AuM evolution
4. Legal considerations
5. Advantages & Disadvantages
6. Strategies
7. Risk aspects
Module 5: ELEMENTS OF PORTFOLIO MANAGEMENT
I. Managing market risk
1. Hedging
2. Insurance
3. Diversification
II. Portfolio Management theoretical models
1. Markowitz and efficient portfolios
2. W.Sharpe and the CAPM
3. E. Fama and market efficiency
4. S.Ross and the APT: generalisation of CAPM
III. Diversification: mathematical concept
1. Risk and return
2. Risk-adjusted return
a) Absolute and relative performance
b) Sharpe ratio
c) Treynor ratio
3. Correlation and covariance
4. Portfolio risk
5. Example with 3 assets
IV. Portfolio Management practice
1. The management process
2. Limits to the rationality of investors
a) Prospect theory
b) Rational and behavioural approach
c) Example & discussion
3. Active, passive and alternative management
a) Passive management and ETFs
b) Example: Raiffeisen selection tracker analysis
c) Active management: styles and allocations
d) Example: Vontobel fund analysis
Module 6: MAJOR FINANCIAL SPOT MARKETS
I. Introduction
1. What is a market ?
2. Various market organisations
3. Regulation
4. Market mechanisms
5. Market price behaviour
6. The 4 pillars of Finance
II.Equity – the stock market
1. Stocks and stock exchanges
2. Indexes
3. Stock valuation
4. Volumes & actors
5. Private Equity, IPOs and M&A
III.Foreign Exchange markets
1. The nature of money
2. FX conventions
3. Convertibility and price determination
4. Central Banks
5. Volumes and players
6. FX pricing theory
IV.Debt – Bonds and money markets
1. Bond markets
a) government vs corporate
b) primary vs secondary
c) calculation and pricing – dirty vs clean
2. Money markets
a) interbank market
b) calculation conventions
3. Borrowers, lenders, and rating agencies
a) Yield curve, duration and sensitivity
V. Commodities
1. Agriculture, weather and cash flows
2. Shipping and freight
3. Theory of storage, inventory & convenience yield
4. The case of oil
5. The case of metals
6. Brief overview of other commodity markets
Target Public
The training programme is designed for participants who already possess a basic knowledge of financial concepts and are willing to pro-actively bring their knowledge to a professional level. Targeted participants are junior as well as senior personal and private bankers, Family Offices’ staff, compliance and risk management staff who require a global financial knowledge refresh or upgrade and any person having already worked in a financial environment and wishing to acquire a more comprehensive understanding of wealth management or intending to re-focus their career in private banking.
Conditions
Support de cours
Pour des raisons de respect de l'environnement veuillez noter qu'aucun support papier ne vous sera fourni lors de votre formation. Votre support de cours peut être téléchargé gratuitement avant le début du cours via notre portail client (télécharger ici le guide du portail client). Vous pourrez ainsi le consulter sur l’écran de votre appareil mobile ou l'imprimer en cas de besoin. Si votre inscription a été effectuée par un responsable formation de votre entreprise veuillez le contacter pour qu'il puisse vous y donner accès ou vous l'envoyer.
Exams
The course includes a written examination, based on all covered topics.
Minumum pass score : 60%
Location
L-1615 Luxembourg
Luxembourg
Sessions et horaires
-
Mon 16.11.2026
09:00 à 18:00
8H
Certified Private Banker Foundation Course: Financial Markets
Chambre de Commerce Luxembourg
-
Tue 17.11.2026
09:00 à 18:00
8H
Certified Private Banker Foundation Course: Derivative Financial Instruments
Chambre de Commerce Luxembourg
-
Wed 18.11.2026
09:00 à 18:00
8H
Certified Private Banker Foundation Course : Structured Products
Chambre de Commerce Luxembourg
-
Thu 19.11.2026
09:00 à 18:00
8H
Certified Private Banker Foundation Course : Portfolio Management
Chambre de Commerce Luxembourg
-
Fri 20.11.2026
09:00 à 18:00
8H
Certified Private Banker Foundation Course : Risk Measurement & Management
Chambre de Commerce Luxembourg
-
Mon 23.11.2026
09:00 à 18:00
8H
Certified Private Banker Foundation Course : Introduction to Funds and Hedge Funds
Chambre de Commerce Luxembourg
-
Fri 27.11.2026
09:00 à 12:00
3H
Certified Private Banker-Foundation Level
Classe virtuelle
-
4H
E-Learning - International Financial Markets
Chambre de Commerce Luxembourg
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