Andrew M. Chisolm's An Introduction to Capital Markets: Products, Strategies, Participants appears on the old P4 Advanced Financial Management examiner's list of recommended readings. Is it worth introducing to your P4 study plan?
This is a comprehensive textbook covering the capital markets and ambitious P4 students will be rewarded if they choose to use it to enhance their studies. There are very detailed chapters on the money markets and bond markets which should be useful when covering the sections of the syllabus on cost of capital and raising finance. There is also an exceptionally detailed chapter on options which should help a well-prepared candidate ace any question on them.
The main benefit that students will get out of this textbook, however, is its thorough coverage of FX and interest rate swaps, forwards and futures. These provide almost all that is necessary to know for the risk management section of the syllabus, and indeed Chisolm devotes the most time and space to these topics.
The book isn't perfect, and some students may find it too long-winded and too detailed for the likely depth at which certain P4 syllabus areas are examined. That may be a fair criticism, and so for that reason the text should be used more as a reference piece than as something they must read start to finish. The topics are approached in an accessible style suitable for undergraduates with some knowledge of financial markets. It is easy to read but denser than most ACCA-specific texts.
If a student were to use this text selectively (i.e. only for a few topics), it would make sense to use it for options and risk management/hedging; it beats most approved learning providers' texts in both these areas.
Overall, this book is recommended for candidates who would like more in-depth knowledge on hedging and options, and for those whose ambitions are to achieve significantly higher than 50% on the exam. If you're just looking to pass and move on, then indeed, move on away from An Introduction to Capital Markets as well.
This is a comprehensive textbook covering the capital markets and ambitious P4 students will be rewarded if they choose to use it to enhance their studies. There are very detailed chapters on the money markets and bond markets which should be useful when covering the sections of the syllabus on cost of capital and raising finance. There is also an exceptionally detailed chapter on options which should help a well-prepared candidate ace any question on them.
The main benefit that students will get out of this textbook, however, is its thorough coverage of FX and interest rate swaps, forwards and futures. These provide almost all that is necessary to know for the risk management section of the syllabus, and indeed Chisolm devotes the most time and space to these topics.
The book isn't perfect, and some students may find it too long-winded and too detailed for the likely depth at which certain P4 syllabus areas are examined. That may be a fair criticism, and so for that reason the text should be used more as a reference piece than as something they must read start to finish. The topics are approached in an accessible style suitable for undergraduates with some knowledge of financial markets. It is easy to read but denser than most ACCA-specific texts.
If a student were to use this text selectively (i.e. only for a few topics), it would make sense to use it for options and risk management/hedging; it beats most approved learning providers' texts in both these areas.
Overall, this book is recommended for candidates who would like more in-depth knowledge on hedging and options, and for those whose ambitions are to achieve significantly higher than 50% on the exam. If you're just looking to pass and move on, then indeed, move on away from An Introduction to Capital Markets as well.
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