Behavioral Finance & Its Application

Course Details

Combined accredited SAQ CWMA recertification training amounting to 1 hour of study.

Topic: Behavioral Finance

Subtopic: Client Advice 


Overview pt. 1: Behavioral Finance in the Time of COVID-19

Professor Statman will discuss the mental mistakes that investors frequently make on the way to satisfying their normal wants, especially in the context of the current global pandemic and financial crisis. The second generation of behavioral finance can help avoid errors and provide answers to important questions about saving and spending, portfolio construction, asset pricing, and market efficiency during tumultuous periods.


Overview pt. 2:  Applying Behavioral Finance to the Investment Process 

Clare Flynn Levy, founder of Essentia Analytics, discusses why solely focusing on performance misses an important point; how top managers are competing for survival of the fittest and why others are missing a trick; and how to mitigate behavioral bias in your own investment process.


Learning Outcomes pt. 1

- New view on ‘normal’ individuals, neither rational or irrational, with a range of normal wants rather than cognitive errors.

- Normal individuals seek various benefits from products: utilitarian benefit, expressive benefits, emotional benefits.

- Cognitive errors: framing, overconfidence, representativeness.


Learning Outcomes pt. 2

- Using trade data rationales to reveal behavioural biases to improve performance.

- Common trading biases: loss aversion, alpha decay aversion.

- Future developments in behavioural finance.



These  online videos can be accessed at any time, up to the calendar year end if purchased in the first half of the year; or up the subsequent calendar year end if purchased in the second half of the year. 

In order to purchase this course CFA Society Switzerland members and guests must set up and login with a CFA Institute Id#.



CHF 100 for non-members. 

CHF 60 for members of CFA Society Switzerland.






Meir Statman, PhD

Meir Statman, PhD

Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara University. His research focuses on behavioral finance, and he attempts to understand how investors and managers make financial decisions and how these decisions are reflected in financial markets. Dr. Statman consults with many investment companies and presents his work to academics and professionals in many forums in the United States and abroad. His most recent book is Finance for Normal People: How Investors and Markets Behave. Dr. Statman’s research has been published in numerous journals, including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Financial Analysts Journal, the Journal of Portfolio Management, and more. He is a member of the advisory board of several academic journals and is an associate editor of the Journal of Behavioral Finance and the Journal of Investment Management. Dr. Statman is a recipient of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award, a Bernstein Fabozzi/Jacobs Levy Outstanding Article Award, a Moskowitz Prize for best paper on socially responsible investing, a Matthew R. McArthur Industry Pioneer Award, three Baker IMCA Journal Awards, and three Graham and Dodd Awards. He was named as one of the 25 most influential people by Investment Advisor. Dr. Statman received a BA and MBA from the Hebrew University of Jerusalem and a PhD from Columbia University.

Clare Flynn Levy

Clare Flynn Levy

Clare Flynn Levy is founder and CEO of Essentia Analytics, a financial software company that uses behavioral data analytics to help professional investors do more of what they're good at and less of what they're not. Prior to founding Essentia, Clare spent 10 years as a fund manager, both active equity (running over $1bn of pension funds for Deutsche Asset Management) and hedge (as founder and CIO of Avocet Capital Management, a specialist tech fund manager). She ultimately “went native” into the software space as the President of Beauchamp Financial Technology, a market-leading provider of portfolio management systems to hedge funds, which was acquired by Linedata Services S.A. Clare also serves as a non-executive director of Team Grasshopper Ltd. (an innovative packaging IP company), acts as an advisor to the board of City Lounge Ventures Ltd. (operators of the Central Working flexible workhubs), and sits on the European regional board of YPO-WPO (the world's most influential network of young CEOs).