← Erudite Africa Center of ExcellenceCapital MarketSchool of Capital Markets and InvestmentFoundational to Advanced
Investment Analysis and Portfolio Management
Analyse investments and build, manage and report portfolios in a thin, high-inflation Ethiopian market
From the investment policy statement to the committee report: measure real returns, diversify across the Ethiopian asset menu, value listed shares and bonds, and manage portfolios where few securities trade.
Start the course
0 of 5 modules completed
What you will be able to do
- Calculate return and risk for single assets and portfolios, in real terms under high inflation
- Explain diversification, asset allocation and the risk-return trade-off, and draft an IPS within Ethiopian rules
- Perform a basic fundamental analysis and valuation of a listed Ethiopian company, including corporate actions
- Apply portfolio theory, CAPM and fixed income risk measures to construct portfolios for stated objectives
- Evaluate managers with risk-adjusted measures and manage portfolios in thin, illiquid markets
- For
- Investment officers of banks, insurers, pension funds and asset managers (foundational modules), and portfolio managers, investment advisers and investment committee members (advanced modules). Learners should have completed course 2.c Level 1 or have equivalent knowledge.
- Study time
- About 6 hours online, in 5 modules (56 hours in the classroom version)
- Each module
- Short lessons, animated visuals, Ethiopian examples, decisions to make, the laws and directives that apply and worked calculations, then a quiz
- Assessment
- A 20-question final exam; pass mark 70%
- Certificate
- Erudite Africa Center of Excellence certificate of completion
- Access
- Module 1 free for registered users; the full course, exam and certificate for subscribers
The 5 modules
- Module 01Free previewThe investment process, return and riskSet objectives and constraints in an investment policy statement, then measure return and risk the way an Ethiopian investor actually experiences them: after inflation.6 lessons · 60 min · quiz
- Module 02Diversification and Ethiopian asset classesCombine assets so that risks partly cancel, then build Tana's IPS and asset allocation from the asset classes and limits that actually exist in Ethiopia.6 lessons · 65 min · quiz
- Module 03Fundamental analysis and valuationWork from the economy to the industry to the company, read the annual report of an Ethiopian bank or insurer, and value its shares with dividends, multiples and an eye on corporate actions.6 lessons · 65 min · quiz
- Module 04Portfolio theory, asset pricing and fixed income riskOptimise a constrained portfolio, estimate the cost of equity for Ethiopia with short histories, and manage interest rate and credit risk in Birr bonds and sukuk.6 lessons · 70 min · quiz
- Module 05Managing and evaluating portfolios in thin marketsRebalance and plan liquidity where markets are thin, judge managers with risk-adjusted measures, and report eight quarters of a simulated pension fund to an investment committee.6 lessons · 70 min · quiz
- Officer simulationA quarter as portfolio manager at Bank A CapitalWork as portfolio manager, institutional mandates: 10 real-life items, decisions with consequences and a hand-over note. Pass with 70% to qualify for the certificate.
- Final examFinal exam and certificate20 applied questions across all 5 modules. Pass with 70% to download your certificate.
Built on
- Erudite Africa course specification 2.d: Investment Analysis and Portfolio Management, Levels 1 and 2 (October 2026)
- Erudite Africa Training Module: Ethiopian Context, programme overview and regulatory register (October 2026)
- Capital Market Proclamation No. 1248/2021; ECMA Directives No. 980/2024 and No. 996/2024; ESX Rulebook (December 2024)
- NBE directives as listed in the lessons: SBB/92/2024, SBB/95/2025, SBB/72/2019, FXD/01/2024, NBE/INT/13/2026; NBE Monetary Policy Committee release No. 7 (July 2026)
- NBE financial sector data for FY2024/25 and ESX and ECMA market data, as compiled in Investopia sector research (October 2026)
Examples and companies are fictional. Bank practices are shown as typical Ethiopian practice, not as any one bank's policy. Always apply your own institution's approved policy and the current NBE directives.