This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Expand Your Horizons From The Top Down
The Macro Specialist Designation
Taught By François Trahan
Institutional Investor’s Only Hall of Fame Portfolio Strategist
What Is Macro?
Macro Analysis is the study of big-picture trends that influence markets and economies.
Stocks and other leading indicators of the economy have been correlated for the past 70+ years. Macro helps investors….to be written.
Employer Benefits
The M2SD Certification credential is a differentiator in a crowded field of candidates. It signals a commitment to a broader investment tool kit and a differentiator in a room of fundamental analysts. Make it an important part of your hiring practices and development programs.
The M2SD teaches a practical macro framework designed for hands-on investors.
Most academic programs in finance and business focus almost exclusively on bottom-up, stock-specific fundamental analysis and exclude top-down macro analysis. This intense focus on fundamental research has been reinforced by the growing popularity of the CFA® program which has become a standard credential for careers on Wall Street.
Macro Helps You See The Big Picture
Program Overview
The program consists of three levels can be completed in as little as 18 months.
Level 1
The Essentials Of Applied Macro
Bloc 1 An Introduction To Financial Economics
Chapter 19: From “Great Moderation” To “Era Of Uncertainty”
Chapter 20: Investing In The “New Normal”
Chapter 21: A History Of Exuberance And Crisis
Chapter 22: The Investment Backdrop And Why It Matters
Chapter 23: The World’s Influence On U.S. Equities
Bloc 2 The Forces Driving The Economy
Chapter 19: From “Great Moderation” To “Era Of Uncertainty”
Chapter 20: Investing In The “New Normal”
Chapter 21: A History Of Exuberance And Crisis
Chapter 22: The Investment Backdrop And Why It Matters
Chapter 23: The World’s Influence On U.S. Equities
Bloc 3 The Stock Market: Facts, Myths, Misconceptions
Chapter 19: From “Great Moderation” To “Era Of Uncertainty”
Chapter 20: Investing In The “New Normal”
Chapter 21: A History Of Exuberance And Crisis
Chapter 22: The Investment Backdrop And Why It Matters
Chapter 23: The World’s Influence On U.S. Equities
Bloc 4 Important Topics In Financial Research
Chapter 19: From “Great Moderation” To “Era Of Uncertainty”
Chapter 20: Investing In The “New Normal”
Chapter 21: A History Of Exuberance And Crisis
Chapter 22: The Investment Backdrop And Why It Matters
Chapter 23: The World’s Influence On U.S. Equities
Level 2
A Global Approach To Portfolio Strategy
Bloc 5 The Structural Backdrop
Chapter 19: From “Great Moderation” To “Era Of Uncertainty”
Chapter 20: Investing In The “New Normal”
Chapter 21: A History Of Exuberance And Crisis
Chapter 22: The Investment Backdrop And Why It Matters
Chapter 23: The World’s Influence On U.S. Equities
Bloc 6 Global Influences And Investment Decisions
Chapter 19: From “Great Moderation” To “Era Of Uncertainty”
Chapter 20: Investing In The “New Normal”
Chapter 21: A History Of Exuberance And Crisis
Chapter 22: The Investment Backdrop And Why It Matters
Chapter 23: The World’s Influence On U.S. Equities
Bloc 7 Sector Leadership
Chapter 19: From “Great Moderation” To “Era Of Uncertainty”
Chapter 20: Investing In The “New Normal”
Chapter 21: A History Of Exuberance And Crisis
Chapter 22: The Investment Backdrop And Why It Matters
Chapter 23: The World’s Influence On U.S. Equities
Level 3
Translating Macro Into Micro
Bloc 8 The Centerpiece Of Stock Selection: Factors
Chapter 19: From “Great Moderation” To “Era Of Uncertainty”
Chapter 20: Investing In The “New Normal”
Chapter 21: A History Of Exuberance And Crisis
Chapter 22: The Investment Backdrop And Why It Matters
Chapter 23: The World’s Influence On U.S. Equities
Bloc 9 The Essential Tools Of Stock Selection
Chapter 19: From “Great Moderation” To “Era Of Uncertainty”
Chapter 20: Investing In The “New Normal”
Chapter 21: A History Of Exuberance And Crisis
Chapter 22: The Investment Backdrop And Why It Matters
Chapter 23: The World’s Influence On U.S. Equities
Bloc 10 The Essential Behaviors Of Successful Stock Selection
Chapter 19: From “Great Moderation” To “Era Of Uncertainty”
Chapter 20: Investing In The “New Normal”
Chapter 21: A History Of Exuberance And Crisis
Chapter 22: The Investment Backdrop And Why It Matters
Chapter 23: The World’s Influence On U.S. Equities
Lorem ipsum
Dates for test sessions
Date ## – Date ##
registration deadline: ??
Date ## – Date ##
registration deadline: ??
Date ## – Date ##
registration deadline: ??
Date ## – Date ##
registration deadline: ??
Date ## – Date ##
registration deadline: ??
The M2SD Delivers Five Primary Benefits to your company
1
Employee Retention
Non-monetary compensation is high on the list of desirable benefits for employees today. According to PNC, career development matters, and great employees want to an opportunity to grow in their roles.
2
Client Retention
Better employees help create more satisfied, sticky clients. Investment professionals that can speak confidently about the macro backdrop help clients to better understand their performance results.
3
Increased Alpha
Recent academic research* has found that “accumulated wisdom…has a positive relationship with manager skill.” Understanding the macro backdrop in a historical context improves performance around the business cycle.
4
Community
The community of successful M25D designation holders will provide ample networking opportunities for candidates. This will increase employees’ knowledge base and also promote new client onboarding.
5
Research Access
Candidates actively enrolled in the M2SD program will receive complimentary access to the portfolio strategy reports and screens published by Trahan Macro Research.
LEVEL 1
Macroeconomic principles and policy
Bloc 5: The Structural Backdrop
Chapter 19: From “Great Moderation” To “Era Of Uncertainty”
Chapter 20: Investing In The “New Normal”
Chapter 21: A History Of Exuberance And Crisis
Chapter 22: The Investment Backdrop And Why It Matters
Chapter 23: The World’s Influence On U.S. Equities
LEVEL 2
Global backdrop and portfolio strategy
Bloc 6: Global Influences And Investment Decisions
Chapter 24: The Eurozone
Chapter 25: Japan
Chapter 26: China
Chapter 27: Asset Allocation Is A Global Affair
LEVEL 3
Stock selection and portfolio modeling
Bloc 7: Sector Leadership
Chapter 28: Sector Positioning And The Business Cycle
Chapter 29: The Technology Sector
Chapter 30: The Consumer Discretionary Sector
Chapter 31: The Industrials Sector
Chapter 32: The Financials Sector
Chapter 33: Defensives: Health Care And Staples
Chapter 34: Cyclicals: Energy And Materials
Chapter 35: Rate-Sensitives: REITs And Utilities
What Can You Do With A M2SD Designation?
M2SD holders apply their skills in almost any career in the financial services industry. Anyone making investment-related decisions can benefit from the knowledge that the M2SD provides.
What Is The M2SD?
The impetus behind the Macro Specialist Designation was to fill the void left by academia and current financial market certifications when it comes to teaching macro principles and their applications. The M2SD is meant to be complementary to fundamental research, not replace it. The goal of the program is to better prepare investors for today’s market realities by helping candidates gain the knowledge to invest under all sorts of possible macro backdrops.
The M2SD is designed around three levels of study which can be completed in 18 months. Level 1 examines the principles of macroeconomics, the various forms of policy, and how these forces influence financial markets. Level 2 focuses mainly on the global backdrop and portfolio strategy. Finally, Level 3 is centered around the study of stock selection and portfolio modeling. Most of the content in the M2SD is unique in that it is not material typically covered in academia or other certifications.
Commitment to Professional Status
- Demonstrates superior practitioner and team competence underpinned by ethics.
- Adheres to complementary compliance codes and standards—Asset Manager Code and Global Investment Performance Standards (GIPS®).
- Fosters recognition and partnership in the global marketplace through a shared credential.
- Strengthens a disciplined, profession-focused working environment driven by customer goals.
Commitment to Professional Status
- Demonstrates superior practitioner and team competence underpinned by ethics.
- Adheres to complementary compliance codes and standards—Asset Manager Code and Global Investment Performance Standards (GIPS®).
- Fosters recognition and partnership in the global marketplace through a shared credential.
- Strengthens a disciplined, profession-focused working environment driven by customer goals.
Students
Macro concepts are not taught in most academic programs. The MSD augments your undergraduate or graduate degree with practical, market-based knowledge.
The growing cost of education can often put an advanced degree out of reach for many professionals. It can require years of lost income as a student as well as the prospect of incurring large student loan debts. The M2SD Certification is a practical and cost-effective alternative to an MBA or other financial-related degree.
Career changers
Are you looking to make a change within financial services but don’t want to take the time or money to go back to school full time? The M2SD program can be completed in as little as 18 months while you continue to work full time, for a fraction of the cost of an MBA or other advanced degree.
Career Paths for Macro Professionals
Macro touches every career in the financial services industry. Whether you are a trader, a banker, or a wealth manager, your performance will be impacted by the effects of macro events.
Asset management/
asset allocation/
trading/
financial advisors/
stock analysts/
risk managers/
Portfolio management/
Research/
Consulting/
Risk analysis and risk management/
Asset management/
Private wealth management/
Commercial banking/
Investment banking/
Insurance/
Investment strategy/
Financial professionals
Almost any career in financial services is touched by macro analysis in some way.
Equity analyst
Equity analyst
broaden the scope of your analysis to understand what are the macro drivers of a company’s performance vs the stock-specific factors
Portfolio manager
Equity analyst
broaden the scope of your analysis to understand what are the macro drivers of a company’s performance vs the stock-specific factors
Financial advisor
Equity analyst
broaden the scope of your analysis to understand what are the macro drivers of a company’s performance vs the stock-specific factors
Fourth ??
Equity analyst
broaden the scope of your analysis to understand what are the macro drivers of a company’s performance vs the stock-specific factors
Differentiate yourself build knowledge and stand out from the crowd
Compliment your existing skill set, competitive advantage
Invest in your future
gain confidence and credibility
Show your commitment to
your career
Macro has a huge influence on financial markets but still occupies very little mindshare in financial market analysis. The Macro Specialist Designation, or M2SD, is a study program designed to help financial professionals understand how macro trends impact equity markets and how to successfully implement macro techniques in their investment analysis.
Who Created The M2SD?
François Trahan
and his long-time research associates
Currently
Founding partner of Trahan Macro Research LLC
Previously
Founding partner of Trahan Macro Research LLC., Managing Director at UBS where he led the US Portfolio Strategy effort, Founder and managing partner of Cornerstone Macro, Vice Chairman of Wolfe Trahan & Co., Chief Investment Strategist at International Strategy and Investment Group (ISI), Chief Investment Strategist for Bear Stearns & Co., Ned Davis Research and the Bank Credit Analyst Research Group
Education
Undergraduate and graduate degrees in Economics from the University of Montreal
Co-Author
The Era of Uncertainty: Global Investment Strategies for Inflation, Deflation, and the Middle Ground”.
Accomplishments
The only equity portfolio strategist inducted into the Institutional Investor All-America Research Team Hall of Fame based on the annual survey of Wall Street professionals.
A long holding period MITIGATES the impact of the business cycle on stock selection.
Over the last several decades the average holding period for stocks has fallen to about one year. This shorter time horizon greatly increases the influence that macro trends can have on a portfolio.
