CFA和CRFA
CFA和CRFA
CFA一级考试每年举行两次，分别在每年六月和十二月的第一个周日；二、三级考试每年举行一次，在每年六月的第一个周日。三个级别的考试时间均为上下午各三个小时。
现在一二级的考试题型都是单项选择题，一级考试共计240道题，09年之前是ABCD四个选项，四选一，09年开始改革为ABC三个选项，三选一。
二级是案例选择（item set multiple choice），20道Item Set，每题6个小题，共120道题，同样从09年开始改革为ABC三个选项，三选一。
三级题型分两部分，上午是essay，包括简答和按给出的构架应答（比如给您一个表格，要您补全所缺项目），下午跟二级的题型一样。这要求您应该做出相应的调整，重点适应essay 的特点，而这其中的重点是IPS（investment policy statement）的撰写，它所占的比重和篇幅都最大，对多数中国考生来说，也是比较陌生，对英文写作难以把握。同时上午的考试中还将涉及到很多计算题，如performance attribution, return calculation，derivative valuation等题目，计算难度和计算量也比较大，如果没有非常充分的准备，考生在这部分失分也非常多。
下午考试部分题型和二级一样，10道Item Set,每题6个小题,共60道题。主要是Ethics, GIPS, Risk Management, Portfolio Management 的内容，题目可以是及极其理论化的投资组合管理理论，也可以是非常实务的风险对冲，组合调整和监控的内容。
优势不言而喻：cfa呗
简单地说，就是一个国际的考试，一个国内的考试。
复杂的说如下：
中国注册金融分析师（CRFA）由国务院发展研究中心金融研究所负责考题的开发，美国Stalla Review根据国际标准和经验提供专业支持，由中国注册金融分析师培养计划执行办公室指定专业考试机构在全国实施统一计算机考试，每年每级考试二次，考试时间定为每年6 、12月份的最后一个星期日，第一、二级考试每级5个小时。中国注册金融分析师（CRFA）考试根据不同的对象共分三级。 CFA是“注册金融分析师”（Chartered Financial Analyst）的简称，也称为“特许金融分析师”，它是证券投资与管理界的一种职业资格称号，由美国“特许金融分析师学院”(ICFA)发起成立，每年在全球范围内举行资格考试。CFA 协会主办的CFA课程和考试被认为全球投资专业里最为严格的考试，在投资知识、专业标准及道德操守方面制定了全球准则。CFA特许状持有人可以向其客户、雇主和同事表明他已经修读了一套严谨的专业课程，知识涵盖了广泛的投资领域，并且承诺遵守最高的职业道德准则。因此，CFA特许状被投资业看成一个“黄金
标准”，投资者也希望找到那些持有CFA特许状的专业人士，因为这一资格被认为是投资业界中具有专业技能和职业操守的承诺。
再有不懂的就咨询凯斯顿教育吧，那里有客服专门解答。
CFA一级知识点总结
CFA一级知识点总结 Ethics 部分 Objective of codes and standard：永远是为了maintain public trust in 1.Financial market 2.Investment profession 6个code of ethics 1.Code 1—ethics and pertinent d persons a. 2.Code 2---primacy of client’s interest a.Integrity with investment profession b.客户利益高于自身利益 3.Code 3---reasonable and independent a.必须注意reasonable care b.必须exercise independent professional judgment---必须独立判断！ 4.Code 4---ethical culture in the profession a.不但自己要practice，而且要鼓励别人practice—不仅仅是自己一个人去做， 要所有人共同去做 5.Code 5---ethnical culture in the capital market! a.促进整个capital market的integrity，推广其相关法规---增强公众对资本市 场的trust！ b.Capital market是基于 i.Fairly pricing of risky assets； ii.Investors‘ confidence 6.有关competence—能力---competence 7个standard of professional conduct 1.Standard 1---professionalism---knowledge of law a.不需要成为法律专家，但是必须understand和comply with applicable law； b.当两个law发生conflict，则要遵守更加严格的法律！ c.Knowingly---know or should know d.必须attempt to stop the violation，如果不能stop，then must dissociate from the violation！必须从其中分离出去! i.Remove name from the written report; ii.Ask for a different assignment e.并不要求向有关部门report！（do not require） f.向CFA 进行书面报告report--encouraged to so
CFA一级考生必备资料
全球最大的CFA(特许金融分析师)培训中心 总部地址：上海市虹口区花园路171号A3幢高顿教育 电话：400-600-8011网址：https://www.360docs.net/doc/7116529912.html, 微信公众号： gaoduncfa 1 CFA 一级考生必备资料 应对CFA 考试，“Study Notes ”与CFA 的指定教材是必看的。 Study Notes 就像是快餐，帮助考生总结复习要点，节约时间，但原来知识点中内在的逻辑关系可能被省略，有些notes 甚至没有覆盖到考试要点。 相比之下，CFA 指定的原版教材，虽然复习量较大，但保证了内容的原汁原味。因此，建议考生看原版教材，这样学到的知识才扎实。对于选择notes 的考生，应尽量选那些内容相对全面的版本，结合指定教材进行复习。 建 议：CFA LEVEL 1 考试可以只学习Study Notes ，CFA INSTITUTE 官方指定教材可以不学 习，原因CFA LEVEL 1 考试相对简单，Study Notes 足以应付考试，当然如果时间足够，建议阅读CFA INSTITUTE 官方指定教材，一般CFA LEVEL 1 考试准备300－400小时即可。 CFA 一级考生必备资料： 1、Study Notes 2、CFA 道德手册 V10版本，考试专用handbook 3、CFA 考试专用计算器，参考： CFA 主要的参考教材为官方指定教材（约3500页）及study notes. 各位考生，CFA 备考已经开始，为了方便各位考生能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，高顿网校开通了全免费的CFA 题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习，通过针对性地训练与模考，对学习过程进行全面总结。
CFA一级模考题
CFA一级模考题 1 . If the standard deviation of stock A is 13. 2 percent, the standard deviation of stock B is 17.6 percent, and the covariance between the two is 0, what is the correlation coefficient? A) +1. B) 0.31. C) 0. The correct answer was C Since covariance is zero, the correlation coefficient must be zero. 2 . A mutual fund that invests in short-term debt securities and maintains a net asset value of $1.00 per share is best described as a: A) money market fund. B) balanced fund. C) bond mutual fund. The correct answer was A Money market funds invest primarily in short-term debt securities and are managed to maintain a constant net asset value, typically one unit of currency per share. A bond mutual fund typically invests in longer-maturity securities than a money market fund. A balanced fund invests in both debt and equity securities. 3 . When the market is in equilibrium: A) all assets plot on the CML. B) investors own 100% of the market portfolio. C) all assets plot on the SML. The correct answer was C When the market is in equilibrium, expected returns equal required returns. Since this means that all assets are correctly priced, all assets plot on the SML. By definition, all stocks and portfolios other than the market portfolio fall below the CML. (Only the market portfolio is efficient. 4 . Which of the following statements regarding the covariance of rates of return is least accurate? A) It is a measure of the degree to which two variables move together over time. B) If the covariance is negative, the rates of return on two investments will always move in different directions relative to their means. C) It is not a very useful measure of the strength of the relationship, there is absent information about the volatility of the two variables. The correct answer was B Negative covariance means rates of return will tend to move in opposite directions on average. For the returns to always move in opposite directions, they would have to be perfectly negatively correlated. Negative covariance by itself does not imply anything about the strength of the negative correlation. 5 . Which of the following statements about a stock's beta is CORRECT? A beta greater than one is: A) risky, while a beta less than one is risk-free. B) riskier than the market, while a beta less than one is less risky than the market. C) undervalued, while a beta less than one is overvalued. The correct answer was B Beta is a measure of the volatility of a stock. The overall market's beta is one. A stock with higher
CFA一级notes中文版资料(部分)(2015年)
CFA一级notes中文版资料（部分）（2015年） CFA一级notes中文版的资料 ConceptCheckersP20 indenture是公司和债主之间的contract,包括covenants 半年pay的bond利率8.5%是名义利率，semiannualcouponpayment=本金Xcouponrate/2 putoption,conversionoption和exchangeoption可以给straightbond增加价值，对bondholder有好处；calloption,acceleratedsinkingfundprovision,prepaymentoption都是减少价值，对issuer有好处。 firstpaymentdeferred,是deferredcouponbond 浮动利率=LIBOR+Floating cap对issuer有利，floor对bondholder有利。 coupondate之间买bond=cleanprice+accruedinterest callprovision对issuer有利，可以在利率下降的时候call回bond发行低利率的新bond 有callprovision的bond,在期限内，最高价就是callprice 发行当年就能call的bond没有callprotection.没有发行时的价格，没法判断会不会call 因为marketrate
CFA一级Mock试题
1. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on material nonpublic information is least likely to be prevented by establishing: A. fire-walls. B. watch lists. C. selective disclosure. Answer: C CFA Institute Standards 2010 Modular Level I, Vol. 1, pp. 36-42 Study Session 1-2-c Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct C is correct as selective disclosure occurs when companies discriminate in making material nonpublic information public. Corporations that disclose information on a limited basis create the potential for insider-trading violations. Standard II (A). 2. William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes the stock of a company he follows, Nolvec Inc., is substantially undervalued and will experience a large price increase. He delays revising his recommendation on the stock from “hold” to “buy” to allow his brother to buy shares at a lower price. Wong is least likely to have violated the CFA Institute Standards of Professional Conduct related to: A. duty to clients. B. reasonable basis. C. priority of transactions. Answer: B
CFA一级知识点总结最全
Chartered Financial Analyst CFA 一级考试知识点总结Stanhope
CFA一级知识点总结 Ethics 部分 Objective of codes and standard：永远是为了maintain public trust in 1.Financial market 2.Investment profession 6个code of ethics 1.Code 1—ethics and pertinent d persons a. 2.Code 2---primacy of client’s interest a.Integrity with investment profession b.客户利益高于自身利益 3.Code 3---reasonable and independent a.必须注意reasonable care b.必须exercise independent professional judgment---必须独立判断！ 4.Code 4---ethical culture in the profession a.不但自己要practice，而且要鼓励别人practice—不仅仅是自己一个人 去做，要所有人共同去做 5.Code 5---ethnical culture in the capital market! a.促进整个capital market的integrity，推广其相关法规---增强公众对 资本市场的trust！ b.Capital market是基于 i.Fairly pricing of risky assets； ii.Investors‘ confidence 6.有关competence—能力---competence 7个standard of professional conduct 1.Standard 1---professionalism---knowledge of law a.不需要成为法律专家，但是必须understand和comply with applicable law； b.当两个law发生conflict，则要遵守更加严格的法律！ c.Knowingly---know or should know d.必须attempt to stop the violation，如果不能stop， then must dissociate from the violation！必须从其中分离出去! i.Remove name from the written report; ii.Ask for a different assignment
cfa一级公式
Quantitative 101 0365/:D 360360:= =360 :1360 A :(1)1 Continuously compounded rate of re BD BD MM BD t P P CF Holding Period Yield HPY P FV P Bank Discount Yield r F t FV t r Money Market Yield r HPY t t r Effective nnual Yield EAY HPY -+ =- ?? =?= -? =+-() 12turn: r ln ln 1cc s HPR s ?? ==+ ??? 2365 365 1 1 11(1)(1)2 1 ;;);1t t Time weighted Money weighted n i n i Arithmetic Weighted i i Geometric Geometric Arithmetic Harmonic n i i i y BEY HPY EAY R R IRR X n X X W X X X X X n X L ?--===+=+=+=== ==<= =∑∑∑(1)100 y n +? 2 2 221 1 1 [()] 2Excess kurtosis = Sample kurtosis - 3() ();:;:;1 1 1n n n i i i i i i x X ks Range MaxValue MinValue X X X X MAD PopulationVariance SampleVariance s MAD n n n P k Coefficient of Variat μ μσσ ===-≤= - ---= = = <-≥- ∑∑∑切比雪夫不等式：:;x p f p s ion CV X R R Sharp Ratio σ=- =越大越好 Excess Kurtosis=Sample Kurtosis 3 ()1() Odds of event= ;Odds against of event= 1()() ()(|)()(|)();()()()()()=0()()()()(|)()P E P E P E P E P AB P A B P B P B A P A P AorB P A P B P AB P AB P AorB P A P B P AB P B A P A ---=?=?=+-=+= 一般条件：互斥事件：；贝叶斯公式：(|) ()()(1)() x x n x n P A B P B P x C P P P A -?=??-=;贝努力实验：
CFA一级考生常用CFA教材介绍
2018年CFA一级考生常用CFA教材介绍 关于CFA教材CFA协会自2014年起调整了CFA考试教材的购买模式，从原来由CFA考生自行选择电子版CFA教材、纸质版CFA教材或者两者皆选的方式，改为了将电子版CFA教材捆绑在CFA考试费中，考生可另选是否购买纸质版CFA教材。协会的这一更改决定直接导致了全球考生都必须下载电子版CFA教材。针对不同的考试级别，教材亦有所不同。请登陆CFA协会官网查阅教材相关信息。 一般来讲，考CFA最基本的或者说必读的教材有：CFA 协会官方教材（CFA Curriculum）、Schweser Study Notes、CFA协会道德手册（Standards of Practice Handbook）和CFA中英文教材。 考生一般先看Schweser Study Notes，将每一个Session 都学习之后，如果有不理解的知识点，可以通过Curriculum 对相应的内容进行查看。对于一级考生，重点学习Level 1 的Schweser Study Notes 辅助CFA 协会官方教材的章节习题及道德手册就可以了。 CFA 协会指定教材和Schweser Study Notes 的区别：CFA 考试的学习资料主要有两类：专业机构出版的Study Notes 和CFA 官方教材。CFA 协会指定教材包含在考生注册费中，是CFA 协会指定核心阅读教材，不过并不是针对复习与考试的学习精要。 Schweser Study Notes 的编写以LOS(Learning Outcome Statement或译为"考纲") 为基础，是备考CFA 明确、高效的学习补充资料。许多参加CFA 考试的学员都很依赖Study Notes, 以Study Notes 提供的方法和指明的重点学习研究每个LOS，然后再阅读CFA 教材中的例子、资料作为学习补充。 建议：CFA 一级考试可以只学习Schweser Study Notes, 当然如果时间充足，建议阅读CFA 协会指定教材，打好基础。 CFA协会道德手册（Standards of Practice Handbook） CFA考试道德部分很重要，考试只看study notes内的道德是不足的，一定还要看道德手册(道德手册的内容与官方教材第一本书的道德部分内容是相同的)。
CFA一级内容：CFA历年考试模拟题
CFA一级内容：CFA历年考试模拟题（一） 一、Ethical and Professional Standards 1.: Code of Ethics A.: State the four components of the Code of Ethics. Members of AIMR shall: 1. Act with integrity, competence, dignity, and in an ethical manner when dealing with the public, clients, prospects, employers, employees, and fellow members. 2. Practice and encourage others to practice in a professional and ethical manner that will reflect credit on members and their profession. 3. Strive to maintain and improve their competence and the competence of others in the profession. 4. Use reasonable care and exercise independent professional judgment. to launch Standards of Practice 2-I.: Standards of Professional Conduct: I. Fundamental Responsibilities A.: Know the laws and rules. Standard: Maintain knowledge of and comply with all applicable laws, rules, and regulations (including AIMR’s Code of Ethics and Standards of Professional Conduct) of any government, government agency, regulatory organization, licensing agency, or professional association governing the members’professional activities. Compliance: Members can acquire and maintain knowledge about applicable laws, rules, and regulations by: · Maintaining current files on applicable statutes, rules, and regulations. · Keeping informed.
超强cfa一级复习攻略
cfa一级复习攻略 关于cfa要复习多长时间，其实因人而异，cfa官方推荐学习时间是300小时，大部分通过人也基本是在300小时左右。也有学霸表示他们一级复习了两周就去考了，如果有基础的话，cfa一级200个小时左右应该没问题。cfa二级、三级也差不多300个小时左右。 在这里想要告诉大家，CFA一级考试真的不难。 主要动力是坚持： 即使每天很忙很累，都要坚持每天复习CFA学习在3-4个小时。 开始进入正题： Cfa一级复习所用工具： 1、教学视频 个人觉得，一上手最好先看一些网课视频。看课程视频的好处在于，CFA是全英文考试，对于我们非金融专业的学生，有些名词啊，概念啊一开始很难理解，直接看notes 也容易看晕，所以最好是有人先和你讲一下。但是总是问别人，别人也会烦的，不如自
力更生。我当时就是对Derivatives和Financial reporting很晕，看了视频后还是很晕，但再看notes以后就不晕了。 看课程视频的坏处在于费时间，很多机构从12月份就开始上课了，一直上到了6月，什么基础啊强化啊冲刺啊，那得有多少课！全听过来都不用睡觉了。。。所以就挑重点吧，Financial Reporting一定要听，道德部分一定要听，其他的视情况而定。理工科学生就不用管数学那部分了，修过经双的就不用管经济那部分了，自己看notes完全没有问题。 我那时候着重看了Financial Reporting、Equity Investment、Derivatives和Ethical。还有几门分值比较小的课，看完教学视频直接做题了，都没有看notes。做题的时候也可以再看看冲刺教学的视频当做复习。 看视频的最大问题就是容易睡着！这和上课一样，还没有人监督，我经常盯着盯着就困了然后就没有知觉了，再醒来已经不知道讲到哪里了，只好倒回去重看，非常浪费时间。建议大家还是坚持一下，想着看完奖励自己一个冰淇淋啥的，千万不要反复重看，不然每次一个小时的视频看个两三小时，就来不及了。 2、notes 很多人说notes一定要从头看到尾，每一页都看，因为它已经是原版书的简略版了，不能再简略它了。可是我还是觉得没有这个精力和记性从头看到尾看一遍。觉得自己还
cfa一级公式
Quantitative 10100365/:D 360360:==360:1360 A :(1)1 Continuously compounded rate of re BD BD MM BD t P P CF Holding Period Yield HPY P FV P Bank Discount Yield r F t FV t r Money Market Yield r HPY t t r Effective nnual Yield EAY HPY -+ = - ?? =?=-? =+-()12turn: r ln ln 1cc s HPR s ??==+ ??? 2365365 12112111(1)(1)2 (1)(1)...(1)1;;();1t t n Time weighted n Money weighted n i n i n Arithmetic Weighted i i Geometric n Geometric Arithmetic Harmonic n i i i y BEY HPY EAY R r r r R IRR X n X X W X X x x x X X X n X L ?--===+=+=+=+++-====????<==∑∑∑(1)100y n +? 2 222111[()]2 Excess kurtosis = Sample kurtosis - 3 ()();:;:;1 11n n n i i i i i i x X ks Range MaxValue MinValue X X X X MAD PopulationVariance SampleVariance s MAD n n n P k Coefficient of Variat μμσσ ===-≤= - ---= = =<-≥- ∑∑∑切比雪夫不等式：:;x p f p s ion CV X R R Sharp Ratio σ=- =越大越好 Excess Kurtosis=Sample Kurtosis 3 ()1()Odds of event=;Odds against of event=1()() ()(|)()(|)();()()()()()=0()()() ()(|)()P E P E P E P E P AB P A B P B P B A P A P AorB P A P B P AB P AB P AorB P A P B P AB P B A P A ---=?=?=+-=+=一般条件：互斥事件：；贝叶斯公式：(|)()()(1)() x x n x n P A B P B P x C P P P A -?=??-=;贝努力实验：
CFA一级考试重要知识点总结
CFA一级考试重要知识点总结 CFA一级考试各个科目所占的比例是不同的，所以大家在复习的过程中要有侧重。CFA一级考试中最重要的四个科目所占的比例将占到三分之二之多，所以说大家在备考过程中要在这四个科目上多下功夫。下面小编就将这四个科目的重点知识分享给大家，希望能够帮到各位。 FSA and Corporate Finance 财报分析所占的比重约在23%，从单一科目来讲，这部分是最大科目，考生不仅不能忽略，更要精通。要想在财报分析中拿高分，就必须对考试的范围每一点都下工夫。了解每一项财务比率，了解每一个会计处理原则的改变对相关比率的影响，了解分析师重新调整会计科目以符合公司的真实价值或营运状况，对相关财务比率的影响。公司财务管理与大学修的差不多，要掌握三大决策:投资、融资及股利。如何计算资金成本，并运用净现值、内部报酬率及回收期选择投资案为一大重点。融资对公司之利弊及最适资本结构的几派理论、股利政策与公司成长率之关系及股利变动对股价之影响等主题务必了解。 Asset Valuation 证券市场部份比较零碎，但不困难，常考的内容包括各种指数之计算及成份、三种效率市场假说的理论及代表的含意、信心指数及融资余额等技术指针。股票评价则以现金流量折现法去计算股票价值是必考的题型，其中又以固定成长率的Gordon成长模型及多阶段成长模型题目最为常见，考生只要多加练习，在这部份得分并不难。 Quantitative Methods 这部分考30题，是最好拿分的部分。CFA的数量分析考的比大学的统计学还简单，而且多了一些和统计学比较没有关系的观念，如连续复利的观念，随机变量分配的型态，有效年利率(Effective Annual Rate)的计算方式，夏普指数(Sharpe Ratio)、罗伊获利保本指数等(Roy’s Safety First Criterion)。当然大部分的考题还是会集中在机率概念、平均数及标准差，分配型态(二项式分配或常态分配等)、信赖区间、假设检定及回归分析等。其中常态分配的应用是数量分析的核心，而善用计算器的统计及时间价值的功能是统计拿高分的二大法门。 Ethical and Professional Standards 此科目的投资报酬率最低，但是这科不达到一定的成绩就不能通过一级考试。要拿高分的密诀只有一个，那就是去买AIMR所指定的教科书:Standards of Practice Handbook。将那本书的范例从头到尾全部看二遍，找出最有代表性的几个范例，特别是牵涉到多重违反及法条竞合的案例，自已一定要培养阅读题目时就能找出相关法条之违反的敏锐性。反之，如果你对这一科没有把握，则考试
CFA一级知识点总结
CFA一级知识点总结 切比雪夫不等式落在K个标准差中间的数据的概率大于1-1/k^2 差异系数coefficient of variation---越小风险越低！ 夏普比率：越大投资组合越好！是衡量投资组合的回报的指标 对于不同skewness的理解 最高点的数据用于是mode： Positive skew时mean在最右边，最大，mode在最左边；median永远在中间 峰度---正态分布的峰度为3！ Sample kurtosis=（1/n)*sum(Xi-X)^4/s^4 Excess Kurtosis=sample Kurtosis-3 投资收益成尖峰分布的风险较大！！！ 乘法原则--条件概率计算--P（AB）=P(AIB)*P(B) 全概率事件的计算--the relationship between unconditional and conditional probabilities of mutually exclusive and exhaustive events. BDY是一个比较特殊的比率，因为它是基于面值计算的；
货币市场收益率和BDY之间是可以相互转换的---他们之间的桥梁是HPY！ 同时，EAY的计算也是要靠HPY的，所以HPY是非常重要的概念！ Bond equivalent yield—BEY债券等价收益率—这是一个单独的收益率！因为美国的债券是每半年支付一次利息的，所以将任何一种债券转换成每半年支付利息的债券，再将结果乘以2，即可得到BEY 各位考生，CFA备考已经开始，为了方便各位考生能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，高顿网校开通了全免费的CFA题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习，通过针对性地训练与模考，对学习过程进行全面总结。
CFA_一级知识点完全总结(PDF版共92页)-1
大蚂蚱社区https://www.360docs.net/doc/7116529912.html, ＣＦＡ一级知识点总结 声明：本资源系网络整理，仅供学习，禁止商业用途！ Ethics 部分 Objective of codes and standard：永远是为了maintain public trust in 1.Financial market 2.Investment profession 6个code of ethics 1.Code 1—ethics and pertinent d persons a. 2.Code 2---primacy of client’s interest a.Integrity with investment profession b.客户利益高于自身利益 3.Code 3---reasonable and independent a.必须注意reasonable care b.必须exercise independent professional judgment---必须独立判断！ 4.Code 4---ethical culture in the profession a.不但自己要practice，而且要鼓励别人practice—不仅仅是自己一个人去做， 要所有人共同去做 5.Code 5---ethnical culture in the capital market! a.促进整个capital market的integrity，推广其相关法规---增强公众对资本市 场的trust！ b.Capital market是基于 i.Fairly pricing of risky assets； ii.Investors‘ confidence 6.有关competence—能力---competence 7个standard of professional conduct 1.Standard 1---professionalism---knowledge of law a.不需要成为法律专家，但是必须understand和comply with applicable law； b.当两个law发生conflict，则要遵守更加严格的法律！ c.Knowingly---know or should know d.必须attempt to stop the violation，如果不能stop，then must dissociate from the violation！必须从其中分离出去! i.Remove name from the written report; ii.Ask for a different assignment
CFA一级那些事3.0
引言 人生何其短暂，用两个月的生命去通过一项考试那绝对是种十足的浪费，但既然你已经被骗入了CFA这个沼泽中，既然你已经做好了人财两空的准备，既然你已经@#￥%&，那么请不要在查分时刻默默地留下那屈辱的眼泪。 低盛总裁王小三：“看过3.5的《CFA一级那些事》，那绝对是屋漏偏逢不下雨，船迟只觉背来风。” 摩根.华伦天奴全球高级副总裁迈克尔.贝克汉姆：“闹事呢？这不是砸CFA场子么？” 考试有风险，复习需谨慎 ——张三点五丰 3.5feng@https://www.360docs.net/doc/7116529912.html, 一、本文适用范围： 1、全文适用于准备CFA1的在校学生不限专业。 2、全文适用于准备CFA1有3个月以上准备时间的在职人员。 3、部分适用于准备CFA1不符合以上两条的考生 4、CFA2、3级考生请绕道。 二、作者背景 1.学历：低于北京TP二校的理工科本科 2.复习时间：2个月左右的脱产复习 3.复习方式：在南京某知名高校内与两名candidate一起复习 4.复习遍数：大概notes2.5遍。习题3遍 5.考试成绩：除alternative investment B，其余A 6.考试用时：上午1小时20分钟，下午1小时30分钟 三、正文 3.1复习资料、习题 a)Schweser Notes5本（课本部分）5星推荐必看 b)Schweser Notes5本（习题部分）5星推荐必做 c)某机构中文翻译（广告位招租）5星推荐必购 d)官方Reading（课本部分）负5星推荐（学术型人才推荐） e)官方Reading（习题部分）6星推荐必做 f)近两年官方mock（俗称模拟题）5星推荐必做 g)近两年官方sample（俗称样题）6星推荐必做 h)某机构百题预测（广告位招租）4星推荐选作 i)Notes练习（也就是6、7两本）1星推荐蛋疼者做之 j)官方道德手册3星推荐选看 k)辅导班视频（广告位招租）3星推荐选看 l)老婆一只自己看着办吧 m)辅导班（广告位招租）本3.5没上 n)其他本3.5没看 3.1.1阅读资料 说到考试资料，那官方的Reading就是纯TM扯淡，如果在今年能够收到电子版的情
(完整版)CFA一级模考试题及答案
ANSWERS FOR MOCK EXAM 1 (MORNING SESSION) 1. D. Although Terence has passed Level III, he has not yet received his charter and cannot use the CFA designation. The description provided in the cover letter properly describes his situation. 2. C. Amy must take both actions-notifying her immediate supervisor and delivering a copy of the Code and Standards. 3. D. 4. C. Members may undertake an independent practice that could result in compensation or other benefit in competition with their employer provided they obtain written consent from both their employer and the party for whom they undertake independent practice. 5. C. To maintain his objectivity, Keith should pay his own hotel bill. Because the itinerary required charter flights due to a lack of commercial transportation, A & K Limited can appropriately provide them. 6. C. Under ERISA, fiduciaries must act solely in the interest of, and for the exclusive purpose of benefiting, the plan participants and beneficiaries. 7. B. Daniel must give priority to transactions for clients and employers over transactions for his children. 8. A. To avoid violating the standards, members cannot trade until the member's clients and employers have had an adequate opportunity to act on the recommendation. 9. C. The requirements of Standard IV (B.5) are not intended to prevent Lambert from cooperating with an investigation by AIMR's Professional Conduct Program. 10. B. Vivian should disclose to her clients and prospects her husband's holdings in Double Limited because this matter could be expected to impair her ability to make unbiased and objective recommendations. 11. B. 12. B. Accruals accounting is required. 13. C. S tandard I(B) Fundamental Responsibilities. Prohibition against participating or assisting in illegal and ethical violations. If Roberts suspects someone is planning or engaging in illegal activities, he should: (1) determine the legality of the activities, (2) disassociate himself from the illegal or unethical activity, and (3) urge his firm to attempt to persuade the perpetrator to stop. The AIMR Standards of Professional Conduct do not require that Roberts report such activities to the authorities, but the law might. 14. C. Standard III(C) Disclosure of Conflicts to Employer. Gloria should disclose to her employer all matters that could reasonably be expected to interfere with her ability to make unbiased and objective recommendations. Her service as a trustee of the Well Limited Foundation for Heart Research is most likely to be considered a conflict of interest with her responsibility to her employer. 15. C. Standard III (E) Responsibilities of Supervisors. Paul may delegate supervisory duties, but such delegation does not relieve him of his supervisory responsibility. 16. A. Standard IV (B.3) Fair Dealing. Johnson violated the standard on fair dealing because he did not deal fairly and objectively with all clients and prospects when disseminating investment recommendations. Instead, he showed favoritism to his best clients. In disseminating investment recommendations, Johnson should consider making the information available to clients based on their interest and suitability. A change of recommendation from buy to sell or sell to buy is generally material. 17. D. Standard IV(B.5) Preservation of Confidentiality. Choice B is false because this