第1周16周轻松搞定CFA LEVEL 1.docx

第1周16周轻松搞定CFA LEVEL 1.docx

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第1周16周轻松搞定CFALEVEL1

16周轻松搞定CFALEVEL1-第1周

保罗时报系列专题

16周轻松搞定CFALEVEL1——第1周

新的一年开始了，今年你的新年愿望是什么？

一次通过CFA一级考试？

《保罗时报》特于农历新年推出CFALEVEL1考试准备计划，希望有志于立足金融业的您可以按照《保罗时报》科学、合理的备考方案，顺利通过6月份的考试，实现新年愿望。

《保罗时报》与您共饮庆功酒！

2月15日周一

Reading1:

CodeofEthicsandStandardsofProfessionalConduct道德与职业行为准则

Reading2:

GuidanceforStandardsI–VII 职业行为准则I–VII指导

仔细阅读这两个小节，特别是书中的例子。

2月16日周二——2月17日周三

Reading3:

CFAInstituteSoftDollarStandardsCFA协会软美元准则

Reading4:

CFAInstituteResearchObjectivityStandardsCFA协会研究客观性准则

仔细阅读这两个小节，特别是书中的例子，并做完session后的习题。

做完后将做错的题再回到书中原文对照，务必将各种准则理解。

2月18日周四——2月19日周五

Reading5:

TheTimeValueofMoney资金的时间价值

Reading6:

DiscountedCashFlowApplications现金流量折现应用

做完章节后的习题，熟练PV,IR,FV的各种算法。

2月20日周六——2月21日周日

Reading7:

StatisticalConceptsandMarketReturns统计概念和市场收益

Reading8:

ProbabilityConcepts概率概念

Reading9:

CommonProbabilityDistributions概率分布

Reading10:

SamplingandEstimation抽样与推断

此部分概率内容不难，大多都为大学本科课程内的内容，大家只需将notes看一遍，将章节后习题做一遍即可。

16周轻松搞定CFALEVEL1——第1天

不知道各位昨天有没有根据《保罗时报》的要求学习Reading1。

现在《保罗时报》就来帮您按照CFALEVEL1教材梳理一下Reading1的重要知识点。

按教材要求，CFALEVEL1考生对Reading1要掌握：

a.describethestructureoftheCFAInstituteProfessionalConductProgramandtheprocessfortheenforcementoftheCodeandStandards;

b.statethesixcomponentsoftheCodeofEthicsandthesevenStandardsofProfessionalConduct;

c.explaintheethicalresponsibilitiesrequiredbytheCodeandStandards,includingthemultiplesub-sectionsofeachStandard.

具体分解一下。

上述a点关于ProfessionalConductProgram的回答为：

AllmembersandcandidatesmustapplywiththeCodeandStandards.TheCFAInstituteBoardofGovernorsoverseestheProfessionalConductProgramthroughaDisciplinaryReviewCommittee.

ProfessionalConductstaffconductprofessionalconductinquiries.Thefollowingcanbringaboutaninvestigation:

1.self-disclosureonannualconductstatements

2.writtencomplaints

3.mediareportsofwrongdoing

4.examproctorscansubmitaviolationreport

RulesofProcedurearebasedontwoprimaryprincipals:

1.Fairprocesstothememberandcandidate

2.Confidentialityofproceedings

ACFAInstituteDesignatedOfficerreviewsthematerialobtainedbyProfessionalConductstaffintheinvestigationandmay

1.concludethereisnodisciplinarysanction

2.issueacautionaryletter

3.continueproceedingtodisciplinethememberorcandidate.Thememberorcandidatemayacceptorrejecttheproposedsanction.Ifherejectsit,thecaseisreferredtoapanelofCFAInstitutemembers.ViolatorsmaybesuspendedfromtheCFAprogram.

b点所指的CodeofEthics6个组成部分为：

MembersandCandidatesmust:

1.Actwithintegrity,competence,diligence,respect,andinanethicalmannerwiththepublic,clients,prospectiveclients,employers,employees,colleaguesintheinvestmentprofession,andotherparticipantsintheglobalcapitalmarkets.

2.Placetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonalinterests.

3.Usereasonablecareandexerciseindependentprofessionaljudgementwhenconductinginvestmentanalysis,makinginvestmentrecommendations,takinginvestmentactions,andengaginginotherprofessionalactivities.

4.Practiceandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectcreditonthemselvesandtheprofession.

5.Promotetheintegrityof,andupholdtherulesgoverning,capitalmarkets.

6.Maintainandimprovetheirprofessionalcompetenceandstrivetomaintainandimprovethecompetenceoftheirinvestmentprofessionals.

考题有可能问：

“WhichofthefollowingisnotstatedintheCodeofEthics?

”给出的选项中会有3个来自于以上6个组成部分，而有1个却不是。

b点所指的StandardsofProfessionalConduct有7类：

1.Professionalism

2.IntegrityofCapitalMarkets

3.DutiestoClientsandProspectiveClients

4.DutiestoEmployers

5.InvestmentAnalysis,Recommendations,andAction

6.ConflictsofInterest

7.ResponsibilitiesasaCFAInstituteMemberorCFACandidate

根据c点要求，考生还必须牢记StandardsofProfessionalConduct7大类下的梭有小分类。

请各位CFALEVEL1备考者们做好相应准备

16周轻松搞定CFALEVEL1-第2天

进入正题前，《保罗时报》先上两图，让各位考生看一下CFA美国考场的情况。

16周轻松搞定CFA一级第二天复习的是职业行为准则I–VII指导。

在这里《保罗时报》要提醒大家，作为CFA考生，知道相关法律是责任，“我不知道”并不能成为辩护。

另外要注意，当CFA准则与当地法律不一致时，应当遵守更为严格的一条法律。

这一概念经常被考，考生须牢记。

下面我们再来看两道2004年关于fairdealing的考试真题。

1.WhenanAIMRmemberhasalimitednumberofsharesofaninitialpublicofferingtodistribute,thememberwouldbeleastlikelytoviolatetheAIMRStandardsofProfessionalConductby:

a.allocatingthesharesproratatoallsubscribersforwhomtheissueisappropriate.

b.firstfillingtheordersofindividualclients,thenfilingtheordersofinstitutionalclients.

c.firstfillingtheordersofclientswhohavegeneratedthemostcommissionsduringthepastyear.

d.firstfillingtheordersofthosewhohavebeenclientsoftheinvestmentprofessionalforthelongestperiodoftime.

正确答案为A。

B、C、D全部违反了FairDealingStandard,StandardIIIB.

2.DaveBauman,CFA,isaportfoliomanagerwhowantstobuyArrowCompanycommonstockforhisclients’accountsandhispersonalaccount.AccordingtotheGuidance,Bauman:

a.mustbuythestockforhisclients’accountsbeforebuyingforhispersonalaccount.

b.mustwait30daysafterbuyingthestockforclientsbeforebuyingforhispersonalaccount.

c.maybuyforhispersonalaccountatanytimeaslongashedisclosesthetradestohisemployerandclients.

d.maybuyforhispersonalaccountatanytimeaslongastheexecutionpriceisnotmorefavorablethantheexecutionpricerealizedbyclients.

正确答案为A。

16周轻松搞定CFALEVEL1——第3天

学习CFA一级已经进入了第3天，大家有没有跟着《保罗时报》进行备考呢？

第3天我们学的是IntroductiontoGlobalInvestmentPerformanceStandards，简称GIPS。

a.ExplainwhytheGIPSstandardswerecreated,whatpartiestheGIPSstandardsapplytoandwhoisservedbythestandards.

Individualsandinstitutionsareconstantlyscrutinizingpastinvestmentperformanceinsearchofthebestperformingmanagertoachievetheirinvestmentobject.GIPSwerecreatedtoensurefairrepresentationandfulldisclosureofperformanceinformation.GIPSsetaglobalstandardforcalculationandreportingperformancerecognizedandacceptedworldwide.

GIPSapplytoinvestmentmanagementfirms.

GIPSserveclientsandprospectiveclients（investors）,includingconsultantsthatmayassistinvestorsinselectingmanagementfirms.

GIPSdonotapplytoconsultantsandsoftwarecompanieswhoproducethemeasurementsoftware,i.e.theperformancemeasurementtools.

Plansponsors,consultantsandsoftwarecompanies,unlesstheyactuallymanageassets,cannotmakeperformanceclaims.TheycanendorseorrequireGIPS.Softwarecompaniescan“calculateperformanceinamanneracceptablebytheStandards.”

b.Explaintheconstructionandpurposeofcompositesinperformancereporting.

Acompositeisanaggregationofdiscretionaryportfoliosintoasinglegroupthatrepresentsaparticularinvestmentobjectiveorstrategy.Acompositemustincludeallactualfee-paying,discretionaryportfoliosmanagedinaccordancewiththesameobjectiveorstrategy.Acompositeisassetweighted.

Forexample,ifaGIPS-compliantfirmpresentsitstrackrecordforaGlobalEquityComposite,theCompositemustincludeallportfoliosthataremanaged,orhavehistoricallybeenmanaged,inthefirm’sGlobalEquitystrategy.ThefirmmaynotsubjectivelyselectwhichGlobalEquityportfolioswillbeincludedinorexcludedfromthecalculationandpresentationoftheGlobalEquityComposite.ThedeterminationofwhichportfoliostoincludeintheCompositeshouldbedoneaccordingtopre-establishedcriteria（i.e.,onanex-antebasis）,notafterthefact.ThispreventsafirmfromincludingonlytheirbestperformingportfoliosintheComposite.

PurposeofComposites:

Creatingmeaningful,asset-weightedcampsitesiscriticaltothefairpresentation,consistency,andcomparabilityofresultsovertimeandamongFirms.

c.ExplaintherequirementsforverificationofcompliancewithGIPSstandards.

AfirmisresponsibleforitsclaimofGIPScompliance,thatis,afirm“self-regulates”itsclaimofGIPScompliance;verificationisnotrequired.

However,ifdone,verificationofthatclaimmustbedonebyanindependentthirdparty.Afirmcannotperformitsownverification.

VerificationprovidesassuranceandcredibilitythatthefirmclaimingGIPScompliancehasadheredtoGIPSfirmwide.Also,afirmundergoingverificationhasanaddedbenefittoimproveitsinternalGIPSpoliciesandproceduresbecauseofareviewbyanindependentthirdparty.

Verificationisdoneontheentirefirm,notonspecificcomposites.

Verificationtests:

1.ThatthefirmhascompliedwithallthecompositeconstructionrequirementsofGIPSonafirmwidebasis;and

2.Thatthefirm’sprocessesandprocedurescalculateandpresentperformanceincompliancewithGIPS.

16周轻松搞定CFALEVEL1-第4天

按照《保罗时报》的复习计划，今天应该是CFA一级考试复习的第4天了，不知各位考生朋友经过这几天的学习，感觉如何？

是不是有点难呢？

没关系。

觉得有困难绝对不只你一人，其他人都是。

CFA考量的不只是才智，还有意志力。

坚持到底，就是胜利！

累了的话，不如看一下电视转播的冬奥会比赛，相信各国顶尖运动员的矫健表现一定不会让你失望。

相比他们花在训练上的时间，CFA一级备考似乎就是小菜一碟了吧。

想要轻松一下的话，不如看看《保罗时报》对于冬奥会的报道，从不同角度了解本届温哥华奥运会和奥运健儿们。

16周轻松搞定CFALEVEL1-第5天

《保罗时报》的《16周轻松搞定CFALEVEL1》计划第5天学习的是货币时间价值。

这里有些重要公式需要考生记住。

《保罗时报》特选两条公式配合练习题供各位小试牛刀：

1.r= Realrisk-freeinterestrate+Inflationpremium+Defaultriskpremium+Liquiditypremium+Maturitypremium

这里的r即theinterestrateonadebtsecurity，以上公式表达的是r由无风险实际利率加上通货膨胀附加率、违约风险溢酬、流动性溢价和到期风险溢价组成。

下面我们来做一道相关例题：

Thetablebelowgivescurrentinformationontheinterestratesfortwotwo-yearandtwoeight-yearmaturityinvestments. Allinvestmentspromiseonlyasinglepayment（paymentatmaturity）. Assumethatpremiumsrelatingtoinflation,liquidity,anddefaultriskareconstantacrossalltimehorizons.

InvestmentMaturity

（inyears）LiquidityDefaultRiskInterestRate

（%）

12HighLow2.0

22LowLow2