分类： 注册金融分析师（CFA）资格认证考试

CFA三级原版书（非划线版）（共6本教材扫描PDF）

CFA 3级 第1本.pdf
CFA 3级 第2本.pdf
CFA 3级 第3本.pdf
CFA 3级 第4本.pdf
CFA 第三级 第五本.pdf
CFA 3级 第6本.pdf

CFA三级基础班Portfolio management for institutional investors–pdf下载

1.养老基金（Pension funds）
–界定利益计划
界定利益计划：由养老金资产支付养老金负债。计划发起人的精算师需要根
据未来劳动力变化、薪酬水平及变化、提前退休人数比例、雇员预期寿命等
因素估算养老金负债金额以及这些负债的现值。养老金负债也等于已退休
（retired）和在职（active）员工的负债之和。
养老金盈亏状态（funded status）：养老金资产的市场价值（market
value）与养老金负债的现值（present value）的关系。当资产市场价值大
于等于负债现值的时候称为资金充足计划（Fully funded plan），当资产市
场价值小于负债现值的时候称为资金不足计划（under-funded plan）。

1.养老基金（Pension funds）
–界定利益计划
养老金负债共有三个定义：
累计利益负债（accumulated benefit obligation）：假设养老金计划现在
立即终止，所有已累计利益负债的现值，不考虑未来薪酬的增长因素。
预计利益负债（projected benefit obligation）：考虑未来薪酬的增长因素
情况下估算的利益负债现值。通常盈亏状态的计算要用预计利益负债。
总体未来负债（total future obligation）：最全面但也最不确定的方法，包
括累计利益和预计未来利益的现值。
说明：简单公式：

1.养老基金（Pension funds）
–界定供款计划
界定供款计划的两个关键问题：
第一，分散化（diversification），即计划发起人需要为计划受益人提供一个
分散化的投资选项列表。
第二，公司股票（company stock），即养老金计划投资于发起人公司股票
的比例须有所限制。
界定供款计划的投资策略书（IPS）与界定利益计划的很不一样，前者发起
人只需提供一个分散化的投资列表并对受益人提供投资教育，具体的投资是
由受益人自己负责的。因此，DC的IPS仅规定投资、运作的基本原则，没有
具体的收益率、风险容忍度等指标，请参见reading 2—p280 。

–混合计划及其它
混合计划及其它（hybrid and other plans）
混合养老金计划包括现金余额计划(cash balance plan)、养老金股权计划
(pension equity plan)、目标利益计划(target benefit plan)和最低限计划(floor
plan)
共同的特点是把DC计划好的方面（比如，可转移(portability)、管理方便
(administrative ease)等）和DB计划好的方面（比如，利益保障(benefit
guarantees)、服务年限回报(years of service rewards)、与薪酬挂钩(link
retirement pay to a percentage of salary)等）结合起来，其中以现金余额计
划和员工持股计划（employee stock ownership plan, ESOP）最普遍。

CFA Level III GIPS highlighted–pdf下载

Table of Content
Preface: background of the GIPs standards
I. Introduction
A. Preamble – Why Is a Global Standard Needed?
B. Vision Statement
C. Objectives
D. Overview
E. Scope
F. Compliance
G. Implementing a Global Standard

II. Provisions of the global investment performance standard
0. Fundamentals of compliance
1. Input data
2. Calculation methodology
3. Composite construction
4. Disclosures
5. Presentation and reporting
6. Real estate
7. Private equity

GIPS Characteristics
GIPS Characteristics
? The GIPS are not a complete set of rules for performance calculation and
presentation, and will evolve over
? Within the GIPS are supplemental real estate and private equity provisions
that must be applied to these asset classes
The GIPS must be applied on a firm wide basis in order for a firm to claim compliance
A firm must state how it defines itself as a firm when claiming compliance with GIPS
A firm is defined as “an investment firm, subsidiary, or division held out to clients or potential
clients as a distinct business entity
The definition of the firm establishes the boundaries for what constitutes firm assets and the set
of portfolios that must be included in at least one composite

CFA Level3三级复习策略–pdf下载

Analiste was an analyst under Heade. One day he told Heade that he had
some private information suggesting that an unnamed South American oil
service stock was “ready to pop” and asked for his guidance on whether the
stock could be widely owned by the company’s clients. Heade said “You are
one of our most experienced analysts. Do what you think is right.”
Which of the following most accurately describes whether Heade fulfilled his
supervisory responsibilities under the CFA Standards?
A. Heade was entitled to delegate responsibility to senior analysts with broad
experience such as Analiste, and is not required to approve each stock
selection.
B. Heade should have been sensitive to several “warning flags” presented by
Analiste’s state of mind, choice of investment and sources of information, and
brevity of disclosure. Heade should have taken a careful look at the situation.

ECONOMICS—level two?
16. Given the two stage FCFE for stock market index, FCFE for 2007 is
60, the growth rate from 2008-2010 is 12.4%, the growth rate after 2010 is
9%, the cost of equity is 12.4% (the same to first stage growth rate, easy
for discount the first 3 year FCFE), calculate the value of the index. (Use
the two stage DCF model)
17. Given the Dividend, EPS for 2007 and 2008, given risk free rate and
risk-premium, given ROE, calculate P/E for 2008 under DDM mode

Risk management:
How can a trader produce a short vega, long gamma position?
A. buy short-maturity options, sell long-maturity options.
B. buy long-maturity options, sell short-maturity options.
C. buy and sell options of long maturity.
D. buy and sell options of short maturity.

CFA Level3三级 Private Wealth Management–pdf下载

CFA三级全景班讲义Fixed Income Analysis–pdf下载

Benchmark & Bond Index

Bond Portfolio Benchmark
1.Using Bond Index as benchmark
Agree with the market forecast
Passive management
A superior ability to forecast or identify the under-value securities
Active management
2.Using Liabilities as benchmark
Against a single liability
Against a set of liabilities

Bond Indexing Strategy 1
1.Increasing active management
2.Increasing expected return
3.Increasing tracking error
Pure Indexing Full-blown active management
Active managing
Tracking error
Expected return

Bond Indexing Strategy 2
1.Pure bond indexing
Difficult and costly
2.Enhanced indexing by matching primary risk factors
Sampling
3.Enhanced indexing by small risk factors mismatches
Tilting
4.Active management by larger risk factors mismatches
5.Full-blown active management
Advantages:
Related to the index
Tracking and Restrictions
Fees and returns
Disadvantages:
Risk
Cost
Tracking error

Early Retirement Structures 1 – Callable Bond
Negative convexity
Under-perform when the rates fall
Early Retirement Structures 2 – Sinking Funds
Just like a kind of call
Sell in discount
In discount, when the rates fall, the price has the potential to increase
Not fall as much when the rates rise, due to repurchase each year
Early Retirement Structures 3 – Put-able Bond
When there is a strong belief that rates will rise, the put-able bond can be
considered

CFA考试三级培训Ethics and GIPS–pdf下载

Main Topics
Code of Ethics
Standards of Professional Conducts
Asset Manager Code of Professional Conduct
Global Investment Performance Standards

Reading 4: The Consultant
Reading 5: Pearl Investment Management (A), (B), and (C)
a. evaluate professional conduct and formulate an appropriate response to
actions which violate the CFA Institute Code of Ethics and Standards of
Professional Conduct;
b. prepare appropriate policy and procedural changes needed to assure
compliance with the Code of Ethics and Standards of Professional Conduct.

Reading 6: Asset Manager Code of Professional Conduct
a. summarize the ethical responsibilities required by the six components
of the Asset Manager Code;
b. interpret the Asset Manager Code in situations presenting issues of
compliance, disclosure, or professional conduct;
c. recommend practices and procedures designed to prevent violations of
the Asset Manager Code.

2.Guidance
Member should seek advice of counsel or their compliance
when in doubt
Member should document any violations when they
disassociate themselves from prohibited activity and
encourage their employers to bring an end to such activity.
There is no requirement under Standards to report
violations to governmental authorities, but this may be
advisable in some circumstances and required by law in
others.

CFA三级基础班讲义SS3 Behavioral Finance–pdf下载

Reading 7:
The candidate should be able to evaluate the impact of
heuristic-driven biases on investment decision making
including representativeness, overconfidence, anchoringand-
adjustment, and aversion to ambiguity.

Reading 8
Reading 8:
a. explain how loss aversion can result in investors’
willingness to hold on to deteriorating investment
positions;
b. evaluate the impacts that the emotional frames of selfcontrol,
regret minimization, and money illusion have on
investor behavior;

Reading 12:
a. explain how the illusions of knowledge and control lead
expert forecasters to be overconfident in their forecasting
skills;
b. explain the ego defense mechanisms that forecasters
rely on as justification for inaccurate forecasts;
c. explain why forecasts may continue to be used when
previous forecasts have been inaccurate.

Reading 13:
a. contrast chronic market inefficiencies with accurate
inefficiencies and describe the behavioral factors (such as
convoy behavior, Bayesian rigidity, price-target
revisionism, and the ebullience cycle) that may give rise to
chronic inefficiencies;
b. explain the portfolio rebalancing behavior of holders,
rebalancers, valuators, and shifters, and evaluate the
impact these rebalancing behaviors have on market
efficiency.

Alpha Hunters and Beta Grazers
Chronic market inefficiencies
i. Structural: frictions on trading, organization barriers and capital flow
imbalances
ii. Behavioral
Process versus outcome
Herding (convoy)
Rigid views (Bayesian Rigidity)
Price target revisions
Correlating emotions with market (The Ebullience Cycle)

CFA三级基础班讲义SS6 Capital Market Expectations in Portfolio Management–pdf下载

Capital Market Expectation
Reading 23:
h. demonstrate the use of the Taylor rule to predict central bank
behavior;
i. evaluate ( 1) the shape of the yield curve as an economic predictor
and (2) the relationship between the yield curve and fiscal and
monetary policy;
j. identify and interpret the components of economic growth trends and
demonstrate the application of economic growth trend analysis to the
formulation of capital market expectations;
k. discuss the risks faced by investors in emerging-market securities
and the country risk analysis techniques used to evaluate emerging
market economies;;
l. identify and interpret macroeconomic and interest and exchange rate
linkages between economies;
m. compare and contrast the major approaches to economic forecsting;
n. demonstrate the use of economic information in forecasting asset
class returns

Formulating Capital Market Expectations
Capital market expectations: macro-regarding classes of
assets or micro-regarding individual assets
Steps to formulate capital market expectations
i. Determine the specific capital market expectations according
to the investor’s status
ii. Investigate assets’ historical performance
iii. Identify the valuation model used and its requirements
iv. Collect the best data possible
v. Use experience and judgment to interpret investment
conditions
vi. Formulate capital market expectations
vii. Monitor performance and use it to refine the process
Ref. Page:209

Problems in Forecasting
Nine problems encountered in producing forecasts:
i. Limitations to using economic data
ii. Data measurement errors and biases
iii. Limitation of historical estimates
iv. Using ex post data
v. Biases in analyst’s methods

Economic Growth Trends
Economic growth can be partitioned into cyclical (ST) & trend components (LT)
i. Trends are determined in part by demographics, productivity and structural
changes in governmental policies
ii. Trend growth can be decomposed into 1) changes in employment levels, 2)
changes in productivity while former one can be further broken down into
population growth and rate of labor force participation
iii. productivity can be broken down into spending on new capital inputs and total
factor productivity growth
iv. 4 general guidelines regarding governmental policies that enhance growth
Provide the infrastructure needed for growth
Have a responsible fiscal policy
Have tax policies that are transparent, consistently applied, pulled from a wide
base, and not overly burdensome
Promote competition in the marketplace

CFA三级基础班讲义SS7 Economic Concepts for Asset Valuation in Portfolio Management–pdf下载

Dreaming with BRICs: The Path to 2050
Reading 25
Reading 25:
a. contrast the economic potential of Brazil, Russia, India, and China
(BRICs) to that of the current G6 (U.S., Japan, U.K., Germany, France,
and Italy) in terms of economic size and growth, demographics and per
capita income, growth in global spending, and trends in real exchange
rates;
b. explain why certain developing economies may have high returns
on capital, rising productivity, and appreciating currencies;
c. evaluate the importance of technologic progress, employment
growth, and growth in capital stock in estimating the economic
potential of an emerging market;
d. discuss the conditions necessary for sustained economic growth,
including the core factors of macro-economic stability, institutional
efficiency, open trade, and worker education;
e. evaluate the investment rational for allocating part of a well
diversified portfolio to emerging markets in countries with above
average economic potential.

Microvaluation
DDM approach
Measures of equity risk premium
Historical returns
Dividend yield
Credit risk premium
Expected growth rate
g = (retention rate) (ROE)
FCFE approach (two-stage FCFE)
FCFE is the cash available to stockholders after funding capital
requirements, working capital needs, and debt financing requirements

Economic Potential of the BRICs
Potential economic size and growth
by 2050 the BRIC economies could be larger in size
Demographics and per capita income
will experience a decline in working age population but later than that in
the G6
per capita income is expected to be lower than G6, with the exception of
Russia
Growth in global spending
much higher increases in annual spending
Trends in real exchange rates
could strengthen by 300% by 2050

CFA三级基础班讲义Risk Management Application of Derivatives–pdf下载

Risk Management Application of
Derivatives
Study Session 15
Estimated weights in exam: 5%
Topics include:
Risk management applications of forward and
futures strategies
Risk management applications of option strategies
Risk management applications of swap strategies

10. Interest Rate Options P59
For interest rate options, the exercise price is an interest
rate, and payoffs depend on a reference rate such as
LIBOR
The combination of a long interest rate call option plus
a short interest rate put option has the same payoff as
an FRA. One difference is that interest rate option
payoffs are made after the option expiration date at a
date corresponding to the end of the loan period
specified in the contract (30-day, 60-day, 90-day LIBOR,
etc.). Recall that FRAs pay the present value of this
interest difference at settlement.

12. Delta Hedging P73
Delta hedging a derivative position means combining
the option position with a position in the underlying
asset to form a portfolio, whose value does not change
in reaction to changes in the price of the underlying
over a short period of time
Delta-hedged portfolio: long n stocks and short n/delta calls
The delta-neutral hedging is a dynamic process, since the
delta is constantly changing

13. The Second-Order Gamma Effect
P79
The gamma defines the sensitivity of the option delta
to a change in the price of the underlying asset
gamma = (delta1?delta0)/(S1?S0) = Δdelta/ΔS
Three things to remember about Gamma:
Call and put options on the same stock with the same T and
X have equal gammas
A long position in calls or puts will have a positive gamma
Gamma is largest when the option is at-the-money. If the
option is deep in- or out-of-the-money, gamma approaches
zero

CFA三级基础班讲义Ethics–pdf下载

A. Knowledge of law

Standard I ：Professionalism
A. Knowledge of law
2．指南
如果你感觉(feel) 有人违法，你必须consult for advice.
如果你知道(know)有人在违法，你必须向公司里的适当人员汇报（
report）；如果汇报后仍没有改进，则你必须与违法行为划清界限、
脱离关系（disassociate），同时，要进一步咨询以便进一步采取行
动。
当发现有违法行为时，CFA Institute并不要求你向政府管理机构汇
报。最后汇报与不汇报给政府机关完全取决于你个人的判断。但是，
CFA协会又说：such disclosure may be prudent in certain
circumstances.

Standard I ：Professionalism
3．程序
keep up with the currently applicable laws, rule and regulations;
should be reviewed on an ongoing basis;
when in doubt, should consult;
should state 违法行为，从违法行为中脱离开来(dissociate)，并建议雇
主终止违法行为；
CFA协会不要求向当地的政府机关揭露违法行为，要不要报告违法
行为取决于当地的法律和个人的判断。
A. Knowledge of law

Standard I ：Professionalism
4．案例研究
在有疑问的情况下，向法律顾问咨询，如果法律顾问的意见不对，
个人并不能免责；
发现违法行为，要从违法行为及团体中脱离，并建议公司终止违法
行为
A. Knowledge of law

Guidance ─Investment Banking Relationships
Do not be pressured by sell-side firms to issue favorable
research on current or prospective investment-banking clients.
It is appropriate to have analysts work with investment
bankers in “road show” only when the conflicts are
adequately and effectively managed and disclosed.
Be sure there are effective “firewall” between
research/investment management and investment banking
activities. （研究与自营和投行之间）
指南─与投行的关系:
只有当充分披露利益冲突时，分析师可以与投行人员参加上市公司的
“路演”；
在研究部门和投行部门之间要建立“防火墙”；
不能强迫sell-side分析师做出对投行部门的客户有利的分析报告。

2．指南
Guidance─ Public Companies
Analysts should not be pressured to issue favorable
research by the companies they follow.
Do not confine research to discussions with company
management, but rather use a variety of sources, including
suppliers, customers, and competitions.
指南─与上市公司的关系
分析师不可因上市公司强迫而作出“有利”的分析及推荐；
研究报告不能仅限于与公司管理层讨论，还要与供应商、客户和竞
争者进行讨论；

CFA三级Notes–2010 cfa level 3 study notes book

book0~book5，共6本书，影印版！

CFA二级原版教材（共六本，原书扫描）

2010 CFA level 2 study notes book（共5本，原书扫描）

CFA三级基础班Risk Management–pdf下载

Framework of Reading 40: Risk Management
Risk management process & governance
Risk types
Evaluate risk management system
Risk measurement—VAR
Additional types of VARs
Stressing models
Evaluate active risk (tracking error)
Credit risk
Manage risk
Manage credit risk
Measure risk-adjusted performance
Set capital requirements

Evaluate risk management system
1. Senior management allocates capital on a risk-adjusted basis
2. The ERM system properly identifies all relevant risk factors
3. The ERM system utilizes an appropriate model
4. Risks are properly managed
5. There is a committee in place to oversee the entire system
6. The ERM system has built-in checks and balances

VAR-Monte Carlo method
A Monte Carlo output specifies the expected 1-week portfolio
return and standard deviation as 0.00188 and 0.0125,
respectively.
Calculate the 1-week value at risk at 5% significance.
Advantage: the ability to incorporate any returns distribution or
asset correlation .
Disadvantage: The analyst must make thousands of
assumptions about the returns distributions for all inputs as
well as their correlations . The seeming sophistication of the
method can also lead to a false sense of securities (garbage in,
garbage out)

Assume we calculate a one-week VaR for a natural gas
position by rescaling the daily VaR using the square-root rule.
Let us now assume that we determine the “true” gas price
process to be mean reverting and recalculate the VaR. Which
of the following statements is true?
A. The recalculated VaR will be less than the original VaR.
B. The recalculated VaR will be equal to the original VaR
C. The recalculated VaR will be greater than the original VaR
D. There is no necessary relation between the recalculated VaR
and the original VaR

CFA三级写作班讲义-Morning Session写作技巧讲座下载

Essay writing in level 3
Essay writing in CFA level 3
Introduction to essay writing
Individual IPS writing
Institution IPS writing
Beyond the IPS writing
Part 1
Part 2
Part 3
Part 4
Conclusions

Introduction to essay writing
Topic Area Weights for
the CFA Exam for
Level Ⅲ
Asset
Classes
(23%-35%)
Part 3
Ethical and Professional Standards
GIPS
Part 2
Fixed Income Analysis
Equity Investments
Alternative Investments
Derivative Investments
Risk Management
Part 1
Behavioral Finance
Individual Portfolio IPS
Institutional Portfolio IPS
Asset Allocation
Execution
Monitoring & rebalancing
Evaluation & attribution
Portfolio
Management and
Wealth Planning
(55%-65%)
Ethical and
Professional
Standards (total)

Investor 2’s IPS – 8
3. Tax
They held a large portion of low basis stock-
Rebalancing the portfolio will create a tax liability
Their tax treatments of income and capital are different, so they prefer -to –
4. Regulations
The -need a legal counsel to create a trust to –
Post retirement, they are still firm’s insider, they need follow the disclosure requirement
5. Unique
As the property will be donated, so it is not included in the total asset base
The – say they do not want to invest in –
The -want to donate – to local charity
Investment constraints –

CFA-吴轶手写笔记（PDF版）下载

包括：
Economics 1-10.pdf
Corporate Finance 11-17.pdf
Portfolio Management 18-20.pdf
Financial Statement 21-49.pdf
Equity Valuation 50-62.pdf
Debt Valuation 63-72.pdf
Derivative Investment 73-82.pdf
Quantitative Methods 83-84.pdf

CFALevel3讲义上册：2010年CFA三级培训项目：SS1&2 Code of Ethics and Professional Standards

国际金融专修学院为大型商业银行定制的最新CFA培训项目，内容丰富，PDF 188页

CFALevel3讲义下册：2010年CFA三级培训项目：SS14 Risk Management

国际金融专修学院为大型商业银行定制的培训项目，内容丰富，PDF 96页

CFA三级Case Book题目，CFA三级写作讲义及case book

CFA三级考试历年真题（2000年-2007年）下载

包含以下2000年至2007年的真题和答案文件20个：

CFA Level III Essay Examination Book 2000 Morning Section
CFA Level III Essay Examination Book 2000 Morning Section answer
CFA Level III Essay Examination Book 2000 Afternoon Section
CFA Level III Essay Examination Book 2000 Afternoon Section answer
2001 CFA Level III Examination Morning Section – Essay
2001 CFA Level III Examination Morning Section – Essay answer
2002 CFA Level III Examination Morning Section – Essay
2002 CFA Level III Examination Morning Section – Essay answer
2003 CFA Level III Examination Morning Section – Essay
2003 CFA Level III Examination Morning Section – Essay answer
2003 LevelIII Sample Item Sets.pdf
2004 CFA Level III Examination Morning Section – Essay
2004 CFA Level III Examination Morning Section – Essay answer
2005 CFA Level III Examination Morning Section – Essay
2005 CFA Level III Examination Morning Section – Essay answer
Analysis of 2005-Q7 – 2005-Q7错误解析.pdf
2006 CFA Level III Examination Morning Section – Essay
2006 CFA Level III Examination Morning Section – Essay answer
2007 CFA Level III Examination Morning Section – Essay
2007 CFA Level III Examination Morning Section – Essay answer

内容示例：

QUESTION 22 HAS THREE PARTS FOR A TOTAL OF 28 MINUTES

Hugh Donovan is chief financial officer of LightSpeed Connections (LSC), a rapidly growing U.S. technology
company. The company provides a traditional defined benefit pension plan. Because of LSC’s young
workforce, Donovan believes the pension plan has no liquidity needs and can therefore invest aggressively to
maximize pension assets. He also believes that Treasury bills and bonds, yielding 5.4 percent and 6.1 percent
respectively, have no place in a portfolio with such a long time horizon. Therefore, his strategy is to invest the
portfolio as follows:

– 50 percent in a concentrated pool (15 to 20 stocks) of initial public offerings (IPOs) in technology and
internet companies, managed internally by Donovan
– 25 percent in a small-capitalization growth fund
– 10 percent in a venture capital fund
– 10 percent in an S&P 500 index fund
– 5 percent in an international equity fund

Donovan has produced excellent returns utilizing this strategy for the past two years.

A. Evaluate Donovan’s investment strategy with respect to its effect on each of the following:

i. LSC’s pension plan beneficiaries
ii. Managing pension assets in relation to LSC’s corporate strength

Eileen Jeffries, LSC’s president, notes the strong returns of the plan but believes LSC needs a formal
investment policy statement (IPS). Working with the Investment Committee, Jeffries writes the following IPS:

“The LSC Pension Plan’s return objective should focus on real total returns that will fund its long-term
obligations on an inflation-adjusted basis. The “time to maturity” of the corporate workforce is a key
element for any defined pension plan; given our young workforce, LSC’s Plan has a long investment
horizon and more time available for wealth compounding to occur. Therefore the Plan can pursue an
aggressive investment course and focus on the higher return potential of capital growth. Under present
U.S. tax laws, pension plan portfolio income and capital gains are not taxed. The portfolio should focus
primarily on investments in businesses directly related to our main business to leverage our knowledge
base.”

QUESTION 23 HAS TWO PARTS FOR A TOTAL OF 21 MINUTES

Susan Leighton, treasurer for Donner Life Insurance, a U.S. based company, has just joined the board of a
charitable organization that has a large endowment portfolio. She is researching how the investment policy for
an endowment is different from that of life insurance companies.

She has reached the following conclusions:

1. Both endowments and life insurance companies have aggressive return requirements.
2. Endowments are less willing to assume risk than life insurance companies because of donor concerns about
volatility and loss of principal.
3. Endowments are less able to assume risk than life insurance companies because of expectations that
endowments should provide stable funding for charitable operations.
4. Endowments have lower liquidity requirements than life insurance companies because endowment spending
needs are met through a combination of current income and capital appreciation.
5. Both endowments and life insurance companies are subject to stringent legal and regulatory oversight.

A. Indicate whether each of Leighton’s statements is correct or incorrect. If incorrect, justify your
response by citing one reason.

Answer Question 23-A in the Template provided on pages 13 and 14.

LEVEL III, QUESTION 22

Topic: Portfolio Management / Asset Valuation
Minutes: 28

Reading References:
1. “Determination of Portfolio Policies: Institutional Investors,” Ch. 4, Keith P.
Ambachtsheer, John L. Maginn, and Jay Vawter, Managing Investment Portfolios: A
Dynamic Process, 2nd edition, John L. Maginn and Donald L. Tuttle, eds. (Warren,
Gorham & Lamont, 1990)
2. “Pension Investing and Corporate Risk Management,” Robert A. Haugen, Managing
Institutional Assets, Frank J. Fabozzi, ed. (Harper Collins, 1990)
3. “Twenty Years of International Equity Investing,” Richard O. Michaud, Gary L.
Bergstrom, Ronald D. Frashure, and Brian K. Wolahan, The Journal of Portfolio
Management (Institutional Investor, Fall 1996)

CFA三级考试真题及答案（2008年）下载

The following are representative of questions on the 2008 Level III exam, Morning
Session. These questions and guideline answers illustrate how each topic area was
tested on the 2008 Level III exam. For grading purposes, the maximum point value
for each question is equal to the number of minutes allocated to that question.

Question Topic Minutes

1 Portfolio Management – Individual 36
2 Portfolio Management – Individual/Behavioral 9
3 Portfolio Management – Institutional 36
4 Portfolio Management – Asset Allocation 17
5 Portfolio Management – Fixed Income Investments 13
6 Portfolio Management – Alternative Investments 11
7 Portfolio Management – Risk Management 17
8 Portfolio Management – Execution of Portfolio Decisions 14
9 Portfolio Management – Monitoring and Rebalancing 9
10 Portfolio Management – Performance Evaluation 9
11 Portfolio Management – Global Context 9

Total: 180

QUESTION 1 HAS FOUR PARTS (A, B, C, D) FOR A TOTAL OF 36 MINUTES.

Roberto and Mariana Carvalho live in a large city in Brazil with their two children, ages four and
two. Roberto is 30 years old and Mariana will be 30 years old later this month. Roberto is a
manager in a manufacturing facility and Mariana is a musician in the local symphony orchestra.

Roberto and Mariana’s annual salaries total 120,000 Brazilian reais (BRL) after tax. Their
salaries just cover their living expenses. The average annual inflation rate is four percent and
their salaries and expenses are expected to increase at this rate. They are healthy and believe
their jobs and earning potential are secure. The Carvalhos’ salaries, dividends, and interest are
taxed at 20 percent, and capital gains at 15 percent.

Mariana’s parents have significant wealth and funded an irrevocable personal trust for her.
Brazil has a wealth transfer tax that applies to transfers into trusts and to inheritances. Brazil has
adopted the Prudent Investor Rule for the administration of trusts. The current value of the trust
is BRL 1,500,000. The terms of the trust state that when Mariana reaches the age of 30, she will
receive a tax-free distribution of half the value of the trust. The balance of the trust will remain
invested and will distribute in total to her when she reaches age 40. Since she does not have
access to the remaining balance for ten years, this balance is not considered a part of the
Carvalhos’ investable assets, but is part of their total net worth. In addition, Mariana expects to
inherit a substantial sum of money upon the death of both parents.

The Carvalhos have BRL 500,000 in investable assets, currently all in short-term bank deposits.
It is their intention to maintain at least this amount in investable assets, on an inflation-adjusted
basis, in the future.
The Carvalhos currently live with Mariana’s parents, but are now purchasing a home. The
purchase price of the home is BRL 850,000. The down payment is 30 percent of the cost of the
home and will be funded from the trust distribution. The Carvalhos will take out a fixed rate
mortgage for the balance of the purchase price. The after-tax mortgage cost will be fixed at
BRL 55,000 (principal and interest) annually for 30 years, with the first annual payment due one
year from now.

The Carvalhos’ immediate investment goal is to have their investment portfolio cover the cost of
the mortgage, while maintaining the portfolio’s inflation-adjusted value. They plan to retire at
the age of 60 and their long-term goal is to have an investment portfolio that will provide an
annual income comparable to their current salaries adjusted by inflation. Their family health
insurance is provided by Roberto’s employer, both now and in retirement. They are hopeful
their two children will attend the local university at no cost. The university does not charge
tuition fees for qualified students who pass its entrance exam. Those who do not pass the exam
are required to pay full tuition, which is high relative to the Carvalhos’ living expenses.

In order to meet their investment goals, the Carvalhos realize they need to consider investments
other than short-term bank deposits. The Carvalhos hire Luiz Oliveira, CFA, to manage an
investment portfolio that they will fund with their BRL 500,000 in bank deposits and the net
proceeds of Mariana’s trust distribution at age 30.

CFA三级考试真题及答案（2009年）下载

QUESTION 1 HAS FOUR PARTS (A, B, C, D) FOR A TOTAL OF 26 MINUTES.

Patricia and Alexander Tracy, both age 59, are residents of Canada. They have twin sons who
will enter a four-year university program in one year. Patricia is a long-time employee of a
telecommunications company. Alexander is a self-employed sales consultant.

Alexander’s annual income is now steady after years of extreme highs and lows. The Tracys
have built an investment portfolio through saving in Alexander’s high income years. The
Tracys’ current annual income is equal to their total expenses; as a result, they cannot add to
savings currently. They expect that both their expenses and income will grow at the inflation
rate. All medical costs, now and in the future, are fully covered through government programs.

The Tracys worry about whether they have saved enough for retirement, and whether they will
be able to maintain the real value of their portfolio. Inflation is expected to average 4% for the
foreseeable future.

The Tracys have approached Darren Briscoe to help them analyze their investment strategy and
retirement choices. The Tracys disagree about the appropriate investment strategy. Patricia
prefers not losing money over making a high return. This is partly a result of continuing regret
for a loss experienced in an equity mutual fund several years ago. Alexander’s history of making
frequent changes in their portfolio greatly annoyed Patricia. She thinks Alexander focused only
on potential return and paid little attention to risk.

The Tracys currently have all their assets in inflation-indexed, short-term bonds that are expected
to continue to earn a return that would match the inflation rate after taxes. After retirement, they
are willing to consider changing their investment strategy if necessary to maintain their lifestyle.

The Tracys are eligible to retire next year at age 60. If they do, Patricia will receive annual
payments from her company’s defined-benefit pension plan and both Patricia and Alexander will
receive payments from the Canadian government pension plan. Alexander does not participate
in any company or individual retirement plan. Briscoe has compiled financial data and market
expectations for the Tracys’ retirement, shown in Exhibit 1. Currently, Briscoe estimates that the
Tracys’ investment portfolio will grow to 1,100,000 Canadian dollars (CAD) by their retirement
date next year.

Pension income from both Patricia’s company plan and the government pension plan is fully
indexed for inflation. Briscoe expects a tax rate of 20% to apply to the Tracys’ withdrawals from
the investment account. The Tracys expect to earn no employment income after retirement. The
Tracys’ residence is not considered part of their investable assets.

The Tracys have the option to delay retirement until age 65. The Tracys intend to retire together,
whether it is in 2010 at age 60 or in 2015 at age 65.

Briscoe determines that if the Tracys retire at age 60, their risk tolerance is below average. If
they retire at age 60, they plan to pay off their mortgage and associated taxes by withdrawing
CAD 100,000 from their portfolio upon retirement.

Another consideration for the Tracys relates to funding university expenses for their sons. If the
Tracys retire at age 60, each son will receive a scholarship available to retiree families from
Patricia’s company that will cover all university costs.

If the Tracys retire at age 65, all pension income would increase and would almost meet their
annual spending needs. If they retire at age 65, the Tracys would pay all university expenses
from their investment portfolio through an arrangement with the university. The arrangement,
covering both sons, would require the Tracys to make a single payment of CAD 200,000 at age
60.

2010年CFA注册金融分析师三级总复习讲义（PDF版）-PDF56页

2010 level 3 schwesers secret sauce

STUDY SESSION 1 – ETHICAL AND PROFESSIONAL STANDARDS
CFA INSTITUTE CODE OF ETHICS AND STANDARDS OF PROFESSIONAL
CONDUCT
Cross-Reference to CFA Institute Assigned Readings #1 & 2
Ethics will be tested in two selected resp9nse item sets. The distracters (incorrect
choices) will all appear indistinguishable unless you have learned to think in the
spirit of the Code and Standards. The best way to do this is through the practice
questions contained in the Handbook and Book 1 of the SchweserNotesTM.
As you read this material, keep in mind that it is assumed you have already
read/studied the Code and Standards and our coverage in the SchweserNotes. As
such, this material represents a downsizing of the material in our SchweserNotes
without the LOS, concept checkers, applications (examples), and cases. Given
a familiarity with the Code and Standards, this critical core of the Code and
Standards should be all you need for that last push before the exam.
Code ofEthics
Members ofCFA Institute, including Chartered Financial Analyst® (CFA®)
charterholders, and Candidates for the CFA designation (~’Members and
Candidates") must: 1
Act with integrity, competence, diligence, respect, and in an ethical manner with
. the public, clients, prospective clients, employers, employees, colleagues in the
investment profession, and other participants in the global capital markets.
Place the integrity of the investment profession and the interests of clients above
their own personal interests.

I Study Sessions 1 & 2
Ethics
r
Use reasonable care and exercise independent professional judgment when
conducting investment analysis, making investment recommendations, taking
investment actions, and engaging in other professional activities.
Practice and encourage others to practice in a professional and ethical manner
that will reflect credit on themselves and the profession.
Promote the integrity of, and uphold the rules governing, capital markets.
Maintain and improve their professional competence and strive to maintain and
improve the competence ofother investment professionals.
GUIDANCE FOR STANDARDS I-VII
I. Professionalism
I(A). Knowledge of the Law. Members must understand and comply with
laws, rules, regulations, and Code and Standards of any authority governing their
activities. In the event of a conflict, follow the more strict law, rule, or regulation.
Guidance
Members must know the laws and regulations relating to dteir professional
activities in all countries in which they conduct business. Do not violate Code or
Standards even if the activity is otherwise legal. Always adhere to the most strict
rules and requirements (law or CPA Institute Standards) that apply.
Dissociate from any ongoing client or employee activity that is illegal or unethical,
even if it involves leaving an employer (an extreme case). While a Member
may confront the involved individual first, he must approach his supervisor or
compliance department. Inaction with continued association may be construed as
knowing participation.

Recommended Procedures for Compliance
Members should keep up with changes in applicable laws, rules, and regulations:
Review compliance procedures on an ongoing basis to assure that they address
cutrent law, CPAl Standards, and regulations.
Maintain current reference materials.
Seek advice of counsel or compliance department when in doubt.
Document any violations when they disassociate themselves from prohibited
activity and encourage employers to bring an end to such activities.
There is no requirement under the Standards to report violations to
governmental authorities, but this may be advisable in some circumstances and
required by law in others.

Members should encourage their firms to:
Develop and/or adopt a code ofethics~
Make information available that highlights applicable laws and regulations.
Establish written procedures for reporting suspected violations.
I(B). Independence and Objectivity. Use reasonable care to exercise
independence and objectivityin professional activities. Do not offer, solicit, or
accept any gift, benefit, compensation, or consideration that would compromise
independence and objectivity.
Guidance
Do not let the investment process be influenced by any external sources. Modest
.gifts are permitted. Allocation of shares in oversubscribed IPOs to personal
accounts is NOT permitted. Distinguish between gifts from clients and gifts from
entities seeking influence to the detriment of any client. Gifts must be disclosed to
the Member’s employer in any case.

2010年CFA一级NOTES及培训资料

包括：

18个STUDY SESSION

book1：Ethical and professional standards and quantitative methods PDF电子版
book2：economics PDF电子版
book3：financial reporting and analysis PDF电子版
book4：corporate finance,portfolio management,and equity investments PDF电子版
book5：fixed income,derivatives,and alternative investments PDF电子版

STUDY SESSION 18
ALTERNATIVE INVESTMENTS

Reading 14: Efficiency and Equity
The candidate should be able to:
a. explain the various means of markets to allocate resources, describe marginal
benefit and marginal cost, and demonstrate why the efficient quantity occurs
when marginal benefit equals marginal cost;
b. distinguish between the price and the value of a product and explain the
demand curve and consumer surplus;
c. distinguish between the cost and the price of a product and explain the supply
curve and producer surplus;
d. discuss the relationship between consumer surplus, producer surplus, and
equilibrium;
e. explain 1) how efficient markets ensure optimal resource utilization and 2) the
obstacles to efficiency and the resulting underproduction or overproduction,
including the concept of deadweight loss;
f. explain the two groups of ideas about the fairness principle (utilitarianism and
the symmetry principle) and discuss the relation between fairness and efficiency.
Reading 15: Markets in Action
The candidate should be able to:
a. explain market equilibrium, distinguish between long-term and short-term
effects of outside shocks, and describe the effects of rent ceilings on the
existence of black markets in the housing sector and on the market’s efficiency;
b. describe labor market equilibrium and explain the effects and inefficiencies of a
minimum wage above the equilibrium wage;
c. explain the impact of taxes on supply, demand, and market equilibrium, and
describe tax incidence and its relation to demand and supply elasticity;
d. discuss the impact of subsidies, quotas, and markets for illegal goods on
demand, supply, and market equilibrium.
Reading 16: Organizing Production
The candidate should be able to:
a. explain the types of opportunity cost and their relation to economic profit, and

calculate economic profit;
b. discuss a company’s constraints and their impact on achievability of maximum
profit;
c. differentiate between technological efficiency and economic efficiency and
calculate economic efficiency of various companies under different scenarios;
d. explain command systems and incentive systems to organize production, the
principal-agent problem, and measures a firm uses to reduce the principal-agent
problem;
e. describe the different types of business organization and the advantages and
disadvantages of each;
f. calculate and interpret the four-firm concentration ratio and the Herfindahl-
Hirschman Index and discuss the limitations of concentration measures;
g. explain why companies are often more efficient than markets in coordinating
economic activity.

Reading 17: Output and Costs
The candidate should be able to:
a. differentiate between short-run and long-run decision time frames;
b. describe and explain the relations among total product of labor, marginal
product of labor, and average product of labor, and describe increasing and
decreasing marginal returns;
c. distinguish among total cost (including both fixed cost and variable cost),
marginal cost, and average cost, and explain the relations among the various
cost curves;
d. explain the company’s production function, its properties of diminishing returns
and diminishing marginal product of capital, the relation between short-run and
long-run costs, and how economies and diseconomies of scale affect long-run
costs.

This study session first compares and contrasts the different market structures
in which companies operate. The market environment influences the price a
company can demand for its goods or services. The most important of these
market forms are monopoly and perfect competition, although monopolistic
competition and oligopoly are also covered.
The study session then introduces the macroeconomic concepts that have
an effect on all companies in the same environment, be it a country, a group
of related countries, or a particular industry. The study session concludes
by describing how an economy’s aggregate supply and aggregate demand
are determined.
READING ASSIGNMENTS
Reading 18 Perfect Competition
Economics, Eighth Edition, by Michael Parkin
Reading 19 Monopoly
Economics, Eighth Edition, by Michael Parkin
Reading 20 Monopolistic Competition and Oligopoly
Economics, Eighth Edition, by Michael Parkin
Reading 21 Markets for Factors of Production
Economics, Eighth Edition, by Michael Parkin
Reading 22 Monitoring Jobs and the Price Level
Economics, Eighth Edition, by Michael Parkin
Reading 23 Aggregate Supply and Aggregate Demand
Economics, Eighth Edition, by Michael Parkin
STUDY SESSION 5
ECONOMICS:
Market Structure and Macroeconomic Analysis

2011年CFA三级官网LOS合集PDF电子文档下载

2011年CFA三级官网LOS合集PDF电子文档

CFA 考试的所有题目都是根据Study Guide 的一个LOS 或者几个LOS 的综合， 是所有CFA 考试的复习指南。

The readings in this study session establish a framework for ethical conduct in
the investment profession. The principles and guidance presented in the
CFA Institute Standards of Practice Handbook (Handbook) form the basis for the
CFA Institute self-regulatory program to maintain the highest professional
standards among investment practitioners. A clear understanding of the CFA
Institute Code of Ethics and Standards of Professional Conduct (both found in the
Handbook) should allow practitioners to identify and appropriately resolve ethical
conflicts, leading to a reputation for integrity that benefits both the individual
and the profession. Material under “Guidance” in the Handbook addresses the
practical application of the Code and Standards. The guidance for each standard
reviews its purpose and scope, presents recommended procedures for
compliance, and provides examples of the standard in practice.
READING ASSIGNMENTS
Reading 1 Code of Ethics and Standards of Professional Conduct
Standards of Practice Handbook, Tenth Edition
Reading 2 Guidance for Standards I-VII
Standards of Practice Handbook, Tenth Edition

STUDY SESSION 2
ETHICAL AND PROFESSIONAL
STANDARDS IN PRACTICE

Using examples and case studies, the readings in this study session
demonstrate the use of the CFA Institute Code of Ethics and Standards of
Professional Conduct as a body of principles for ethical reasoning and decision
making. The readings serve as effective aids in understanding and internalizing
the values and standards presented in the CFA Institute Standards of Practice
Handbook. By applying the Code and Standards to case study conflicts, the
candidate will gain experience identifying and explaining fundamental principles
of conduct that serve as the basis for dealing with real world challenges.
The Asset Manager Code of Professional Conduct uses the basic tenets of the
CFA Institute Code of Ethics and Standards of Professional Conduct to establish
ethical and professional standards for firms managing client assets. The Asset
Manager Code of Professional Conduct also extends the Code and Standards to
address investment management firm practices regarding trading, compliance,
security pricing, and disclosure.
READING ASSIGNMENTS
Reading 3 Ethics in Practice
Ethics in Practice, by Philip Lawton, CFA
Reading 4 The Consultant
Ethics Cases
Reading 5 Pearl Investment Management (A), (B), and (C)
Ethics Cases
Reading 6Asset Manager Code of Professional Conduct
STUDY SESSION 2
ETHICAL AND PROFESSIONAL
STANDARDS IN PRACTICE
2011 Level III CFA Program Curriculum © CFA Institute.
Study Session 2

LEARNING OUTCOMES
Reading 3: Ethics in Practice
The candidate should be able to:
a. summarize the ethical responsibilities required by each of the six provisions of the
Code of Ethics and the seven categories of the Standards of Professional Conduct;
b. interpret the Code of Ethics and Standards of Professional Conduct in situations
involving issues of professional integrity and formulate corrective actions where
appropriate.
Reading 4: The Consultant
The candidate should be able to:
a. evaluate professional conduct and formulate an appropriate response to actions
that violate the Code of Ethics and Standards of Professional Conduct;
b. prepare appropriate policy and procedural changes needed to assure compliance
with the Code of Ethics and Standards of Professional Conduct.
Reading 5: Pearl Investment Management (A), (B), and (C)
The candidate should be able to:
a. evaluate professional conduct and formulate an appropriate response to actions
that violate the Code of Ethics and Standards of Professional Conduct;
b. prepare appropriate policy and procedural changes needed to assure compliance
with the Code of Ethics and Standards of Professional Conduct.
Reading 6: Asset Manager Code of Professional Conduct
The candidate should be able to:
a. summarize the ethical responsibilities required by the six components of the
Asset Manager Code;
b. interpret the Asset Manager Code in situations that present issues of compliance,
disclosure, or professional conduct;
c. recommend practices and procedures designed to prevent violations of the Asset
Manager Code.

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二级经济学.pdf

上海数量分析.pdf

上海组合管理.pdf

上海财务分析.pdf

上海企业理财.pdf

上海权益.pdf

上海Equity.pdf

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上海衍生证券分析.pdf

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2009年11月（CFA）模拟题 – 2009 Level I Mock Exam: Afternoon Session

The afternoon session of the 2009 Level I Chartered Financial Analyst
Mock
Examination has 120 questions. To best simulate the exam day experience, candidates
are advised to allocate an average of 1.5 minutes per question for a total of 180 minutes
(3 hours) for this session of the exam.

Questions Topic Minutes
1-18 Ethical and Professional Standards 27
19-32 Quantitative Methods 21
33-44 Economics 18
45-68 Financial Statement Analysis 36
69-78 Corporate Finance 15
79-90 Equity Investments 18
91-96 Derivative Investments 9
97-108 Fixed Income Investments 18

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2009年CFA考试一级原版书题目汇总PDF文件下载

包含7个PDF文件：PRACTICE 09_CFA_level_1 Book1 Ethical Professional standards and Quantitative Methods.pdf、PRACTICE 09_CFA_level_1 Book1 Total.pdf、PRACTICE 09_CFA_level_1 Book2 Economics.pdf、PRACTICE 09_CFA_level_1 Book3 Financial Reporting And Analysis.pdf、PRACTICE 09_CFA_level_1 Book4 Corporate Finance and Portfolio Management.pdf、PRACTICE 09_CFA_level_1 Book5 Equity and Fix Income.pdf、PRACTICE 09_CFA_level_1 Book6 Derivatives and Alternative Investments.pdf

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CFA考试资料 – 2008 Schweser study notes Book 1.pdf～2008 Schweser Book 3.pdf下载

The topical coverage corresponds with the following CFA Institute assigned reading:
13. Elasticity
The candidate should be able to:
a. calculate and interpret the elasticities of demand (price elasticity, cross elasticity, income
elasticity) and the elasticity of supply, and discuss the factors that influence each measure. (page 9)
b. calculate elasticities on a straight-line demand curve, differentiate among elastic, inelastic, and
unit elastic demand and describe the relation between price elasticity of demand and total
revenue. (page 15)
The topical coverage corresponds with the following CFA Institute assigned reading:
14. Efficiency and Equity
The candidate should be able to:
a. explain allocative efficiency, marginal benefit and marginal cOSt, and demonstrate why the
efficient quanti ty occurs where marginal benefi t equals marginal cost. (page 20)
b. distinguish between the price and the value of a product and explain the demand curve and
consumer surplus. (page 21)
c. distinguish between the COSt and the price of a product and explain the supply curve and producer
surplus. (page 23) .
d. discuss the relationship between consumer surplus, producer surplus, and equilibrium. (page 23),
e. explain 1) how efficient markets ensure optimal resource utilization and 2) the obstacles to
efficiency and the resulting underproduction or overproduction, including the concept of
deadweight loss. (page 24)
f. explain the two groups of ideas about the fairness principle (utilitarianism and the symmetry
principle) and discuss the relation between fairness and efficiency. (page 27)

CFA考试资料 – CPA考试资料 – 2008 Schweser study notes Book 4.pdf～Book 6.pdf下载

The topicaL coverage corresponds with the foLLowing CFA Institute assigned reading:
Capital Budgeting
The candidate should be able to:
a. explain the capital budgeting process, including the typical steps of the process, and distinguish among
the various categories of capital projects. (page 9)
b. discuss the basic principles of capital budgeting, including the choice of the proper cash flows and
determining the proper discount rate. (page 11)
c. explain how the following project interactions affect the evaluation of a capital project:
(1) independent versus mutually exclusive projects, (2) project sequencing, and (3) unlimited funds
versus capital rationing. (page 12)
d. calculate and interpret the results using each of the (ollowing methods to evaluate a single capital
project: net present value (NPV), internal rate of return (IRR), payback period, discounted payback
period, average accounting rate of return (AAR) , and profitability index (PI). (page 12)
e. explain the NPV profde, compare and contrast the NPV and IRR methods when evaluating
independent and mutually exclusive projects, and describe the problems that can arise when using an
IRR. (page 20)
f. describe and account for the relative popularity of the various capital budgeting methods, and explain
the relation between NPV and company value and stock price. (page 23)
The topicaL coverage corresponds with the foLLowing CFA Institute assigned reading:
Cost of Capital
The candidate should be able to:
a. calculate and interpret the weighted average cost of capital (WACC) of a company. (page 33)
b. describe how taxes affect the cost of capital from different capital sources. (page 33)
c. describe alternative methods of calculating the weights used in the weighted average cost of capital,
including the use of the company’s target capital structure. (page 35)
d. explain how the marginal cost of capital and the investment opportunity schedule are used to
determine the optimal capital budget. (page 36)
e. explain the marginal COSt of capital’s role in determining the net present value of a project. (page 37)
f. calculate and interpret the cost of fixed rate debt capital using the yield-co-maturity approach and the
debt-rating approach. (page 38)
g. calculate and interpret the cost of noncallable, nonconvertible preferted stock. (page 38)

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特许金融分析师（CFA）全部考试大纲

包含18个STUDY SESSION

The readings in this study session present a framework for ethical conduct in
the investment profession by focusing on the CFA Institute Code of Ethics and
Standards of Professional Conduct as well as the Global Investment Performance
Standards (GIPS®).
The principles and guidance presented in the CFA Institute Standards of
Practice Handbook (SOPH) form the basis for the CFA Institute self-regulatory
program to maintain the highest professional standards among investment
practitioners. “Guidance” in the SOPH addresses the practical application of the
Code of Ethics and Standards of Professional Conduct. The guidance reviews the
purpose and scope of each standard, presents recommended procedures for
compliance, and provides examples of the standard in practice.
The Global Investment Performance Standards (GIPS) facilitate efficient
comparison of investment performance across investment managers and country
borders by prescribing methodology and standards that are consistent with a clear
and honest presentation of returns. Having a global standard for reporting
investment performance minimizes the potential for ambiguous or misleading
presentations.
READING ASSIGNMENTS
Reading 1 Code of Ethics and Standards of Professional Conduct
Standards of Practice Handbook, Ninth Edition
Reading 2 “Guidance” for Standards I-VII
Standards of Practice Handbook, Ninth Edition

LEARNING OUTCOMES
Reading 1: Code of Ethics and Standards of Professional Conduct
The candidate should be able to:
a. describe the structure of the CFA Institute Professional Conduct Program and the
process for the enforcement of the Code and Standards;
b. state the six components of the Code of Ethics and the seven Standards of
Professional Conduct;
c. explain the ethical responsibilities required by the Code and Standards, including
the multiple sub-sections of each Standard.
Reading 2: “Guidance” for Standards I-VII
The candidate should be able to:
a. demonstrate a thorough knowledge of the Code of Ethics and Standards of
Professional Conduct by applying the Code and Standards to situations involving
issues of professional integrity;
b. distinguish between conduct that conforms to the Code and Standards and
conduct that violates the Code and Standards;
c. recommend practices and procedures designed to prevent violations of the Code
of Ethics and Standards of Professional Conduct.
Reading 3: Introduction to the Global Investment Performance

特许金融分析师（CFA）常用辞典

包含CFA词典.pdf CFA官方道德职业规范和行为准则（中文版）.pdf CFA字典.pdf 财务术语的中英对照.doc 简明经济学辞典.pdf

CFA会员(包括特许金融分析师(CFA)特许状持有人)和CFA考生（“会员和考生”）必须：
坚持正直、胜任、勤奋、尊重的做事原则，以合
乎职业道德的方式对待投资行业内的公众、客
户、潜在客户、雇主、雇员、同事以及其他全球
资本市场的参与者。
将投资行业的诚信和客户的利益置于个人利益之
上。
进行投资分析、提供投资建议、采取投资行动和
执行其他专业活动时，应保持合理的谨慎，做出
独立的职业判断。
履行并鼓励其他人履行职业道德规范，彰显其自
身和行业的信誉。
提升资本市场信誉，支持资本市场管理条例。
保持和提高专业胜任能力，努力保持和提高在其
他投资行业的专业胜任能力。

A:
A share Ａ股；甲类股份
abatement of tax 减税；减扣免税额
ABN AMRO Bank N.V. 荷兰银行
above-the-line expenditure 线上项目支出； 经常预算
支出
above-the-line receipt 线上项目收入； 经常预算收入
ABSA Asia Limited 南非联合亚洲有限公司
absolute change 绝对数值变更
absolute expenditure 实际开支
absolute guideline figure 绝对准则数字
absolute interest 绝对权益
absolute order of discharge 绝对破产解除令
absolute profit margin 绝对利润幅度
absolute value 实值；绝对值
absolutely vested interest 绝对既得权益
absorbed cost 已吸收成本；已分摊成本
absorption 吸收；分摊；合并
absorption rate 吸收率；摊配率；分摊率
ACB Finance Limited 亚洲商业财务有限公司
acceptable form of reciprocity 合理的互惠条件
acceptable rate 适当利率；适当汇率
acceptance agreement 承兑协议
acceptance for honour 参加承兑
acceptor 承兑人；接受人；受票人
acceptor for honour 参加承兑人
accident insurance 意外保险
Accident Insurance Association of Hong Kong 香港
意外保险公会

2008特许金融分析师（CFA）一级、二级、三级考试大纲

Study Session 2
Using examples and case studies, the readings in this study session show the
use of the CFA Institute Code of Ethics and Standards of Professional
Conduct as a body of principles for ethical reasoning and decision making. The
readings serve as effective aids in understanding and internalizing the values and
standards presented in the CFA Institute Standards of Practice Handbook. By
applying the Code and Standards to case study conflicts, the candidate will gain
experience identifying and explaining fundamental principles of conduct, which
then become tools for dealing with real world challenges.
The Asset Manager Code of Professional Conduct uses the basic tenets of the
CFA Institute Code of Ethics and Standards of Professional Conduct to establish
ethical and professional standards for firms managing client assets. The Asset
Manager Code of Professional Conduct also extends the Code and Standards to
address investment management firm practices regarding trading, compliance,
security pricing, and disclosure.
Reading 3: Ethics in Practice
The candidate should be able to:
a. summarize the ethical responsibilities required by each of the six provisions of the
Code of Ethics and the seven categories of the Standards of Professional Conduct;
b. interpret the Code of Ethics and Standards of Professional Conduct in situations
involving issues of professional integrity and formulate corrective actions where
appropriate.

2007年特许金融分析师（CFA）一级培训习题-6组MOCK EXAM

MOCK EXAM 23、MOCK EXAM 24、MOCK EXAM 25、MOCK EXAM 26、MOCK EXAM 27、MOCK EXAM 28，含答案

QUESTIONS 1 TROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL STANDARDS AND ARE ALLOCATED 27 MINUTES.
1.
Correct answer: D
demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations presenting multiple issues of questionable conduct.
Selective disclosure occurs when companies discriminate in making material nonpublic information public. Selective disclosure raises insider trading concerns.

2.
Correct answer: B
demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations presenting multiple issues of questionable conduct.
There is nothing to suggest that Wong does not have a reasonable basis for his conclusion related to Nolvec. However, by delaying the revision of his recommendation so that his brother can buy shares at a lower price, he has violated the CFA Institute Standards relating to duty to client, duty to employer, and priority of transactions.

3.
Correct answer: A
demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations presenting multiple issues of questionable conduct.
Trading on the information is restricted as it relates to a tender offer; it is clearly material, nonpublic information. Tender offer (中文意思是“要约收购”)is the bid for buying the stock, which is the material information.

4.
Correct answer: D
demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations presenting multiple issues of questionable conduct.
Members should disclose all matters that reasonably could be expected to impair the member’s objectivity.

5.
Correct answer: B