分类： （三区）注册金融分析师（CFA）资格认证证书考试资料试题

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注册金融分析师三级培训SS3、SS6、SS7习题.pdf下载

QUESTION 3 HAS ONE PART FOR A TOTAL OF 12 MINUTES.
John Nultione was recently hired as a portfolio manager with Equity Advisors (EA). As part of
his responsibilities, Nultione prepares market forecasts for the firm’s chief investment officer,
Walt Hyatt. The U.S. equity market declined by 20 percent last year. After constructing a model
of factors affecting the market, Nultione becomes convinced that U.S. market returns will be
13.47 percent for the first half of this year followed by an 11.21 percent return for the second
half of this year.
Nultione remembers similar conditions several years ago when his forecast was too pessimistic
and he missed a significant buying opportunity. He does not want to miss another market low.
Nultione proposes a large increase in EA’s portfolio allocation to U.S. equities, which will move
his position from underweight to overweight. By contrast, Hyatt believes the recent downward
trend in the market will continue, and any gains from restructuring EA’s portfolio allocation
would not be worth the risk of relative underperformance.
After preparing his forecast, Nultione reads reports by several respected analysts, including
Harinder Singh. Nultione disagrees with Singh’s forecast of a continued decline in the market.
Hyatt, however, attended a conference where Singh presented his market forecast. Hyatt found
Singh’s analysis convincing and agreed with his forecast. Nultione points out that since the
conference, several key variables in Singh’s analysis have changed. Despite this evidence, Hyatt
remains convinced that Singh’s forecast is correct.
Hyatt believes that Nultione’s proposed portfolio allocation could result in a significant
underperformance of EA’s portfolio compared to its peers. Hyatt believes such
underperformance could harm his own position at the firm. As a result, Hyatt asks Nultione to
review the work of the top 20 equity analysts and reassess his forecast. Nultione presents his
review of the 20 analysts to Hyatt, focusing on the views of three analysts who agree with
Nultione’s optimistic market view.
For each Nultione and Hyatt:
i. Identify two psychological traps they have fallen into.
ii. Justify your position by stating evidence from the information provided.
Note: Four different psychological traps must be identified.
Answer Question 3 in the Template provided on page 23.

QUESTION 10 HAS THREE PARTS (A, B, C) FOR A TOTAL OF 19 MINUTES.
Greta Steiner, an analyst at Shopond Research, has been asked to develop an estimate of the
aggregate operating profit margin for the companies in the S&P 500 Index. She is using the S&P
500 as a representation of the overall U.S. economy. Steiner first reviews the U.S. economic
data presented in Exhibit 1. She notes that U.S. firms cannot raise prices to fully compensate for
inflation because of the current elasticity of demand.

2009年CFA一级原版书题目汇总扫描文件下载

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等7个影印扫描文件

CFA Level 2 mock 21 questions and Answers～mock 26

CFA二级soft dollar & Ros参考word版本

Standards of Practice Handbook NINTH EDITION

Preface . v
CFA Institute Code of Ethics and
Standards of Professional Conduct . 1
Standard I: Professionalism
A. Knowledge of the Law 7
B. Independence and Objectivity . 15
C. Misrepresentation . 25
D. Misconduct 33
Standard II: Integrity of Capital Markets
A. Material Nonpublic Information . 37
B. Market Manipulation 49
Standard III: Duties to Clients
A. Loyalty, Prudence, and Care 53
B. Fair Dealing. . 61
C. Suitability. . 69
D. Performance Presentation. 75
E. Preservation of Confidentiality. 79
Standard IV: Duties to Employers
A. Loyalty. . 83
B. Additional Compensation Arrangements 91
C. Responsibilities of Supervisors . 93
Standard V: Investment Analysis, Recommendations, and Actions
A. Diligence and Reasonable Basis 99
B. Communication with Clients and Prospective Clients . 105
C. Record Retention 111
Standard VI: Conflicts of Interest
A. Disclosure of Conflicts 113
B. Priority of Transactions. . 121
C. Referral Fees 127
Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate
A. Conduct as Members and Candidates in the CFA Program. 131
B. Reference to CFA Institute, the CFA Designation, and the
CFA Program . 135
CFA Institute Standards of Practice Exam. 143
Index 159

It is critical that research analysts adhere to strict standards of conduct that
overn how the research is to be conducted and what disclosures must be made
the report. Analysts must engage in thorough, independent, and unbiased
nalysis and must fully disclose potential conflicts, including the nature of their
ompensation. Otherwise, analysts risk misleading investors by becoming an
xtension of an issuer’s public relations department while appearing to produce
ndependent” analysis.
Investors need clear, credible, and thorough information about companies
nd research based on independent thought. At a minimum, research should
clude a thorough analysis of the company’s financial statements based on
ublicly disclosed information, benchmarking within a peer group, and industry
nalysis. Analysts must exercise diligence, independence, and thoroughness in
onducting their research in an objective manner. Analysts must distinguish
etween fact and opinion in their reports. Conclusions must have a reasonable
nd adequate basis, and must be supported by appropriate research.
Analysts must also strictly limit the type of compensation that they accept for
onducting research. Otherwise, the content and conclusions of the reports could
asonably be expected to be determined or affected by compensation from the
onsoring companies. This compensation can be as direct, such as payment based

注册金融分析师（CFA）二级基础班讲义-Financial statement analysis

Reading 21 Analysis of Intercorporate Investments
Reading 22 Mergers, Acquisitions, and Other Intercorporate
Investments
Reading 23 Variable Interest Entities, Intercompany Debt,
Consolidated Cash Flow, and Other Issues
Reading 24 Pension and Other Postretirement Benefits

Reading 27 Accounting Shenanigans on the Cash Flow
Statement
Reading 28 Financial Reporting Quality: Red Flags and
Accounting Warning Signs
Reading 29 The Lessons We Learn
Reading 30 Analysis of Financial Statements: A Synthesis

Financial Statements Analysis
Reading 21: Analysis of Inter-corporate
Investments

This classification below only apply to debt or equity investment with
no significant influence (Ownership level < 20%)
Debt securities held-to-maturity:
are securities of which a company has the positive intent and
ability to hold to maturity.
This classification applies only to debt securities; it does not
apply to equity investments.
Debt and equity securities available-for-sale
may be sold to address the liquidity and other needs of a
company.
Debt and equity trading securities
are securities acquired for the purpose of selling them in the
near term

CFA Institude Soft dollar Standards reading 3～reading 4

INTRODUCTION
CFA Institute Soft Dollar Standards provide guidance to investment profession-
als worldwide through the articulation of high ethical standards for CFA
Institute Members dealing with “soft dollar” issues. CFA Institute Soft Dollar
Standards are consistent with and complement the existing CFA Institute
Standards of Professional Conduct that all CFA Institute Members and Candidates
in the CFA Program are required to follow.
The purposes of the Standards are to define “soft dollars,” identify what is
“allowable” research, establish standards for soft dollar use, create model disclo-
sure guidelines, and provide guidance for client-directed brokerage arrangements.
The Soft Dollar Standards are voluntary standards for Members. If a CFA
Institute Member claims compliance with the Standards, then certain of these
Standards are mandatory (i.e., they must be followed to claim compliance) and

others are recommended (i.e., they should be followed). CFA Institute strongly
encourages Members to adopt the required and recommended Standards. If the
Soft Dollar Standards are adopted, compliance will not supplant the responsibility
to comply with applicable law.
1 CFA Institute Members should comply at all times
with the relevant laws of the countries in which they do business. In situations in
which these Standards impose a higher degree of responsibility or disclosure than,
but do not conflict with, local law, the Member is held to the mandatory provi-
sions of these Standards.
BACKGROUND
In 1975, the U.S. Congress created a “safe harbor” under Section 28(e) of the
Securities and Exchange Act of 1934 to protect investment managers from claims
that they had breached their fiduciary duties by using their client commissions to
pay a higher commission to acquire investment research than they might have
paid for “execution” services. According to Securities and Exchange Commission
(SEC) Staff, the protection of Section 28(e) is available only for securities trans-
actions conducted on an agency basis.
2 Since that time, the soft dollar area has
undergone considerable expansion, both in terms of actual usage and the types
of products and services for which safe harbor protection is claimed. The com-
plexity of these practices, including technologically sophisticated research tools
and the existence of “mixed-use” products, has resulted in a fair amount of legit-
imate confusion surrounding the appropriate use of soft dollars.
CFA Institute seeks to provide ethical standards for CFA Institute Members
and those in the industry that engage in soft dollar practices and also emphasizes
the paramount duty of the investment manager, as a fiduciary, to place the inter-
ests of clients before those of the investment manager. In particular, the Soft Dol-
lar Standards focus on six key areas:
Definitions—to enable all parties dealing with soft dollar practices to have a
common understanding of all of the different aspects of soft dollars.
Research—to give clear guidance to investment managers on what prod-
ucts and services are appropriate for a manager to purchase with client
brokerage.

2009年11月（CFA）模拟题 – 2009 Level I Mock Exam: Morning Session ANSWERS AND REFERENCES

2009 Level I Mock Exam: Morning Session
ANSWERS AND REFERENCES

Questions 1 through 18 relate to Ethical and Professional Standards.

1. Which of the following is a key characteristic of the Global Investment
Performance Standards (GIPS)? The GIPS standards:

A. rely on the integrity of input data.
B. consist of required provisions for firms to follow to achieve best practice.
C. must be applied with the goal of achieving excellence in performance
presentation.

Answer: A

Global Investment Performance Standards (GIPS)
2009 Modular Level I, Volume 1, pp. 129-130
Study Session 1-4-a
Describe the key characteristics of the GIPS standards and the fundamentals of
compliance.

A key characteristic of the Standards is that the Standards rely on the integrity of
input data. The accuracy of input data is critical to the accuracy of the
performance presentation.

2. According to the Standards of Practice Handbook, a member who is an
By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to
currently-registered CFA candidates. Candidates may view and print the exam for personal exam
preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal
action: accessing or permitting access by anyone other than currently-registered CFA candidates; copying,
investment manager is least likely to breach his duty to clients by:

A. disclosing confidential client information to the CFA Institute Professional
Conduct Program.
B. using client brokerage to purchase goods or services that are used in the
investment decision-making process.
C. consistently supporting management’s recommendations by voting with
management on proxies related to non-routine governance issues.

Answer: B

3. Carla Scott, CFA, is a portfolio manager for a company that manages investment
accounts for wealthy individuals. Scott has no beneficial interest in any of the
fee-paying accounts she manages, including her uncle’s account. When shares in
initial public offerings (IPOs) become available, Scott first allocates shares to all
her other clients for whom the investment is appropriate; only if shares are still
available does she purchase shares in her uncle’s account, if the issue is
appropriate for him. Scott provides each of her clients with full disclosure of her
allocation procedures and has received each client’s verbal consent to her
allocation procedures. According to the Standards of Practice Handbook, does