分类： （三区）注册金融分析师（CFA）资格认证证书考试资料试题

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

金融分析师（CFA）资格认证一级考试教材下载

金融分析师（CFA）资格认证一级考试共六本教材（含五本教材和一本习题集，共200多M）。

也可单本下载，55元/每本。

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)

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)

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

总价格155，也可单个交易，价格45元/个。

CFA经典教科书-International Investments国际投资学（第5版）下载

特许金融分析师（CFA）考试第一级中文学习精要上下册PDF下载

PDF影印格式，特许金融分析师（CFA）考试第一级中文学习精要上下册。

CFA level 1中文笔记上下册PDF下载

PDF影印格式，notes for cfa level 1。

2010 Level III Mock Exam questions and answers and REFERENCES

2010 Level III Mock Exam ANSWERS AND REFERENCES

Questions 1 through 6 relate to Ethical and Professional Standards.

Frank Litman Case Scenario
Frank Litman, CFA, has recently been hired as a portfolio manager for Twain
Investments, a small regional asset management firm. For the past ten years, Litman has
managed a limited number of accounts belonging to family and friends. He started
managing these accounts when he was enrolled in graduate school. All the accounts are
too small to meet Twain’s minimum balance requirement of $5 million, and generate
only modest fees for Litman. Litman disclosed the arrangement to the Human Resource
(HR) manager when he interviewed for the position of portfolio manager. The HR
manager agreed that the accounts were too small and would probably never be large
enough to meet Twain’s minimum requirement. Upon accepting the position with Twain,
Litman met with each of his non-Twain clients and recommended that they find another
financial advisor. Each of them asked Litman to continue managing their money as a
personal favor, arguing that a different advisor would undoubtedly charge higher fees.
Following the meetings, Litman sent separate letters to both the Twain HR manager and
his non-Twain clients explaining his employment relationship to each.

The following month, Litman updated the promotional material he shares with all of his
clients and prospects. The material summarizes Litman’s portfolio trading strategy,
which he developed by analyzing twenty years of historical data. In his analysis, Litman
determined that his strategy, which invests in large-capitalization U.S. stocks, would have
outperformed the S&P 500 Index over the last 20 years—with an average annual return
of 10.91 percent versus 10.42 percent for the S&P 500. The concluding paragraph of the
brochure states, ―We believe using this trading strategy over the long term will lead to
superior performance compared with the S&P 500.‖ The brochure includes a footnote in
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, posting to any website,
emailing, distributing and/or reprinting the mock exam for any purpose.

small print stating, ―Results are gross before tax so may be higher than what actual results
would have been over the given period. Past performance cannot guarantee future
results. ‖

At Twain, Litman has discretionary authority over the portfolios of individual stocks and
bonds for about 30 clients. His ten largest clients vary widely in age, occupation, and
wealth. For a variety of reasons, each of these accounts requires significant attention.
The remaining two-thirds of Litman’s clients are stable, long-term investors, all of whom
are saving for retirement. Litman performs comprehensive quarterly reviews with the
owners of the ten largest accounts and similar annual reviews with the remaining clients.
Recently, he made an exception to this rule when he learned that one of his smaller, less
active clients had unexpectedly inherited $600,000 from an aunt’s estate. Litman met
with the client and performed a comprehensive review of the client’s financial situation
even though only three months had passed since their last meeting.

With a new CEO, Twain, which adheres to the Asset Manager Code of Professional
Conduct, experiences significant change during the year when management hires a
compliance officer. The compliance officer immediately begins to update the firm’s
policies and procedures. After a thorough analysis, the firm decides to outsource its
back-office operations and hires an independent consultant to review client portfolio
information. At the same time, they add several research and investment staff and
upgrade the information management system. They eliminate paper records in favor of
electronic copies and develop a business-continuity plan based on current staffing.

Eighteen months later, the compliance officer resigns. Rather than hire an external
replacement, management designates one of Twain’s senior portfolio managers as the
new compliance officer. The compliance officer reviews both firm and employee
transactions and reports to the chief executive officer.

1. Which of the following is the most correct action for Litman to follow in order to
comply with the Standards in regards to Twain and non-Twain clients?

A. Do nothing.
B. Inform his immediate supervisor.
C. Obtain written consent from both Twain and non-Twain clients.

Answer: C

‖Guidance for Standards I – VII‖
2010 Modular Level III, Vol. 1, pp. 75, 89-91
Study Session 1-2-a
Demonstrate a thorough knowledge of the Code of Ethics and Standards of
Professional Conduct by interpreting the Code and Standards in various situations
involving issues of professional integrity.

According to Standard IV (B), Litman must obtain written permission from all
parties involved.

CFA三级考试（2009年）真题及答案下载

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.

A. i. Prepare the return objectives portion of the Tracys’ investment policy statement
(IPS) that will apply if they retire at age 60.

ii. Calculate the pre-tax nominal rate of return that is required for the Tracys’ first
year of retirement if they retire at age 60. Show your calculations.

(12 minutes)

B. Indicate specific factors for the Tracys, for each of the following, which support
Briscoe’s conclusion that the Tracys’ risk tolerance is below average:

i. Ability to take risk. Indicate two factors.
ii. Willingness to take risk. Indicate one factor.

(6 minutes)

C. Prepare the current (2009) liquidity constraint for the Tracys’ IPS:

i. if they retire at age 60.
ii. if they retire at age 65.

(4 minutes)

D. Prepare the current (2009) time horizon constraint for the Tracys’ IPS:

i. if they retire at age 60.
ii. if they retire at age 65.
Reading References:
8. “Frame Dependence: The Second Theme,” Ch. 3, Beyond Greed and Fear:
Understanding Behavioral Finance and the Psychology of Investing, Hersh Shefrin
(Oxford University School Press, 2002)
14. “Managing Individual Investor Portfolios,” Managing Investment Portfolios: A Dynamic
Process, 3rd
edition, James W. Bronson, Matthew H. Scanlan, and Jan R. Squires (CFA
Institute, 2007)

Purpose:
To test the candidate’s: (1) understanding of the investment policy statement for an individual
investor, (2) ability to assess pertinent factors for an investor’s ability to assume risk, (3) ability
to calculate an investor’s required return, and (4) understanding of an investor’s other constraint
factors.

LOS 2009 –III-3-8 -a, “Frame Dependence: The Second Theme”
The candidate should be able to:
a) explain how loss aversion can result in investors’ willingness to hold on to
deteriorating investment positions;

LOS 2009 –III-4-14-a,f,j,k,l, “Managing Individual Investor Portfolios”
The candidate should be able to:
a) discuss how source of wealth, measure of wealth, and stage of life affect individual
a) discuss how source of wealth, measure of wealth, and stage of life affect individual
investors’ risk tolerance;
f) compare and contrast risk attitudes and decision-making styles across distinct
investor personality types, including cautious, methodical, spontaneous, and
individualistic investors;
j) explain how to set risk and return objectives for individual investors and discuss the
impact that ability and willingness to take risk have on tolerance;
k) identify and explain each of the major constraint categories included in an
individual investor’s investment policy statement;
l) formulate and justify an investment policy statement for an individual investor;