16周轻松搞定CFA LEVEL 1 第116周 全保罗时报.docx

1、16周轻松搞定CFA LEVEL 1 第116周 全保罗时报保罗时报推出CFA Level 1考试准备计划今年6月的CFA考试离现在还有三个半月的时间，相信有很多考生已经报名，但有些还不确定自己对即将来临的考试是否能从容以对。保罗时报根据以往很多考生的丰富经验，特地为准备参加今年6月CFA Level I考试的考生定做了一套详细的复习计划。只要根据保罗时报的复习计划按部就班的复习，考生在考试前一定能做到胸有成竹。保罗时报复习计划要求考生每周一至周五能抽出2到3个小时学习，周末能抽出3到5个小时学习，非金融专业，无相关背景的考生同样适用。保罗时报复习计划讲究稳扎稳打、熟能生巧，考生面对最后考试时

2、自然就能手到擒来。保罗时报复习计划从2010年2月15日开始正式复习，至2010年6月5日考试，一共16个星期。我们将把这16个星期分作三个大部分。一、前6个星期，即2月15日至3月28日。我们要求考生按照保罗时报复习计划的每周任务安排，逐渐完成对notes的第一遍学习，并完成notes后面每个session的练习题，第6本模拟题先不要做。Notes的学习主要依据2010年6月CFA 考试大纲而来，大家可参考保罗时报公布的大纲。二、中间6个星期，即3月29日至5月9日。我们要求考生按照保罗时报复习计划的任务安排，逐渐完成对notes的第二遍学习，等大家熟知内容后，再将重点放在习题上面。务必使考

3、生对计算等烂熟于心。三、后4个星期，即5月10日至6月4日。我们要求考生按照保罗时报复习计划的任务安排，进行分板块大量习题训练及模拟考试的练习。训练考生在考试时达到最佳状态，帮助让考生一战必胜。从2月15日起，保罗时报每周都将公布给考生制定的准备计划，该计划十分灵活，可根据考生的个人时间调配掌握。大家亦可根据自己的学习状态自我调控，不必过于死板的按照计划行事。此外，保罗时报还会为考生准备热心小贴士，全力为考生打造愉快高效、科学系统的考试准备环境。保罗时报在此祝大家春节快乐，也先祝大家考试成功！16周轻松搞定CFA LEVEL 1-第1周保罗时报系列专题2010年2月15日星期一16周轻松搞定C

4、FA LEVEL 1第1周新的一年开始了，今年你的新年愿望是什么？一次通过CFA一级考试？保罗时报特于农历新年推出CFA LEVEL 1考试准备计划，希望有志于立足金融业的您可以按照保罗时报科学、合理的备考方案，顺利通过6月份的考试，实现新年愿望。保罗时报与您共饮庆功酒！2月15日周一Reading 1: Code of Ethics and Standards of Professional Conduct 道德与职业行为准则Reading 2: Guidance for Standards IVII职业行为准则IVII指导仔细阅读这两个小节，特别是书中的例子。2月16日周二2月17日周三R

5、eading 3: CFA Institute Soft Dollar Standards CFA 协会软美元准则Reading 4: CFA Institute Research Objectivity Standards CFA协会研究客观性准则仔细阅读这两个小节，特别是书中的例子，并做完session后的习题。做完后将做错的题再回到书中原文对照，务必将各种准则理解。2月18日周四2月19日周五Reading 5: The Time Value of Money 资金的时间价值Reading 6: Discounted Cash Flow Applications 现金流量折现应用做完章节

6、后的习题，熟练PV,IR,FV的各种算法。2月20日周六2月21日周日Reading 7: Statistical Concepts and Market Returns 统计概念和市场收益Reading 8: Probability Concepts 概率概念Reading 9: Common Probability Distributions 概率分布Reading 10: Sampling and Estimation 抽样与推断此部分概率内容不难，大多都为大学本科课程内的内容，大家只需将notes看一遍，将章节后习题做一遍即可。16周轻松搞定CFA LEVEL 1第1天不知道各位昨天有

7、没有根据保罗时报的要求学习Reading 1。现在保罗时报就来帮您按照CFA LEVEL 1教材梳理一下Reading 1的重要知识点。按教材要求，CFA LEVEL 1考生对Reading 1要掌握：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 sev

8、en Standards of Professional Conduct;c. explain the ethical responsibilities required by the Code and Standards, including the multiple sub-sections of each Standard.具体分解一下。上述a点关于Professional Conduct Program的回答为：All members and candidates must apply with the Code and Standards. The CFA Institute Boa

9、rd of Governors oversees the Professional Conduct Program through a Disciplinary Review Committee.Professional Conduct staff conduct professional conduct inquiries. The following can bring about an investigation:1. self-disclosure on annual conduct statements2. written complaints3. media reports of

10、wrongdoing4. exam proctors can submit a violation reportRules of Procedure are based on two primary principals:1. Fair process to the member and candidate2. Confidentiality of proceedingsA CFA Institute Designated Officer reviews the material obtained by Professional Conduct staff in the investigati

11、on and may1. conclude there is no disciplinary sanction2. issue a cautionary letter3. continue proceeding to discipline the member or candidate. The member or candidate may accept or reject the proposed sanction. If he rejects it, the case is referred to a panel of CFA Institute members. Violators m

12、ay be suspended from the CFA program.b点所指的Code of Ethics6个组成部分为：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 particip

13、ants in the global capital markets.2. Place the integrity of the investment profession and the interests of clients above their own personal interests.3. Use reasonable care and exercise independent professional judgement when conducting investment analysis, making investment recommendations, taking

14、 investment actions, and engaging in other professional activities.4. Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.5. Promote the integrity of, and uphold the rules governing, capital markets.6. Maintain and

15、improve their professional competence and strive to maintain and improve the competence of their investment professionals.考题有可能问：“Which of the following is not stated in the Code of Ethics?”给出的选项中会有3个来自于以上6个组成部分，而有1个却不是。b点所指的Standards of Professional Conduct有7类：1. Professionalism2. Integrity of Capi

16、tal Markets3. Duties to Clients and Prospective Clients4. Duties to Employers5. Investment Analysis, Recommendations, and Action6. Conflicts of Interest7. Responsibilities as a CFA Institute Member or CFA Candidate根据c点要求，考生还必须牢记Standards of Professional Conduct7大类下的梭有小分类。请各位CFA LEVEL 1备考者们做好相应准备16周轻

17、松搞定CFA LEVEL 1-第2天进入正题前，保罗时报先上两图，让各位考生看一下CFA美国考场的情况。16周轻松搞定CFA一级第二天复习的是职业行为准则IVII指导。在这里保罗时报要提醒大家，作为CFA考生，知道相关法律是责任，“我不知道”并不能成为辩护。另外要注意，当CFA准则与当地法律不一致时，应当遵守更为严格的一条法律。这一概念经常被考，考生须牢记。下面我们再来看两道2004年关于fair dealing的考试真题。1. When an AIMR member has a limited number of shares of an initial public offering to

18、 distribute, the member would be least likely to violate the AIMR Standards of Professional Conduct by:a. allocating the shares pro rata to all subscribers for whom the issue is appropriate.b. first filling the orders of individual clients, then filing the orders of institutional clients.c. first fi

19、lling the orders of clients who have generated the most commissions during the past year.d. first filling the orders of those who have been clients of the investment professional for the longest period of time.正确答案为A。B、C、D全部违反了Fair Dealing Standard, Standard III B.2. Dave Bauman, CFA, is a portfolio

20、 manager who wants to buy Arrow Company common stock for his clients accounts and his personal account. According to the Guidance, Bauman:a. must buy the stock for his clients accounts before buying for his personal account.b. must wait 30 days after buying the stock for clients before buying for hi

21、s personal account.c. may buy for his personal account at any time as long as he discloses the trades to his employer and clients.d. may buy for his personal account at any time as long as the execution price is not more favorable than the execution price realized by clients.正确答案为A。16周轻松搞定CFA LEVEL

22、1第3天学习CFA一级已经进入了第3天，大家有没有跟着保罗时报进行备考呢？第3天我们学的是Introduction to Global Investment Performance Standards，简称GIPS。a. Explain why the GIPS standards were created, what parties the GIPS standards apply to and who is served by the standards.Individuals and institutions are constantly scrutinizing past invest

23、ment performance in search of the best performing manager to achieve their investment object. GIPS were created to ensure fair representation and full disclosure of performance information. GIPS set a global standard for calculation and reporting performance recognized and accepted worldwide.GIPS ap

24、ply to investment management firms.GIPS serve clients and prospective clients (investors), including consultants that may assist investors in selecting management firms.GIPS do not apply to consultants and software companies who produce the measurement software, i.e. the performance measurement tool

25、s.Plan sponsors, consultants and software companies, unless they actually manage assets, cannot make performance claims. They can endorse or require GIPS. Software companies can “calculate performance in a manner acceptable by the Standards.”b. Explain the construction and purpose of composites in p

26、erformance reporting.A composite is an aggregation of discretionary portfolios into a single group that represents a particular investment objective or strategy. A composite must include all actual fee-paying, discretionary portfolios managed in accordance with the same objective or strategy. A comp

27、osite is asset weighted.For example, if a GIPS-compliant firm presents its track record for a Global Equity Composite, the Composite must include all portfolios that are managed, or have historically been managed, in the firms Global Equity strategy. The firm may not subjectively select which Global

28、 Equity portfolios will be included in or excluded from the calculation and presentation of the Global Equity Composite. The determination of which portfolios to include in the Composite should be done according to pre-established criteria (i.e., on an ex-ante basis), not after the fact. This preven

29、ts a firm from including only their best performing portfolios in the Composite.Purpose of Composites: Creating meaningful, asset-weighted campsites is critical to the fair presentation, consistency, and comparability of results over time and among Firms.c. Explain the requirements for verification

30、of compliance with GIPS standards.A firm is responsible for its claim of GIPS compliance, that is, a firm “self-regulates” its claim of GIPS compliance; verification is not required.However, if done, verification of that claim must be done by an independent third party. A firm cannot perform its own

31、 verification.Verification provides assurance and credibility that the firm claiming GIPS compliance has adhered to GIPS firm wide. Also, a firm undergoing verification has an added benefit to improve its internal GIPS policies and procedures because of a review by an independent third party.Verific

32、ation is done on the entire firm, not on specific composites.Verification tests:1. That the firm has complied with all the composite construction requirements of GIPS on a firm wide basis; and2. That the firms processes and procedures calculate and present performance in compliance with GIPS.16周轻松搞定CFA LEVEL 1-第4天按照保罗时报的复习计划，今天应该是CFA一级考试复习的第4天了，不知各位考生朋