...引言 人生何其短暂，用两个月的生命去通过一项考试那绝对是种十足的浪费，但既然你已 经被骗入了 CFA 这个沼泽中，既然你已经做好了人财两空的准备，既然你已经@#￥%&， 那么请不要在查分时刻默默地留下那屈辱的眼泪。 低盛总裁王小三： “看过 3.5 的《CFA 一级那些事》 ，那绝对是屋漏偏逢不下雨，船迟只 觉背来风。 ” 摩根.华伦天奴全球高级副总裁迈克尔.贝 克 汉 姆 ： “闹事呢？这不是砸 CFA 场子么？” 考试有风险，复习需谨慎 ——张三点五丰 3.5feng@gmail.com 一、本文适用范围： 1、 全文适用于准备 CFA1 的在校学生不限专业。 2、 全文适用于准备 CFA1 有 3 个月以上准备时间的在职人员。 3、 部分适用于准备 CFA1 不符合以上两条的考生 4、 CFA2、3 级考生请绕道。 二、作者背景 1. 学历：低于北京 TP 二校的理工科本科 2. 复习时间：2 个月左右的脱产复习 3. 复习方式：在南京某知名高校内与两名 candidate 一起复习 4. 复习遍数：大概 notes2.5 遍。习题 3 遍 5. 考试成绩：除 alternative investment B，其余 A 6. 考试用时：上午 1 小时 20 分钟，下午 1 小时 30 分钟 三、正文 3.1 复习资料、习题 5 星推荐必看 a) Schweser Notes 5 本（课本部分） Schweser Notes 5 本（习题部分） 5 星推荐必做 b) 5 星推荐必购 c) 某机构中文翻译（广告位招租） 负 5 星推荐（学术型人才推荐） d) 官方 Reading（课本部分） 6 星推荐必做 e) 官方 Reading（习题部分） 5 星推荐必做 f) 近两年官方 mock （俗称模拟题） g) 近两年官方 sample （俗称样题） 6 星推荐必做 4 星推荐选作 h) 某机构百题预测（广告位招租） 1 星推荐蛋疼者做之 i) Notes 练习（也就是 6、7 两本） 3 星推荐选看 j) 官方 道德手册 3 星推荐选看 k) 辅导班视频（广告位招租） 老婆一只 自己看着办吧 l) 本 3.5 没上 m) 辅导班（广告位招租） 本 3.5 没看 n) 其他 3.1.1 阅读资料 说到考试资料，那官方的 Reading 就是纯 TM 扯淡，如果在今年能够收到电子版的情 况下，还去花着 N 百刀买那自己用着都心疼的铜版纸教材，绝对是烧包的表现，一来不支 持低碳生活，二来过于支持 CFA 的宗旨——骗钱第一，考试第二。 在官网注册完，直奔万能的 Taobao，在搜索栏 baidu 一下“CFA Notes”你就能看到一 个真正的完全竞争市场。具体书的颜色每年不一样，但要用的是哪本，哥们你懂的。 同时某些机构的中文翻译教材，绝对是上佳之选，不要和我 zhuangbility 说兄弟你的 英文能力多么销魂，就是再 TM 销魂，你告诉我什么是 qualified 和 unqualified，如果告诉 我是“合格”和“不合格”的，本 3.5 告诉你，S+B 离你已经不是太远了。 此外有许多朋友会推荐官方的道德手册（网购 notes 的时候一般会送你） ，这个问题下 一章节会提及。 作为补充，辅导班的“免费”视频同样是可以用来借鉴的，3000 多块钱白给，不要白 不要。 另外某机构的百题预测也是可以用来把玩的，相当于在最后，对知识点做一个大致的 温习，不过里面有些题目的答案并不完全正确，当然已经通读 notes 的你肯定能够判断出 的。...
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...By Dr. Ken Feng Figure 1: Differences in framework Framework Purpose of framework Objective financial statements Assumption Qualitative characteristics Relevance and reliability are the primary characteristics. the US GAAP IFRS Require management to consider the framework if no explicit standard exists on an issue. Present different objectives for business and non-business financial statement reporting Have one objective for both. of Place more emphasis on the going concern assumption. Relevance, reliability, comparability and understandability are the primary characteristics. (1)List income and expenses as the elements related to performance. (2)Define it as a resource from which a future economic benefit is expected. (3)Use “probable” to define the criteria for recognition. Financial statements elements (1)List revenues, expenses, gains, losses and comprehensive income as the elements related to performance. (2)Define an asset as a future economic benefit. (3)Use “probable” to define assets and liabilities. (4)Don’t allow the values of most assets to be adjusted upward. Figure 2: Differences in 会计事项 会计事项 US GAAP 强制性规定 选择性规定 Balance Sheet Marketable Investment Securities Classified as held-to-maturity, trading and available-for-sale. LIFO, FIFO and the average cost method. Inventory Once an inventory write-down occurs, any subsequent recovery of value is ignored. Subsequent recovery of value can be included. Trading securities are known as held-for-trading securities...
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...Ethical and Professional Standards The candidate should be able to demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct, familiarity with the Global Investment Performance Standards, and familiarity with corporate governance issues and risks affecting companies. Study Session 1 Ethical and Professional Standards Reading Assignments 1.* “Code of Ethics and Standards of Professional Conduct” Standards of Practice Handbook, 9th edition (CFA Institute, 2005) * 2. “Guidance” for Standards I – VII, Standards of Practice Handbook, 9th edition (CFA Institute, 2005) * 3. Introduction to the Global Investment Performance Standards (GIPS®) Global Investment Performance Standards (GIPS®), pp. i–iii and 1–9, (CFA Institute, 4.* 2005) A. Preface: Background of the GIPS Standards B. I. Introduction C. II.0. Provisions of the Global Investment Performance Standards – Fundamentals of Compliance * 5. The Corporate Governance of Listed Companies: A Manual for Investors (CFA Institute, 2005) Learning Outcomes 1. “Code of Ethics and Standards of Professional Conduct” The Code of Ethics establishes the framework for ethical decision making in the investment profession. The candidate should be able to state the six components of the Code of Ethics. The Standards of Professional Conduct are organized into seven standards: I. Professionalism II. Integrity of Capital Markets III. Duties to Clients and Prospective...
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...www.thetestpreps.com CRITICAL CONCEPTS FOR THE 2014 CFA® Approximation formula for nominal required rate: ExAM Exprctrd return, variance of2-S1ock portfolio: THICAL AND PROFESSIONAL ANDARDS Professionalism Knowledge of the Law, Independence and Objectiviry Misrepresentation. Misconduct. Inregrity of Capiml Markers Material Nonpublic Information. Market Manipulation. Duties to Clients Loyalty. Prudence. and Care. Fair Dealing. Suitability, Performance Presentation. Preservation of Confidenrialiry, Duties to Employers Loyalty. Additional Compensation Arrangements. Responsibilities of Supervisors. Investment Analysis, Recommendations, and Action Diligence and Reasonable Basis. Communication wirh Clients and Prospective Clients. Record Rereruion. Conflicts of Interest Disclosure of Conflicrs. Priority of Transacrions. Referral Fees, Responsibilhies as a CFA lnstirute Member Or CFA Candidate Conduct as Members and Candidates in the CFA Prograrn. Reference to CFA Institute. the CFA Designation. and the CFA Program. Performance Standards E(R) ~ RFR + fP + RP Means Arithmetic mean: sum of all observation values in sample/population. divided by II of observations. Geometri« "mill: used when calculating investment returns over multiple periods or ro measure compound growth rates. Geonmrir /liMn return: E(Rp) = w"E(RA) + wBE(Rs) I (A) (B) I (C) (D) (A) ,.ar(Rp)= wl\u!(R\)+w~u2(R8) +2w \ w8(7{RA )U(RR)P(R Normal Distributions Norma] distribution i~ completely...
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...2016 Level I Mock Exam: Afternoon Session The afternoon session of the 2016 Level I Chartered Financial Analyst (CFA®) 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. Topic Minutes 1-18 Ethical and Professional Standards 27 19-32 Quantitative Methods 21 33-44 Economics 18 45-68 Financial Statement Analysis 36 69-76 Corporate Finance 12 77-88 Equity Investments 18 89-94 Derivative Investments 9 95-106 Fixed Income Investments 18 107-110 Alternative Investments 6 111-120 Portfolio Management 15 Total: 180 By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currentlyregistered 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. © 2016 Copyrighted by CFA Institute. All rights reserved. 1. Richard Cardinal, CFA, is the founder of Volcano Capital Research, an investment management firm whose sole activity is short selling...
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...c o rcs C Al e1 xm -h b gn ig f ln ra F e l ea te einn o a o g o d v C Al e2 xm - a w y h r F e l ea h l a tee v f C Al e3 xm -h l t l F e l ea tea mi v s e O h r sflno te ueu if Tp fr a dd ts iso cn iae Atr od f wr e 1 4 1 0 2 2 5 5 6 6 7 1 8 9 9 7 Guide for the CFA exam by TimePrep PREFACE Welcome to the world of the CFA program! Since you're reading this, it is likely that you are a CFA candidate, or you are considering becoming one. Either way, we hope that you will find this book helpful. The general idea behind this book is to offer CFA candidates useful advice, written by other CFA candidates and charter holders. There are several segments of the book and we recommend going through them all since it is not a heavy read, and it may prove useful for your preparation. The book starts with general information about the CFA program – the basics of the program, benefits of attending it, the complexity of the program in whole etc. In the second chapter we will provide you with some general advice in preparation – how to organize your time, what strategy elements to use, how to find time for studying and also an overview of the various prep tools that can help you. The following three chapters of the book are each related to one of the levels of the CFA Exam – here you can read various useful information regarding study materials, types of questions that appear on the exam, articles regarding the review phase etc. The sixth chapter gives you advice regarding your learning...
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...CFA INSTITUTE RESEARCH CHALLENGE OFFICIAL RULES 2017 1 RULE 1: INTRODUCTION AND GENERAL PROVISIONS .................................................................................................. 3 1.1 CONFLICTS OF INTEREST.................................................................................................................................................. 3 1.2 PLAGIARISM .................................................................................................................................................................... 3 1.3 THIRD PARTY INTELLECTUAL PROPERTY RIGHTS............................................................................................................... 4 1.4 USE OF REPORTS ............................................................................................................................................................ 5 RULE 2: TEAMS ..................................................................................................................................................................... 5 2.1 TEAM COMPOSITION ........................................................................................................................................................ 5 2.2 TEAM MEMBER REQUIREMENTS ....................................................................................................................................... 5 2.3 TEAM MEMBER INELIGIBILITY .......................................
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...LEVEL III Question: Topic: Minutes: 1 Individual PM (IPS and Human Capital) 27 Reading References: Level III, Volume 2, Study Session 4, Reading 10 “Managing Individual Investor Portfolios,” Ch. 2, James W. Bronson, CFA, Matthew H. Scanlan, CFA, and Jan R. Squires, CFA, Managing Investment Portfolios: A Dynamic Process, Third Edition (CFA Institute, 2007). Level III, Volume 2, Study Session 4, Reading 14 “Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance,” Roger G. Ibbotson, Moshe A. Milevsky, Peng Chen, CFA, Kevin X. Zhu (The Research Foundation of CFA Institute, 2007). LOS: 2012-III-2-10-a, 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 an individual investor’s risk tolerance; b) explain the role of situational and psychological profiling in understanding an individual investor; c) compare the traditional finance and behavioral finance models of investor decision making; d) explain the influence of investor psychology on risk tolerance and investment choices; e) explain the use of a personality typing questionnaire for identifying an investor’s personality type; f) compare risk attitudes and decision-making styles among distinct investor personality types, including cautious, methodical, spontaneous, and individualistic investors; g) explain the potential benefits, for both clients and investment advisers, of having a formal investment policy...
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...Personal, Learning and Thinking Skills (PLTS) The Council for Administration (CfA) has identified the importance of this framework through extensive research with employers and higher education. Feedback from the recent employer evaluation of the Young Apprenticeship in Business & Administration highlighted that attitudes and behaviours needed to be further developed in Young Apprentices. Wider research1 has also confirmed that employers and Higher Education view generic skills and personal attributes as essential in new entrants emerging from education. Given the centrality of these skills, the CfA consulted with partnerships in the sector and agreed that it would be of value to consider how PLTs could be developed through the different components of the Young Apprenticeship in Business & Administration. These components are: • • • • • Delivery of VR qualifications Work placement (CfA work-based project resource.) Enrichment activities Enterprise activities KS4 core curriculum This guidance focuses on the development of PLTs through the VRQ, however, the CfA would like to encourage partnerships to take all appropriate opportunities to develop PLTs in all components. This guidance provides examples of how partnerships are currently approaching the delivery of PLTs. The examples are taken from the Level 2 Technical certificate in Business & Administration but would be equally applicable to the Level 2 BTEC First Diploma in Business. The examples are provided to help you to think...
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...Sample Level I Multiple Choice Questions 1. Sammy Sneadle, CFA, is the founder and portfolio manager of the Everglades Fund. In its first year the fund generated a return of 30 percent. Building on the fund’s performance, Sneadle created new marketing materials that showed the fund’s gross 1year return as well as the 3 and 5-year returns which he calculated by using back-tested performance information. As the marketing material is used only for presentations to institutional clients, Sneadle does not mention the inclusion of back-tested data. According to the Standards of Practice Handbook, how did Sneadle violate CFA Institute Standards of Professional Conduct? A. He did not disclose the use of back-tested data. B. He failed to deduct all fees and expenses before calculating the fund’s track record. C. The marketing materials only include the Everglades Fund’s performance and are not a weighted composite of similar portfolios. 2. Roberto Vargas, CFA, is in charge of the compliance program at his investment firm. According to the Standards of Practice Handbook, as a supervisor, Vargas is least likely required to: A. respond promptly to all violations. B. disseminate the contents of the program to all personnel. C. incorporate a professional conduct evaluation as part of an employee’s performance review. 3. Regarding the definition of the firm, the GIPS Standards require all of the following except: A. firms must be defined as an investment firm. B. a firm’s organization...
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...BooK 1 ETHICAL AND PROFESSIONAL STANDARD S, QuANTITATIVE METHODS, AND EcoNOMics - Readings and Learning Outcome Statements .......................................................... 6 Study Session 1 - Ethical and Professional Standards ............................................ 13 Study Session 2 - Ethical and Professional Standards: Application Self-Test - Ethical and Professional Standards ....................... 110 128 138 256 262 339 344 349 358 ..................................................... Study Session 3 - Quantitative Methods for Valuation Self-Test - Quantitative Methods for Valuation Study Session 4 - Economics for Valuation Self-Test - Economics for Valuation Formulas ........................................ ................................................... ......................................................... .................................................................... ............................................................................................................ Appendices Index ........................................................................................................ ................................................................................................................. SCHWESERNOTES™ 2013 CFA LEVEL II BOOK 1: ETHICAL AND PROFESSIONAL STANDARDS, QUANTITATIVE METHODS, AND ECONOMICS ©20 12 Kaplan, Inc. All rights reserved. Published in 20 12 by...
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...All CFA Institute members and candidates are required to comply with the Code and Standards Basic structure for enforcing the Code and Standards The CFA Institute Bylaws primary principles Based on two Fair process to member and candidate Confidentiality of proceedings Rules of Procedure Maintains oversight and responsibility The CFA Institute Board of Governors Through the Disciplinary Review Committee (DRC) Is responsible for the enforcement of the Code and Standards Conducts professional conduct inquiries Structure of the CFA Institute Professional Conduct Program Professional Conduct program (PCP) The CFA Designated Officer Selfdisclosure An inquiry can be prompted by several circumstances Directs professional conduct staff Written complaints Evidence of misconduct Report by a CFA exam proctor jim do Interviewing The Professional Conduct staff conducts an investigation that may include cf a. 1. Code Of Ethics And Standards Of Professional Conduct Collecting documents and records in support of its investigation Conclude the inquiry with no disciplinary sanction Issue a cautionary letter If finding that a violation of the Code and Standards occurred, the Designated Officer proposes a disciplinary sanction ay to Process for the enforcement of the Code and Standards When an inquiry is initiated Upon reviewing the material obtained during the investigation, the Designated Officer may .c Requesting a written explanation from the...
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...B. Terms of Cost Estimate & Cost Plan C. Pre-Contract Cost Planning Processes 3 DEFINITIONS, TERMS & PROCESSES A. CLASSIFICATION OF AREAS GROSS FLOOR AREA (GFA) GFA is the area contained within the external walls of the building measured at each floor level (including any floor below the level of the ground), together with the area of balconies and the thickness of external walls (for submission to Planning Authorities) Note : Carpark & plant room areas are usually excluded, but this is NOT a fixed rule CONSTRUCTION FLOOR AREA (CFA) CFA is the covered areas fulfilling the functional requirements of the building measured to the outside face of the external walls or external parameter. Areas occupied by partitions, columns, internal structural walls, bay windows, stairwells, lift shafts, plant rooms, water tanks, carparks, open covered areas and the like are included. 4 DEFINITIONS, TERMS & PROCESSES B. TERMS OF COST ESTIMATE & COST PLAN ELEMENTAL QUANTITY • No. of door • Area of wall finishes • Volume of concrete structure • Elemental quantity per CFA (i.e. Element Quantity / CFA) • Average cost per unit elemental quantity (i.e. Total Cost of Element / Elemental Quantity) • Indication of price level for particular subject tender price index building services tender price index labour index material index consolidated labour & material index 5 ELEMENTAL RATIO ELEMENTAL UNIT RATE INDICES DEFINITIONS, TERMS & PROCESSES C. PRE-CONTRACT COST PLANNING...
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...CFA Level I June 2010 - Mock Exam Questions 1. Which of the following least likely violates Standard VII (B): Reference to CFA Institute, the CFA Designation and the CFA Program? A. Joe Smith, C.F.A. B. Joe Smith, CFA C. Joe Smith, Chartered Financial Analyst Answer: C According to Standard VII (B), an analyst must not exaggerate the meaning or implications of membership of CFA Institute, holding the CFA designation, or candidacy in the CFA Program. A member cannot use a bold or larger font for the letters CFA. 2. Which of the following is least likely a characteristic of GIPS? A. The investment management firm must define the entity that claims compliance. B. All fee-paying discretionary portfolios are required to be included in composites defined according to a similar strategy or investment objective. C. After presenting 5 years of compliant history, a firm must add annual performance each year going forward up to a maximum of 10 years. Answer: C A firm is initially required to present at least five years of compliant history and must add annual performance each year going forward up to 10 years at a minimum. 3. A rock band plans to visit 15 cities all over the world in one year. They will visit 3 of these 15 cities in January. The number of possible combinations of venues for January is closest to: A. 455 B. 2,730 C. 45 Answer: A The order in which the three cities are visited during January is not important so we use the combinations formula. © Élan Guides...
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...2012 Level II Mock Exam: Afternoon Session The afternoon session of the 2012 Level II Chartered Financial Analyst (CFA®) Mock Examination has 60 questions. To best simulate the exam day experience, candidates are advised to allocate an average of 18 minutes per item set (vignette and 6 multiple choice questions) for a total of 180 minutes (3 hours) for this session of the exam. 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 and copying, posting to any website, e-mailing, distributing, and/or reprinting the mock exam for any purpose. Marcus Pinto Case Scenario A struggling asset management company recently hired Marcus Pinto, CFA, as chief operating officer (COO). Pinto’s first responsibility is to recommend to the Board of Directors how they can lower costs while still retaining the firm’s client base and how to increase assets under management. Pinto analyzes the firm, its clients’ needs, and general market conditions before presenting his findings to the Board of Directors. At the presentation, he makes the following statements: Statement 1: “If the company adopts the CFA Institute Standards of Professional Conduct, the...
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