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I IN NT TE ER RN NA AT TI IOON NA AL L C C E ER RT TI IF FI IC CA AT TE E I IN N F FI IN NA AN NC CI IA AL L A A D DV VI IC CE E S S Y YL LL LA AB BU US S 国国国国际际际际理理理理财财财财咨咨咨咨询询询询证证证证书书书书 考考考考试试试试大大大大纲纲纲纲 This syllabus is valid for examinations from January 2006 本考试大纲适用于自 2006 年 1 月开始的考试 Aim of the examination 考试目的考试目的 The aim of this exam is to encourage students to gain a broad knowledge of the principles of investment in financial assets and an understanding of the financial planning process 考试目的在于鼓励学生获取金融资产投资理论方面的基础知识 了解金融理财规划流 程 On completion the student will be able to demonstrate How to identify the client s requirements An understanding of their fiduciary duties Knowledge of the key features of financial markets assets and products An understanding of the approach to financial and tax planning How to match the products available to the clients needs 完成考试以后 学生具备以下能力 如何确定客户需求 理解其作为受托人的职责 了解金融市场 金融资产以及金融产品的主要特征 理解进行理财规划和税务规划的方法 如何使产品与客户需求相匹配 For the purpose of this syllabus Demonstrating a knowledge of the aims and activities of financial services regulators will be by reference to the UK Financial Services Authority The main financial markets referred to are defined as US Japan UK Euronext Germany Spain and Hong Kong 在本考试大纲中 对金融服务监管者的目标和活动方面知识的论述参照英国金融服务管理局 参考的主要金融市场 美国 日本 英国 欧盟 德国 西班牙和香港 Assessment structure 评估体系评估体系 I I N NT TE ER RN NA AT TI IOON NA AL L C C E ER RT TI IF FI IC CA AT TE E I IN N F F I IN NA AN NC CI IA AL L A A D DV VI IC CE E 国国国国际际际际理理理理财财财财咨咨咨咨询询询询证证证证书书书书 ICFA syllabus V 1 September 2005 A 2 hour examination of 100 multiple choice questions 两小时的考试 完成 100 道多项选择题 Candidates sitting the examination by Computer Based Testing will have in addition a small number of trial questions that will not be separately identified and do not contribute to the result Candidates will be given proportionately more time to complete the test 参加机考的考生将作答一部分试验题 这部分题目不计入正式考试结果 我们也会给 考生相应增加一部分时间来完成考试 Syllabus structure 考试大纲结构考试大纲结构 The unit is divided into Elements These are broken down into a series of Learning Objectives Each Learning Objective begins with the prefix know understand or be able to calculate 考试分为七个单元 单元 单元又分为一系列学习目标 学习目标 每个学习目标都要求了解了解 理解或 能够计算 理解或 能够计算 These words indicate the different levels of skill to be tested 这些词表明要求对知识的掌握水平 Learning Objectives prefixed 学习目标 Know requires the candidate to recall information such as facts rules and principles 了解了解 要求考生了解论据 规则和原理等知识 Understand requires the candidate to demonstrate comprehension of an issue fact rule or principle 理解理解 要求考生理解论点 论据 规则和原理 Be able to calculate requires the candidate to be able to use formulae or tax rates to perform calculations 能够计算能够计算 要求考生能够运用公式或税率进行计算 I I N NT TE ER RN NA AT TI IOON NA AL L C C E ER RT TI IF FI IC CA AT TE E I IN N F F I IN NA AN NC CI IA AL L A A D DV VI IC CE E 国国国国际际际际理理理理财财财财咨咨咨咨询询询询证证证证书书书书 ICFA syllabus V 1 September 2005 Examination Specification 考试说明考试说明 Each examination paper is constructed from a specification that determines the weightings that will be given to each Element The specification is given below 每次考卷都根据考试说明 即每个单元的权重来设计 考试说明如下 It is important to note that the numbers quoted may vary from examination to examination as there is an element of flexibility to ensure that each examination has a consistent level of difficulty However the number of questions tested in each Element should not change by more than plus or minus 2 有必要说明的一点是 每次考试中 针对每个单元的题量都不同 因为要具备一定的 灵活性 以保证每次考试的难度一样 但是 每个单元题目数量的变动 增加或减 少 不能超过两道 Examination Specification 考试说明考试说明 100 Multiple Choice Questions 100 道多项选择题道多项选择题 Element 单元单元 Questions 问题问题 1 12 2 12 3 15 4 13 5 8 6 25 7 15 Total 合计合计 100 I I N NT TE ER RN NA AT TI IOON NA AL L C C E ER RT TI IF FI IC CA AT TE E I IN N F F I IN NA AN NC CI IA AL L A A D DV VI IC CE E 国国国国际际际际理理理理财财财财咨咨咨咨询询询询证证证证书书书书 ICFA syllabus V 1 September 2005 Syllabus Summary 考试大纲总结考试大纲总结 Element 1 Economic Background 第一单元第一单元 经济背景经济背景 Demonstrate KNOWLEDGE of the purpose and structure of the financial services industry and economic factors that affect investment returns 了解了解金融服务行业的目的与结构以及影响投资回报的经济因素 Element 2 Fiduciary Relationships 第二单元第二单元 信托关系信托关系 Demonstrate KNOWLEDGE of the basis of the relationship between adviser and client and the codes of conduct governing business dealings 了解了解顾问与客户之间关系的基础 以及管理业务往来的行动守则 Element 3 Financial Advice and Risk 第三单元第三单元 理财规划与风险理财规划与风险 Demonstrate an UNDERSTANDING of the process of giving financial advice including the importance of regular reviews of the client s circumstances and the risks faced by investors and how an investor s risk profile is determined 理解理解给出财务建议的程序 包括定期检查客户情况的重要性 投资者面 临的风险 以及如何确定投资者的风险情况 Element 4 Financial Assets secondary markets how markets enable investors to adjust their investments to suit their needs 经济中金融投资的角色 一级市场 投资市场如何将新的资金引入到公司和政府 中 二级市场 市场如何让投资者调整其投资 以满足投资者需求 I I N NT TE ER RN NA AT TI IOON NA AL L C C E ER RT TI IF FI IC CA AT TE E I IN N F F I IN NA AN NC CI IA AL L A A D DV VI IC CE E 国国国国际际际际理理理理财财财财咨咨咨咨询询询询证证证证书书书书 ICFA syllabus V 1 September 2005 1 3 7 Key economic indicators gross domestic product GDP retail prices and consumer prices indices public sector net cash requirement volume of fixed investment volume of consumer spending balance of payments money stock foreign exchange rates bank rate government bond yields stock market indices 主要经济指标 国内生产总值 GDP 零售价格指数和消费价格指数 公共部门 净现金需求 固定投资额 消费支出额 国际收支平衡 货币流通量 外汇汇 率 银行利率 政府债券收益率 股票市场指数 1 4 Demonstrate KNOWLEDGE of how investment returns are related to investment risk and how that risk is measured 了解投资收益与投资风险之间的关系 以及如何度量风险了解投资收益与投资风险之间的关系 以及如何度量风险 1 4 1 Inflation and investment returns the difference between nominal and real returns 通货膨胀与投资回报 名义收益率与实际收益率的区别 1 4 2 The effects of compound interest 复利的影响 1 4 3 The time value of money 货币的时间价值 1 4 4 Varying investment returns from the main different asset classes risk free rates of return Statement of Principles for Approved Persons Training short open calls puts holding writing premium in the money out of the money at the money breakeven point 理解以下术语 买进 卖出 持仓 买权 卖权 持有 沽出 期权金 价内 价外 价平 保本点 4 4 Demonstrate KNOWLEDGE of the main financial markets 了解主要金融市场了解主要金融市场 4 4 1 The main characteristics of order driven markets and quote driven markets and the differences between principal trading and agent trading and On Exchange and Over the Counter 买卖驱动市场和报价驱动市场的主要特点 以及自营交易和代理交易 交易所和 柜面交易的区别 4 4 2 Features of the main stock exchanges and their equity trading systems UK US Japan Hong Kong Euronext Germany and Spain 主要证券交易所及其证券交易系统的特点 英国 美国 日本 香港 欧洲 德 国和西班牙证券交易所 4 4 3 Features of the main settlement systems used in the UK US Japan Hong Kong Euronext Germany and Spain 英国 美国 日本 香港 欧洲 德国和西班牙证券交易所使用的主要结算系统 的特点 4 4 4 The role of global custodians 全球托管人的职责 4 4 5 Basic structure of the foreign exchange market including spot and forward rates 外汇市场的基本结构 包括即期外汇和远期外汇率 I I N NT TE ER RN NA AT TI IOON NA AL L C C E ER RT TI IF FI IC CA AT TE E I IN N F F I IN NA AN NC CI IA AL L A A D DV VI IC CE E 国国国国际际际际理理理理财财财财咨咨咨咨询询询询证证证证书书书书 ICFA syllabus V 1 September 2005 Element 5 Demonstrate KNOWLEDGE of the range of financial products available to clients to meet their savings investment and needs 第五单元 第五单元 了解了解可提供给客户的金融产品类别 以满足客户的储蓄 投资及 其他需求 可提供给客户的金融产品类别 以满足客户的储蓄 投资及 其他需求 5 1 Demonstrate KNOWLEDGE of the range of investment services available to investors 了解可提供给投资者的投资服务类别了解可提供给投资者的投资服务类别 5 1 1 Wealth management and discretionary and advisory services 财富管理和全权委托和咨询服务 5 1 2 Role of the fund manager 基金经理的职责 5 2 Demonstrate KNOWLEDGE of collective investment schemes 了解集合投资方案了解集合投资方案 5 2 1 Structure of OEICS investment companies with variable capital ICVCs and unit trusts the common characteristics of funds and the main differences relative merits of direct investment and investment in funds 开放式投资公司 具有变动资本的投资公司 的架构和单位信托基金 基金的 共同特点和主要区别 直接投资和基金投资的优缺点 5 2 2 Range of funds different UK fund classifications hedge funds limited issue funds tracker funds 基金的类别 不同的英国基金分类 对冲基金 限量发行基金 追踪基金 5 2 3 Charges and pricing initial and annual charging structures single and bid offer pricing dilution levies 收费和定价 首期和年度收费结构 单一和投标 出价定价法 稀释征费 5 2 4 Dealing in funds 基金交易 5 2 5 Offshore funds tax structure of both the fund and the investor recognition by regulators 离岸基金 基金和投资者各自的税收结构 监管者认可 5 2 6 Structured investment funds equity index based and equity based growth and income funds 结构性投资基金 股指基础和股票基础增长和入息基金 5 3 Demonstrate KNOWLEDGE of the main types of life assurance policy their functions and how they are arranged 了解寿险保单的主要类别和作用 及其准备方式了解寿险保单的主要类别和作用 及其准备方式 5 3 1 The basic principles of life assurance proposers lives assured single and joint life policies 寿险的基本原理 申请人 被保险人 单一和联合寿险保单 5 3 2 Main types of policy the effects on policy design and premium structures of mortality risk investment and expenses comparison of term renewable and permanent policies and their uses 保单的主要类别 死亡率 投资和费用对保单设计和保费结构的影响 条款比 较 可续保保单和永久保单及其用途 5 3 3 Mechanics of life assurance policies proposal utmost good faith disclosure underwriting cancellation rights policy document renewals assignment 寿险保单的结构 建议书 最大诚信披露 核保 撤单权利 保单文件 续 保 转让 5 3 4 Structure and characteristics of life assurance bonds linked funds with profit bonds guaranteed income and growth bonds 寿险债券的结构和特点 连结基金 利润债券 保证收入和增长债券 I I N NT TE ER RN NA AT TI IOON NA AL L C C E ER RT TI IF FI IC CA AT TE E I IN N F F I IN NA AN NC CI IA AL L A A D DV VI IC CE E 国国国国际际际际理理理理财财财财咨咨咨咨询询询询证证证证书书书书 ICFA syllabus V 1 September 2005 5 4 Demonstrate KNOWLEDGE of the main types of protection policies 了解保障保单的主要类别了解保障保单的主要类别 5 4 1 Income protection insurance who should be insured amount of cover term and main product features 收入保障保险 被保险人 保额 条款 以及主要产品特点 5 4 2 Critical illness insurance cover 重大疾病保险 5 4 3 Mortgage payment protection insurance 抵押还款保障保险 5 4 4 Personal accident Insurance 意外保险 5 4 5 Long term care 长期护理保险 5 4 6 Medical insurance 医疗保险 5 4 7 Business insurance protection 业务保险保障 I I N NT TE ER RN NA AT TI IOON NA AL L C C E ER RT TI IF FI IC CA AT TE E I IN N F F I IN NA AN NC CI IA AL L A A D DV VI IC CE E 国国国国际际际际理理理理财财财财咨咨咨咨询询询询证证证证书书书书 ICFA syllabus V 1 September 2005 Element 6 Demonstrate an UNDERSTANDING of the main financial planning areas and the approach used to structure a portfolio of financial assets to suit the needs of a client 第六单元 第六单元 理解理解主要的理财规划领域 以及为了满足客户需求而设计金融资 产组合所用的方法 主要的理财规划领域 以及为了满足客户需求而设计金融资 产组合所用的方法 6 1 Demonstrate an UNDERSTANDING of the main financial advice areas 了解主要的金融咨询领域了解主要的金融咨询领域 6 1 1 Main financial advice areas Budgeting and expenditure planning Protection Borrowing Investment and saving retirement planning estate planning tax planning and the importance of regular reviews in line with the client s circumstances and arrangements 主要的金融咨询领域 预算和费用规划 保障 借款 投资及储蓄 退休计划 遗产规划 税金计划 以及重要的是 要根据客户的情况和计划进行定期审核 6 2 Demonstrate an UNDERSTANDING of protection planning 理解保障计划理解保障计划 6 2 1 Main areas in need of protection family and personal protection mortgage long term care inheritance tax planning and business protection 需要保障的主要领域 家庭和个人保障 抵押 长期护理 遗产税规划和业务 保障 6 2 2 Assessing priorities in life and health protection individual and family priorities 评估生命及健康保障的优先顺序 个人和家庭优先顺序 6 2 3 The importance of determining existing protection arrangements and their consequences for protection planning 确定已有保障的重要性以及他们对保障计划的影响 6 2 4 Assessing and quantifying different kinds of family life assurance protection needs and choosing appropriate policies and policy features to meet needs 评估并量化不同类别的家庭寿险保障需求 选择适当的保险和保单特点来满足需 求 6 3 Demonstrate an UNDERSTANDING of investment planning 理解投资规划理解投资规划 6 3 1 The importance of asset allocation achieving objectives reducing risk need for review 资产分配的重要性 达到目标 降低风险 审核的需要 6 3 2 Analysing the underlying composition of funds managed funds with profits funds fund of funds and other collective investments 分析基金的基本组成 管理基金 利润基金 基金及其他集合投资的基金 6 3 3 Sample asset allocations different types of investors 资产分配样本 不同类型的投资者 6 3 4 Ethical and socially responsible investment and the possible implications for investment performance 道德和社会责任投资 以及投资业绩可能产生的影响 6 3 5 Other issues affect investment planning charges active v passive investment management relationship between investing and borrowing alternative investments e g gold art antiques past performance advantages and drawbacks 影响投资规划的其他问题 收费 积极或消极投资管理 投资和借款之间的关 系 其他投资 如 黄金 艺术品 古玩 历史业绩 优点和缺点 6 4 Demonstrate an UNDERSTANDING of retirement planning 理解退休计划理解退休计划 6 4 1 Main aims and strategies for retirement planning and determining needs at retirement and after retirement 退休计划的主要目的和策略 以及确定退休时和退休后的需求 I I N NT TE ER RN NA AT TI IOON NA AL L C C E ER RT TI IF FI IC CA AT TE E I IN N F F I IN NA AN NC CI IA AL L A A D DV VI IC CE E 国国国国际际际际理理理理财财财财咨咨咨咨询询询询证证证证书书书书 ICFA syllabus V 1 September 2005 6 4 2 Accumulating funds for retirement investment strategies and asset allocation long medium and short timescales 退休累积基金 投资策略和资产分配 长期 中期和短期时间 6 4 3 How pension funds can be invested to provide capital and income in retirement asset classes risks returns and past performance and asset allocation timescale relation to other assets client attitudes life styling 如何投资养老金 为退休提供资本和收入 资产类别 风险 回报和历史业 绩 以及资产分配 时间 和其他资产的关系 客户态度 生活方式 6 5 Demonstrate an UNDERSTANDING of estate and tax planning 理解遗产和税务规划理解遗产和税务规划 6 5 1 Basic investment tax planning factors to account for in making personal tax calculations and criteria for selecting a tax planning strategy 基本投资税金规划 在进行个人税收计算时要考虑的因素 以及选择税金规划策 略时采用的标准 6 5 2 Role of life assurance in estate planning 寿险在遗产规划中的作用 I I N NT TE ER RN NA AT TI IOON NA AL L C C E ER RT TI IF FI IC CA AT TE E I IN N F F I IN NA AN NC CI IA AL L A A D DV VI IC CE E 国国国国际际际际理理理理财财财财咨咨咨咨询询询询证证证证书书书书 ICFA syllabus V 1 September 2005 Element 7 Demonstrate an UNDERSTANDING of how to combine the knowledge of financial assets with the approaches to financial planning in order to identify suitable solutions to the client s circumstances 第七单元 第七单元 理解理解如何将金融资产的知识和理财规划的方法结合起来 以便针 对客户的情况确定合适的方案 如何将金融资产的知识和理财规划的方法结合起来 以便针 对客户的情况确定合适的方案 7 1 Demonstrate an UNDERSTANDING of how to analyse clients circumstances and identify suitable investment product solutions 理解如何分析客户的情况 并确定合适的投资产品方案理解如何分析客户的情况 并确定合适的投资产品方案 7 1 1 Factors shaping clients circumstances risk exposure affordability and suitability 形成客户情况的因素 风险暴露 承受能力和适合度 7 1 2 The range of solutions available to suit different types of circumstance and methods of identifying and reviewing 满足不同类型情况的方案 以及进行确定和检查的方法 7 1 3 The criteria for matching solutions to client needs and demands including assessing the impact of new solutions on existing arrangements 使方案和客户需求相匹配的标准 包括评估新方案对现行安排的影响 7 1 4 Consumer rights and any regulatory requirements that apply to the provision of investment advice 消费者权利 以及适用于提供投资建议的监管要求 7 2 Demonstrate an UNDERSTANDING of how to analyse clients circumstances and identify suitable retirement product solutions 理解如何分析客户的情况 确定合适的退休产品方案理解如何分析客户的情况 确定合适的退休产品方案 7 2 1 Factors shaping clients circumstances retirement aspirations and prospects and risk exposure affordability and suitability 形成客户情况的因素 退休后的愿望和期望 以及风险暴露 承受能力和适合度 7 2 2 The types of pension products associated risks and suitability criteria and methods of identifying and reviewing 养老金产品的类别 相关风险和适合度标准 以及进行确定和检查的方法 7 2 3 The criteria for matching solutions to client needs and demands including assessing the impact of new solutions on existing arrangements 使方案和客户需求相匹配的标准 包括评估新方案对现行安排的影响 7 2 4 Consumer rights