16周轻松搞定CFA_LEVEL_1_(第1~16周_全)(保罗时报)

1、保罗时报系列专题2010年2月15日星期一16周轻松搞定cfa 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

2、两个小节，特别是书中的例子。2月16日周二2月17日周三reading 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 f

3、low applications 现金流量折现应用做完章节后的习题，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。

4、16周轻松搞定cfa level 1第1天不知道各位昨天有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 t

5、he 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.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 sta

6、ndards. the cfa institute board 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 c

7、omplaints3. media reports of 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 con

8、duct staff in the investigation 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 i

9、nstitute members. violators may 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 p

10、rofession, and other participants 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 inves

11、tment recommendations, taking 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, cap

12、ital markets.6. maintain and 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. profes

13、sionalism2. integrity of capital 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

14、。请各位cfa level 1备考者们做好相应准备16周轻松搞定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

15、an initial public offering to 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 inst

16、itutional clients.c. first filling 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. dav

17、e bauman, cfa, is a portfolio 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

18、 clients before buying for his 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 cli

19、ents.正确答案为a。16周轻松搞定cfa level 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 consta

20、ntly scrutinizing past investment 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 a

21、nd accepted worldwide.gips apply 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

22、 performance measurement tools.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 a

23、nd purpose of composites in performance 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

24、objective or strategy. a composite 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 sub

25、jectively select which global 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), no

26、t after the fact. this prevents 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 r

27、equirements for verification 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.

28、a firm cannot perform its own 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 in

29、dependent third party.verification 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

30、 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，不知各位考生朋友经过这几天的学习，感觉如何？是不是有点难呢？没关系。觉得有困难绝对不只你一人，其他人都是。cfa考量的不只是才智，还有意志力。坚持到底，就是胜利！累了的话，不如看一下电视转播的冬奥会比赛，相信各国顶尖运动员的矫健表现一定不会让你失望。相比他们花在训练上的时间，cfa一级备考似乎就是小菜一碟了吧。想要轻松一下的话，不如看看保罗时报对于冬奥会的报道，从不同角度了解本届温哥华奥运会和奥运健儿们。16周轻松搞定cfa level 1-第

31、5天保罗时报的16周轻松搞定cfa level 1计划第5天学习的是货币时间价值。这里有些重要公式需要考生记住。保罗时报特选两条公式配合练习题供各位小试牛刀：1. r = real risk-free interest rate + inflation premium + default risk premium + liquidity premium + maturity premium这里的r即the interest rate on a debt security，以上公式表达的是r 由无风险实际利率加上通货膨胀附加率、违约风险溢酬、流动性溢价和到期风险溢价组成。 下面我们来做一道相关例

32、题： the table below gives current information on the interest rates for two two-year and two eight-year maturity investments. all investments promise only a single payment (payment at maturity). assume that premiums relating to inflation, liquidity, and default risk are constant across all time horiz

33、ons.investmentmaturity (in years)liquiditydefault riskinterest rate (%)12highlow2.022lowlow2.538highlow4.048lowhigh6.5the default risk premium is closest to:1. 2.02. 2.53. 3.0答案为12. effective annual rate = (1 + periodic interest rate)m 1此处m表示the number of compounding periods per year。相关例题一道： a bank

34、quotes a stated annual interest rate of 5.89% with quarterly compounding. the effective annual rate is closest to:1. 5.89%2. 5.93%3. 6.02%答案为316周轻松搞定cfa level 1-第2周保罗时报的16周轻松搞定cfalevel 1考试准备计划已经顺利完成了第1周的安排，不知道各位备考者是否能够跟上进度。不过，即使落后也不后担心，只要您每天能多留出一些时间，在学习完本周内容后，再回头看一下上周的内容，应该就重回保罗时报cfa一级备考冲刺跑道。以下为保罗时报

35、cfa一级考试准备计划第2周安排。大家要加油咯！2月22日周一reading 11: hypothesis testing 假设检验reading 12: technical analysis技术分析看这两个部分，做章节后的练习题2月23日周二2月24日周三reading 13: elasticity 弹性reading 14: efficiency and equity 效率与权益reading 15: markets in action 实际中的市场reading 16: organizing production 组织生产reading 17: output and costs 产出和成

36、本看完这个章节，做章节后的练习题2月25日周四2月27日周六reading 18: perfect competition 完全竞争reading 19: monopoly 完全垄断reading 20: monopolistic competition and oligopoly 垄断竞争与寡头垄断reading 21: markets for factors of production 生产要素市场reading 22: monitoring jobs, and the price level 监视就业与价格水平reading 23: aggregate supply and aggreg

37、ate demand 总需求与总供给看完这个章节，做章节后的练习题2月28日周日reading 24: money, the price level, and inflation 货币、价格水平与通货膨胀reading 25: u.s. inflation,unemplyment, and business cycles 通货膨胀，失业与商业循环reading 26: fiscal policy财政政策阅读这三个部分，如果时间有余，可以给自己适当的放松。这一周主要是对经济部分的学习。经济部分在考试中占的比例不大，但是这本书主要都是经济的概念，大家要认真的看一遍，不然对以前没有经济经验的考生来说

38、，会有些晦涩难懂。但是不会很难，大家放心复习就是。本文链接:/?p=1019216周轻松搞定cfa level 1-第3周保罗时报的16周轻松搞定cfalevel 1考试准备计划正式迈入第3周的安排。以下为本周安排。战斗还在进行，请坚持！3月1日周一reading 27: monetary policy货币政策reading 28: an overview of central banks 央行概览看完这两个部分，做完这个章节的练习题。如若做不完，可以留在第二天。3月2日周二 3月3日周三reading 29: financial statemen

39、t analysis: an introduction 财务报表分析：导论reading 30: financial reporting mechanics 财务报告机制reading 31: financial reporting standards 财务报告准则仔细阅读这三个部分，没有会计基础的考生更要仔细阅读。再做这一章节的习题，会计部分刚开始有些难以理解，大家心态放轻松。3月4日周四 3月5日周五reading 32: understanding the income statement 理解利润表reading 33: understanding the balance sheet

40、理解资产负债表reading 34: understanding the cash flow statement 理解现金流量表reading 35: financial analysis techniques 财务分析技巧仔细读完这一章节，再做课后题，加深理解。3月6日周六 3月7日周日reading 36: inventories 存货reading 37: long-lived assets: 长期资产reading 38: income taxes 所得税reading 39: long-term liabilities and leases 长期债务与租赁reading 40: fi

41、nancial reporting quality: red flags and accounting warning signs: 财务报告质量：预警信息看完这个章节，然后做章节后习题。会计这个部分占考试比重的最大部分，大家一定要熟悉fifo等的概念，这是考试必考内容。本文链接:/?p=1150116周轻松搞定cfa level 1-第4周已经要进入3月的第2个星期了，还没有报名考试的读者要抓紧时间考虑是否准备参加今年6月的cfa一级考试了，因为报名截止期还有一周半的时间就要来到了。其他已经报名的读者请一心一意备战6月的cfa一级考试，保罗时报的

42、16周轻松搞定cfa level 1将一路陪伴您走到成功的终点！3月8日周一3月9日周二reading 41: accounting shenanigans on the cash flow statement 现金流量表上的会计舞弊reading 42: financial statement analysis: applications 财务报表分析：应用reading 43: international standards convergence 国际会计准则趋同看完本章节，做课后习题。 到此为止，会计部分第一遍的学习算是完成了，大家可以自己回顾一下，哪些会计的考点还没有掌握，请温故知新

43、。3月10日周三reading 44: capital budgeting 资本预算reading 45: cost of capital 资本成本请对此两部分进行阅读。3月11日周四reading 46: working capital management 营运资本管理reading 47: financial statement analysis 财务报表分析reading 48: the corporate governance of listed companies: a manual for investors 上市公司治理结构请对此三部分进行阅读。3月12日周五reading 4

44、9: the asset allocation decision 资产配置决策reading 50: an introduction to portfolio management投资组合管理导论reading 51: an introduction to asset pricing models 资产定价模型导论阅读完此部分，然后做完章节的练习题。3月13日周六3月14日周日reading 52: organization and functioning of securities markets 证券市场组织与运行reading 53: security-market indexes 证券

45、市场指数reading 54: efficient capital markets 有效资本市场reading 55: market efficiency and anomalies 市场有效性与异常reading 56: an introduction to security valuation 证券估价导论reading 57: industry analysis 行业分析reading 58: company analysis and stock valuation 公司分析与股票估价reading 59: introduction to price multiples 价格乘数导论本周

46、末，不得不可谓是股票周。虽然阅读量比较大，但希望考生可以用紧凑的时间完成对股票相关知识的学习和掌握，做好章节的练习题。一鼓作气，在周末把股票给搞定！本文链接:/?p=1212516周轻松搞定cfa level 1-第5周本周三就是今年6月cfa考试报名的截止期了。不知还在犹豫的各位读者是否已经做了决定？没的话，要赶紧了！其他确定考试的读者请继续随着保罗时报的步伐有条不紊地进行cfa一级考试复习。3月15日周一reading 60: features of debt securities债券特征reading 61: risks associated

47、 with investing in bonds 债券投资风险请阅读完这两个部分。3月16日周二3月17日周三reading 62: overview of bond sectors and instruments 债券板块与工具概览reading 63: understanding yield spreads 理解收益级差请看完这两个部分，再做完章节后的练习题3月18日周四3月19日周五reading 64: introduction to the valuation of debt securities 债券估价导论reading 65: yield measures, spot rate

48、s,and forward rates 收益衡量：即期利率与远期利率reading 66: introduction to the measurement of interest rate risk 利率风险衡量导论读完这三个部分，如若时间不够，就移到下一天。3月20日周六3月21日周日做完 analysis of fixed income investment:analysis and valuation 这个章节的习题。然后对整个章节稍做整理，继续以下的阅读内容： reading 67: derivative markets and instruments 衍生工具与市场reading 6

49、8: forward markets and contracts 远期合约与市场本文链接:/?p=1212216周轻松搞定cfa level 1-第6周根据保罗时报cfa一级考试准备计划，16周轻松搞定cfa level 1本周即第6周安排如下：3月22日周一3月24日周三reading 69: futures markets and contracts期货合约和市场reading 70: option markets and contracts期权合约和市场reading 71: swap markets and contracts 互换合约和市

50、场reading 72: risk management applications of option strategies 利用期权管理风险请阅读本章节，再做完章节的习题。3月25日周四3月26日周五reading 73: alternative investments 其他投资reading 74: investing in commodities商品投资看完这两个部分，再做完章节习题。这个时候，我们对notes的第一遍学习已经完成，明天需做模拟测试来看各位考生对已学知识的掌握程度。3月27日周六3月28日周日做notes第六本的第一套模拟题，不要把答案写在书上，写在纸上（因为我们之后还会

51、做一遍）。 然后看看自己做错了哪些题，这样就能得出自己哪个部分的知识点掌握得较为薄弱。 因为从下个星期开始，保罗时报cfa一级考试准备计划将会进行对notes的第二遍学习，考生需要对自己薄弱的环节多加注意和学习。本文链接:/?p=1214216周轻松搞定cfa level 1-第7周本周开始保罗时报16周轻松搞定cfalevel 1考试准备计划将正式进入第二阶段，考生应逐渐完成对notes的第二遍学习，熟知各项内容，再将重点放在习题上面，对计算等烂熟于心。由于是第二遍学习notes，因此本轮复习的进度会加快许多，但是安排依然会相当合理，知识点复习、

52、做习题、回顾总结交叉进行。如果有考生3月17日报名日截止前刚下定主意参加今年6月的cfa一级考试，也可从本周起加入保罗时报cfa备考大军。即使复习起步比较晚，只要愿意花多倍的时间和心力，跟着保罗时报计划走，一次通过没问题！本周保罗时报要求各考生对cfa一级考试的道德和职业标准部分进行再学习，查漏补缺，勤做练习。具体安排如下。3月29日周一3月30日周二reading 1: code of ethics and standards of professional conduct 道德与职业行为准则3月31日周三reading 2: guidance for standards ivii 职业行为

53、准则ivii指导4月1日周四4月2日周五reading 3: cfa institute soft dollar standards cfa 协会软美元准则4月3日周六4月4日周日reading 4: cfa institute research objectivity standards cfa协会研究客观性准则本周的内容看似轻松，但由于是第二遍学习，保罗时报希望考生能够做到牢记所有考点知识，如果之前有未能完成的第一轮复习任务，也请在完成本周任务有多余时间的情况下，进行补习。本文链接:/?p=1434616周轻松搞定cfa level 1-第8周

54、在对cfanotes第二遍复习的过程中最重要的是牢记各个知识点，并加以做题巩固，考生对于重复做错的题应及时摘抄在错题本上，并经常回顾。在第二轮复习的这几周中，把每个周日作为查漏补缺的时间，巩固并且熟记每个知识点。4月5日周一4月6日周二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reading 7: statistical concepts and market returns 统计概念和市场收益reading 8: probability conc

55、epts 概率概念4月7日周三4月8日周四reading 9: common probability distributions 概率分布reading 10: sampling and estimation 抽样与推断reading 11: hypothesis testing 假设检验reading 12: technical analysis技术分析4月9日周五reading 13: elasticity 弹性reading 14: efficiency and equity 效率与权益reading 15: markets in action 实际中的市场4月10日周六reading

56、16: organizing production 组织生产reading 17: output and costs 产出和成本4月11日周日巩固这周复习的重点知识点，回顾错题，重点记录掌握不牢的知识点。本文链接:/?p=1481816周轻松搞定cfa level 1-第9周以下为保罗时报为cfa一级考生准备的第9周复习计划，大家努力加油赶上咯！4月12日周一4月13日周二reading 18: perfect competition 完全竞争reading 19: monopoly 完全垄断reading 20: monopolistic com

57、petition and oligopoly 垄断竞争与寡头垄断reading 21: markets for factors of production 生产要素市场reading 22: monitoring jobs, and the price level 监视就业与价格水平reading 23: aggregate supply and aggregate demand 总需求与总供给4月14日周三4月15日周四reading 24: money, the price level, and inflation 货币、价格水平与通货膨胀reading 25: u.s. inflation, unemployment, and business cycles 通货膨胀，失业与商业循环reading 26: fiscal policy财政政策reading 27: